29 May 2014
MAYES v SOUTHERN CROSS FINANCE LTD [2014] NZHC 1164
- Citation
- [2014] NZHC 1164
- Court
- High Court
The CCA continued to govern the original loan and its extensions; SCFL failed to give proper initial and modification disclosure; the Mayes were not entitled to effect cancellation because they did not return the principal advanced; penalties under ss25 and 26 apply but are subject to relief under s32 and were reduced to a 50% extinguishment of the total cost of credit for the initial contract and specified modifications (and 50% of two years' cost for the 13 June 2011 extension); SCFL must correct overcharges and refund specified improper charges with compound interest; the contract is not r…