Small business loan unaffordability complaints on the rise
As more Kiwi businesses are falling behind on debt payments, Financial Ombudsman, Susan Taylor, is reminding small business owners to seek advice before applying for business loans as the protections afforded by the CCCFA (Credit Contracts and Consumer Finance Act) only apply to consumer loans.
Financial complaints climb as cost-of-living pressures continue
Financial Services Complaints Limited (FSCL), a free financial ombudsman service, has seen a 17% increase in complaints and a 36% increase in disputes (cases the service formally investigates) in the six months from July to December 2023.