New Zealand banking standards

Flattened by franchise master, The New Zealand Herald

Disgruntled Green Acres franchisee Kris Divate explains his case to National MP Pansy Wong at her electorate office. Photo / Martin Sykes

“I borrowed the money to buy this business because I knew the $1000 guaranteed weekly income combined with my income would make the bank approve the mortgage,” said Divate, a civil engineer.

He borrowed $21,393 from FBL Finance Ltd for the ironing business he bought for his wife, Ujwala.

He borrowed another $5000 from Finance Now for ironing equipment he never received, a loan in dispute because Divate claimed neither he nor his wife signed for it.

They have not been making loan repayments but are now feeling the pressure from Finance Now, which is sending them weekly reminders.

“I thought the business could help me own a property in New Zealand. I am now worried that it would make me lose everything instead.”

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