Determination - 17 December 2014
Key issues: Credit | Payday lender | Application of National Credit Code | Unjust contract | Provisions of contract not adequately explained
Summary of Determination
- I find that:
- the contracts the consumer entered into with the FSP and a third party are credit contracts regulated by the Uniform Consumer Credit Code (UCCC) and its successor legislation, the National Credit Code (NCC); and
- the credit contracts are unjust transactions within the meaning of the UCCC and NCC.
- To resolve this complaint, I order the FSP to pay the consumer the sum of $8,805.78, being a refund of all money paid by the consumer to the FSPover and above the principal amounts advanced to him under the credit contracts.