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

  1. I find that:
    1. 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
       
    2. the credit contracts are unjust transactions within the meaning of the UCCC and NCC.
       
  2. 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.  
 
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