INDEPENDENT NEWS

Unclear That Loan Shark Pretty Penny Is Really Leaving New Zealand

Published: Tue 14 Jul 2020 02:23 PM
At last Pretty Penny has met its judicial fate and been sent packing from New Zealand.
Debtfix co-founder, Christine Liggins says; “Far from ‘helping everyday people’ as their tagline states, Pretty Penny was a thorn in the side of those who deal with the fall out of financially desperate Kiwis trapped in debt blow outs.”
Small loans with extortionate interest rates clearly target New Zealanders who struggle to make ends meet and often they borrowed money with little knowledge of the true cost of their loan.
The Debtfix crew welcomed the news that Pretty Penny was finally caught out – being in breach of the Credit Contracts and Consumer Finance Act (CCCFA) responsible lending guidelines.
Pretty Penny’s payday lending operation is exactly why CCCFA was extensively reviewed for a decade before the responsible lending code was introduced.
It is no surprise that the Government continues to review regulations to protect New Zealanders when we get ourselves into and out of debt.
Pretty Penny has done the right thing by slinking off out of the country or have they?
Myfi Services listed in the New Zealand Companies Register as operating at Lambton Quay, Wellington appears to be linked to Pretty Penny.
Myfi’s sole company director, Jack Martin lists his address as the same as Pretty Penny director, Mark Swanepoel.
In 2019, Swanepol was a director of Myfi for about nine weeks, from March to May.
All budgeting services and debt advisers are watching all loan sharks to keep them in check, especially when we are about to feel the real economic fallout of Covid-19 pandemic.
“At Debtfix, we always look out for signs of irresponsible lending and hold creditors accountable as per the CCCFA,” says Mrs Liggins.

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