Well said mate. If those feeble / scatty holders push it down a few more cents I'll really open my shoulders and it'll be HAMMER TIME !! :D
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Share price today down ..... I see nothink
and know nothing
https://www.youtube.com/watch?v=s6EaoPMANQM
Well I hope so as it will be a perfect bolt on for Heartland.
It will also be good for MTF dealers and customers knowing they have the backing of Heartland Bank.
I hope others can see clarity in the judgement,as it was clear as mud to me.!!
I see the whole argument being over the fees of $256 per 39 Sportzone loan.Under $10,000.!!!
I was going to ring MTF's Glenn Todd and ask him,but thought I would appear to be a dummy, so did not do so.
I expect Heartland's award winning legal team will be able to fully understand the judgement,and the liabilities that MTF face with it.
The decision doesn't seem to make sense to me. Aren't loan establishment fees a well established part of the finance industry ? Loan application review, credit checking and loan implementation costs are a significant administration burden on any finance company / bank and for pragmatic reasons are often recovered through the original loan establishment fee as otherwise the interest rate that would have to be charged to recover these admin costs through normal interest would look astronomical for smaller loans. It wouldn't surprise me to see this appealed to the Supreme Court.
My simple read of the situation is that the Commerce Commission feels it is unfair for overdue,at fault loans to be hit with recovery fees,and charges.!
The fact that they were agreed to by the borrower, when they took out their loan appears to make no difference?? Yeah right?
They would appear to favour every loan pays a higher interest rate to cover the at risk loans.
So 95% of good payers have to cover the 5% of poor payers??? Madness!!!
Surely the 95% can take the Commerce Commission to court to stop them having to cover the 5% 's extra costs?
So lets look at Harmoney and see what interest rate these borrowers would have to pay?
Very high!!!
The Commerce Commission has not looked at the huge costs that are involved when loans go bad.
You would think the Courts, with their massive overdue fines, would have a better understanding of the costs of recovery.