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Managing business collection agencies is next ‘battle’ in war on payday lending
The next battle in the war against high-cost loan providers had been the battle for regulations forcing loan companies to accept “affordable” payment schedules for borrowers.
“collectors use strategies that amount to harassment included in their collection practices,” law lecturer Victoria Stace from Victoria University of Wellington told a meeting on economic ability in Auckland on Friday.
And, she said: “There isn’t any legislation needing them to come into a repayment that is affordable aided by the borrower.”
“The battle continues,” she said. (more…)