Response to CALC Press Release
The total fees the subject of the claim amount to $4,927. The fees actually paid on loans made under the new legislation since 1 July, 2013 total $288.20.
Accordingly, a total fee refund on those loans would be $288.20, hardly the basis for a Federal Court action or an assertion by CALC that: "Payday lending reforms from 2013 have failed vulnerable Australians".
It is surprising that CALC has launched this action without exhausting the consumer protections provided under the Consumer Credit Protection Act for hardship and for external dispute resolution by the independent credit ombudsman. Of course those deliberations are held in private. It is well known that CALC is constantly lobbying against the micro-lending industry and these exaggerated claims about the failure of this Act form part of CALC's ongoing attempts to discredit the industry.
About Cash Converters International Ltd
Cash Converters International (ASX:CCV) is a franchised retail network listed on the ASX. It specialises in the sale of second-hand goods. The Cash Converters group employs modern retailing practices, professional management techniques and high ethical standards to the management of its stores throughout the chain which appeal to a wide cross section of the community. As a result, Cash Converters has been able to position its outlets as credible retail merchandise stores, resulting in a profitable market for the group.
Cash Converters International Ltd