Quadsaa Pty Limited, which is trading as Pretty Penny and PPL, has decided to put down all outstanding loan balances in an agreement with the Commerce Commission. The company has also signed court-enforceable undertakings that from now onwards it will not promote for, invite or enter into consumer loans in NZ, and it will not offer any knowledge about borrowers to 3rd parties (except where necessary by law).

The company will also refund the full cost of borrowing to twenty-one borrowers mentioned in the Commission’s Statement of Claim against it, which was filed in the High Court in August 2019.

 

 


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