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INSTALMENT MORTGAGES.

WJ2LLINGTON, May 7. Several war :relief associations in New Zealand have had to dea'i! with complaints from returned soldiers that immediately on reaching New Zealand they had been called upon to pay in a lump sum arrears on their instalment mortgages due to the principal not having been paid by the Soldiers' FinanciaJ: Assistance Board. The latter, in order to assist ,soldiei"s whose military pay was inuffieient to meet their private obligations, paid interest on mortgages, but not principal, advising the borrower to arrange with the lender to suspend the instalments of principal during the war. This was done, but the State Advances 3>epartinent has refused its soldier clients the usual hai'f per cent, rebate for prompt pay-' ment of current instalments while the accumulated instalments of principal are loft unpaid. The Government has decided to meet ait' tilieso cases by passing legislation. next session. It will; probably ,take the form of extending the mortgage period by. .the length 6t the soldier.-'s'service,,, thus disposing of any accumulation of principal instalments.

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http://paperspast.natlib.govt.nz/newspapers/AG19190508.2.41.3

Bibliographic details

INSTALMENT MORTGAGES., Ashburton Guardian, Volume XXXIX, Issue 9604, 8 May 1919

Word Count
172

INSTALMENT MORTGAGES. Ashburton Guardian, Volume XXXIX, Issue 9604, 8 May 1919

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