SERVICEMEN’S LOANS

Press, Volume XCII, Issue 27756, 6 September 1955, Page 12

SERVICEMEN’S LOANS

PROTEST AT EFFECT OF REGULATIONS R.S.A. SEEKS REPEAL The Christchurch Returned Services' Association will ask the Dominion executive committee to take immediate steps to reinstate the terms of rehabilitation furniture loans to the conditions that existed before the Hire Purchase and Credit Sale Stabilisation Regulations came into force. This was decided at last evening’s meeting of the Christchurch executive committee, after several members had criticised the regulations as they applied to returned servicemen seeking rehabilitation loans for furniture.

Under the former system, it had been the policy for servicemen wishing to buy furniture on a rehabilitation loan, to pay no deposit and 10s a week for four years, said the president (Mr G. D. Hattaway). Now. under the new regulations a serviceman had to pay practically double that amount. “I feel this executive should have its say and lodge a protest over this. Building costs have gone up and a serviceman is putting as much as he can into a home and has budgeted accordingly for his furniture loan. Previously he was given no deposit and four years in which to pay, but now he has 15 per cent, deposit and two years. This concession should be extended and not wiped out overnight,” said Mr Hattaway. Mr D. Barrett said he knew of a serviceman who applied for a rehabilitation loan for furniture just before the new regulations came into force. He was granted the loan, but on the new conditions, and the man concerned felt that as he had lodged the application befo the new regulations came in, the nev nditions should not apply. The State ' > ances Corporation replied, however hat the loan had been granted und-. • the new regulations. “He is not now prepared to go ahead with it.” said Mr Barrett. It was at first thought that the inclusion of the rehabilitation loan in the regulations was an oversight which would be rectified, and that was why it had not been taken up earlier, said Mr S. A. Coleman. “But now that cases are coming forward and nothing is being done. I feel we should pre 1 . t strongly to Wellington,” he said. Seventeen loans had been granted in August and 27 in July, which proved loan-^^said 8 3 nee< * * or such It wax decided to forward the followmg resolution to the Dominion execu“XX °£ R -S.A.: “That this t S ■ P° min ’ on executive nf rTin TX- the question dLJ? ♦ToJF’.E. terw *® °f furniture that ann'ied bedate on which the new hire purchase regulations came into force, and to approach each Xso- - ta get expressions of opinion.”