INTEREST ON H.P.
Mr Kirk’s Concern (N.Z. Press Association) WELLINGTON, August 21. It was always thought desirable to punish the customer rather than the investor in policing hire purchase, said Mr N. E. Kirk (Opposition. Lyttelton) in the House of Representatives tonight. “No-one seems to get round to reducing the interest rate which can be obtained from this field,” he said. Speaking to the salary of the Secretary of Industries and Commerce (£3500), during discussion of the department's estimates, he asked that the secretary take stock of the attitude that the customer must always be punished. He said he had with him a photostat copy of a hire purchase agreement for a motorcar in which the buyer had been lent £125 for a year at 19 per cent, on charge interest.
“If the department was doing its job it would get on to people like this,” he said. “When people get behind with their payments they are not faced with repossession of their vehicle. They are called up to the office and told another agreement can be drawn up and the amounts are substantially increased. Sometimes there is only one payment outstanding. “That is not fair if the Government genuinely believes in its statements that it wants everybody to be able to afford a car,” he said.
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Bibliographic details
Press, Volume CI, Issue 29907, 22 August 1962, Page 15
Word Count
217INTEREST ON H.P. Press, Volume CI, Issue 29907, 22 August 1962, Page 15
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