Building the community

Our case is getting to the point where we are confident enough of our position to start determining how many other New Zealanders may be in this same unenviable position…where they guaranteed a company only to later find that ANZ has extended credit far beyond what was ever envisaged at the time of giving the guarantee – that’s bad – and has not fulfilled its obligations to disclose that lending to the guarantor(s) of the lending – that’s worse….

We would be interested to hear from anyone who has given a guarantee to ANZ to guarantee company loans i.e. not personal loans that are covered by the Credit Control and Consumer Finance Act 2003 (CCCFA).

We would like to hear from anyone that ANZ did not disclosure details of the amounts lent, especially if changes to that lending were of a nature that is significant and reasonably and objectively likely to affect a guarantors’ decision to give, or continue to give, the guarantee; or a significant increase or change beyond what was contemplated when the guarantee was given.

We are also interested in any circumstances where ANZ has cited the CCCFA as reason to not disclosure information on company lending to the guarantor of that lending e.g. statements that, under the Credit Contracts and Consumer Finance Act (CCCFA), ANZ is not obliged to provide disclosure to a guarantor in respect of further lending when a business is involved; or that the CCCFA controls the level of information that ANZ is allowed to provide without overstepping the privacy of the company.

Legalling up

In July things go to the point where I felt I needed more to support to see this thing through to the end. I had to lawyer up partially to validate my position as being more robust than just my opinion; and also to introduce another voice into the conversation. I think that ANZ was getting the point where it was just tuning me out regardless of what I was saying.

So, legalling up…an interesting experience…my first big lesson was choose your law firm carefully….I went with a local firm that had some some minor work for us in the past…I mean, like, all lawyers are the same…right…? Well, no…the first firm I went to was absolutely useless…provided bad advice (based on the wrong legislation), did not follow my instructions (which they are obliged to do so long as those instructions are legal and ethical) and in the end decided it was all too hard…waster three months I could not afford to lose with those losers…

The new lawyers, recommended by a personal friend with some experience in these matters, appear a lot sharper, are asking all the right questions, and hopefully will be able to help bring this to a favourable resolution…watch this space…

#anzdotherightthing