First contact

A few months after my partner and I separated, ANZ contacted me.

full guarantor disclosure.png
Highlighting and redaction is mine

This contact was from the manager of an ANZ branch. Being the manager of a bank is a position of some status and I think it is reasonable to assume that bank managers in New Zealand are competent. Certainly I do and I think the onus is on ANZ to prove otherwise.

This is ANZ, coming to me, off its own bat, to ask me about a change to the company’s lending. Please note:

“…I thought it would be prudent to contact you to disclose this information beforehand…”

“…Full guarantors disclosure would be sent to you once it has been set up…”

Does that sound like an ANZ branch manager thinks that ANZ should disclose¬†changes to a company’s lending to the guarantor of that lending?

I responded that I was cool with that holiday but asked for more details on the company’s financial position and to be consulted on any further changes. One of the reasons, beyond simple good practice, was because the stated $36.99/day interest rate seemed a little high for the loan of approx $90k that ANZ had asked me to approve 3-4 years before.

CCCFA 1.png
Highlighting and redaction is mine

I did what most of us would do when referred to a section of legislation; I downloaded it and read it. Oh dear…that Act (CCCFA for short) doesn’t say that at all…

CCCFA - disclosure to guarantors.png

…in fact, it says exactly the opposite…

I responded, pointing this out and asking for the disclosure of the information required under the Act that ANZ had cited. That’s important: ANZ, a major international banking institution, introduced this legislation as governing the disclosure of information relating to company lending. Is it fair and reasonable of me to expect that it knows what it is talking about?

ANZ’s response? Nothing. Nada. Zip. Zilch. Radio silence.

Act I ends.