Flexigroup who have seen their shares crash from $3.00 to a low of 0.41c and one of their biggest retail partners Harvey Norman have been slammed by a labour party MP and former cabinet minister who has accused the retailer and their finance partner of using unethical practices to deceive customers into buying goods way beyond their capacity to pay.<\/p>\n
According to the Age newspaper in Victoria the former state cabinet minister Christine Campbell says some vulnerable customers are being hit with interests rates on overdue credit of up to 34%. Ms Campbell, the Labor member for Pascoe Vale, said banks and finance companies were refusing to take responsibility for selling credit to shoppers who could not afford it.<\/p>\n
Flexigroup who for more than a decade has had a financial arrangement with Harvey Norman is currentlu on the skids with their shares crashing in value during the past few weeks.<\/p>\n
She called on the State Government to investigate the credit lending practices of the big retail chains and insist that they declare all fees and commissions.<\/p>\n
“Credit providers are not philanthropic charities and they should be stopped from masquerading as such,” Ms Campbell told the Victorian Parliament.<\/p>\n
“Harvey Norman credit providers are failing to perform credit checks on customers, preferring to simply hand over retail goods and a finance contract that is likely to become a millstone around the neck of the unsuspecting.”<\/p>\n
Ms Campbell said staff at stores such as Harvey Norman were failing to tell customers the details of contracts, or the overall price of goods.<\/p>\n
Flexigroup shares are currently trading at 0.66c<\/p>\n","protected":false},"excerpt":{"rendered":"
Flexigroup who have seen their shares crash from $3.00 to a low of 0.41c and one of their biggest retail partners Harvey Norman have been slammed by a labour party MP and former cabinet minister who has accused the retailer and their finance partner of using unethical practices to deceive customers into buying goods way beyond their capacity to pay.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,658],"tags":[],"class_list":["post-82502","post","type-post","status-publish","format-gallery","hentry","category-archive","category-credit","post_format-post-format-gallery"],"yoast_head":"\n