A loan company that charged clients a $15 fee for a welcome letter has been fined $30,750.
Budget Loans admitted in the Auckland District Court 34 charges of breaching the Fair Trading Act.
When Budget Loans took over another finance company's loan book in 2006, it sent out letters to its debtors advising them of the change in ownership.
Clients who received the welcome letter were charged a $15 fee.
The Commerce Commission says because debtors were not warned about the fee Budget Loans misled people into thinking it was entitled to charge the fee, when it was not.