Smarthouse | ChannelNews| Digital Home     
 
 
 
News sections
Reviews

 
 
FINANCIAL / CREDIT

  Harvey Norman And Flexigroup Slammed By Former Cabinet Minister

By David Richards | Sunday | 2008-04-20

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.

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.

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.

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.

"Credit providers are not philanthropic charities and they should be stopped from masquerading as such," Ms Campbell told the Victorian Parliament.

Page: [1] 2 | Next Page

 

Print this article
Email this story to a friend
Link this post:

Link this page to delicious Link this page to Digg Link this page to Furlit Link this page to News Vine Link this page to Reddit Link this page to Spurl Link this page to Yahoo My Web RSS this section

 

 
LATEST REVIEWS
MORE
First Review: HTC 3G Phone Redefines Touch
HTC looked at its Touch phone released last year, took down some points of improvement...
Samsung Everything Phone Stacks Up Nicely
The new Omnia from Samsung claims to do it all. It comes with a great...
Aldi Turns Blu With Medion Offering
Users who want to watch high definition movies while on the go should go to...
Advertisment



SMARTHOUSE NEWSLETTER

Get the latest news
Subscribe today for your daily dose of SmartOffice news...




 
SMARTOFFICE 2008 | Legal | Disclaimer | Terms & Conditions