Important - Changes to Loan Repayments

From 28 November 2016, some New Zealand Banks are changing the way they process Automatic Payments and Direct Debit Payments.


Customers of ASB and ANZ (Incorporating National Bank and Postbank) should already have been  informed by your bank of this change, but if not we suggest you contact them as soon as you can to discuss what effect this will have on you.



Direct Debit Customers

For those customers who make their repayments via Direct Debit, Real Finance has had no choice but to delay your repayment date by one day after your scheduled loan repayment to cope with this change and ensure that there is sufficient delay between receiving your income into your bank account and the repayment deduction attempting to proceed against your bank account.


This means that if you would normally have your loan repayment coming to us on a Wednesday (because you receive income to your bank account on a Wednesday night) you will now see Real Finance deducting your repayments on a Thursday morning.



Automatic Payment, Telephone/Internet Banking and Cash Payment Customers

For those of our customers currently making their repayments by Automatic Payment or alternative methods, we cannot change these on your behalf (as we can with the Direct Debit system) so we ask that you contact your bank urgently to work through this issue, and then contact us to provide details of any change which was needed to ensure your loans do not become overdue.



Will I be in Default now because of this?

Real Finance has decided to lengthen the Amnesty period for non-payment of your loan accounts by a further day (to two business days), to ensure that you are not unduly penalised as a result of the banks changes.


Future Loan documentation will allow for this change by scheduling your contractual repayments to arrive the day after your income is received into your bank accounts, and therefore loans provided after 1 December 2016 will be returned to the 1 business day amnesty period.



Real Finance apologizes in advance for any inconvenience arising as a result of this banking change, and ask that you do voice any concerns directly to your own banking providers, so that they can hear exactly how this has effected you and your finances.


Real Finance Limited

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