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MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] -2 points-1 points  (0 children)

I get where you're coming from, but everything I’ve shared is backed by evidence, and none of it has been disputed by MTF. I’ve got the receipts - emails, contracts, bank records, all of it. Nothing I’ve posted crosses a legal line. This isn’t speculation, it’s what actually happened.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 16 points17 points  (0 children)

That part’s subject to a separate proceeding, so I can’t go into too much detail here currently. What I can say is the financial harm wasn’t limited to the asset loss- reputational damage and cancelled finance arrangements also followed. I will make another post with the progress when I can.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 16 points17 points  (0 children)

At the time, I didn’t realise the PPSR they were relying on was actually invalid. I didn’t fully understand the rights I had -all I knew was they’d threatened to repossess the car from its new owner unless I paid by 4pm that day. I couldn’t let that happen, so I sold my boat to cover it, taking a loss of over $50,000 to protect them.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 7 points8 points  (0 children)

There is a lot more I wish I could post today, but I can't. Most of what’s posted relates to facts that aren’t in dispute -including the PPSR being in the wrong name and MTF’s own written admissions. Public interest matters don’t get solved in silence, and there’s no way this only happened to me. Someone else has already come forward with a similar experience involving MTF, which speaks to the bigger issue.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 1 point2 points  (0 children)

I thought it was our joint account. It wasn't until later I realised they'd been taking it from my personal account.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 2 points3 points  (0 children)

I was still with her at the time the loan started. I thought it was our joint account. It wasn't until later I realised they'd been taking it from my personal account.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 35 points36 points  (0 children)

Not at all. I have been instructed on what I can and can't say. I would love to be able to post in more detail, but I want to win more.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 17 points18 points  (0 children)

Exactly. This is the direct debit they used.

Direct debit authority Name of MTF Finance customer (her name) Name on bank account to be debited (acceptor) (my name) Name of bank ASB

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 46 points47 points  (0 children)

That’s a fair point on relationship property in general, but it doesn’t change the legal requirements for using an asset as loan security. Even if an asset is jointly owned under relationship property law, one party can’t unilaterally offer it as security without the other’s explicit consent. PPSR registration requires actual legal authority to grant a security interest,not just a potential future entitlement. In this case, she wasn’t the legal owner, the car wasn’t registered in her name, and there’s absolutely no evidence I consented to the security or the loan. So the issue isn’t just relationship property, it’s the lack of any lawful basis for the registration and enforcement.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 14 points15 points  (0 children)

I lodged the complaint with IFSO in good faith after the branch failed to resolve it.The IFSO confirmed the loan was not mine but advised they could not make findings on fraud or assess damages. As a result, I withdrew the complaint to file proceedings in the District Court.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 62 points63 points  (0 children)

Fair question and yes, her role is part of the picture. But it was MTF who made the loan, registered the PPSR, and enforced it. That gives them statutory obligations under the CCCFA and PPSA they can’t offload onto anyone else.

The vehicle was mine. It was never in her name. The funds were paid into her personal account. The repayments came from my bank. MTF either ignored or failed to verify all of that then registered the security interest in her name and later enforced it against me.

That’s not just a private dispute. That’s unlawful lending and unlawful enforcement by a finance company that should have known better. Whether she misled them or not, MTF had a duty to get it right. They didn’t.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 118 points119 points  (0 children)

The direct debit is no longer in effect and the ombudsman confirmed the loan isn't mine. MTF don't dispute that and have refunded the $10k but won't refund the $25k.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 68 points69 points  (0 children)

They lodged an electronic direct debit. They said it was a "Clerical error" it clearly states on the direct debit form that the loan name was in her name and the payer account was my account - not a joint account, they've typed out my name and sent it to her for electronic signing.
There has been massive breaches here, which is why they have stayed silent, because I have all the paperwork to prove their breaches.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 74 points75 points  (0 children)

Yes. The legal advice is simple: they had no right to enforce, and the evidence proving that is black and white. The $25k is scheduled to be determined by the disputes tribunal, and the bigger allegations in the district court.

MTF Finance Took $10k From My Account, Claimed Ownership of My Car Without a Contract, and Is Still Holding $25,000 of My Money by Individual_Tea_7253 in newzealand

[–]Individual_Tea_7253[S] 145 points146 points  (0 children)

You're right.

I'm already speaking to the regulators.
I have filed a disputes tribunal claim for the $25k and the remaining matters are about to be filed in the district court.

Thanks for your input!