By SIMON HENDERY
A computer glitch at a major finance company has led to unexpected interest charges appearing on customers' monthly hire purchase statements.
AGC Finance says it is fixing the problem, which has seen some customers billed for interest payments despite signing up for interest-free hire purchase deals.
The company, a subsidiary of WestpacTrust, manages hire purchase contracts for retailers through its Credit Line service.
One Credit Line customer who contacted the Herald had been charged 21.9 per cent interest on an account which was supposed to be interest-free.
A closing balance for the correct interest-free rate was also printed on the statement, but was shown less prominently.
A spokeswoman for WestpacTrust, Jane Anderson, said the glitch affected very few of AGC Finance's customers, although she could not say how many. It was a result of the company's "internal" calculations mistakenly appearing on accounts.
The error would be corrected and all those affected would receive an explanation from the company.
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