Neville Rodgers of Pacific Mulching Ltd alleges UDC Finance staff forged his signature on loan agreements totaling over $1.5 million, forcing him to repay the loans at floating interest rates instead of the fixed rates he claims to have on.
According to a report in legacy media, despite repeatedly raising concerns over rising repayments, Rodgers says UDC delayed addressing the issue, leading to financial losses, disrupted business operations, and the repossession of key equipment essential to his work. Rodgers also claims the company used an old direct debit authority from a previous loan to process payments for new loans, further exacerbating the financial strain.
After months of disputes UDC acknowledged mistakes in their processes but maintained that Rodgers benefited from the loans and disputed some of his claims. The company proposed redocumenting the loans with fixed rates and offered partial compensation, which Rodgers found insufficient, citing losses of up to $2.5 million in contracts and the risk of losing his business.
Rodgers has since filed complaints with regulatory bodies, including the Serious Fraud Office and Financial Markets Authority, while UDC states that the matter is now part of an ongoing legal process.
