This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract. If you have any concerns about your contract, contact your credit provider and, if you still have concerns, your Government Consumer Agency, or get legal advice.
Your credit provider must give you a pre-contractual statement containing certain information about your contract.
The pre-contractual statement, and this document, must be given to you before –
whichever happens first.
If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep.
Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply, if the credit provider has previously given you a copy of the contract document to keep. If you want another copy of your contract, write to your credit provider and ask for one.
Your credit provider may charge you a fee. Your credit provider has to give you a copy –
Yes. You can terminate the contract by writing to the credit provider so long as –
However, you will still have to pay any fees or charges incurred before you terminated the contract.
Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract.
You can write to your credit provider at any time and ask for a statement of the pay out figure as at any date you specify. You can also ask for details of how the amount is made up.
Your credit provider must give you the statement within 7 days after you give your request to the credit provider. You may be charged a fee for the statement.
Yes. The interest you can be charged depends on the actual time money is owing. However, you may have to pay an early termination charge (if your contract permits your credit provider to charge one) and other fees.
Yes, but only if your contract says so.
That depends on the type of change. For example –
– a change in the way in which interest is calculated; or
– a change in credit fees and charges; or
– any other changes by your credit provider;
except where the change reduces what you have to pay or the change happens automatically under the contract.
Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement. If that is not successful you could apply to the court. Contact the Government Consumer Agency or get legal advice on how to go about this.
Your credit provider can insist you take out or pay the cost of types of insurance specifically allowed by law. These are compulsory third party personal injury insurance, mortgage indemnity insurance or insurance over Goods covered by any mortgage. Otherwise, you can decide if you want to take out insurance or not.
Yes, if you have taken out insurance over mortgaged Goods or consumer credit insurance and the premium is financed by your credit provider. In that case the insurer must give you a copy of the policy within 14 days after the insurer has accepted the insurance proposal.
Also, if you acquire an interest in any such insurance policy which is taken out by your credit provider then, within 14 days of that happening, your credit provider must ensure you have a written notice of the particulars of that insurance.
You can always ask the insurer for details of your insurance contract. If you ask in writing your insurer must give you a statement containing all the provisions of the contract.
Yes, if the insurance was to be financed by the credit contract. The insurer will inform you if the proposal is rejected.
Your credit provider must give you a refund or credit unless the insurance is to be arranged with another insurer.
You can end the insurance contract and get a proportionate rebate of any premium from the insurer.
A mortgage means that you give your credit provider certain rights over any Goods you mortgage. If you default under your contract, you can lose that Goods and you might still owe money to the credit provider.
Yes. It can be part of your credit contract or, if it is a separate document, you will be given a copy of the mortgage within 14 days after your mortgage is entered into.
However, you need not be given a copy if the credit provider has previously given you a copy of the mortgage document to keep.
The law says you cannot assign or dispose of the Goods unless you have your credit provider's, or the court's, permission. You must also look after the property. Read the mortgage document as well. It will usually have other terms and conditions about what you can or cannot do with the property.
See the answers to questions 22 and 23. Otherwise, you may –
If your credit provider won't give permission contact your Government Consumer Agency for help.
If you have a guarantor, talk to the guarantor who may be able to help you.
You should understand that you may owe money to your credit provider even after the mortgaged Goods or other property are sold.
Yes, if you have not carried out all of your obligations under your contract.
Yes. You have 7 days after receiving your credit provider's request to tell your credit provider. If you do not have the goods you must give your credit provider all the information you have so they can be traced.
Your credit provider can only do so if it has the court's approval or the written consent of the occupier which is given after the occupier is informed in writing of the relevant section in the National Credit Code.
Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways, for example –
If you have been unemployed, sick or there is another good reason why you are having problems with your contract, then your contract may be able to be changed to meet your situation.
You may be able to apply to the court. Contact your Government Consumer Agency or get legal advice on how to go about this.
There are other people, such as financial counsellors, who may be able to help.
Yes, if you are in default under your contract. But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact your Government Consumer Agency or the Trade Practices Commission, or get legal advice.
Yes. The law will give you other rights and obligations. You should also READ YOUR CONTRACT carefully.
IF YOU HAVE ANY COMPLAINTS ABOUT YOUR CREDIT CONTRACT, OR WANT MORE INFORMATION, CONTACT YOUR CREDIT PROVIDER. YOU MUST ATTEMPT TO RESOLVE YOUR COMPLAINT WITH YOUR CREDIT PROVIDER BEFORE CONTACTING YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION SCHEME. IF YOU HAVE A COMPLAINT WHICH REMAINS UNRESOLVED AFTER SPEAKING TO YOUR CREDIT PROVIDER, YOU CAN CONTACT YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION SCHEME OR GET LEGAL ADVICE. EXTERNAL DISPUTE RESOLUTION IS A FREE SERVICE ESTABLISHED TO PROVIDE YOU WITH AN INDEPENDENT MECHANISM TO RESOLVE SPECIFIC COMPLAINTS. YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION PROVIDER IS:
EXTERNAL DISPUTE RESOLUTION IS A FREE SERVICE ESTABLISHED TO PROVIDE YOU WITH AN INDEPENDENT MECHANISM TO RESOLVE SPECIFIC COMPLAINTS. YOUR CREDIT PROVIDER'S EXTERNAL DISPUTE RESOLUTION PROVIDER IS THE AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, ONE OF THE SCHEMES APPROVED BY ASIC.
The contact details for AFCA are as follows:
Australian Financial Complaints Authority
Phone: 1800 931 678
Hours: 9:00am–5:00pm AEST/AEDT weekdays
If the matter relates to privacy, you may take the matter up with the Privacy Commissioner.
The contact details for the Privacy Commissioner, in the Office of the Australian Information Commissioner, are as follows:
Phone: 1300 363 992
Fax: 02 9284 9666
Mail: GPO Box 5218, Sydney NSW 2001
Except for the provision of documents where you request them from us, there is no charge to you for the use of this procedure. The services of AFCA and the Privacy Commissioner are made available at no charge to you.
PLEASE KEEP THIS STATEMENT. YOU MAY WANT SOME INFORMATION FROM IT AT A LATER DATE.