New Zealand Acts

CREDIT CONTRACTS AND CONSUMER FINANCE ACT 2003 - SCHEDULE 3B

SCHEDULE 3B – Key information concerning post-repossession notice

s 83V(2)(b)

History: Schedule 3B: inserted, on 6 June 2015, by section 81 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).

The following information is the key information concerning a credit contract as is applicable:

a) the full name and address of the debtor:

b) the full name and contact details of the creditor:

c) the date of the credit contract:

d) the date of the repossession:

e) a list of the goods repossessed:

f) the creditor's estimate of the value of the goods repossessed:

g) a statement of what it means to reinstate the credit contract or to settle the credit contract (including a brief description of the consequences of reinstating or settling the credit contract):

h) a statement informing the debtor that the debtor may reinstate or settle the contract, and what the debtor must do to reinstate or settle the contract, including,—

i) in relation to the reinstatement of the contract,—

A) the creditor’s estimate of the total amount required to be paid to reinstate the contract; and

B) details of how that total is reached, including the amount of arrears in payments of the instalments due (including interest charges, credit fees, and default fees), and a breakdown of the costs referred to in section 83ZB(2) :

ii) in relation to the settlement of the contract,—

A) the creditor’s estimate of the total amount required to be paid to settle that contract and the amounts that may comprise that total; and

B) details of how that total amount is reached, including the balance of the advance outstanding (together with interest charges, credit fees, and default fees payable under the contract), and a breakdown of the costs referred to in section 83ZE(2) ; and

C) the obligations that the debtor must fulfil to settle the contract:

i) a statement setting out that, if the contract is not reinstated or settled,—

i) the repossessed goods will be sold; and

ii) in that case, the debtor will be—

A) liable for the difference between the debtor’s liability and the net proceeds of the sale of the goods; or

B) if the net proceeds of the sale of the goods are more than enough to cover the liability, entitled to a refund:

j) a statement that the repossessed goods may not be sold until after the expiry of 15 days from the date of service of the notice on the debtor (unless the debtor consents to an earlier sale or requires the creditor to offer the goods for sale within the 15 days):

k) details about the debtor's right to seek relief in circumstances of unforeseen hardship:

l) a statement that—

i) the debtor is entitled, at any time after the creditor repossesses the goods but before the creditor sells or agrees to sell the goods, to obtain a valuation of the goods at the debtor's expense; and

ii) the creditor must give the debtor or the debtor's valuer access to the goods to enable the valuation to be completed:

m) a statement that—

i) the debtor has a right at any time before the creditor sells or agrees to sell the consumer goods, to require the creditor to sell the goods to a person introduced by the debtor, being a person who is prepared to purchase the goods for cash at a price not less than the estimated value of the goods specified under paragraph (f); and

ii) if the debtor exercises that right, the debtor must give to the creditor a written notice of the exercise of the right that is signed by the debtor or the debtor's agent:

n) a statement that—

i) if the goods have not been sold within 30 working days after the date of the repossession, the debtor is entitled to require the creditor to put the goods up for sale by auction; and

ii) if the debtor exercises that right, the debtor must require the sale by a written notice to the creditor that is signed by the debtor or the debtor’s agent:

o) where a post-repossession notice is sent to a guarantor, advice to the guarantor that—

i) the notice is being sent to the guarantor in his or her capacity as guarantor of the named debtor; and

ii) the guarantor has rights in relation to the repossession, details of those rights, and what the guarantor may do to protect his or her position.