Credit Contracts and Consumer Finance Act 2003

Repossession of consumer goods under consumer credit contract - Rules that apply at time of repossession

83N: Creditor must allow debtor time to remedy default or at least 15 days to elapse

You could also call this:

"Lenders must give borrowers time to fix problems or wait 15 days before taking goods back."

Illustration for Credit Contracts and Consumer Finance Act 2003

You cannot repossess consumer goods until the debtor has had time to fix the problem or 15 days have passed. If the debtor can fix the problem, you must wait until the time to fix it has expired. If the debtor cannot fix the problem, you must wait at least 15 days after serving the notice. You are not allowed to hold keys to the consumer goods unless the debtor gives them to you or you have repossessed the goods legally. However, a repossession agent can still hold their own work tools. There is an exception - if the goods are at risk, you do not have to wait, see section 83E(2) for more information.

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This page was last updated on 1 January 2026 — View changes

Topics:

Money and consumer rights > Consumer protection

83M: Connection or use of disabling device in connection with certain goods prohibited, or

"No contract can allow someone to add a device that stops goods from working."

83O: Documents to be produced on entry, or

"What documents you must be shown when goods are taken back"

Part 3ARepossession of consumer goods under consumer credit contract
Rules that apply at time of repossession

83NCreditor must allow debtor time to remedy default or at least 15 days to elapse

Neither a creditor nor a creditor's agent may repossess consumer goods in respect of which a repossession warning notice has been served unless—
the period for remedying the default specified in the notice has expired and the debtor has failed to remedy the default complained of in so far as it is capable of being remedied; or
in a case where the default is not capable of being remedied, at least 15 days have elapsed since the notice was served on the debtor.

Neither a creditor nor a creditor's agent may hold keys or other devices that enable access to the consumer goods unless—
the debtor has, after a repossession warning notice has been served, voluntarily made the keys or other device available to the creditor or agent; or
the relevant consumer goods have been repossessed in accordance with this Act.

Subsection (2) does not prevent a creditor’s agent from holding the agent’s tools of the trade that are customarily used by repossession agents or repossession employees.
However, subsection (1) does not apply if the goods are at risk (see section 83E(2)).

Compare

1997 No 85 s 10

Notes

Section 83N: inserted, on 6 June 2015, by section 51 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).