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Credit Contracts and Consumer Finance Act 2003

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

83ZC: Consequences of reinstating credit contract

You could also call this:

"What happens if you restart your credit contract"

Illustration for Credit Contracts and Consumer Finance Act 2003

If you exercise your right to reinstate your credit contract under section 83ZB, the creditor must give you back your consumer goods as soon as they get the money to reinstate the contract or confirmation that you have met your obligations. You then hold the goods under the original credit contract, as if you had not defaulted and the creditor had not taken the goods. The creditor must return the goods to you immediately after they get the required amount or confirmation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501394.

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Topics:
Money and consumer rights > Consumer protection
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83ZB: Debtor’s right to reinstate credit contract, or

"Paying to get your credit contract back after repossession"

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83ZD: Debtor’s right to introduce buyer, or

"You can find a buyer for repossessed goods and sell them to that buyer."

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

83ZCConsequences of reinstating credit contract

  1. If the right to reinstate the credit contract is exercised under section 83ZB,—

  2. upon receipt of the amount required to reinstate the contract (see section 83ZB(2)), or confirmation of the performance of the accrued obligations, the creditor must immediately return the consumer goods to the debtor; and
    1. the debtor is deemed to receive and hold the returned consumer goods under the terms of the credit contract as if the default had not occurred and the creditor had not repossessed the consumer goods.

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      Notes
      • Section 83ZC: inserted, on , by section 51 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).