Credit Contracts and Consumer Finance Act 2003

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

83ZF: Debtor’s right to force sale

You could also call this:

"What happens to your things if you can't pay for them and the seller doesn't sell them on time"

Illustration for Credit Contracts and Consumer Finance Act 2003

If someone takes your things because you couldn't pay for them, they have to sell them within 30 working days. You can ask them to sell the things by auction if they don't sell them in time. You must ask them in writing and they must hold the auction within 2 months. They have to tell you when and where the auction will be, or if it's online, when it will start and end. You and the person who took your things can both bid at the auction. There must be no minimum price for the things being sold. The person who took your things must follow these rules, even if there are other rules that might seem to say something different. You can find more information about this in section 83G(1) and section 83J.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501398.

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83ZE: Debtor’s right to settle credit contract, or

"Paying off your debt to get your things back"


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83ZG: Disposal of consumer goods to purchaser for value and in good faith, or

"Buying goods from someone without getting their debts"

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

83ZFDebtor’s right to force sale

  1. If the consumer goods have not been sold within 30 working days, the debtor may require the creditor to put the consumer goods up for sale by auction.

  2. The period of 30 working days commences with the date on which the creditor repossesses the consumer goods.

  3. The following rules apply to a sale required under subsection (1):

  4. the debtor must require the sale by notice in writing to the creditor, signed by the debtor or the debtor’s agent; and
    1. the auction must be held within 2 months after the date that notice is given; and
      1. the creditor must give the debtor and every other person referred to in section 83G(1) reasonable notice of—
        1. the time and place of the auction; or
          1. if the auction is via the Internet, the times at which the auction will begin and end (including the circumstances (if any) in which the auction may end before the end time given in the notice); and
          2. the creditor and the debtor are each entitled to bid at the auction; and
            1. there must be no reserve price.
              1. Nothing in section 83J limits the creditor’s duty to comply with this section.

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