Plain language law

New Zealand law explained for everyone

Credit Contracts and Consumer Finance Act 2003

Transitional provisions

Schedule 3A: Key information concerning repossession warning notice

You could also call this:

"Important Information About Repossession Warning Notices"

Illustration for Credit Contracts and Consumer Finance Act 2003

You need to know some key information when you get a repossession warning notice. This notice is about a credit contract. It tells you the name and address of the person who borrowed money and the address where goods will be taken. It also tells you the name and contact details of the person who lent the money. You will see the date of the credit contract and what went wrong with it. If you can fix the problem, the notice will tell you how to do it and when you must do it by. You will get at least 15 days to fix the problem. If you do not fix it, the person who lent the money might take the goods. The notice will also tell you what goods might be taken and how you can give them back voluntarily. It will explain how the person who lent the money can take the goods and when they can come into your home to do it. The notice must include some other important details, such as when it expires and what you can do if you are having trouble paying because of something unexpected. You can also find out what to do if you disagree with the repossession and how to complain. If someone else guaranteed the loan for you, they will get a notice too, and it will explain their rights. You can find more information about the expiry date of the notice in section 83G(4) and about the rules for repossession in s 83G(3)(b).

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6504236.

This page was last updated on — View changes

Topics:
Money and consumer rights > Consumer protectionMoney and consumer rights > Banking and loans
Previous

Schedule 3: Information concerning buy-back transactions of land, or

"Information about buying back land: what you need to know"

Next

Schedule 3B: Key information concerning post-repossession notice, or

"Important information you get after a creditor takes back goods"

3AKey information concerning repossession warning notice Empowered by s 83G(3)(b)

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

  • the full name and address of the debtor and address from which goods will be repossessed:
    1. the full name and contact details of the creditor:
      1. the date of the credit contract:
        1. the nature and amount of default under the credit contract:
          1. if the default is capable of being remedied, a statement—
            1. that the debtor must, within a time specified in the statement (being at least 15 days after the notice is served on the debtor), remedy the default; and
              1. about how the default must be remedied; and
                1. that if the debtor does not comply with requirements relating to remedying the default, the creditor intends to repossess the goods specified in the notice:
                2. if the default is not capable of being remedied, a statement that the creditor intends to repossess the goods specified in the notice on or after a specified date (being a date not less than 15 days after the notice is served on the debtor):
                  1. sufficient information to enable the identification of the goods to be repossessed:
                    1. a statement—
                      1. informing the debtor that the debtor has the right to voluntarily deliver the goods specified in the repossession warning notice to the creditor, and that the process and rules after the delivery of those goods will be in accordance with the process and rules that apply after a repossession; and
                        1. specifying a reasonable place to which the debtor may voluntarily deliver the goods for the purposes of exercising that right:
                        2. a checklist of the conditions that must be met before a creditor has the right to repossess goods, or has the authority to enter premises to repossess those goods, including,—
                          1. in relation to a right to repossess goods,—
                            1. that there is a credit contract that provides that the creditor has a security interest in the goods to be repossessed; and
                              1. that credit contract—
                                1. that the debtor is in default; and
                                  1. that a repossession warning notice must have been served on the debtor at least 15 days before the repossession occurs:
                                  2. in relation to an authority to enter premises to repossess goods,—
                                    1. that the person carrying out the repossession is licensed or holds a certificate of approval and, if a creditor’s agent is undertaking the repossession, that that person has the authority to repossess the goods on behalf of the creditor; and
                                      1. if the person carrying out the repossession is entering premises outside the hours between 6 am and 9 pm or on a Sunday or a public holiday, the creditor has the prior written consent of the debtor to do so:
                                    2. the expiry date of the notice (see section 83G(4)) and a statement that the notice is of no effect after that date:
                                      1. details about the debtor's right to seek relief in circumstances of unforeseen hardship:
                                        1. details about what the debtor needs to do if he or she disputes some aspect of the proposed repossession, including—
                                          1. details about the dispute resolution process; and
                                            1. that, if a written complaint has been made, repossession may not proceed until that complaint has been resolved; and
                                              1. the contact details of the dispute resolution scheme of which the creditor is a member:
                                              2. where a repossession warning notice is sent to a guarantor, advice to the guarantor that—
                                                1. the notice is being sent to the guarantor in his or her capacity as guarantor of the named debtor; and
                                                  1. the guarantor has rights in relation to the proposed repossession, details of those rights, and what the guarantor may do to protect his or her position.

                                                    2.