National Consumer Credit Protection Regulations 2010
Form 10—Information after surrender of mForm 10—Information after surrender of mortgaged goods
Start here
Get a plain-English read of Form 10—Information after surrender of m
Turn the raw legal text into a practical explanation grounded in National Consumer Credit Protection Regulations 2010.
Form 10—Information after surrender of mortgaged goods
subsection 85(3) of the Code
regulation 84 of the Regulations
TO: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(name of mortgagor)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(address of mortgagor)
FROM: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(name of credit provider)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Australian credit licence number)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(address of credit provider)
. . . . . . . . . . . . . . . .
Date
CONTACT PERSON: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
(name, telephone number and address)
You have returned mortgaged goods to the credit provider/asked the credit provider to sell the mortgaged goods.\*
This information tells you some of your rights and obligations and some of the options open to you.
Details you should know
Description of the goods: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Date you returned the goods to the credit provider/asked the credit provider to sell the goods\*: . . . . . . . . . . . . . . . . . . . . . . .
The cost of enforcing the mortgage up to the date you returned the goods to the credit provider/asked the credit provider to sell the goods\* is $ . . . . . . . . . . . . . .
The cost of the goods being in the credit provider’s possession is $. . . . . . . . . . . . . . . . .
per . . . . . . . . . . . . . . . . . \*\*
The credit provider’s estimate of the value of the goods is $ . .
How to get the goods returned or not sold
YOU CAN GET THE GOODS BACK OR STOP THEM BEING SOLD BY THE CREDIT PROVIDER IF YOU ASK THE CREDIT PROVIDER AND IF THE REPAYMENTS AND OTHER OBLIGATIONS UNDER THE CREDIT CONTRACT HAVE BEEN MET. YOUR REQUEST MUST BE MADE IN WRITING WITHIN 21 DAYS OF THIS NOTICE BEING GIVEN TO YOU.
If you do nothing, you may lose the goods.
Sale of goods
The law says that the credit provider must get the best price reasonably obtainable for the goods.
If you want to, you can introduce a buyer to the credit provider. This has to be done in writing within 21 days after the date of this notice and the buyer must be willing to pay the credit provider’s estimate of the value of the goods or any greater amount for which the credit provider has obtained a written offer to buy the goods.
The credit provider must offer to sell the goods to the buyer you have introduced.
Your letter introducing the buyer has to reach the credit provider before the goods are sold. If you post the letter, it is best to send it by certified or registered mail. Then you can check that it was delivered. If you take it to the credit provider’s office, you should get an employee of the credit provider to sign and date something to say that your letter has been received. Make sure you keep anything that was signed by that employee.
Once the 21 day period has expired, the credit provider must sell the goods as soon as reasonably practicable unless you and the credit provider agree on some other time for sale.
As mentioned above, the goods must be sold for the best price reasonably obtainable.