Determination - 19 December 2012

Issue for Determination: Whether after the sale of mortgaged goods, the credit provider dealt with the gross sale proceeds in a manner consistent with the process set out in the National Credit Code (the Code) and the National Consumer Credit Protection Regulations 2010 (NCCPR). 

Summary of Determination

I find that the member has not:
  1. provided an itemised account of the deductions made from the gross amount realised on the sale of the complainants’ vacation credits, in contravention of  s104(3) of the Code and reg 89 of NCCPR;
  2. demonstrated that any enforcement expenses were actually incurred by it in relation to the sale of vacation credits;
  3. demonstrated that it was entitled to deduct the sum of $6,552 from the gross amount realised on the sale of vacation credits; and
  4. correctly listed a default on the complainants’ credit files.

Consequently, I determine this complaint in favour of the complainants and order the credit provider to undertake remedial action accordingly.
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