Information Statement

Your credit provider must give you a pre-contractual statement containing certain information about your contract. The precontractual statement, and this document, must be given to you before;

• check_circle your contract is entered into; or

• check_circle you make an offer to enter into the contract; whichever happens first.

• check_circle We do not have any hidden fees or charges

If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep. Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply if the credit provider has previously given you a copy of the contract document to keep.

If you want another copy of your contract, write to your credit provider and ask for one. Your credit provider may charge you a fee. Your credit provider has to give you a copy;

• check_circle within 14 days of your written request if the original contract came into existence 1 year or less before your request; or b) otherwise within 30 days of your written request.

Yes. You can terminate the contract by writing to the credit provider so long as;

• check_circle you have not obtained any credit under the contract; or

• check_circle within 14 days of your written request if the original contract came into existence 1 year or less before your request; or b) otherwise within 30 days of your written request.

However, you will still have to pay any fees or charges incurred before you terminated the contract.

Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract.

You can write to your credit provider at any time and ask for a statement of the payout figure as at any date you specify. You can also ask for details of how the amount is made up. Your credit provider must give you the statement within 7 days after you give your request to the credit provider. You may be charged a fee for the statement.

Yes. The interest you can be charged depends on the actual time money is owing. However, you may have to pay an early termination charge (if your contract permits your credit provider to charge one) and other fees.

Yes, but only if your contract says so.

That depends on the type of change. For example;

a. you get at least same-day notice for a change to an annual percentage rate. That notice may be a written notice to you or by a notice published in a newspaper.

b. you get 20 days advance written notice for;

• check_circle a change in the way in which interest is calculated; or

• check_circle a change in credit fees and charges; or

• check_circle any other changes by your credit provider;

except where the change reduces what you have to pay or the change happens automatically under the contract.

Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement.

If that is not successful, you may contact your credit provider’s external dispute resolution scheme. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints. Your credit provider’s external dispute resolution provider is the Credit Ombudsman Service Limited(COSL) and can be contacted at 1800 138 422.

Alternatively, you can go to court. You may wish to get legal advice, for example from your community legal centre or Legal Aid.

You can also contact ASIC, the regulator, for information on 1300 300 630 or through ASIC’s website at https://asic.gov.au/ .

Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways.

• check_circle to extend the term of your contract and reduce payments; or

• check_circle to extend the term of your contract and delay payments for a set time

• check_circle to delay payments for a set time.

If the credit provider refuses your request to change the repayments, you can ask the credit provider to review this decision if you think it is wrong. If the credit provider still refuses your request you can complain to the external dispute resolution scheme that your credit provider belongs to. Further details about this scheme are set out below in question 13.

Yes, if you are in default under your contract. But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact the credit provider’s external dispute resolution scheme or ASIC, or get legal advice.