Things You Should Know About Your Contract

paragraph 16(1)(b) of the Code

regulation 70 of the Regulations

Things you should know about your proposed credit contract

This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract.

If you have any concerns about your contract, contact the credit provider and, if you still have concerns, your credit provider’s external dispute resolution scheme, or get legal advice.

The contract

1      How can I get details of my proposed credit contract?

Your credit provider must give you certain information about your contract. The information, must be advised to you before…..

your contract is entered into; or

you make an offer to enter into the contract;

whichever happens first.

2      How can I get a copy of the final contract?

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…….

within 14 days of your written request if the original contract came into existence 1 year or less before your request; or

otherwise within 30 days of your written request.

3      Can I terminate the contract?

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

you have not obtained any credit under the contract; or

a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract.

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

4      Can I pay my credit contract out early?

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

5      How can I find out the pay out figure?

You can write to your credit provider at any time and ask for a statement of the pay out figure as at any date you specify. You can also ask for details of how the amount is made up.

Your credit provider may 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.

6      Will I pay less interest if I pay out my contract early?

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.

7      Can my contract be changed by my credit provider?

Yes, but only if your contract says so.

8      Will I be told in advance if my credit provider is going to make a change in the contract?

That depends on the type of change.

you get 20 days advance written notice for…..

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

a change in credit fees and charges; or

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.

9      Is there anything I can do if I think that my contract is unjust?

Yes. You should first talk to your credit representative. Discuss the matter and see if you can come to some arrangement. If you are not satisfied with the result you can then contact the Manager of the Credit Provider

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 Financial Ombudsman Service and can be contacted at:-

GPO BOX 3, Melbourne VIC 3001           Phone: 1300 780 808                               Email:

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 ASICs website at

10      What do I do if I can not make a repayment?

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…..

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

to extend the term of your contract and delay payments for a set time; or

to delay payments for a set time.

11      What if my credit provider and I can not agree on a suitable arrangement ?

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 9.

12      Can my credit provider take action against me?

Yes, if you are in default under your contract. But the law says that you can not 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.

13      Do I have any other rights and obligations?

Yes. The law will give you other rights and obligations. You should also READ YOUR CONTRACT carefully.