Wrapee statements to keep UCCC happy(ish)

Viewing 7 posts - 1 through 7 (of 7 total)

quasimodo
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@quasimodo
Join Date: 2002
Post Count: 100
March 14, 2003 - 6:15 am
I’ve just been advised that anyone using the instalment contract method needs to be issuing a paper statement of payments to wrapee’s at least every six months to comply with the consumer credit code…
I hadn’t heard this one before and I’m wondering if I’ve just missed it, or if this isn’t acurate. []
If it is, it’s something I suspect many of us may need to get a little up to date with! Me no likeum Mr UCCC a knockin’ on me door. Ahhh the joy’s of minutia!
Quasimodo
___________________________________________________________________________
Funny how action has a way of answering all of our fearful questions…
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Paul_3
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@paul_3
Join Date: 2002
Post Count: 8
March 14, 2003 - 7:05 am
Hello Quasimodo,
Yes this is true,to comply with UCCC you must supply to the wrapee a statement every six month.
I hope this helps
Paul
Paul
“You can change your tomorrow,if you seek your dream today.
Nathan
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@nathan
Join Date: 2002
Post Count: 77
March 14, 2003 - 7:40 am
Hi Quasi,
As Paul mentioned, this is a requirement! You may want to send out a statement every 3 months, as the UCCC requires one atleast every 6 months. If you send one every 3 months and there is a problem with a statement then it gives you time to correct it within the 6 month period. If you send one only every 6 months there is no room for error.
Cheers, [][]
Nathan.
Kirby319
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@kirby319
Join Date: 2003
Post Count: 120
March 14, 2003 - 7:42 am
Who or what is the UCCC?
Please excuse my ignorance. []
Nathan
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@nathan
Join Date: 2002
Post Count: 77
March 14, 2003 - 7:51 am
quote:
Who or what is the UCCC?
Hi Kirby,
UCCC stands for the Uniform Consumer Credit Code. It deals with finance predominantly for individuals or strata corporations who obtain the finance for personal domestic or household use, with the term of the finance arrangement being more than 62 days.
Happy investing [][]
Cheers,
Nathan.
Kirby319
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@kirby319
Join Date: 2003
Post Count: 120
March 14, 2003 - 7:54 am
Thanks Nathan.
quasimodo
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@quasimodo
Join Date: 2002
Post Count: 100
March 14, 2003 - 10:21 pm
quote:
You may want to send out a statement every 3 months, as the UCCC requires one atleast every 6 months. If you send one every 3 months and there is a problem with a statement then it gives you time to correct it within the 6 month period. If you send one only every 6 months there is no room for error.
Hey! Great tip Nathan!
That one’s definately going in the archive!
LOL! Good to see that I’m one of the few who didn’t realise this before! []
Quasimodo
___________________________________________________________________________
Funny how action has a way of answering all of our fearful questions…
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