All Topics / Creative Investing / Wraps and the UCCC

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  • Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    January 12, 2005 - 4:32 am

    Hi,

    In the past there has been some doubt whether a wrap is actually credit and as such, whether the UCCC (Consumer Credit Code) applies.

    It seems that the government is keen to correct any doubt:

    Vendor terms contracts

    A review of the Code recommended that it be amended to clarify that vendor terms contracts are credit contracts.

    This is a priority for the Uniform Consumer Credit Code Management Committee. Drafting has commenced. The mature draft will be made available for comment before being put to the Ministerial Council on Consumer Affairs.

    View Source

    I think this is a good move, especially as it protects consumer rights. I look forward to commenting on the draft paper.

    Regards,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of pelicanpelican
    Member
    @pelican
    Join Date: 2003
    Post Count: 454
    January 12, 2005 - 4:47 am

    This is great to see…..

    something clear about wraps and the UCCC…..

    ROLL ON MORE PROTECTION & REGULATION…….

    You may know the cost of everything…. but what about the value ????

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    January 12, 2005 - 10:30 pm

    Hi Steve

    Thanks for the great news!

    With the Vendor Finance (Wraps) Association in its current “interesting” state, do you think it will be possible for them to be asked to comment on the draft paper?

    I’d hate to see the Association sidelined completely as I think it just may be possible to rebuild it into something very worthwhile in the future.

    Forever the eternal optimist :-)

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

Viewing 3 posts - 1 through 3 (of 3 total)

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