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Section : Guarantor defaults
Domain : Human Resource Management
Classification : Not Identified
Text Content
- (2) Default information about an individual is information about a payment that the individual is overdue in making as a guarantor under a guarantee given against any default by a person (the borrower ) in repaying all or any of the debt deferred under consumer credit provided by a credit provider to the borrower if:
- (a) the provider has given the individual written notice of the borrower's default that gave rise to the individual's obligation to make the overdue payment; and
- (b) the notice requests that the individual pay the amount of the overdue payment; and
- (c) at least 60 days have passed since the day on which the notice was given; and Compilation date: 11/12/2024
- (d) in addition to giving the notice, the provider has taken other steps to recover the amount of the overdue payment from the individual; and
- (e) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment.