Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_5:p5
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 5/5)
Character Range: 13714–15506

under the terms of the consumer credit, however repayment history information will reflect the terms of the temporary FHA (as set out in paragraph 8(2)(b) and subsection 8(5) of Schedule 2 to this instrument, rather than the contractual obligation under the consumer credit. At the end of the arrangement, the individual will need to pay the payments that have accrued under the terms of the consumer credit or agree with the credit provider to another financial hardship arrangement that deals with those overdue payments. If they do not, repayment history information will show those payments as missed.
transfer event means an event whereby the rights of a credit provider in relation to the repayment of an amount of consumer credit are acquired by an acquirer.
variation FHA means an agreed financial hardship arrangement which:
             1.                 involves a permanent variation to the terms of the consumer credit (as described in subparagraph 6QA(1)(d)(i) of the Act); and
             2.                 meets the requirements of subsection 8A(11) of Schedule 2 to this instrument.
          Note: A variation FHA is a change to the terms of the consumer credit which may involve an 'ongoing' change (e.g. for the remaining term) or a change for a defined period (i.e. not the remaining term of the consumer credit). Both of these changes are considered to be 'permanent' variations because the consumer credit is changed, but the length and application of these changes can differ. Repayment history information will be based on the terms of the consumer credit, as varied by the variation FHA: see paragraph 8(2)(a) and subsection 8(4) of Schedule 2 to this instrument. No arrears will accrue if the individual makes all the payments required under the varied contract.