Document ID: chunk:federal_register_of_legislation:F2024C00882:schedule:1:p17
Version: federal_register_of_legislation:F2024C00882
Segment Type: schedule
Provision Reference: sch 1 (pt 17/40)
Character Range: 435207–437815

BEING GIVEN TO YOU.
If you do nothing, you may lose the goods.

Sale of goods
  The law says that the credit provider must get the best price reasonably obtainable for the goods.
  If you want to, you can introduce a buyer to the credit provider. This has to be done in writing within 21 days after the date of this notice and the buyer must be willing to pay the credit provider's estimate of the value of the goods or any greater amount for which the credit provider has obtained a written offer to buy the goods.
  The credit provider must offer to sell the goods to the buyer you have introduced.
  Your letter introducing the buyer has to reach the credit provider before the goods are sold. If you post the letter, it is best to send it by certified or registered mail. Then you can check that it was delivered. If you take it to the credit provider's office, you should get an employee of the credit provider to sign and date something to say that your letter has been received. Make sure you keep anything that was signed by that employee.
  Once the 21 day period has expired, the credit provider must sell the goods as soon as reasonably practicable unless you and the credit provider agree on some other time for sale.
  As mentioned above, the goods must be sold for the best price reasonably obtainable.

Finalising the contract
  As soon as the goods are sold, the total amount payable under the credit contract becomes due. The credit provider must credit you with the proceeds of the sale less—
           * the amount owing under your mortgage (which can not be more than the amount owing under the contract); and
           * any amount owing under a prior mortgage of the goods; and
           * any amount owing under a subsequent mortgage of the goods which the credit provider knows about; and
           * the credit provider's reasonable expenses of enforcing the mortgage; and
           * the expenses reasonably incurred by the credit provider in connection with the possession and sale of the mortgaged goods.
  After the goods are sold the credit provider must give you a notice setting out certain information including—
           * what the sale price was; and
           * the net proceeds of the sale; and
           * the amount credited to you; and
           * the amount required to pay out the credit contract or the amount due under the guarantee.

General
  You should discuss this matter with the credit provider as soon as possible. You should know that even after the goods are sold, you will still have to pay the credit provider any amount still outstanding. You