With less than 30 days until new consumer credit hardship and enforcement provisions commence on 1 March (see here), if you have not yet reviewed your hardship and enforcement processes now is the time to do so.

New regulations are imminent: they will most likely clarify the effect of the new provisions on pre-1 March 2013 contracts and the notice requirements when the lender responds to a hardship request by agreeing to defer or reduce the debtor’s obligations for 90 days or less.

Procedures will also need to take into account notices to any guarantors and any changes to the Form 12 Default Notice.

Contact Bright Law to discuss a review of your existing documents and the new requirements.