If you are in default under your Q Card Account we may cancel or restrict further use of your Q Card. We can also require on notice that you:
- immediately pay any unpaid balance on your Q Card Account including interest accrued but not yet charged (despite the date or dates for payment not having arrived) and
- return your Q Card to us.
We may also enforce the security interest that we take over all the property you purchase using your Q Card. If you are in default we may be able to repossess and sell the property that is subject to the security interest. To do this we may, through our agents, enter into any place where we believe the secured property is held and whether or not you are present.
Default fees and charges
The following fees and charges apply should you default under the contract:
- Default Fees payable under each separate event of default including default administration services and the issuing of default notices and/or Statements in relation to collection activities and the age of the default:
- Stage One: $15 when we have not received payment in full on due date and a Statement issues showing an “overdue – please pay immediately amount”
- Stage Two: $15 when we have not received payment in full on due date and a Reminder Notice issues
- Stage Three: $15 when we have not received payment in full on due date and an Overdue Notice issues; and
- Stage Four: $15 when we have not received payment in full on due date and a Final Notice issues
- Repossession Fee and related fees as charged by an agent on possession, storage, and tracking of goods, or for general service in the event of a default.
- Collection Fee as charged by an agent in collecting money due by you.
- Sales and Commission Fee as charged by an agency relating to the sale of your goods if they are possessed by, or surrendered to CFL including any legal fees.
In the event a part payment is received on an outstanding balance we may at our absolute discretion defer your transition through the various stages of the collection process. In the event of a serious default we may accelerate your transition through the various stages of the collection process.
Default fees and charges are correct as at 4 June 2015. We may vary these default fees and charges and introduce new default fees and charges at any time.
Default interest rate
Where a default in payment occurs, we may charge default interest on the overdue amount while the default continues at a rate which is 5% above our standard card interest rate.
The default interest rate is correct as at 4 June 2015. We can vary this default interest rate at any time.
What is a security interest?
Unlike most standard credit cards, we take a security interest over the goods you purchase using your Q Card to secure the repayment of any money which you may owe us through the use of your Q Card. The security interest provides us with rights in the secured property which allows us to repossess and sell the secured property if you breach your obligations.
The security interest we take is registered by us on the Personal Property Securities Register (PPSR). The PPSR is an electronic register that secured parties use to register details about their security interests and that can be searched to find out information about the security interest.
For further information about the security interest we take, please refer to clause 26 of the Q Card Terms and Conditions.