Reinstatement of credit agreement
The restoration of a defaulted credit agreement after arrears and legally permitted enforcement costs are dealt with before the applicable cut-off point.
Definition
Reinstatement questions are fact-specific because timing, court steps, cancellation, surrender, repossession, sale, arrears, permitted charges, and payment proof can change the position. The practical review should check the credit agreement, Section 129 notice, statement of account, arrears calculation, payment records, debt-review status, summons or court order, repossession documents, and any settlement or reinstatement correspondence.
Key takeaways
The restoration of a defaulted credit agreement after arrears and legally permitted enforcement costs are dealt with before the applicable cut-off point.
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Related legal problems
This glossary provides general information only and does not constitute legal advice.
Common situations
Credit agreement default
Vehicle finance arrears
Repossession risk
Related resources
Resources and guides
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Banking and FinanceFAQs
Reinstatement of credit agreement FAQs
What does Reinstatement of credit agreement mean?
The restoration of a defaulted credit agreement after arrears and legally permitted enforcement costs are dealt with before the applicable cut-off point.
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