Monas v Perpetual Trustees Victoria Limited

(2011) 80 NSWLR 739; [2011] NSWCA 417

NSW Court of Appeal

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Interrogate

Catchwords

1. Consumer Credit
2. › Default notices
3. › Requirements for valid default notice
4. › Whether notice must use exact words of s 80(3)
5. › Whether notice must reasonably convey statutory message and not mislead borrower
6. › Consumer Credit (New South Wales) Code 1996, s 80
1. Consumer Credit
2. › Default notices
3. › Consequences of non-compliance with s 80
4. › Whether non-compliance renders proceedings a nullity
5. › Whether breach is at most an irregularity
6. › Consumer Credit (New South Wales) Code 1996, ss 80, 170
1. Consumer Credit
2. › Default notices
3. › Authorisation to begin enforcement proceedings
4. › Whether authorisation under s 80(4)(c) may be granted nunc pro tunc
5. › Consumer Credit (New South Wales) Code 1996, s 80(4)(c)
1. Consumer Credit
2. › Hardship provisions
3. › Threshold for application of hardship provisions
4. › Whether maximum credit amount assessed at date of contract or date of application
5. › Consumer Credit (New South Wales) Code 1996, s 66(3)
6. › National Credit Code 2009 (Cth), s 72(5)

Quick Take

A default notice under s 80 of the Consumer Credit (NSW) Code need not reproduce the exact statutory language of s 80(3); it is sufficient if the notice reasonably conveys the statutory message and does not mislead the borrower. Non-compliance with s 80 does not invalidate enforcement proceedings but constitutes at most an irregularity, and the court may grant authorisation to proceed nunc pro tunc under s 80(4)(c). The threshold for hardship provisions is assessed at the date of the contract, not the date of application.