Variation of payment plans
31 Variation of payment plans
A licensee must review a payment plan at the request of a customer.
The licensee must offer to vary a payment plan if a review under subclause (1) indicates that the customer is unable to meet obligations under the payment plan.
The licensee must, within 5 business days after the customer accepts an offer to vary the payment plan, provide the customer with information that clearly explains, and assists the customer to understand, the variation.
A licensee must not vary a payment plan without the customer’s agreement.
An agreement under subclause (4) must relate to the particular variation rather than under a general agreement to future variations.
Nothing in this clause prevents a licensee from cancelling a payment plan if the customer fails to comply with the payment plan.
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