Account Payment Arrangement sample document; updated for New Zealand CCCFA

The requirements for New Zealand CCCFA "Variation Disclosures" have been clarified by the Commerce Commission, in particular the requirement to provide full particulars of changes. This information is expressly required from 1 October 2021.

A new "Variation Summary" table is included if the constant "ShowVariationTable" is True (the default)

Columns include:

• Original Contract
• Last Restructure
• Constant "ShowVariationTableRestructure" defines whether this column may be included - default is False
• Last Payment Arrangement
• Constant "ShowVariationTablePreviousArrangement" defines whether this column may be included - default is False.
• Payment Arrangement OR Current

Note; since the Payment Arrangement Advice can be run at any time, the rightmost column will either show the latest Arrangement or Current Loan details. The last Payment Arrangement is shown if:

• There has been an Arrangement made, this excludes Promises.
• The Arrangement must be within the last 7 days.
• Total Payments, Cost of Borrowing and Payments to Date must be the same as the current schedule.

Rows include:

• Dated
• The date of the Original Contract, Restructure or Arrangement.
• Repayments
• Details of the Repayment in the Original Contract or currently remaining.
• Regular Repayment
• Details of the Regular Repayment
• Length of Loan
• Details of the Term or overall period between when the Loan was opened to the Final Payment.
• Final Payment
• Date of the Final Payment.
• Total Interest
• Total Fees
• Total Cost of Borrowing
• Total Payments to be made
• Payments already made
• The total value of Payments made by the borrower.

Note, the rightmost column also shows the increase or decrease from the Original Loan Contract.

The following sample Document has been updated:

• APA - Account_PaymentArrangementAdvice.xml
• Version: 1.02 (26/08/2021)

DISCLAIMER: As per your Software Licence Agreement, before using sample Documents it is your responsibility to make sure the sample Documents are fit for the purpose and work as required and shall, as necessary, seek independent professional advice from sources such as Lawyers, Accountants and Government Agencies.