SSVF Property News and Information #3

We have had quite a long period with very little movement in interest rates. Saw a post on Facebook quite a while that concerning notification periods when interest rates change. With the discussion that ensued from the contacted both Lewis O’Brien and Tony Cordato to get the view on what the correct procedure for giving notification to your clients if interest rates move – up or down.
The topic of advanced payments came up in a discussion with a fellow investor recently. I know that I have always allowed our clients to pay whatever they want to in advance whether they were on lease options or instalment contracts. The question was with the two different types of contracts how do we apply the payments and what we call them. Then, if a failed to make a payment down the track what is that look like for the amount in advance. So I feel it was time to have a read (as stimulating as it is) of the National Consumer Credit Protection Act to find out what we can and cannot do with credit contracts as well as expressing my view about how to treat payments if it’s a lease option.
Will have to provide our clients with statements of some kind or another but what happens when the statements issued are incorrect. A bit of a rummage through the National Consumer Credit Protection Act came up with some interesting answers and clarification on something that I thought was correct, but as we know thinking something right and knowing something is right is a little bit different. At least now I know what’s right so I thought I’d share it with you.
Hope you enjoy reading the latest update. If there is anything that you would like me to write about just let me know and I’ll include in the next SSVF Property News and Information. If you would like to contribute to the next publication and share your experiences knowledge, just shoot me an email, the more the merrier.
Feel free to offer feed back, suggestions and corrections if you find something not right.
If you have questions or suggestions for the next issue, please drop me a line…
Warm Regards
David Siacci

 

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