The Collection And Hardship Policy Sets Out Zagga Market...

Zagga NCCP Compliance – Collections and Hardship Policy Nature/ purpose of document The Collections and Hardship Policy sets out Zagga Market Pty Ltd’s (Zagga) obligations when undertaking enforcement action against borrowers in default. Part A of this policy relates to collections, and it covers: (a) the notices that Zagga must provide to the borrower throughout the enforcement procedure; (b) the effect of disputed accounts and hardship notices on enforcement procedures; (c) the requirements of the NCC that apply to the repossession and sale of mortgaged property, postponement of enforcement proceedings and acceleration of enforcement procedures; (d) the reporting of borrowers in default to a credit reporting body; and (e) alternative arrangements Zagga may implement in place of enforcement action. Part B of this policy relates to hardship, and it covers: (f) the identification of hardship notices given by borrowers; (g) the assessment as to whether: (i) the borrower is, or will be, unable to meet their obligations under the credit contract; and (ii) if so, whether and how, the credit contract can be changed; (h) reassessment of the borrower s circumstances and the approval of additional periods of hardship relief. Application of policy / Distribution The policy applies to all staff in the Collections Recoveries team. It also applies to the staff members of Zagga’s outsourced service provider, whenever one is used. Responsible Manager Leonie Chapman Zagga