Australian Capital Territory Consolidated Acts

CREDIT ACT 1985 - SECT 84

If a debtor—

        (a)     is liable to make payments to the same credit provider in relation to 2 or more regulated contracts; and

        (b)     makes a payment in relation to the contracts that is insufficient to discharge the total amount then due under all the contracts;

then—

        (c)     notwithstanding any agreement to the contrary, the debtor is entitled to require the credit provider to appropriate the amount so paid in or towards the satisfaction of the amount due under any number of those contracts, in the proportions the debtor specifies; and

        (d)     if the debtor fails to make such an appropriation—the payment shall, unless the debtor and the credit provider otherwise agree, be appropriated in or towards the satisfaction of the amounts due under the respective contracts in the order in which the contracts were entered into.