Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 84

A credit provider shall, unless the credit provider and debtor otherwise agree, apply payments received under a regulated contract--

(a) in the case of a regulated credit sale contract or a regulated loan contract--

(i) firstly in payment of default charges (if any); and

(ii) secondly in payment of the accrued credit charge; and

(iii) thirdly in payment of deferral charges (if any); and

(iv) fourthly in payment of the outstanding balance of the amount financed; and

(v) fifthly in payment of enforcement expenses; and

(b) in the case of a regulated continuing credit contract--

(i) firstly in payment of the credit charge; and

(ii) secondly in payment of any other amount owed under the contract by the debtor to the credit provider.