Queensland Consolidated Acts

CREDIT ACT 1987 - SECT 88

Where under this Act the liability of a debtor to a credit provider is reduced--

(a) the amount of the reduction shall be set off against amounts that, but for the reduction, would become payable by the debtor to the credit provider; and

(b) where the amount of the reduction exceeds the amount that the debtor, but for the reduction, would have become liable to pay to the credit provider the amount of the excess is a debt payable by the credit provider to the debtor.