Queensland Consolidated Regulations Queensland Consolidated Regulations(1) General principle. A debtor who is unable reasonably, because of illness, unemployment or other reasonable cause, to meet the debtor's obligations under a credit contract and who reasonably expects to be able to discharge the debtor's obligations if the terms of the contract were changed in a manner set out in subsection (2) may apply to the credit provider for such a change.
(2) Changes. An application by a debtor must seek to change the terms of the contract in one of the following ways--
(a) extending the period of the contract and reducing the amount of each payment due under the contract accordingly (without a change being made to the annual percentage rate or rates);
(b) postponing during a specified period the dates on which payments are due under the contract (without a change being made to the annual percentage rate or rates);
(c) extending the period of the contract and postponing during a specified period the dates on which payments are due under the contract (without a change being made to the annual percentage rate or rates).
(3) Application. This section and sections 67 to 69 do not apply to a credit contract under which the maximum amount of credit that is or may be provided is more than $125000 (or such other amount as may be prescribed by the regulations).