List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Plan and prepare repossession process | 1.1 Interpret and confirm client’s written instructions and any of their relevant policies and procedures, and align to organisational guidelines and legislative requirements 1.2 Establish location and realisable value of property to be repossessed |
2. Negotiate repossession | 2.1 Use most appropriate means of communication to establish contact and build rapport with debtor, and clearly communicate reason for repossession 2.2 Canvass terms of debt settlement to negotiate mutually acceptable resolution for client and debtor, where possible |
3. Repossess property | 3.1 Formulate plan for execution of repossession within legal requirements that also meets client requirements 3.2 Arrange and facilitate repossession ethically on behalf of client 3.3 Engage and oversee third party agents in securing property, where required |
4. Formulate report | 4.1 Compile accurate report on condition of property and promptly provide to client a full report on repossession activity, disposal result and payment arrangements 4.2 Synthesise information gathered and clearly, concisely document outcomes that can be accessed by all relevant staff |
Evidence of the ability to:
compile information on property to be repossessed
interpret and comply with legislative requirements, industry code of conduct and organisational policy and procedures when repossessing property
build and maintain rapport with clients, and liaise and cooperate with debtors and third party agents
negotiate effectively when confronted with problems and difficulties
complete relevant documentation in accordance with industry and organisational requirements and guidelines.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
describe the negotiation process
outline creditor's obligations underpinning credit management functions, and their relationship to mercantile agents
identify key requirements of relevant state and Commonwealth Acts relating to debt collection and mercantile agents
explain the business principles, financial arrangements and legal obligations of:
sole traders
partnerships
companies
trusts
outline the principles and procedures of:
repossession
notices of intention
authority to repossess
methods of repossession
ethical practices in repossession
post-repossession
describe the principles of association under the Associations Incorporation Reform Act
outline the role, procedures and relevant documentation of the various relevant court jurisdictions and appeals procedures
explain securities and loans principles, specifically factoring, guarantees, indemnity, securities over property, retention of title and liens
describe techniques of search and locating property to be repossessed.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the mercantile agents field of work and include access to:
office equipment, technology, software and consumables
relevant legislation and industry codes of practice in the mercantile agent field.
Assessors must satisfy NVR/AQTF assessor requirements.