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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Plan and prepare repossession process
   • Interpret and confirm client’s written instructions and any of their relevant policies and procedures, and align to organisational guidelines and legislative requirements
   • Establish location and realisable value of property to be repossessed
2. Negotiate repossession
   • Use most appropriate means of communication to establish contact and build rapport with debtor, and clearly communicate reason for repossession
   • Canvass terms of debt settlement to negotiate mutually acceptable resolution for client and debtor, where possible
3. Repossess property
   • Formulate plan for execution of repossession within legal requirements that also meets client requirements
   • Arrange and facilitate repossession ethically on behalf of client
   • Engage and oversee third party agents in securing property, where required
4. Formulate report
   • Compile accurate report on condition of property and promptly provide to client a full report on repossession activity, disposal result and payment arrangements
   • Synthesise information gathered and clearly, concisely document outcomes that can be accessed by all relevant staff

Performance Evidence

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.

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Knowledge Evidence

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.

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