Everything you should know about PPSR…
- Personal liquidation systems
- Criminal proceedings
- Trustee services
Other than this, one of the major responsibilities of ASFA is the administration of Personal Property Securities Register, also known as PPSR.
What is PPSR?
It is a national online notice board that allows you:
- To register a notice to show that you have pertained rights of a certain personal property which somehow secures a debt or accrued obligation that someone owes to you.
- To check and find out if someone has already been registered with an interest over a personal property you might want to buy or lease.
Talking about personal property, PPSR provides information for protection of consumers in case of a transaction of personal properties like cars, boats or valuable artworks, not inclusive of land and/or buildings.
When you check PPSR before purchasing something, you can find if that particular personal property has a security interest attached to it or not. Some of you might consider this as not important but this is extremely crucial to know as the property that is subject to security interest, the possibility lies that the person or any said entity with the security interest will retake possession of it when the buyer defaults on payments.
For a small sum of the fee, you can easily perform a search that will provide you with a search certificate highlighting the results of your search. Millions of said searches and registrations are performed on annual basis on the PPSR.
Why use PPSR and how it works.
PPSR is an online notice board or register that offers excellent risk protection to both individuals and businesses. It is an essential tool to help you put your finances on the high rise by using your personal or business goods and assets. PPSR presents to you the following ways the register can help you protect your valuables:
1. Taking it in:
A simple search on the register board acknowledges you that whether the valuable good that you are about to buy is being used at the same time for security for debts or any other obligation or not. However, it might not disclose the exact worth of the obligation but it does let you know who the obligation is being indebted to so you can find more about it further from the person.
For instance, someone tries that you buy a used van without acknowledging you that they still owe financing on it to someone else and all of a sudden they stop the payment process midway of the loan payment period. It is highly likely that the next day you will have authorities as well as the owner of the obligation of the van on the entrance of your home, ready to take away the van without paying a single cent for the loss you suffered.
Therefore it is much better to pay a small fee now, conduct a cheap PPSR search and find out if the good you are about to buy is free of debt financing from any firm and safe from re-tenancy.
2. Handing it over:
It is the reverse procedure of buying the goods. Like if you are not the buyer but a seller. Simple enough, creating a registration on PPSR shows searches that you are declaring an interest in goods and assets. Those goods and assets are the commodities you will be selling on:
- Retention of title clause
- Or that you have mutually agreed with someone else to sell those goods as your representative.
This interest would ultimately mean that the goods and assets are in the security of the debt that someone owes to you. So the registration would provide protection of your interest in the commodities in case the client default or goes broke.
3. Charter of Goods:
If you are about to lease, rent or put up a hiring arrangement for the following time periods then this applies to you:
- At least one year
- Would maybe last for more than one year
- An indefinite time period
Making a registration on PPSR would help you secure your interest in your valuables when they do not belong under your possession. This will help you protect your stuff going away to people who you might end up owing money to, in case your client goes broke.
The Personal Property Securities Register (PPSR) has high availability. It can be easily and generally accessed online seven days a week, 24 hours a day. (24/7).
How does PPSR work for Individuals buying a car?
Just in case you are buying a used car privately then you should immediately conduct a PPSR to check if there is no financing or money owing involved on the car.
If your search results show that there is a debt registered on the PPSR platform for the car you are buying and you still choose to buy or lease the vehicle and the seller stops his payments, you will have authorities on your doorstep soon enough.
Fees for operating PPSR
The PPSR Fees Determination 2015 was created under the subsection 190(1) of the Personal Securities Act 2009 by the Attorney-General. It got registered on the Federal Register of Legislative Instruments on 13th May 2015. With an amount of just $5.99 you can conduct an easy, effective and cheap PPSR check
before buying a car or even any other valuable. This small sum of fee would save you a lot more in the long run.
So in conclusion, that is what PPSR does and in case you are planning to buy, lease, rent, or sell a car, you should obtain a PPSR Check from quickrevs.com.au
and allow yourself the ease of financing goods and assets.