The PPSR and Debtors: How the PPSR Check Concerns You as a Debtor?
The Personal Property Securities Register (PPSR) is the national online register that contains information that can be used to help protect consumers when they are purchasing personal property such as cars, boats, etc. Personal property in this context does not include items such as land or buildings.
The PPSR is a searchable register so anyone can request a report on a person or item listed in the database. And you can get a fully detailed and easy to read report if you use a service such as Quick Revs PPSR search
Here is how the PPSR will concern you as a debtor.
Your Personal Details will be entered in the PPSR
You can use personal property as noted above as security for a loan. Or you may use personal property as security for other types of credit transactions or when buying personal property on hire purchase. Once you do this, the seller will register details of the transaction in the PPSR so that he or she becomes a secured party to the loan/purchase agreement.
The details entered will include your name, date of birth, and address. It will also list a description of the personal property that is used in the transaction. This registration is termed a “financing statement”. It does not include the amount you borrowed, or the value of the item used in the transaction.
You should get a copy of the PPSR information
Unless you waived that right. So, unless the agreement that you signed waived your right to receive this information, you should receive a verification statement from the company or party that you did business with. This verification statement is similar to the financing statement and outlines the information that has been placed on the PPSR system about you. The verification statement will come with a Debtor PIN which you can use to request amendments if you see any errors.
You are within your rights to request amendments to inaccurate information
Discrepancies could creep into the online registration posted about you. In the event that this happens, you have the right to ask them to correct the information. This can be done through formally submitting a Change Demand to the secured party to make the necessary amendments.
There are requirements when selling property that has a registered security interest
You should seek the permission of the company or person to whom you owe the money before selling personal property. And most times, the agreements you sign will require this.
The secured parties may repossess the property from the person you sold it to if they have registered their security interest on the Personal Property Security Registration (PPSR). In such a situation, the person to whom you sold the property
is likely to demand repayment of the actual purchase price from you.
The PPSR should be updated once your debt is cleared
Once you have completed your obligations on the loan or hire purchase agreement, you should ensure that the details in the PPSR have been updated. This will make sure that the financing statement will not be live on the PPSR registry or can be found in general searching.
Run A PPRS Check Report for Yourself
Know what information is out there in the public domain on you. You can request a report for yourself to see what is listed in the database. This allows you to manage your debt or request amendments if the information is incorrect.