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Credit (Re-possession) Act 1997

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Re-possession agents and the right to re-possess goods.

The Credit (Repossession) Act 1997.  This Act came into force on July 1 1998.   It governs the way people are owed money on chattels, including motor vehicles, and the way they are able to recover their money by repossessing those goods if the terms of any loan are not followed.  

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"I found all these contract topics interesting and helpful. JD. Napier December 2006"
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"My neighbour had her bag snatched in the main st of Papakura. Her insurance company will pay to get the locks replaced for her house but not for her car. I think this is extremely unfair as her car was not the target for the theft.

We agree . . . Insurances Companies are increasingly relying on small print and NOT saying at the time the insurance is taken out that a car insurance does NOT cover items pinched from inside the car, and, in this case, obviously consider that the car is not similar to the house. It is best to get your Policy and sit down with an Insurance Company Rep. and try and discuss every little thing that could arise for which you would like to have coverage. - Netlaw"

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"Coverage is very good. I would appreciate a bit more detail on expiry dates for Copyright. Genna T.
BOP.

Netlaw replies - Will do."

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"A fun topic. I can remember when I was a lawyer's secretary. He had a wee figurine of a barrister on his desk with a sign on it saying "Sue The Bastards" but, then, he should know because he was a bastard too, but a very good lawyer. (name withheld)"
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"My husband and I liked all this information. Keep it up please! Well worth the $45. We have spent so much on lawyers, blast them. I suppose they are necessary but when we see these concepts set out simply by you in Netlaw we wonder what all the secrecy and fuss was about in other matters. "
"I have heard that through the Will I am able to gift up to $27 500.00 of my property per year to some one that I want to inherit without paying gifting fees where do I find a template for this

Netlaw answers: Good morning,

You posted a blog on Netlaw this morning. We reply as follows.

Gift duty is not payable on money or assets which pass under your will. Therefore, you can leave $1,000,000 to someone in your will and it is not classified as a gift.
However, if you wanted to give someone $1 million during your lifetime then that would attract gift duty at 40 cents in the dollar (subject to a more specific calculation about a lesser amount of gift duty in some bands above $27,000) for any amount gifted over $27,000 per year. This is why gift programmes over a number of years have to be set up during the course of your lifetime to avoid or minimise paying gift duty.
But we repeat - money or assets left under a will are not treated as gifts for gift duty purposes. Nor are death duties payable any more. They were abolished well over 10 years ago.

Cheers . . . . Netlaw"

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