Call: 03 9870 1300

1st Floor, 2-8 Railway Ave, RINGWOOD EAST, VIC, 3135

Credit Terms

Terms of Credit

Payment in full is required within 14 days from date of invoice.

An Account Keeping Fee of $20.00 per month may be imposed on overdue accounts at our discretion.

In the event of the Customer being in default of his obligation to pay and the overdue account is then referred to a debt collection agency, and/or law firm for collection and the agency charges commission on a contingency basis the Customer shall be liable to pay as a liquidated debt, the commission payable to the agency.

In the event where CHN Herold Ross, or its agent refers the overdue account to a lawyer the Customer shall also pay as a liquidated debt the charges reasonably made or claimed by the lawyer on the indemnity basis.

Overdue accounts may be subject to interest at the rate prescribed by the Penalty Interest Rates Act (Vic) plus 2%, at our discretion.

Where more than one party is liable for payment of this account, they will be liable jointly and severally.

The Customer covenants that the information provided in this Application is true and correct.

Orders are subject to the terms and conditions notified to the Customer from time to time.

Property in any goods sold will not pass until payment for those goods is made in full. The Customer shall keep such goods separate and shall allow access to CHN Herold Ross, or its agent to repossess such goods where this account is more than 30 days overdue or where the Customer goes into receivership, liquidation or administration.

Reference to an individual includes reference to his heirs and executors and reference to a company shall include its Receivers, Administrator and Liquidator.

Notice To Applicant(s) For Credit (Section 18(E)(1) Privacy Act 1988)

Notice of disclosure of your credit information to a credit reporting agency (Privacy Act 1988)

CHN Herold Ross Pty Ltd may give information about you to a credit reporting agency, for the following purposes:

  • to obtain a consumer credit report about you; and/or
  • to allow the credit reporting agency to create or maintain a credit information file containing information about you.

The information is limited to:

  • Identity particulars – your name, sex, address (and the previous two addresses) date of birth, name of employer, and drivers licence number.
  • Your application for credit or commercial credit – the fact that you have applied for credit and the amount.
  • The fact that CHN Herold Ross Pty Ltd is a current credit provider to you.
  • Loan repayments which are overdue by more than 60 days, and for which debt collection action has started.
  • Advice that your loan repayments are no longer overdue in respect of any default that has been listed.
  • Information that, in the opinion of CHN Herold Ross Pty Ltd you have committed a serious credit infringement (that is, fraudulently or shown an intention not to comply with your credit obligations).
  • Dishonoured cheques – cheques drawn by you for $100 or more which have been dishonoured more than once.
  • That credit provided to you by CHN Herold Ross Pty Ltd has been paid or otherwise discharged.

Period to which this understanding applies

This information may be given before, during or after the provision of credit to you.

Statement By Applicant(s) For Credit

1. Giving information to a Credit Reporting Agency (Section 18E(8)(c) Privacy Act 1988)

CHN Herold Ross Pty Ltd has informed me that it may give certain personal information about me to a credit reporting agency.

2. Access to Commercial Credit Information (Section 18L(4) Privacy Act 1988)

I/we agree that CHN Herold Ross Pty Ltd may obtain information about me/us from a business which provides information about the commercial credit worthiness of persons for the purpose of assessing my/our application for consumer credit.

3. Access to Consumer Credit Information (Section 18K(1)(b), Privacy Act 1988)

I/we agree that CHN Herold Ross Pty Ltd may obtain a consumer credit report containing information about me from a credit reporting agency for the purpose of assessing my/our application for commercial credit.

4. Exchange of Credit Worthiness Information (Section 18N, Privacy Act 1988)

I/we agree that CHN Herold Ross Pty Ltd may exchange information with those credit providers named in this application or named in a consumer credit report issued by a credit reporting agency for the following purposes;

  • to assess an application by me/us for credit
  • to notify other credit providers of a default by me/us
  • to exchange information with other credit providers as to the status of this loan where I am in default with other credit providers
  • to assess my/our credit worthiness.

I /we understand that the information exchanged can include anything about my/our credit worthiness, credit standing, credit history or credit capacity that credit providers are allowed to exchange under the Privacy Act.

5. Agreement to a credit provider being given a consumer credit report by a credit reporting agency to assess a guarantor (Section 18K 1(c) Privacy Act 1988)

I/we agree the CHN Herold Ross Pty Ltd may obtain from a credit reporting agency a consumer credit report containing information about me/us for the purpose of assessing whether to accept me/us as a guarantor for credit applied for by, or provided to, the borrower(s).  I/we agree that this agreement commences from the date of this agreement and continues until the credit covered by the borrower(s) application ceases.

6. Agreement to a credit provider disclosing a report including a consumer credit report to potential or existing guarantor (Section 18K (1) Privacy Act 1988)

I/we agree that CHN Herold Ross Pty Ltd may give to a person who is currently a guarantor, or whom I/we indicated is considering becoming a guarantor, a credit report containing information about me/us for the purpose of [name of prospective guarantor] deciding whether to act as a guarantor, or to keep informed about the guarantee.  I/we understand that the information disclosed can include anything about my/our credit worthiness, credit standing, credit history or credit capacity that credit providers are allowed to disclose under the Privacy Act, and includes a credit report.

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