Unit of competency Outline

Date retreived
23/07/2026 12:21 AM AWST

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Repossess property

Repossess property

Unit of competency
National Code
FNSMCA312
State Code
OCZ09
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
091199 - Justice And Law Enforcement, N.e.c.
Original Release Date
22/04/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to liaise with creditors (clients), debtors and third parties, and apply legal requirements and ethical principles in repossessing property.The unit applies to individuals who are required to repossess property as part of their role as a mercantile agent within financial services organisations of any size or location.Note The term "debtor’ in this unit relates to any customer who may have a debt to an organisation.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Plan and prepare repossession process
  • 1.1 Interpret and confirm client’s written instructions according to organisational policies and procedures, and legislative and regulatory requirements
  • 1.2 Determine legal basis for repossession
  • 1.3 Confirm legal documents have been obtained
  • 1.4 Establish location of property to be repossessed according to legislative requirements
2. Negotiate repossession
  • 2.1 Establish contact and build rapport with debtor
  • 2.2 Communicate reason for repossession and confirm debtor’s understanding of financial concepts required for repossession of property
  • 2.3 Propose terms of debt settlement and negotiate resolution for client and debtor
  • 2.4 Explain legal basis of repossession and provide debtor with details of next steps
  • 2.5 Determine residual funds for which the debtor is entitled
  • 2.6 Issue required notices to the debtor according to organisational policies and procedures
3. Repossess property
  • 3.1 Arrange and facilitate repossession on behalf of client according to relevant organisational policies and procedures, and legislative and regulatory requirements
  • 3.2 Identify and communicate with third parties required in repossessing and securing property
  • 3.3 Follow procedures for safety of self and others involved in repossession
4. Finalise repossession activities
  • 4.1 Facilitate valuations and notices on behalf of the client to the debtor
  • 4.2 Arrange delivery, storage, disposal or liquidation of repossessed property according to client instructions
  • 4.3 Maintain records on condition of property, repossession activity, disposal result and payment arrangements according to organisational policies and procedures
  • 4.4 Update client and facilitate handover of property or disposal funds
  • 4.5 Document outcomes according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUS26 FNSMCA302 Repossess property Unit of competency
State Code National Code Title Type
BGN5 FNS30420 Certificate III in Mercantile Agents Qualification