Purpose
This article assists Customer Service Representatives when a customer enquires about the assignment of their credit contract from Walker Stores Pty Ltd to Identifier Analytics Pty Ltd.
The purpose of this article is to explain what an assignment is, reassure the customer that their contractual rights and obligations have not changed, and answer common questions regarding the transfer of administration.
Customer Scenario
The customer has received correspondence advising their credit contract has been assigned to Identifier Analytics Pty Ltd and wants to understand what this means.
Examples include:
- "Why has my loan been transferred?"
- "Who is Identifier Analytics?"
- "I signed my contract with Walker Stores."
- "Do I have a new contract?"
- "Do I need to sign anything?"
- "Has anything changed?"
- "Who do I make my payments to now?"
Background
Walker Stores Pty Ltd has legally assigned certain credit contracts to Identifier Analytics Pty Ltd.
An assignment transfers the rights and responsibilities of administering the credit contract to the new credit provider.
The assignment does not create a new credit contract and does not require the customer to enter into a new agreement.
Agent Response
I'd be happy to explain.
Your credit contract has been legally assigned from Walker Stores Pty Ltd to Identifier Analytics Pty Ltd. This means Identifier Analytics has taken over the administration of your existing credit contract.
Your original credit contract remains in place, and the terms and conditions of your agreement have not changed because of the assignment. You don't need to sign a new contract, and your existing rights and obligations continue under the original agreement.
Information to Confirm
Verify the customer's identity.
Confirm:
- The customer has received the assignment notification.
- The contract the enquiry relates to.
- Whether the customer has any concerns regarding payments or their account following the assignment.
Key Information to Provide
Advise the customer that:
- Their credit contract has been legally assigned to Identifier Analytics Pty Ltd.
- The assignment does not change the terms and conditions of their credit contract.
- Their repayment amount, repayment frequency and repayment due dates remain unchanged unless separately agreed.
- Their rights under the National Credit Code, the National Consumer Credit Protection Act 2009, the Australian Consumer Law (where applicable) and the Australian Financial Complaints Authority (AFCA) remain unchanged.
- Identifier Analytics Pty Ltd is now responsible for administering the credit contract, including customer enquiries, repayments, hardship requests and complaints.
System Actions
- Verify the customer's identity.
- Confirm the contract has been assigned.
- Explain the assignment process using the approved customer script.
- Answer any questions relating to the assignment.
- Record comprehensive file notes detailing the customer's enquiry and the information provided.
Customer Confirmation
Advise the customer:
- No action is required from them solely because of the assignment.
- They should continue making repayments in accordance with their credit contract.
- If payment details have changed, they will be advised separately.
- They can continue to contact Identifier Analytics regarding their account, repayments, hardship requests or any other enquiries.
Frequently Asked Questions
Do I have a new contract?
No. Your existing credit contract remains in force. The assignment changes the organisation administering your contract, not the contract itself.
Do I need to sign anything?
No. The assignment does not require you to sign a new agreement.
Have my repayments changed?
No. Your repayment obligations remain the same unless you have separately agreed to vary your contract.
Has my interest rate changed?
No. The assignment does not change the commercial terms of your credit contract.
Can I still make a hardship request or complaint?
Yes. Identifier Analytics Pty Ltd will manage hardship applications, complaints and general account enquiries in accordance with applicable laws and industry requirements.
Important Information
Customers should be advised that:
- The assignment is a legal transfer of the administration of the credit contract.
- Their contractual rights and obligations continue under the existing agreement.
- The assignment does not affect any rights they may have under consumer credit legislation or through external dispute resolution.
- If they have questions about the assignment or believe their account information is incorrect, they should contact us for assistance.
Escalation
Escalate where:
- The customer disputes the validity of the assignment.
- The customer believes the wrong contract has been assigned.
- The customer requests legal documentation relating to the assignment.
- The customer alleges they were not properly notified of the assignment.
- The customer requests the matter be treated as a complaint.
Knowledge Tags
Assignment, Credit Contract Assignment, Walker Stores, Identifier Analytics, Contract Transfer, Credit Provider, Customer Enquiry, Loan Administration, Account Transfer, Credit Contract
