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Does the PPSR affect you?
Are you in business?
It is important for credit-providing businesses to look at ways to protect themselves such as registering their security interests on the PPSR. Many people only learn or become aware of the PPSR after their debtor defaults or becomes insolvent and they lose out financially like the business described in this case example. While a financing statement does not always guarantee you will get what is owed in liquidation, it increases your chances and puts you in a better position than unsecured creditors (those who do not register). Registrations only cost NZ$3 and are done online.
Secondly, as described above the PSPR can help assess the level of risk before engaging in new business with anyone- individuals or organisations. It costs NZ$1 per search online.
Are you buying a high valued second hand item, in particular a motor vehicle?
Before buying a car privately you should check there is no money owing on it. You can do this by searching the PPSR online or using our convenient text service – TXTB4UBUY.
Are you a consumer?
It may also be important to know as a consumer when you buy personal property on hire purchase or use personal property as security for a loan the secured party (creditor) will probably register details of the security interest in the PPSR. Your personal details including name, date of birth and contact details will be available on the public register.
