Monas v Perpetual Trustees Victoria Limited [2011] NSWCA 417

In Monas v Perpetual Trustees Victoria Limited the NSW Court of Appeal considered whether a combined default notice was invalid because it failed to provide the borrower with all of the information set out under s 80(3) of the Consumer Credit Code.

Background

1. The borrower was in default under her mortgage and loan agreements.
2. The lender issued a default notice to the borrower.
3. The borrower failed to remedy the default within the rectification period.
4. The lender commenced proceedings against the borrower for debt and possession.
5. The borrower filed a defence claiming amongst other things that the default notice did
6. not comply with the Code, and the lender had no right to commence enforcement action against her. In particular, the borrower claimed that the lender had failed to comply with s 80(3) of the Code which states:

   "A default notice must specify...that a subsequent default of the same kind that occurs during the period specified in