What are the consequences of default?

If you are in default under your Farmers Finance Card Account:

  • The outstanding balance you owe us will become immediately due and payable.
  • All cards issued under your Farmers Finance Card Account will be deemed cancelled.
  • You must pay our enforcement expenses which include default fees of $15 payable each time you are issued with a reminder notice, an overdue notice and a final notice, and enforcement fees.


Default Interest Rate

  • We do not currently charge default interest on overdue amounts while the default continues however, we can introduce a default interest rate at any time.


Default fees and charges

The following fees and charges apply should you default under the contract:

  • Default Fees are payable upon each separate event of default as follows:

  • You have been issued with a reminder notice – $15

  • You have been issued with an overdue notice – $15; and

  • You have been issued with a final notice – $15.

  • Enforcement Fees are payable on enforcement or attempted enforcement action being taken. You are liable for all costs incurred by us (including legal costs, administrative time and bank charges) in recovering or attempting to recover any amounts overdue or otherwise enforcing our rights.

Default fees and charges are correct as at 5 June 2015. We may vary these default fees and charges and introduce new default fees and charges at any time.