(ThyBlackMan.com) PPSR stands for Personal Property Securities Register and was established by the government of New Zealand in 2002. It started as a single online register for all types of security registers and claims against personal assets other than land that businesses will be required to record. PPSR is an electronic device that allows security interests which are involved in personal property, PPSR check enables the user to identify if a business has registered a claim or not.
PPSR is maintained by the New Zealand Companies Office. The office deals with business, innovation, and employment. When a company registers themselves on PPS, they permit the creditors with a good chance to recover their debt even if the debtor evades.
Some examples where you may use PPSR:
Purchasing a used van for your business:
The last thing you need after purchasing a second-hand vehicle is for the bank to repossess it, just because the previous owner still has some payments due. This whole ordeal can be expensive and tedious. So, before you make up your mind about buying a used van, it is highly advised that you conduct a PPSR check. By doing so you will be able to identify if any business or individual has registered a claim on your asset, in this case, the second-hand van.
Credit checking for potential Customers:
As a business, you will always want your services or products to fall into good hands and not have to deal with any sort of trouble after the purchase is done. A customer may want to purchase from your business but in case you have some doubts regarding the customer’s goodwill you can conduct a PPSR check to help clear any doubts and also assess the level of risks. By checking the person’s PPSR you can also identify if other businesses have registered security interests against the customer’s possessions.
Checking new collateral that is offered as security:
When a customer requests for a loan or any type of payment extension by offering an asset like a vehicle or any other personal property as collateral, you can search PPSR and check if the assets that he/she is offering were accessible to other businesses as collateral as well.
Checking for a security interest in your own property:
You can enable a PPSR check if you are a debtor, to find out who all have declared or registered a security interest in any of your personal assets. Any registrations that are made on PPSR play a vital role towards building up the credibility of the lender. So it is always important to check that the details mentioned are accurate.
Using PPSR:
If you can relate to any of the examples stated above then you should go ahead, register and make use of PPSR. In order to search for security claims, you will first need to register yourself as a user. It is very easy to do so. Once you are on the website just click on the Get User ID tab that is placed on the top right corner of the page, by clicking it you will have to enter your details. Once all the information is submitted correctly the device will then provide you with a user ID and password, which will give you access to all the features on the site. When you are involved in the registration process, you will be provided with the option of setting up debit ability or you can also pay as you go with the help of a credit card and you will be charged only for the service that you use.
Staff Writer; Karl Waters