LOAN
PARTICULARS AND CONDITIONS
1.
YOUR
RIGHT TO CANCEL THIS CONTRACT:
1.1.
The Credit
Contract and Consumer Finance Act 2003 gives you the right to cancel this Loan
Agreement within 5 working days after the terms and conditions have been
disclosed to you.
1.2.
If you wish to
cancel your request must be by email to manager@cantwait.co.nz. CWL will only charge you interest
for the number of days that you have had the use of our money plus any setup or
schedule change fees that may be applicable.
2.
PRIVACY:
2.1.
By submitting an
online application at our website www.cantwait.com you understand and agree that CWL may
contact you, from time to time, at your email address, phone number or by any
other electronic means to help administer and manage your loan with CWL and to
offer you any new services or products we feel may interest you.
2.2.
If you do not want
to be contacted by CWL with information regarding new products and services,
please request this by sending an email to manager@cantwait.co.nz
2.3.
If, after
submitting your loan application you decide that you do not want to proceed
with the loan application you can email manager@cantwait.co.nz and request that any information held
on the CWL database about you is deleted.
2.4.
CWL collects
information that you have provided to us when you complete and submit our
online application process. This information may include your full name, date
of birth, address, employment information, telephone numbers, email address,
bank account details and transaction history, Driver Licence and/or
18+ card and/or passport information. If CWL performs a credit check on you
that information will also be retained.
2.5.
CWL uses the information
provided by you to: Process your loan application, understand your financial
needs, assess your current and on-going creditworthiness, administer your loan
contract, comply with CWL’s legislative obligations, including but not limited
to anti-money laundering legislation and enforce its legal rights if necessary.
2.6.
CWL may share
information held about you to government or regulatory authorities, law
enforcement agencies, debt collection agencies, and credit reporting bureau,
third parties who it authorizes to carry out any activity connected with your
loan application (including but not limited to Credit Sense Australia) and any
person or Company who may purchase CWL’s database as an asset of CWL
2.7.
CWL takes all
reasonable steps to ensure that the personal information we collect, use or
disclose is accurate, up-to-date and stored in a secure environment protected
from unauthorized access or disclosure.
2.8.
The Cantwait.com
website and online application process is hosted on a secure server.
2.9.
Personal borrower
information is protected under a Fortinet (Firewall) protection with up to date
virus protection, vulnerability scanning, web and email filtering.
2.10.
Your personal and
loan information is held at the offices of CWL.
2.11.
CWL keeps records
that are reasonably necessary to enable a reconstruction of any given loan when
requested to do so.
2.12.
You can access or
amend information held about you by CWL by emailing manager@cantwait.co.nz
3.
METHOD
OF CHARGING INTEREST:
3.1.
Interest charges
are calculated by multiplying the unpaid principal at the end of the day by a
daily interest rate. The daily interest rate is calculated by dividing the
annual interest rate by 365.
4.
INTEREST
CHARGES:
4.1.
The annual
interest rate is as per the per annum interest rate within the CREDIT DETAILS section.
4.2.
Interest is
charged daily as per the daily interest rate within the CREDIT DETAILS section
on the unpaid principal amount.
4.3.
Interest is not
compounding.
4.4.
This interest rate
will remain the same for the term (life) of this loan.
4.5.
Each loan
repayment you make will repay part of the principal loan amount plus interest
and any fees incurred.
4.6.
The unpaid loan
balance will get lower as you make repayments, providing you stick to the
repayment schedule specified within this loan agreement, until your loan is
repaid in full.
4.7.
Interest charges
are applied to your loan with CWL on the scheduled repayment days.
5.
FEES:
Fee Type | Amount Charged | Charge Conditions |
Establishment | $105.00 New Customers. $95.00 Returning Customers. | Applied to all
loans. Added to the borrow amount to become the unpaid initial loan balance.
Interest will be charged on the unpaid balance at the standard interest rate
stated within the "credit details" section of this loan agreement. This fee covers the
costs associated with the application for credit, processing &
considering the application, documenting the loan contract, and advancing the
loan. It also includes any third-party costs incurred by CWL in creating your
loan. |
Schedule Change | $10.00 | Charged immediately when a loan repayment
schedule needs to be adjusted due to any of the following situations: ·
A loan repayment
defaults. ·
A schedule
change request is received. ·
Early settlement
is requested. ·
When an
unexpected manual repayment is received by CWL. This fee covers the
cost of CWL staff administering your enquiry, Re-calculating your
loan repayment schedule, updating your CWL client record and notifying you,
by email, phone, or txt of this change. |
Repayment Processing & Loan Administration | $5.00 | $3.00 - Covers CWL
staff costs plus the associated third-party costs of actioning a scheduled
direct debit through our third-party direct debit initiator Flo2Cash or
processing a loan payment made manually. This fee is applied at each loan
repayment date. $2.00 – Covers the
cost of staff administering your loan on the CWL loan management system. |
Express Processing Fee. (Optional) | $25.00 | Charged when selected during the online application
process. |
6.
BORROWER
BANK ACCOUNT:
6.1.
The borrowers bank
account must be an open and active New Zealand bank account in respect of which
you have full operating authority and into which your wages or salary are paid.
6.2.
Only one bank
account per borrower will be stored within CWL’s system at any one time.
6.3.
New loans will be
transferred into the borrower’s recorded bank account unless otherwise
authorized by CWL management.
6.4.
Loan repayment
direct debit repayments will be taken from the borrower’s bank account stored within
CWL records unless otherwise authorized by CWL management.
6.5.
Changes to a
borrower’s recorded bank account are invalid unless authorized by CWL
management.
6.6.
When changing a
borrower’s bank account, CWL will require proof of ownership of the new account
and will require the borrower to fill in, sign and return a new direct debit
authority form.
7.
EMPLOYMENT:
7.1.
You confirm that
on the day of electronically accepting this Loan Agreement that you remain
employed as stated on the application form.
7.2.
You agree to notify
CWL immediately if you change employment, are made redundant or enter into an
insolvency arrangement.
7.3.
You confirm that
you have provided to CWL all facts and circumstances which might affect CWL’s
decision to lend to you.
8.
POLITICALLY
EXPOSED PERSON:
8.1.
You confirm that,
to your knowledge, neither yourself nor any family member or known associate
has held a prominent public position either in New Zealand or overseas within
the last 2 years.
9.
PROCESS
OF LOAN ACCEPTANCE:
9.1.
Upon final loan
approval, CWL will send an approval email with a loan agreement (This Loan
Agreement) .pdf attachment file to the borrower’s nominated email address. The
approval email will ask that the borrower open, read, understand and accept the
repayment schedule and terms and conditions of the loan agreement before being
directed to follow a specified link to a loan acceptance form on CWL website.
9.2.
Loan acceptance
will be considered to be received once the borrower has filled in and submitted
the loan acceptance form online.
10.
LOAN
TRANSFERS:
10.1.
On normal business
days CWL runs 3 payment batches, one at 10am, one at 1pm and one at 5pm. If
your loan acceptance response has been received it will be transferred in the
next payment batch.
10.2.
If you have
requested the express payment option CWL staff will transfer your loan into
your bank account as soon as possible after your loan acceptance response has
been received.
10.3.
On Weekends and
Statutory Holidays CWL will transfer loans into the borrower’s bank account on
the next scheduled payment batch (10am the following “normal” business day). If
the express payment option is requested, CWL will transfer the funds into the
borrower’s bank account as soon as possible after the loan acceptance response
has been received.
10.4.
On Weekends and
Statutory Holidays CWL can only transfer loans to borrowers who hold Kiwibank,
ANZ, ASB or BNZ bank accounts.
10.5.
CWL accepts no
responsibility, or liability, for any delay in loan payment to you resulting
from matters outside our control. These may include, but are not restricted to,
your bank’s payment processing systems or malfunctions.
11.
REPAYMENT
AMOUNTS:
11.1.
Allocation of your
repayment amounts will be prioritized towards the incurred interest and
remaining principal.
11.2.
The borrower’s
repayment amounts will be calculated in such a way that the final repayment of
the schedule will settle all owing balances of the loan.
12.
REPAYMENT
SCHEDULE:
12.1.
CWL will direct
debit loan repayments from your nominated bank account on the dates outlined in
the Repayment Schedule above or dates included in subsequent adjustment
repayment arrangements you may receive.
12.2.
CWL will email a
copy of any adjusted repayment schedule to your recorded email address.
12.3.
CWL will send you
an emailed reminder of repayment before it’s due.
12.4.
CWL will credit
the repayments you make to your loan as soon as possible.
12.5.
Given the term of
the loan is for less than six months CWL has no obligation to provide
continuing disclosure but will do so in the unlikely event the loan term
extends to that period.
13.
EARLY
REPAYMENT:
13.1.
Early Repayment
may incur a $10 schedule change fee.
13.2.
Early repayment
can be requested by the borrower by emailing manager@cantwait.co.nz or by calling 07 577 0136.
13.3.
CWL will calculate
and provide the amount required to settle the loan for the requested date of
settlement.
13.4.
Provided Settlement
amounts will include all incurred interest up to and including the date of
settlement and all previously incurred unpaid fee amounts.
14.
SCHEDULE
ADJUSTMENT REQUESTS:
14.1.
Schedule
adjustment requests must be received at least 24 hours prior to the date of your
next direct debit.
14.2.
Requesting an
adjustment to your repayment schedule including a postponement request, date
change or lowering the repayment amount request will incur a $10 schedule
change fee.
14.3.
The Fee of $10
will be applied to your remaining loan repayments and this fee will be spread
out over any remaining loan repayments (except in the case where an adjustment
request is received as part of a hardship application).
15.
ADJUSTMENT TO LOAN
REPAYMENT DATES:
15.1.
CWL will always
align your loan repayment dates with the dates your salary or benefit is paid
into your nominated bank account.
15.2.
By signing this
loan agreement, you are authorizing CWL the right to adjust your loan repayment
dates if CWL becomes aware that the payment dates you have provided differ from
the date your wages or benefit are actually paid into your nominated bank
account.
15.3.
You will be
notified of any changes to the loan repayment dates within 5 days of the
changes taking effect.
16.
ADJUSTMENT
TO LOAN REPAYMENT AMOUNTS:
16.1.
By signing this
loan agreement, you are authorizing CWL the right will adjust your loan
repayment amounts and any applicable interest or fees in CWL has been required
to adjust your loan repayment dates (as per clause above). You will be notified
of any changes to the loan repayment amounts within 5 days of the changes
taking effect.
17.
ADDITIONAL
REPAYMENTS:
17.1.
If extra
repayments are made towards your loan outside of your current repayment
schedule, except in the case of full repayment, CWL reserves the right to apply
a $10 schedule change fee. You will be advised, by email, of the adjusted loan
repayment schedule.
18.
OVERPAYMENTS
AND REFUNDS:
18.1.
If an over payment
occurs CWL will give the borrower the option for the funds to be refunded to the
bank account on file within their CWL account or have the overpayment credited
to any currently active loans the borrower may have.
19.
MANUAL
REPAYMENT SCHEDULES:
19.1.
If your direct
debit authority is cancelled, CWL may request that your repayment schedule be
met by you making repayments manually via internet banking or directly through
a bank branch.
19.2.
CWL will advise
the borrower if manual repayments are needed to meet your loan repayment
obligations.
19.3.
Automatic
reminders will be sent to the borrower before the date of the scheduled manual
repayment.
19.4.
A scheduled manual
repayment will be in default if contact requesting a schedule alteration is not
received prior to the due date.
19.5.
A scheduled manual
repayment will be in default if the full repayment is not received within two
business days of the date due.
20.
PUBLIC
HOLIDAYS AND WEEKENDS:
20.1.
If your normal
regular payday falls on a stat day or weekend, you will be issued with a
repayment schedule that adjusts for this and will move the affected repayment
date forward to the previous business day immediately preceding the affected
date.
DEFAULT PROCEDURE AND COLLECTION ACTION
21.
YOUR
ACCOUNT WILL BE IN DEFAULT IF:
21.1.
Your loan
repayment is processed and the repayment reverses.
21.2.
Your direct debit
authority is cancelled by yourself or by your bank without our knowledge and/or
consent.
21.3.
Your nominated
bank account is closed before full repayment of your loan is received.
21.4.
You knowingly
provide false or misleading information to Cantwait.com at any time.
21.5.
You leave the
country or your place of employment without making arrangements for your
payment obligations to be met.
21.6.
You apply for
bankruptcy or become insolvent.
21.7.
You breach any
other term of this Agreement
22.
CONTACT
CANTWAIT.COM ASAP:
22.1.
We strongly urge
all our borrowers to keep in contact with CWL if you have repayment issues, we
will endeavor to work out a mutually suitable repayment solution plan before
applying default fees. Refer also to our section on unforeseen hardship below.
22.2.
Referral to a collection
agency may not only affect your ability to borrow money in the future but it
may substantially increase the total amount you need to repay.
22.3.
If you know you
won’t be able to meet this obligation you need to contact CWL as soon as
possible before the due date of the direct debit. We can then work with you to
bring the loan repayments back on schedule.
23.
DEFAULT
FEES:
23.1.
CWL does not
charge default fees however a schedule change fee may be incurred because of a
defaulted repayment if the borrower’s repayment schedule needs to be recalculated.
24.
ACTIONS
CWL CAN TAKE IF YOUR ACCOUNT IS IN DEFAULT:
24.1.
You will be in
default and be notified by email that your repayment has been reversed. Our
bank details will also be sent to you so that you can make a manual repayment.
24.2.
CWL will attempt
to make contact using the information provided to us by you or a third party to
discuss a new repayment arrangement and repayment options.
24.3.
CWL may at its
discretion lower your repayment amounts and extend your loan term to help
settle your loan.
24.4.
CWL may rework
your repayment schedule to align with your future payday(s) or any other day
that we believe you may receive a regular income, including benefits.
24.5.
CWL may split your
scheduled repayment amount into smaller partial debits to increase the
likelihood in receiving at least partial payment.
24.6.
The full amount
may become payable in full immediately. Regular interest will be applied at the
usual daily rate until your account is settled in full or passed onto a
collection agency
24.7.
We may, at our
sole discretion, refer the debt to our collection agency. In this event, you
will be liable for any reasonable collection’s costs incurred.
24.8.
CWL may send your
account to its collection agency to collect any amount that is outstanding. The
collection agency will apply their own reasonable collection costs to your
total debt and will attempt to contact you on our behalf to arrange a repayment
arrangement.
24.9.
CWL or our
collection agency may load your default with a credit reporting agency, which
may affect your future borrowing ability and/or your credit rating.
24.10.
CWL may sell or
assign your debt to a debt collection agency. If this occurs your debt will
belong to the debt collection agency and you will need to deal with them
directly. You will be advised of any assignment.
25.
UNFORESEEN
HARDSHIP:
25.1.
If you are not
reasonably able to keep up on your repayments to us, you may be able to apply
to us for a hardship variation. Unforeseen hardship is classed as
illness/injury/redundancy/relationship breakups (including the death of your
partner) or anything which would reasonably cause you to be unable to pay your
repayments.
25.2.
If you experience unforeseen
hardship, we will work with you to establish a mutually acceptable repayment
plan for your loan.
25.3.
If unforeseen
events affect your financial circumstances and you wish to apply for a hardship
variation you must notify CWL in writing explaining the reason for your
application. The best way is by emailing manager@cantwait.co.nz or filling in the CWL online
hardship application form as soon as possible. If you delay, we may not have to
consider your application.
25.4.
When you make an
application, you need to request one or both of:
·
Extending the term
of the loan and reducing the amount of each payment.
·
Postponing, during
a specified period, the dates on which payments are due.
25.5.
If you lodge a
hardship claim CWL will process this claim within 3 business days.
25.6.
If the hardship
claim is declined CWL will provide written reasons via email telling you why
the claim has been declined.
25.7.
CWL may ask for
proof of any unforeseen hardship claim. This may be a redundancy letter / death
certificate or medical certificate. This needs to be supplied to us within 48
hours of the request for this information.
25.8.
If you default on
a hardship repayment plan CWL may pursue debt repayment by normal means
including but not limited to, sending the borrowers account to its debt
collection agency to collect the debt.
25.9.
For more
information about reasonable “unforeseen hardships “contact your local
Community Law Centre www.communitylaw.org.nz
26.
THE
BORROWER CAN NOT CLAIM “UNFORESEEN HARDSHIP” IF:
26.1.
You have not made
a loan repayment to CWL for two months or more or you have missed 4 consecutive
repayments.
26.2.
You knew or had
“reasonably foreseen” any of these events when you entered the loan agreement
so were aware it would be unlikely that you could meet your repayment obligations
to CWL.
27.
YOU
REPRESENT AND WARRANT THAT:
27.1.
The information
supplied in your loan application and any accompanying documentation that you
provided to us is true and correct to the best of your knowledge and that we
can rely on it accordingly, including your employment history.
27.2.
You have disclosed
all information that you know could or would influence us processing and
approving your application.
27.3.
You were given the
opportunity to seek independent advice before entering the Agreement to ensure
you fully understood the terms and your obligations.
28.
YOU
CONFIRM THAT YOU HAVE READ, AUTHORISE and UNDERSTAND THE FOLLOWING:
28.1.
You cannot cancel
the Direct Debit authority to Cantwait Ltd (CWL) and understand that if you do
so you will be in breach of this Agreement.
28.2.
You authorize CWL
to direct debit your loan repayments from your nominated bank account or any
future bank account you may provide to CWL.
28.3.
You understand and
agree that if you have incorrectly entered your next pay date CWL will amend
the scheduled repayments to align these with your correct pay days.
28.4.
The repayment
schedule may also need to be adjusted if you default on a loan repayment to CWL
or if you request a change to the repayment schedule due to unforeseen
circumstances.
28.5.
If the repayment
schedule needs to be adjusted for any reason CWL will email you a new repayment
schedule. There is a $10 schedule change fee applied when a repayment schedule
needs to be adjusted. Interest is not charged on this fee.
28.6.
You understand and
agree that you need to pay interest on this Loan.
28.7.
You agree and
understand that you are not able to assign any rights benefits or obligations
under this Agreement at any time.
28.8.
You agree that CWL
may transfer or assign any of its rights under this contract at any time in its
sole discretion.
28.9.
You agree to
promptly provide CWL with any information requested by CWL relating to your
financial position and to advise of any change of name and/or address details
within 14 days of such change.
28.10.
You agree to
receive any communication including via Email, SMS, Phone Calls to personal and
employment phone numbers under this Loan Agreement from CWL.
28.11.
You consent to us
contacting you on the telephone numbers you have provided, provided such
contact is at reasonable times.
28.12.
You agree to
promptly provide CWL with any information requested by CWL relating to your
financial position.
28.13.
You understand and
agree that any reasonable debt recovery fees or legal expenses associated with
your loan will be payable by you and will be added onto your debt to CWL.
28.14.
You give CWL
permission under the Privacy Act 1993 to undertake a credit check on yourself
and to verify your NZ identity with a Driver License check/ passport check and
to hold and use this information to meet all its legal obligations.
29.
PROBLEMS
AND COMPLAINTS:
29.1.
If you have
any concerns or are dissatisfied with the services CWL has provided, please let
us know by emailing manager@cantwait.co.nz
29.2.
Our internal
complaints procedure team will be more than happy to discuss, explain and
hopefully resolve any problems you may have as soon as possible.
29.3.
If you are not
satisfied by our response to your complaint, you can request the involvement of
an External Dispute Resolution Scheme for an independent and objective review
of the circumstances.
29.4.
CWL is a
participant in Financial Services Complaints Limited (FSCL) which is an
independent dispute resolution scheme approved by the Ministry of Consumer
Affairs under the Financial Service Providers (Registration and Dispute
Resolution) Act 2008.
30.
FSCL
CONTACT INFORMATION:
30.1.
Full details of
how to access the FSCL scheme can be obtained on their website www.fscl.org.nz.
The FSCL services are free to consumers.
30.1.1. Email: info@fscl.org.nz
30.1.2.
Phone: 0800 347257.
30.1.3.
Post: Financial Services Complaints Ltd, PO Box 5967 Lambton
Quay Wellington
31.
CWL – LEGAL INFORMATION:
31.1.
CWL
is governed by New Zealand Legislation including:
31.1.1.
The
Registration and Dispute Resolution Act 2008
31.1.2.
The
Credit Contacts and Consumer finance Ac 2003
31.1.3.
The
Privacy Act 1993
31.1.4.
The
Companies Act 1993
31.1.5.
The
Fair Trading Act
31.1.6.
Responsible
Lending Code 2015
31.1.7.
The
AML/CFT Act
31.1.8.
The
Unsolicited Electronic Messages Act
32.
WAGE DEDUCTION AUTHORITY:
32.1.
By
submitting the loan acceptance response associated with this loan contract, the
borrower has agreed to the creation of a wage deduction authority.
32.1.1.
A
wage deduction authority can be sent to the borrower’s employer in the event
that the borrower has not made their agreed upon repayments and has not
maintained sufficient contact with CWL in order to reinstate a recalculated repayment
plan.
33.
GENERAL:
33.1.
No delay to
exercise or failure to exercise any of its rights or remedies is a waiver by
CWL of those rights or remedies.
33.2.
CWL may vary any
credit or default fees and charges payable under the loan agreement and will
advise of any such variations in accordance with the CCCFA.
33.3.
This agreement is
the entire agreement between the parties and replaces all earlier
understandings or agreements.
33.4.
If a clause or
part of a clause of this agreement is unenforceable for whatever reason, it
shall not affect the validity or enforceability of the remainder of the
agreement.
33.5.
By completing the
online application process and by accepting this loan agreement you consent to
receiving Disclosure Documentation and Loan Documentation electronically via
email for the purposes of the Credit Contracts and Consumer Finance Act 2003
and the Electronic Transfer Act 2002.