BY SENDING BACK YOUR LOAN ACCEPTANCE RESPONSE YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS LOAN CONTRACT.

 

This Agreement records the Loan Particulars & Conditions of the loan between Cantwait.com Ltd (CWL-The Lender) and you (The Borrower). It’s important that you can make an informed decision about our short-term loans so please read these carefully & print or save them to file. If you don’t understand anything in these Terms & Conditions, or have any questions, ask us before you accept them by contacting us at manager@cantwait.co.nz or by phoning (07) 5770136.

 

Independent advice is available at:

 Citizens Advice Bureau        www.cab.org.nz

Community law Centre       www.communitylaw.org.nz

Budget Advice                        0508 283 438 

 

PARTIES TO THIS CREDIT CONTRACT:

 

  1. The Lender  – Cantwait.com Limited (CWL) PO Box 979 Tauranga NZ Ph: (07) 5770136 Fax: (07) 5770146 E-Mail:   Manager@cantwait.co.nz
  2. The Borrower 

LOAN PARTICULARS & CONDITIONS

 

  1. BEFORE YOU COMMIT TO A CANTWAIT.COM CASH ADVANCE:

    • A cash advance loan can be a great way to help you out of a tricky situation, such as paying a power bill, avoiding repossession, keeping the phone connected or avoiding bank dishonor fees or late payment fees but these are short term loans only and should only be used as such. They should not be used as a permanent solution to a serious debt problem. 
  1. YOUR RIGHT TO CANCEL THIS CONTRACT:

    • The Credit Contract & Consumer Finance Act 2003 gives you the right to cancel this Loan Agreement within 5 working days after agreeing to the Loan terms & Conditions.
    • 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 transfer or schedule change fees that may be applicable. There are no additional fees for early loan repayment.
  1. PRIVACY:

    • By agreeing to this loan agreement and by completing your loan application, you understand and accept Cantwait.com ltd’s privacy policy stored on the Cantwait.com website at https://www.cantwait.com/privacy-policy
  1. INTEREST CHARGES:

    • The annual interest rate is 521.43% pa
    • This interest rate will remain the same for the term (life) of this loan providing you meet all the loan repayments when they are due.
    • Each loan repayment you make will repay part of the original loan amount plus interest.
    • The original loan amount will get lower as you make repayments, providing you stick to the repayment schedule, until your loan is repaid in full.
    • Interest is calculated daily by multiplying the unpaid loan amount (this is the original amount you borrowed less the principle portion of any loan repayments you have made) by 10% per 7 days.
    • Interest charges are applied to your loan account with CWL on the scheduled repayment days.

FEES:

Transfer Fee

Applied to all approved loans to cover application & transfer related charges

$10.00

Schedule Change Fee

Applied at CWL’s discretion if the borrower requests a change to  current repayment schedule

$10.00

Default Fee

Applied at CWL’s discretion if the borrower repayment defaults

$25.00

Collection Agency Loading

Payable by the borrower if the account is sent to our collection agency

+20% of total CWL debt

Collection Agency Site Visit

Payable by the borrower if the collection agency deems it necessary to visit the borrower in person to recover unpaid debt.

+$86.25 per visit

  1. REPAYMENT AMOUNTS:

    • Typically, your repayment amounts will be an even portion of principal & interest as well as a portion of total fees owing.
    • 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.
  2. REPAYMENT SCHEDULE:

    • 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.
    • CWL will email a copy of any adjusted repayment schedule to your nominated email address.
    • CWL will send you an emailed reminder of a repayment before it’s due.
    • CWL will credit the repayments you make to your Loan Account as soon as possible. 
  1. BANK ACCOUNT:

    • The bank account being submitted for this Loan Agreement is an open & active New Zealand account. The bank statements provided are not forged or stolen. You (the Borrower) have full operating authority on this bank account.
    • Only one bank account per client will be stored within cantwait.coms system at any one time.
    • New loans will be transferred into the same account that received the client’s wages unless otherwise authorized by Cantwait.com Management.
    • Loan repayment direct debits will be taken from the same bank account that receives the client’s wages unless otherwise authorized by Cantwait.com management.
  1. EMPLOYMENT:

    • You confirm that on the day of electronically signing this Loan Agreement that you remain employed as stated on the application form.
    • You agree to notify CWL immediately if you change employment, are made redundant or enter into an insolvency arrangement.
    • You confirm that you have provided to CWL all facts & circumstances which might affect CWL’s decision to lend to you.
  1. POLITICALLY EXPOSED PERSON:

    • You confirm that 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. 
  1. LOAN TRANSFERS:

    • The loan amount will be transferred into the Cantwait.com account holders nominated bank account as soon as possible after the loan acceptance response is received by Cantwait.com.
    • Loan acceptance responses must be sent from the account holders nominated email address.
    • Loan acceptance responses must contain the correct statements as stipulated by the loan approval email sent to the account holder.
  1. CONTACT:

You can contact CWL via:

  • PO Box 979, Tauranga
  • manager@cantwait.co.nz
  • Phone 07 5770136
  • Fax 07 5770146 
  1. SECURITY:

    • This contract is unsecured against any of your assets.
    • com Ltd will hold on file a Wage Deduction authority which will be activated if your account goes into default and contact is not received within 10 business days. This authority will ask your employer to put up to 20% of your net earnings towards your debt to CWL until the total owing balance is repaid in full. 

 

REPAYMENT SCHEDULE VARIATIONS AND ADJUSTMENTS

  1. EARLY REPAYMENT:

    • CWL does not charge an early repayment fee.
  1. SCHEDULE ADJUSTMENT REQUESTS:

    • Requesting an adjustment to your repayment schedule including a postponement request, date change or lowering amount request may incur a $10 schedule change fee.
    • Schedule adjustment requests must be received at least 24 hours prior to the date of your next direct debit.
  1. ADDITIONAL REPAYMENTS:

    • If extra repayments are made towards your loan outside of your current repayment schedule, a $10 schedule change fee may be applied at our discretion to adjust the remainder of your repayment schedule. You will be advised, by email, of the adjusted loan repayment schedule.
  1. PUBLIC HOLIDAY AND WEEKENDS:

    • 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.

DEFAULT PROCEDURE AND COLLECTION ACTION

  1. REPAYMENT DEFAULT:

    • We strongly urge all our clients to keep in contact with CWL if you have repayment issues as we will always endeavor to work out a mutually suitable repayment solution plan and referral to our Collection Agency will not only affect your ability to borrow money in the future but could substantially increase the total debt you will be asked to repay.
    • If you know you won’t be able to meet this obligation you are required to contact Cantwait.com at least 24 hours before the due date of the direct debit. We will then work closely with you to bring the loan repayments back on schedule.
  1. DEFAULT INTEREST CHARGES & FEES:

    • If you miss (default) on a loan repayment without permission from CWL you may be charged penalty interest at 621.43% pa on the unpaid loan amount, until the arrears are paid, plus a default fee of $25 per missed repayment. This will change & increase the loan repayment amounts you will need to pay. In this case CWL will email you an adjusted repayment schedule – “Disclosure Statement”.
  1. YOUR ACCOUNT WILL BE IN DEFAULT IF:

    • You fail to contact CWL at least 24 hours before the date of your next schedule repayment and your loan repayment is processed & the repayment reverses.
    • Your direct debit authority is cancelled by yourself or by your bank.
    • Your nominated bank account is closed before full repayment of your loan is received.
    • You knowingly provide false or misleading information to cantwait.com at any time.
    • You leave the country.
    • You apply for bankruptcy or become insolvent. 
  1. IF YOUR ACCOUNT IS IN DEFAULT:

    • 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.
    • CWL will attempt to make contact using the information provided to us by you or a third party to get in touch to discuss a new repayment arrangement and repayment options.
    • CWL may rework your repayment schedule to align with your future payday(s) or any other day that we believe you may receive regular income, including benefits.
    • CWL may at its discretion lower your repayment amounts and extend your loan term to settle your loan.
    • CWL may split your scheduled repayment amount into smaller partial debits to increase the likelihood in receiving at least partial payment.
    • 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.
    • A $25 default fee may be applied to your account.
    • CWL may contact your employer to activate your wage deduction authority & to confirm your employment.
    • CWL may send your account to our collection agency for the full amount owing. The collection agency will apply their own collection costs to your total debt and will attempt to contact you on our behalf to arrange a repayment arrangement.
    • If your account is sent to our collection agency, you will need to deal with the collection agency directly to settle the remainder of your debt.
    • The collection agency may load your default with credit reporting agencies, which will affect future borrowing.

CONSENT AND ACCEPTANCE 

  1. YOU CONFIRM THAT YOU HAVE READ, AUTHORISE & UNDERSTAND THE FOLLOWING:

    • You will not cancel the Direct Debit authority to Cantwait Ltd (CWL) & understand that if you do so you will be in breach of these Loan Terms & Conditions.
    • You authorize CWL to direct debit your loan repayments from this bank account or any future bank account which you may provide to CWL.
    • 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.
    • 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.
    • If the repayment schedule needs to be adjusted for any reason CWL will email you a new repayment schedule.
    • You understand & agree that you need to pay interest on this Loan.
    • You agree & understand that you are not able to assign any rights benefits or obligations under this Agreement at any time.
    • You agree & authorize CWL to transfer or assign any rights of CWL’s under this contract at any time.
    • You agree to promptly provide CWL with any information requested by CWL relating to your financial position.
    • You agree to receive any communication including via Email, SMS, Phone Calls to personal and employment phone numbers under this Loan Agreement from CWL.
    • You consent to us contacting you on the telephone numbers you have provided.
    • You agree to promptly provide CWL with any information requested by CWL relating to your financial position.
    • You grant CWL permission to contact your employer in the case of repayment default & non-communication with CWL.
    • You agree & understand that if your loan account with CWL is in default & you have not contacted CWL, CWL may contact your employer to activate the wage deduction authority held on your file.
    • You agree, understand & authorize your employer, or any future employer, to pay to CWL 20% of your net wages, salary, commission &/or all income earned until the loan amount borrowed plus accrued interest charges & fees are repaid in full to CWL.
    • You understand & agree that any debt recovery fees or legal expenses associated with your loan will be payable by you & will be added onto your debt to CWL.
    • You give CWL permission under the Privacy Act 1993 to undertake a credit check on yourself & to verify your NZ identity with a driver’s license check/ passport check.

 

WAGE DEDUCTION AUTHORITY

To: Payroll @  Employment

And any subsequent employer(s)

I consent to and authorise you, at the request of Cantwait.com Ltd, to deduct and pay directly to Cantwait.com Limited up to 20% of each payment per pay period of my wages, salary, commission and other monies earned each pay period until the total amount of unpaid loan principle, plus any accrued interest, fees & collection costs at the date of activation of this authority has been paid to Cantwait.com Ltd.

This authorisation is in accordance with the terms of a loan agreement dated LOAN APPROVAL DATE which I entered into as borrower with Cantwait.com Limited as lender (the “Loan Agreement”)

I, BORROWER consent and accept that this wage deduction authority is fully authorized by me by my electronic signature upon acceptance of the loan Terms and Conditions of the attached Loan Agreement dated  29 March 2018.

Cantwait.com Limited (CWL) will notify you, my employer, of the total amount to be deducted from my wages upon activation of this wage deduction authority.