- CONDITIONS THAT MUST BE SATISFIED BEFORE THE LOAN WILL BE ADVANCED
- LOAN
- REDRAW FACILITY
- ACCOUNTS AND ADVANCES
- CALCULATION AND DEBITING OF MONTHLY FEE
- FEES AND CHARGES
- SECURITY
- DEFAULT AND EVENTS OF DEFAULT
- POSTPONEMENT OF ENFORCEMENT ACTION
- STATEMENTS
- PAYMENTS
- OUR CHANGES
- NOTICES
- ASSIGNMENT
- INSURANCE
- DISPUTES
- GENERAL MATTERS
- INTERPRETATION
1.1 In order to meet our statutory responsible lending requirements, we will not advance the loan unless and until :
(a) you satisfactorily prove your identity using evidence that allows us to comply with any statutory or regulatory requirements; and
(b) we are satisfied the loan will not be unsuitable, based on your requirements; and
(c) you show us, either through information supplied to us by you or on your behalf, that you have the capacity to repay the loan without undue hardship; and
(d) we receive, where we determine it necessary, a satisfactory credit reference report from our credit reporting agency; and
(e) we receive and are satisfied with any documents, materials or information requested; and
(f) you satisfy us that you have truthfully disclosed to us all loans you currently have with any credit provider; and
(g) you satisfy us that any representations and warranties you have made in connection with your application are true and correct and not misleading; and
(h) where you are in receipt of any Government benefit(s), and the total benefit you receive amounts to more than 50% of your total income, we are satisfied that you are not borrowing an amount where the repayment amount or amounts of this and any other Small Amount Credit Contracts you may currently have with any credit provider (including us), exceed 20% of your total gross income in any one payment period as the law does not permit us to do so even if you have the capacity to repay; and
(i) you have accepted our offer to enter into this loan contract by signing it; and
(j) we have executed it. We will not execute it until you have signed it.
1.2 We will refuse to advance the loan if at any time:
(a) there occurs any event or circumstance which in our reasonable opinion may detrimentally alter your status or financial condition; or
(b) we become aware of any non-disclosure of information by or on your behalf or any circumstance which in our reasonable opinion is relevant to the approval of the loan; and if we do so, we will not be liable to you for any loss, damages or costs which you may incur or suffer as a result.
1.3 Should we be unable to meet our statutory responsible lending obligations or loan suitability requirements, we are not obliged to provide you with a copy of our assessment. Where we do advance the loan, you have a statutory right to request a copy of our assessment on request.
2.1 We agree to provide the loan for the purpose set out in your Application. Should we be unable to meet our statutory responsible lending obligations or loan suitability requirements, we are not obliged to provide you with a copy of our assessment. Where we do advance the loan, you have a statutory right to request a copy of our assessment on request.
3.1 No redraw facility is available under this loan contract.
4.1 We can debit your account with any credit provided under your loan contract and anything else which your loan contract says we can debit it with.
5.1 A monthly fee, calculated as a flat 4% of the Adjusted Credit Amount shown in the Financial Table will be added to the balance of your loan account on the anniversary date of the contract or, where there is no such equivalent, on the first day of the following month, for each and every month there is a balance outstanding.
6.1 You must pay to us the credit fees and charges set out in the Schedule, any government transaction charges where applicable and any other fees or charges, including enforcement expenses, that may become due and payable under this loan contract at the times (if any) specified in the Schedule.
6.2 As there is no cooling-off period applicable under this contract, should you accept this offer to enter into your loan contract and return the adjusted credit amount, in full, prior to the first repayment being due, we may retain any fee payable upon or prior to execution in our sole discretion.
6.3 The maximum amount you are required to pay under this contract is twice the adjusted credit amount. The law requires we take all fees and charges but not enforcement fees and charges into account when calculating this sum. Any enforcement fees and charges we incur will be additional to this sum.
7.1 This loan is unsecured
8.1 The following events are events of default:
(a) You fail to pay the total or any repayment amount owing in full on the due date;
(b) You breach any undertaking or warranty given to us at any time;
(c) We believe on reasonable grounds that we were induced by fraud to enter your loan contract;
(d) You die or cease to retain full legal capacity or commit an act of bankruptcy or you attempt or apply to make an arrangement with your creditors under any law dealing with bankruptcy;
(e) You fail to inform us of your change of address in writing and after making reasonable attempts, we cannot find you.
8.2
(a) Notwithstanding clause 8,1(a), if any due amount is not paid on the due date or you dishonour a payment that was due on a due date for a reason other than you stopped the payment, we may deem it not to be an event of default at our sole discretion.
(b) Pursuant to clause 8.2(a), if such a payment was dishonoured and you made that payment by direct debit, if it is the first dishonour by such a payment method, we are required to give you a statutory Direct Debit Default Notice (Regulation Form 11A) but we will not treat it as a Default Notice.
8.3 Enforcement expenses may become payable under your loan contract in the event of any default and may be debited to your account.
8.4 You must pay all reasonable enforcement expenses we reasonably incur or expend in exercising our rights under your loan contract resulting from any default. Whilst we will attempt to minimise these expenses at all times, you should note your own actions such as but not limited to failing to advise us of your new address may result in you incurring additional costs if we then take further action to protect our rights under this contract. In the case of legal fees and disbursements where we undertake such work ourselves, these may be payable on the higher of a full indemnity basis or a solicitor and own client basis.
8.5 If you are in default, we will send you a Default Notice and Regulation Form 12A. The notice will tell you:
(a) what the default is; and
(b) what you have to do to remedy the default; and
(c) the time we will give you to remedy the default together with details of your statutory rights.
8.6 If you comply with the Default Notice within the period given to remedy it, we will not exercise any or all of our rights under this Joan contract.
8.7 If you do not comply with the Default Notice:
(i) within the period given to remedy it or where it is not possible to remedy the default we, our employees or our agents and subject to any statutory requirements do not have to give you any additional notice that the balance or any other amount payable by you under your loan contract is immediately due and payable or that we are or may be commencing enforcement action; and
(ii) where the arrears remain outstanding for more than 60 days; and
(a) we are unable to contact you at either the address you last gave us or by any of the other communication means you have given us; or
(b) you fail or have failed to respond to any of our letters or notices; or
(c) you fail or have failed to remedy the arrears; or
(d) you fail or have failed to negotiate a postponement of any enforcement action;
we may list you as a defaulter with a credit reporting agency.
WARNING: This may make obtaining credit in the future more difficult.
8.8 To the maximum extent we are lawfully permitted, you must indemnify us for all losses, enforcement expenses or costs, including any liability or damage we incur or suffer as a result of a breach or repudiation of this loan contract by you.
9.1 Where we have issued you with a Default Notice and —
(a) the default is of a type that is able to be remedied, such as but not limited to you being unable to pay all the arrears; and
(b) providing you do not make or have not made a further default of the same kind prior to the date we give you to remedy the default
you may request that we postpone any enforcement action
9.2 We will advise you of our decision in writing. Any postponement will be at our discretion and on such terms and conditions as we assess.
9.3 If we decline your request, we will provide you with contact details for our External Dispute Resolution provider, Credit Ombudsman Service Ltd, for you to then take the matter further.
10.1 Unless you request one, no statement will be provided for this loan account.
11.1 You must pay to us the balance and any other amount payable by you under your loan contract in accordance with the Schedule. On the day the last repayment is due or the day on which the outstanding balance of the loan contract is to be repaid, whichever is the later, you must pay us the balance of your account together with all other amounts you owe (if any) under your loan contract.
11.2 All payments under your loan contract, to the extent permitted by any law, must be free of any set-off or counterclaim.
11.3 Your account will only credited with a payment either on the date it is received by us, on the date shown on any bank statement or, if the payment is made by direct debit, on the date a payment is drawn.
11.4 All moneys received by us as a result of the exercise of our rights under this loan contract may be used to pay any part of the total amount owing and, unless we are otherwise required, be applied in the following order:
(a) in payment of all costs and expenses incurred by us in exercising our rights under this loan contract;
(b) in payment of the total amount owing;
(c) the balance (if any) belongs to you but does not carry interest.
11.5 Subject to the provisions of the National Credit Code, we may retain an amount of money equal to any part of the total amount owing not then due for payment and credit it to your account or, if you so request, we may refund it providing that the overpaid sum exceeds $20.00 or such lesser sum as we consider reasonable.
11.6 To the extent we are obliged to or agree to refund any money received to a trustee in bankruptcy or a liquidator or to a financial institution under a chargeback arising from a disputed direct debit or credit card charge, the money will be treated as if it had never been received and we will be entitled to all rights we have against you under this loan contract.
12.1 We can change some of the terms of your loan contract or the way it operates, or both, at any time without your consent and if we do, we will notify you and advise you of the effective date. The changes we can make are:
(a) changes to the amount or frequency of payment of the repayments;
(b) changes to the permitted monthly rate, subject to any regulatory limitation;
(c) changes to the amount or the imposition of new fees and charges payable in the event of a default.
12.2 Should an event of default occur during the term of the loan and the amount of the defaulted payment together with any fees and charges as specified in the Schedule that we may impose under this contract are not paid prior to the expected maturity date, we may extend your loan maturity by continuing to debit your account for the same amount of repayment and frequency of payment until the total amount owing is paid. Where we do so and subject to clause 6.3, an additional monthly fee of $20.00 will be debited to your account for each and every calendar month monies remain owing.
12.3 We will only change the repayment amount or repayment date of any scheduled repayment once this contract has been executed by all parties and the loan drawn either at your request, by negotiated arrangement with you or our notification to you. This includes notification of any additional payments due in accordance with clause 12.2. Where we notify you and you are unable to make payment, either of the amount or amounts due or on the amended payment date or dates, you must tell us immediately so that we may try and assist you.
13.1 We can give any notice or other document to you personally or leave it at or post it to any address you nominate to us even if that is not your current address due to your failure to advise or inform us of your current address or in any other way we are lawfully permitted. We will only give you a notice or other document via electronic means if you have nominated a technological method or number of methodologies we can use. Only those documents or notices the National Credit Code allows us to provide this way may be sent to you.
13.2 Any notice or other document is deemed to be delivered to you in accordance with the requirements of the National Credit Code.
13.3 To the extent lawfully permitted, two or more of you may nominate one of you or another person to receive notices and other documents on your behalf. If you do this, you acknowledge that while the nomination remains in force, a notice or other document that is given to the nominated person is taken to have been given to each person who has signed the nomination.
13.4 You must notify us as soon as possible if you change or intend changing your name or contact details or both if applicable.
13.5 You may give us any notice(s) or document(s) by personally handing it or them to one of our employees at either our current place of business or our registered office or by pre-paid post addressed to us at our postal address or by electronic means. We will supply you with these upon request.
13.6 We shall not be deemed to have received any notice or document you send us if you have addressed it incorrectly or used any electronic method which is inactive or invalid.
14.1 You may not, without our consent assign or otherwise dispose of or deal with your rights under this loan contract.
14.2
(a) Subject to clause 14.2(c), we may assign or otherwise deal with this loan contract in any way we wish.
(b) You must sign anything and do anything we reasonably require to enable any dealing with this loan contract. Any dealing with this loan contract does not change your obligations under this loan contract.
(c) If we are considering assigning or otherwise dealing with your loan, where possible, we will, before doing so, notify you in writing at your last known address and provide you with the option of paying out the loan within such a period having regard to our circumstances as is reasonable.
14.3 In exercising our powers to assign or otherwise deal with this loan contract, providing it is lawful and necessary, we may disclose to any relevant person any information about you and this loan contract.
15.1 The Credit Provider requires no insurance under this contract.
16.1 In the event of dispute or dissatisfaction with our action(s), you agree to undertake the following steps:
Step 1 Contact us on (03) 9663 2533 and explain your concern(s). We can usually resolve the matter(s) amicably, without delay. For clarity, contacting us in this manner does not invoke IDR.
Step 2 If you are still unsatisfied with our response, you must contact our internal Dispute Resolution (IDR) Manager by telephone on (03) 9663 2533 and request IDR as soon as possible. We may ask that you put your complaint in writing to us so that we may investigate it further. This may be done by email or post. We will provide you with the relevant address.
Step 3 Should you still be dissatisfied after using both of the above steps, you may then contact our ASIC-approved External Dispute Resolution (EDR) provider at no cost by writing to P.O. Box A252, Sydney South NSW 1235 Australia , telephoning 1800 138 422, emailing info@cosl.com.au, or via their website, http://www.creditombudsman.com.au/. Please note that you must have gone through our IDR process first before doing so. If you fail to do so, the matter will be referred back to us to resolve in the first instance.
17.1
(a) This loan contract sets out the entire agreement between us and you in relation to the loan. Your loan contract may be signed in any number of counterparts, all of which will constitute the one loan contract. Your loan contract over-rides any prior representations made by us or any one else whether contained in information brochures, approval letters, disclosure statements or otherwise.This is subject to any rights you or we may have under any law and to any later written agreement between us.
(b) No amendment to this loan contract has any force unless it is in writing and signed by the all of the parties to this loan contract.
(c) If there is more than one of you, then your loan contract applies to and binds each of you separately and all of you as a group.
17.2 If there is any conflict or inconsistency between the Schedule and the General Conditions, except in the case of manifest error, those documents apply in that order to the extent of the conflict or inconsistency.
17.3 Unless you prove to our satisfaction that we have erred or an External Dispute Resolution arbiter or a Court of competent jurisdiction determines otherwise, any written notice or certificate which has been signed by or on behalf of us is sufficient evidence of any fact or matter stated in the certificate, including:
(a) that a default has occurred under this loan contract; and
(b) the amount due and payable by you under this loan contract.
17.4 Your obligations under this loan contract continue irrespective of anything which happens to you, the total amount owing, or anything else. For example, the obligations continue if you die or are made bankrupt.
17.5 We need not give a discharge of this loan contract until we are satisfied there is no likelihood of any total amount owing being due by you to us. Even if this loan contract is discharged, any of the total amount owing which is outstanding, or becomes outstanding after the discharge, must still be paid.
17.6 If a provision of this loan contract is illegal, void or unenforceable or imposes or seeks to impose an obligation or liability that is unlawful, this contract is to be read as if that provision or obligation were varied to extent necessary to make it lawful, enforceable or, if necessary, omitted.
18.1 Definitions
In your loan contract:
"account" means the account you hold with us for the purpose of your loan contract;
"adjusted credit amount" means the amount of the loan funds you receive and includes any amount you ask us to pay to any third party on your behalf but does not include any of the amounts retained by us and identified as credit fees and charges in the Financial Table;
" annual percentage rate" means each rate described as an annual percentage rate in the Schedule and any other annual percentage rate which applies under your loan contract;
" arrears" means in relation to an account the difference between the actual balance of that account and the expected balance to that account had all payments been made in accordance with the Payment Due Date;
" balance" means in relation to an account the difference between all amounts credited and all amounts debited to that account;
" business day" means a day other than a Saturday, Sunday or national public holiday;
"credit fees and charges" means the credit fees and charges set out in the Schedule of your loan contract and defined in Section 204(1) of the National Credit Code;
"credit provider" means Club Money Payday Loans
"daily balance" means the balance at the end of a day;
" disclosure date" means the disclosure date referred to in the Schedule;
"EDR" means the processes our ASIC-approved External Dispute Resolution scheme provider uses;
" electronic address" if stated in this loan contract means at least one or more or all of the electronic communication technologies under which you have given us permission to contact you and comprises your email address or facsimilie number or mobile telephone number or such amendments as you may advise us from time to time;
" General Conditions" means these General Conditions to your loan contract;
" government transaction charges" means government charges, or duties, on receipts or withdrawals in connection with your loan contract whether or not you are primarily liable to pay those charges or duties, including (without limitation) stamp duty and financial transaction duty;
"IDR" means our Internal Dispute Resolution processes. You must have used these processes before contacting our EDR scheme provider;
"law" means common law and principles of equity and includes any legislation passed by any governmental body or authority;
" legislation" means any enactment, proclamation, by-law or regulation passed by any governmental body or authority and includes:
1. any amendments, consolidations or replacements of them; and
2. all orders, ordinances, regulations, rules and by-laws made under them;
" loan" means the credit provided or to be provided under your loan contract and includes any part of that credit;
" loan contract" means this Small Amount Credit Contract once it has been executed by both you and us or this Offer and to be entered into by you with us on the terms set out in the Schedule and these General Conditions;
" Schedule" means the Schedule to your loan contract;
"settlement date" means the date on which the loan (or any portion of it) is first debited to your account;
" total amount owing" means all money owing by you to us under this loan contract, or any other deed or arrangement, under which you incur or owe obligations to us or under which we have rights against you, including any such agreement, deed or arrangement where you agree in writing the credit provided is to be secured by this loan contract after having received a copy of it but does not include any amounts prohibited to be included by the National Credit Code; and
"us", "our" and "we" means Club Money Payday Loans
"you" means each of the borrowers named in the Schedule.
18.2 In your loan contract:
(a) headings are for convenience only and do not affect the interpretation of this loan contract;
(b) the singular includes the plural and vice versa;
(c) a reference to a person includes a natural person and a corporation;
(d) references to a document or agreement include all variations, novations or replacements;
(e) words or phrases have the same meaning as in the Schedule;
(f) words or phrases have the same meaning as in the National Credit Code;
(g) where any word or phrase has a special meaning, any other part of speech or other grammatical form of that word or phrase has a corresponding meaning; and
(e) references to any person (including you or us) includes the person and the successors in title,transferees or executors of the person.
18.3 A reference to " includes " is given by way of example and is not intended to limit the term to which it it applies.
By accepting this offer, you:
1. enter into a loan contract with us on the terms set out in the Schedule and the General Conditions;
2. acknowledge that before signing this document you have received, if not contained within the body of this loan contract, a schedule of all repayments due together with the document entitled "Information Statement - Things You Should Know About Your Credit Contract";
3. attest that the information you or others have provided on your behalf to us is truthful and honestly discloses your personal financial situation;
4. understand this is our standard agreement upon which we intend to rely. For your own benefit and protection, you should read the entire loan contract and the conditions under which we have granted you the loan carefully before signing them. If you do not understand any point please ask for further information and make sure you are satisfied with our responses;
5. acknowledge that we STRONGLY RECOMMEND that you obtain independent legal and financial advice regarding the contents and effect of your loan contract and that you have had an opportunity to seek that advice;
6. understand that if YOU HAVE ANY ISSUE whatsoever OR CAUSE FOR COMPLAINT with anything we do or have done, YOU OR ANYONE ACTING FOR YOU MUST CONTACT US FIRST and advise us of your concerns) and the nature of your complaint(s) in order to allow us to either remedy or satisfy your concern(s) or complaints) before doing anything else in accordance with our External Dispute Resolution (EDR) provider's policy.
Missing or dishonouring payments may have SEVERE consequences for you.
Should you find it difficult to make your repayments when they fall due, CONTACT US IMMEDIATELY on (03) 9663 2533.
Under changes to the Privacy Act 1988 (Cth) passed by Parliament in 2012, should you dishonour or fail to make your repayments when they fall due between the date of this loan and March 2014, the credit provider may pass on this information as part of your Repayment History Information to a credit reporting agency. This may make obtaining credit in the future more difficult. Please refer to Privacy Fact Sheet 16 for more information.
If, at any date in the future, you are in default of the terms and conditions of this contract and after having issued you with a Default Notice, your arrears remain outstanding after 60 days and we are unable to contact you at either the address or telephone number you last provided to us or you fail to respond to any communication(s), we may list you as a defaulter with a credit reporting agency. This may make obtaining credit in the future more difficult for you, so remember to tell us your new contact details when you change your address.
Enforcement expenses may become payable under your loan contract if you are in default and are specifically excluded from the maximum amount you may be required to pay. You can avoid these by complying with the terms and conditions of this contract at all times. If you refuse or fail to do something when requested, you should note this may increase your indebtedness if we then take additional action(s) to protect our rights under the contract.
BEFORE YOU SIGN
- READ THIS CONTRACT DOCUMENT so that you know exactly what contract you are entering into and what you will have to do under the contract.
- You should also read the information statement: 'THINGS YOU SHOULD KNOW ABOUT YOUR PROPOSED CREDIT CONTRACT'.
- If this contract document says so, the credit provider can vary the annual percentage rate (the interest rate), the repayments and the fees and charges and can add new fees and charges without your consent.
- Get a copy of this contract document.
- Do not sign this contract document if there is anything you do not understand.
IMPORTANT THINGS YOU MUST KNOW
- Once you sign this contract document, you will be bound by it. However, you may end the contract before you obtain credit , or a card or other means is used to obtain goods or services for which credit is to be provided under the contract, by telling the credit provider in writing, but you will still be liable for any fees or charges already incurred.
- You do not have to take out consumer credit insurance unless you want to. However, if this contract document says so, you must take out insurance over any mortgaged property that is used as security, such as a house or car.
- If you take out insurance, the credit provider can not insist on any particular insurance company.
- Fill in or cross out any blank spaces.
- If this contract document says so, the credit provider can charge a fee if you pay out your contract early.
You should retain the additional copies of this document for your records.
(a) PLEASE ALSO ENSURE THAT YOU COMPLETE BOX A OR BOX B. YOU SHOULD COMPLETE BOX A IF YOU CHOOSE TO OBTAIN LEGAL ADVICE OR ALTERNATIVELY, COMPLETE BOX B IF YOU CHOOSE NOT TO OBTAIN LEGAL ADVICE.
(b) WE STRONGLY RECOMMEND THAT YOU OBTAIN INDEPENDENT LEGAL AND FINANCIAL ADVICE REGARDING YOUR LOAN CONTRACT BEFORE YOU SIGN YOUR LOAN CONTRACT.
BOX A
THIS BOX MUST BE COMPLETED IF YOU CHOOSE TO OBTAIN LEGAL ADVICE.
I/WE CERTIFY THAT:
- I/we have obtained legal advice on the nature and effect of the loan contract ("Documents") from the solicitor named below.
- I/we understand the nature and effect of the Documents, and do not require them to be translated into another language.
- I/we understand the obligations and risks involved in signing the Documents.
- I/we sign the Documents freely, voluntarily and without pressure from any person.
- I/we sign the Documents freely, voluntarily and without pressure from any person.
YOU MUST COMPLETE
BOX B
THIS BOX MUST BE COMPLETED IF YOU CHOOSE NOT TO OBTAIN LEGAL ADVICE.
IF YOU HAVE ANY DOUBTS OR WANT MORE INFORMATION, DO NOT SIGN THE CONTACT UNTIL YOU ARE SATISFIED WITH THE RESPONSES OR HAVE SOUGHT LEGAL ADVICE.
We recommend you obtain legal adviceI/WE CERTIFY THAT:
- I/we have been handed a copy of the loan contract (" Documents") and Information Statement.
- I/we have read this certificate and understand this is the credit provider's standard agreement upon which it intends to rely. I/We have been advised that for my/our own benefit and protection, I/we should read the entire loan contract and the conditions under which I/we have been granted the loan carefully before signing them. I/we have also been advised that if I/we do not understand any point that I/we should ask for further information and to make sure I am/we are satisfied with the credit provider's responses.
- I/we have been given the opportunity to obtain legal advice on the nature and effect of the Documents but have chosen not to do so of our own accord.
- I/We have been advised that prior to signing the Documents, 1./we should satisfy myself/ourselves that I/we understand the full nature and effect of my/ our liabilities to the credit provider and obtain appropriate advice, legal or otherwise, if I ant/we are at all uncertain of my/our position and I/we do not require the Documents to be translated into another language
- There are obligations and risks involved in signing the Documents and I/we understand this.
- I/we sign the Documents freely, voluntarily and without pressure from any person.
Please delete any statement that does not apply
