TERMS AND CONDITIONS
TERMS AND CONDITIONS OF INSTALMENT SALE AGREEMENT
1. DEFINITIONS AND INTERPRETATION
1.1. "Default Administration Charges" means charges which the Consumer must pay if the Consumer defaults in any payment obligation under this Agreement;
1.2. "Deferred Amount" at any time means the amount due by the Consumer in terms of this Agreement, the payment of which is deferred and upon which interest is calculated. This
amount includes –
1.2.1. interest;
1.2.2. the fees and charges set out in the pre-agreement quotation/Part A;
1.2.3. Default Administration Charges if such charges become applicable; and
1.2.4. Collection costs as set out in paragraph 16.3 from the date upon which any such amount becomes due or may be levied until all payments due by the Consumer in terms of this
Agreement have been made in full, less any amount paid towards the settlement thereof or any amount credited towards the Deferred Amount at that time;
1.3. “Goods” means the asset which is described under the heading “Description of Goods” in the Quotation, as well as any addition to or partial replacement of the goods and all
accessories thereof;
1.4. "Initiation Fee" means the fee in respect of the cost of initiating the Agreement payable by the Consumer upon entering into the Agreement which includes VAT;
1.5. “Intermediate agreement” applies where the principal debt under this Agreement is, at the time of the conclusion hereof, between R15 000.00 and R250 000.00, which in all
respects are similar to a large agreement;
1.6. “Large agreement” applies where the principal debt under this Agreement is, at the time of the conclusion hereof, above R250 000.00, which in all respects are similar to an
intermediate agreement;
1.7. “Payment day” means the day of the month chosen by the Consumer in terms of which the monthly debit order in respect of the instalment amount will be deducted from the
Consumer’s account;
1.8. “Principal debt” means the amount deferred in terms of this Agreement, plus the value of the initiation fee, taxes, license, registration fees as contained in the pre-agreement
quotation, and any insurance premiums paid on behalf of the Consumer as contemplated in paragraph 5.1.6.1 below.
1.9. “Prime Rate” means the interest rate (per cent, per annum, compounded monthly) from time to time published by Absa Bank Limited as being its prime overdraft rate, as certified
by any manager of the Credit Provider, whose appointment and designation need not be proved;
1.10. “Small agreement” applies where the principal debt under this Agreement is, at the time of the conclusion hereof, below R15 000.00;
1.11. “Third Party Service Provider” means the third party that provide the goods and all accessories thereof financed in terms of this Instalment sale agreement;
1.12. “The CPA” means the Consumer Protection Act, 68 of 2008 as amended;
1.13. “The NCA” means the National Credit Act, 34 of 2005 as amended;
1.14. “The/this Agreement” means these terms together with the pre-agreement quotation attached hereto.
1.15. A reference to a natural person includes a juristic person, to the singular includes the plural, to a gender includes all genders as the context requires.
1.16. A reference to legislation is a reference to the legislation as at the date of enactment of the legislation or as its amendment or re-enactment from time to time.
2. DELIVERY AND RISK
2.1. The Credit Provider will buy the Goods which have been chosen by the Consumer from a supplier. The Credit Provider does not know the purpose for which the Goods will be
used.
2.2. The Consumer understands that he will be holding the Goods for the Credit Provider and that the Credit Provider is the owner of the Goods until the Credit Provider has been
paid in full.
2.3. The Consumer must inspect the Goods before accepting them. By accepting the Goods, the Consumer accepts that the Goods are not faulty and that they can be used for the
reason he bought them.
2.4. The Consumer is not allowed to act as the Credit Provider's agent except to inspect the Goods and accept delivery of the Goods on the Credit Provider's behalf so that the Credit
Provider becomes the owner of the Goods. The Consumer must ensure that the supplier is the owner of the Goods and will have no claim against the Credit Provider if the supplier is not.
2.5. All risk in and to the Goods will pass to the Consumer and remain with the Consumer when taking delivery of the Goods or when the risk leaves the supplier of the Goods,
whichever is the earlier.
3. COOLING-OFF PERIOD
3.1. If the Consumer did not sign this agreement at the Credit Provider’s registered business premises, the Consumer may terminate this agreement within five(5) business days after
signing it, by delivering a written notice to the Credit Provider by hand, fax, email or registered mail, advising the Credit Provider of the decision to terminate this Agreement in writing, and the Consumer will return the Goods to the Credit Provider or its agent at its registered business premises.
3.2. The Credit Provider will refund any money the Consumer may have paid under this Agreement within seven (7) business days after delivery of the notice referred to in paragraph
3.1, if the Consumer returned the Goods as set out above. The Consumer herewith agrees to pay any difference or shortfall between the purchase price and value of the goods less any costs incur by the credit provider to dispose of the goods on termination of the agreement in terms of clause 3.1 (if applicable).
3.3. The Consumer will be liable to pay to the Credit Provider the reasonable costs of restoring the Goods to a saleable condition and the reasonable market-related daily rental
(calculated at 0,3% of the cash price of the Goods) for each day that the Consumer has had possession of the Goods, and the depreciation costs of the Goods.
4. OWNERSHIP AND RISK
4.1. Should the Goods be a motor vehicle, the Goods will be registered in the name of the Credit Provider as “Title Holder” and in the name of the Consumer as “Owner”. The
Consumer must at all times keep the Goods in a good and roadworthy condition, all at the Consumer’s costs.
4.2. The Credit Provider will remain the owner of the Goods until the Consumer has paid all the amounts due under this Agreement.
4.3. Once the Consumer has paid all amounts due under this Agreement, the Consumer will automatically become the legal owner of the Goods. In the case of the Goods being a
motor vehicle, the Consumer will be required to complete a change of ownership form and give this to the Licensing Authorities. The Credit Provider will send a change of ownership form to the Consumer, once all amounts due under the agreement have been settled.
5. INSURANCE
5.1. SHORT-TERM INSURANCE
5.1.1. The Consumer must maintain comprehensive short term insurance against any damage or loss to the Goods, not less than the total of his or her outstanding obligations to
the Credit Provider.
5.1.2. The Credit Provider may offer the Consumer optional insurance cover in relation to his or her obligations under this agreement or relating to the possession, use,
ownership or benefit of the Goods. The Consumer does not have to make use of the insurance offered by the Credit Provider, which the Credit Provider offers to arrange same, and the Consumer may decline it and substitute it for a policy of his/her choice
5.1.3. In respect of any short-term insurance policy arranged by the Credit Provider, the Credit Provider will:
5.1.3.1. disclose the cost of any insurance supplied together with the amount of any fee, commission, remuneration or benefit received by the Credit Provider in relation to that insurance;
5.1.3.2. be a first loss payee under the policy up to the settlement value of this agreement at the occurrence of an insured contingency;
5.1.3.3. give the Consumer a copy of the insurance policy, explain the terms and conditions thereof and confirm that the Consumer understands same.
5.1.4. The Consumer may obtain his or her own short-term insurance, if:
5.1.4.1. He/she names the Credit Provider as first loss payee under the policy up to the settlement value of this agreement at any time and authorising the insurer, if an insured event occurs, to settle his or her total obligations under this agreement as a first charge against the proceeds of that policy during the term of this Agreement; and/or
5.1.4.2. at the Credit Provider’s request, he/she authorised the Credit Provider to pay any premiums due under that policy during the term of the agreement on the Consumer’s behalf as they fall due and to debit him or her monthly with the amount of such premiums.
5.1.4.3. He/she provide proof from the insurer of such active policy with the Credit Provider as first loss payee, on a six-monthly interval or as requested by the Credit provider from time to time.
5.1.5. The Credit Provider shall not be liable in the event of an insurer rejecting the Consumer’s claim for any reason.
5.1.6. The Consumer must be able to provide proof that the Goods are insured on or before the signature date of this agreement. If the Consumer is unable to provide such proof,
the Credit Provider may (but shall not be obliged to):
5.1.6.1. insure the Goods for the value of his or her outstanding obligations to the Credit Provider. Any amount so paid on behalf of the Consumer shall immediately be payable to the Credit Provider and shall be owing by the Consumer to the Credit Provider as principal debt.
5.2 LONG-TERM INSURANCE
5.2.1 Further, the Credit Provider may require that the Consumer maintains credit life insurance and/or any other appropriate insurance for a value not exceeding the total of his
or her outstanding obligations to the Credit Provider in terms of this agreement.
5.2.2 The Credit Provider may offer the Consumer optional credit life insurance cover from a third party in relation to his or her obligations under this agreement. The Consumer
does not have to make use of the credit life insurance offered by the third party, and the Consumer may decline it and substitute it for a policy of his/her choice.
5.2.3 The Consumer may obtain his or her own credit life insurance, if:
5.2.3.1 He/she names the Credit Provider as first loss payee under the policy up to the settlement value of this agreement at any time and authorising the insurer, if an insured event occurs, to settle his or her total obligations under this agreement as a first charge against the proceeds of that policy during the term of this Agreement; and/or
5.2.3.2 at the Credit Provider’s request, he/she authorised the Credit Provider to pay any premiums due under that policy during the term of the agreement on the Consumer’s behalf as they fall due and to debit him or her monthly with the amount of such premiums.
5.2.3.3 He/she provide proof from the insurer of such active credit life policy with the Credit Provider as first loss payee, on a six-monthly interval or as requested by the Credit provider from time to time.
6. USE OF THE GOODS
6.1. The Consumer must not sell, let, loan, pledge or transfer the goods to another person without the prior written approval of the Credit Provider, nor allow the goods to become
subject to any attachment, lien, hypotec or any legal claim.
6.2. The Consumer must maintain and service the goods at the Consumer’s cost in accordance with the manufacturer’s specifications.
6.3. The Consumer must not modify the goods without the prior written approval of the Credit Provider.
6.4. The Consumer may not take the goods out of the Republic of South Africa without the prior written consent of the Credit Provider.
7. LOCATION OF THE GOODS
7.1. The Consumer must inform the credit provider in writing of any change to:
7.1.1. the address where the Goods are normally kept; and/or
7.1.2. the name and address of the person in permanent possession of the Goods.
7.2. If applicable, the Consumer must inform his or her landlord of the premises where the Goods are kept, that the Credit Provider is the owner of the Goods.
7.3. The Credit Provider or its agent may inspect the Goods at any reasonable time, at the place where it is normally kept.
7.4. The Credit Provider or the sheriff of the court or his deputy, may request the Consumer to provide details as to the whereabouts of the goods at any time, as well as details of any
third-party possessor of the goods, or of the landlord or bondholder of any premises where the Goods are kept.
7.5. Providing false or misleading information or acting in a manner that is likely to frustrate the Credit Provider from exercising its rights, is an offence in terms of the NCA.
8. INTEREST
8.1. If a variable interest rate is applicable to this Agreement:
8.1.1. the rate is ___% above the Prime Rate; and
8.1.2. the Credit Provider may, from time to time, vary the interest rate if the Prime Rate fluctuates, provided that this new rate does not exceed the legal maximum permissible rate. If the Credit Provider does amend the interest rate, it will advise the Consumer in writing within at least 30 (thirty) Business Days after the change becomes effective.
8.2. If a fixed rate is applicable to this Agreement, such fixed rate will be charged for the duration of this Agreement, provided that this rate does not exceed the maximum legal
permissible rate.
8.3. The interest payable by the Consumer is:
8.3.1. calculated on a daily basis and compounded monthly on the outstanding balance;
8.3.2. calculated on a 365-day year, irrespective of whether the relevant year is a leap year; and
8.3.3. charged in arrears and is due and payable on the Payment Day.
9. REPAYMENTS
9.1. If the Consumer is required to pay a deposit or an initial instalment, it must be paid upon signature of this Agreement into the Credit Provider’s bank account, the details of which
are as follows:
Account holder: FINSA (PTY) LTD
Bank: ABSA Bank
Branch: Menlyn 632005
Account No. 2310174885
Reference: NAME & SURNAME
9.2. The Consumer must pay to the Credit Provider all amounts that are due and payable in terms of this Agreement, on or before the Payment Date, without any deduction or
demand, which payments will be made by way of debit order.
9.3. The Repayments will continue for the duration of this Agreement and while any amounts are owed by the Consumer to the Credit Provider. The Consumer may at any time prepay
any amount under this agreement, without penalty.
9.4. The Consumer’s repayments will be used to reduce his or her obligations in the following order:
9.4.1. firstly, against due or unpaid interest;
9.4.2. secondly, against due or unpaid fees or charges; and
9.4.3. thirdly, against the amount of the principal debt.
9.5. If the Consumer prepays an amount in terms of this Agreement, the Consumer agrees that such amount will be used to proportionately reduce the Consumer’s repayments over
the remaining period of the original term of this agreement, unless requested otherwise in writing.
9.6. If the Consumer pays the instalments later than the date that they are due, additional interest will be payable on all arrear amounts at the interest rate as set out in this
agreement.
10. EARLY SETTLEMENT OF THE AGREEMENT
10.1. In the case of a small or intermediate agreement the Consumer may settle this agreement in full at any time, with or without notice, by paying the settlement value owed to the
Credit Provider.
10.2. The settlement value will be provided to the Consumer in a statement as contemplated under S113(1) of the NCA and will be calculated as follows:
10.2.1. the unpaid balance of the principal debt;
10.2.2. together with the unpaid interest and all other fees and charges payable by the Consumer until the settlement date.
10.3. In the case of a large agreement, the Consumer may settle the agreement in full at any time, with or without notice, by paying the settlement value owed to the Credit Provider. In
such event, the settlement value will be the amounts referred to in clause 10.2 above; and an early termination charge.
10.4. The early termination charge which may be prescribed from time to time, or if no charge has been prescribed, will be a charge equal to the interest that would have been payable
under the agreement for a period equal to the difference between 3 (three) months and the period of the notice of settlement if any, that was given by the Consumer.
11. VOLUNTARY SURRENDER
11.1. The Consumer may terminate this agreement at any time by giving written notice to the Credit Provider and by surrendering the Goods to the Credit Provider.
11.2. Once the Credit Provider is in possession of the Goods, it will within 10 (ten) business days thereafter appoint an appraiser to value the Goods, and will advise the Consumer in
writing of the estimated value.
11.3. If the Consumer is not in default, then the Consumer may withdraw the written termination of the agreement within ten (10) business days after receiving the valuation, and
resume possession of the Goods. If the Consumer is in default with his or her obligations under the agreement, or elects not to withdraw the notice of termination or fails to respond to the valuation notice within ten (10) business days from receipt thereof, the Goods will be sold.
11.4. After selling the Goods, the Credit Provider shall:
11.4.1. credit or debit the Consumer with a payment or charge equivalent to the proceeds of the sale, less any expenses reasonably incurred by the Credit Provider in connection with the sale of the Goods; and
11.4.2. give the Consumer a written notice stating the following:
11.4.2.1. the settlement value of the agreement immediately before the sale;
11.4.2.2. the gross amount realised on the sale;
11.4.2.3. the nett proceeds of the sale after deducting permitted default charges and reasonable costs; and
11.4.2.4. the amount credited or debited to the Consumer’s account.
11.5. The Consumer will be liable to the Credit Provider for any amount that is outstanding after the Goods have been sold, including the Credit Provider’s reasonable costs incurred in
connection with the sale of the Goods and for interest calculated on these amounts, from the date of demand until the date of final payment.
11.6. If the Consumer fails to pay any amount that is outstanding after the sale of the Goods, the Credit Provider will take legal steps to enforce the outstanding obligations under the
credit agreement.
11.7. If there is a credit due to the Consumer after the sale of the Goods and after any reasonable costs incurred have been deducted, this amount will be paid to the Consumer,
provided that no other Credit Provider has a credit agreement with the Consumer in respect of the same Goods.
12. BREACH
12.1. If the Consumer:
12.1.1. does not comply with any of the terms and conditions of this Agreement (all of which the Consumer agrees are material); or
12.1.2. fails to pay any amounts due under this agreement; or
12.1.3. made any fraudulent, false or misleading statements to the Credit Provider before signing this agreement; or
12.1.4. allows any judgement that has been taken against him or her to remain unpaid for more than seven (7) business days; or
12.1.5. is sequestrated or liquidated, or performs an act of insolvency in terms of the Insolvency Act 24 of 1936; or
12.1.6. enters into a compromise with any of his or her creditors; or
12.1.7. being a natural person, dies, or being a juristic person, undergoes a material restructure; or
12.1.8. if any collateral that the Consumer has provided as security in terms of this agreement is lost then the Credit Provider may (without affecting any of its other rights)
proceed with the enforcement or termination of this Agreement, as set out in Chapter 6, Part C of the NCA.
12.2. Upon the occurrence of any of the abovementioned events, the Credit Provider shall be entitled, at its election and without prejudice to:
12.2.1. claim immediate payment of the outstanding balance together with the interest and all amounts owing or claimable by it, irrespective of whether or not such amounts are due at that stage; or
12.2.2. take repossession of the Goods in terms of an attachment order, retain all payments already made in terms hereof by the Consumer and to claim as liquidated damages, payment of the difference between the balance outstanding and the market value of the Goods, which amount shall be immediately due and payable.
12.3. If the Credit Provider elects to enforce the Agreement, the procedure as set our hereunder will be followed:
12.3.1. a letter as contemplated under Section 129(1)(a) will be sent to the Consumer by way of the method elected in this agreement, drawing the Consumer’s attention to the default;
12.3.2. In such letter the period within which the Consumer is required to rectify the default will be set out; and
12.3.3. the Consumer’s right to refer this agreement to a debt counsellor, alternative dispute resolution agent, Consumer Court or an Ombud with jurisdiction, with the intention of resolving any disputes or developing and agreeing on a plan to bring the payments under this Agreement up to date.
12.3.4. If the Agreement thereafter becomes subject to debt review, in terms of Section 86 of the Act, and the review is not finalized within 60 business days after the Consumer has applied for debt review, the Credit Provider may elect to terminate its participation in the debt review. If the agreement under debt review becomes subject of a court order or voluntary agreement and default occurs thereafter, the Credit Provider may elect to terminate its participation in debt review under Section 88(3) of the NCA without further notice to the Consumer.
12.4. Legal proceedings will not be commenced against the Consumer unless:
12.4.1. The Consumer has been in default for, at least, 20 business days;
12.4.2. At least 10 business days have elapsed since the default letter referred to above has been sent to the Consumer via the elected communication method;
12.4.3. The Consumer has failed to respond to the default letter or has responded by rejecting the Credit Provider’s proposal.
12.5. When the Consumer is in default in terms of this Agreement, he/she will be liable for default administration charges as well as collection costs, as regulated in the Debt Collectors
Act, Magistrate’s Court Act or High Court Act as may be applicable to the jurisdiction in this credit agreement.
13. DEBT COUNSELLING
13.1. If the Consumer is not a juristic person, he/she has the right to apply to a debt counsellor for assistance prior to any enforcement action being taken against him or her.
13.2. An application for debt review in terms of the NCA may not be made if the Credit Provider has already proceeded to take steps to enforce the agreement.
13.3. If the application for debt review is accepted, the debt counsellor will determine whether the Consumer is over indebted. If the debt counsellor is of the opinion that the
Consumer is over indebted, this may result in either:
13.3.1. a voluntary agreement between the Consumer and Credit Provider being recorded, or
13.3.2. a referral of a recommendation by the debt counsellor to the Magistrates’ Court for an order to re-arrange the Consumer’s credit agreement or to make an order regarding reckless credit.
13.4. If a recommendation by a debt counsellor is accepted by the Credit Provider in terms of this agreement and each other credit provider, such recommendation will be recorded in
the form of an order and if the Consumer and each Credit Provider concerned consents, it will be filed as a consent order by the debt counselor, and the Consumer will be obliged to make payments as agreed therein.
13.5. If the application is rejected by the debt counsellor, the Consumer has 20(twenty) business days from the date of such rejection, to apply to a Magistrates’ Court for an
appropriate order.
13.6. The Credit Provider may give notice to terminate such debt review after 60 (sixty) business days if the Consumer is in default under this credit agreement whilst it is being
reviewed by the debt counsellor. In addition, the Credit Provider may terminate its participation in debt review if default occurs after the granting of a court order or voluntary agreement to restructure in terms of Section 88(3) of the NCA without further notice to the Consumer.
14. RE-INSTATEMENT
Before termination of the agreement the Consumer is entitled to reinstate the Agreement in respect of which he or she is in default, by paying all overdue amounts, as well as permitted default charges and reasonable costs up to the time of reinstatement. Once the credit agreement has been lawfully terminated from the debt review process, the Credit Provider will not reinstate the credit agreement under debt review until such time as all arrears in terms of the debt review agreement, and/or Court Order has been paid in full.
15. TOTAL LOSS OF THE GOODS
15.1. If the Goods are damaged, lost or stolen the Consumer must immediately advise the Credit Provider in writing, and lodge an insurance claim with the insurer of the Goods.
15.2. If the Goods:
15.2.1. cannot be repaired or replaced; or
15.2.2. are disposed of by the Consumer and is not recovered within 21 (twenty-one) business days; or
15.2.3. are forfeited to the State in terms of the Prevention of Organised Crime Act, 121 of 1998 or any other applicable legislation due to the Consumer’s transgression of the law
- then this agreement will terminate and the Credit Provider will institute legal proceedings against the Consumer in terms of the provisions of paragraph 12 above.
16. COSTS AND FEES
16.1. The Consumer agrees to pay an initiation fee, for the preparation of this Agreement. The Consumer has the option of either paying this fee in cash upfront or having it included in the Principal Debt. If it is included in the principal debt, interest will be charged thereon.
16.2. The Consumer agrees to pay a monthly service fee, for the routine monthly administration of this account. If this fee is not paid on the due date, it will be added to the outstanding balance and interest will be charged thereon.
16.3. The Consumer will also be liable for the Default Administration and Collection Costs arising from his or her failure to comply with any of the terms and conditions of this Agreement and for legal costs and collection commission on all payments made by the Consumer if the matter is referred to an external debt collection company or attorney. The aforesaid Costs will be charged for all expenses incurred by the Credit Provider as a result of the Consumer’s failure to comply with any provision of this agreement, including tracing costs and all legal costs as between attorney and client, collection commission and such reasonable costs as the Credit Provider may incur in connection with the tracing, taking back, storage and valuation of the Goods.
17. ADDRESSES
17.1. The Consumer agrees that the Credit Provider will send all post and other communication to the address provided in this agreement and as per the selected method of communication and that such communication will be binding on the Consumer.
17.2. The Consumer agrees that the physical address which has been provided in this agreement as the “chosen domicilium address” is the address which the Consumer has selected to receive all legal notices from the Credit Provider.
17.3. The Consumer must inform the Credit Provider, in writing, by hand or registered mail or e-mail of any change to the aforesaid address, or his or her email address, telephone or cellular phone numbers. The change will be effective on the 10th (tenth) Business Day after receipt of the notice. If the Consumer fails to provide the Credit Provider with notice of change of address, the Credit Provider may use the last address on record, even if it is no longer valid.
17.4. Any notice:
17.4.1. sent by prepaid registered post will be deemed to have been received on the 5th (fifth) Business Day after posting; or
17.4.2. sent by ordinary mail will be deemed to have been received on the 7th (seventh) Business Day after posting; or
17.4.3. delivered by hand will be deemed to have been received on the day of delivery; or
17.4.4. sent by email will be deemed to have been received on the 1st (first) Business Day after the date it was sent.
17.5. Despite anything to the contrary set out in this clause, a written notice or communication actually received by the Consumer will be an adequate written notice or communication to him/her even though it was not sent to or delivered to his/her notice address.
17.6. Where the post office does not affect street deliveries at the Consumer’s notice address, the Credit Provider may send any notices in terms of this Agreement to the Consumer’s chosen email address.
18. CESSION
18.1. The Credit Provider shall be entitled to cede its rights in respect of this transaction and to transfer the ownership in the Goods to any third party (“the cessionary”) and the Consumer agrees to accept the cessionary in the place of the Credit Provider when such cession takes place and to hold the Goods on behalf of the cessionary as well as to make all payments in connection with this transaction to the cessionary upon request of the Credit Provider. Any reference in this agreement to the Credit Provider shall, unless the context otherwise indicates, be deemed to be a reference to the cessionary.
18.2. The Consumer shall not be entitled to cede and/or delegate his rights and/or obligations in respect of this transaction to a third party unless the Credit Provider beforehand has agreed in writing thereto on such conditions as the Credit Provider in its discretion may determine.
19. STATEMENT OF ACCOUNT
19.1. Statements of account is made available to the Company on demand through the Credit Provider’s online portal, and the Company may download the statement of account at any time without any cost.
20. CERTIFICATE OF BALANCE
20.1. The Credit Provider may provide a certificate from any of its managers, whose position it will not be necessary to prove, showing the amount that the Consumer owes to the Credit Provider. The Consumer agrees that the Credit Provider may take any judgment or order that it is entitled to in law based on the amount contained in the certificate, unless the Consumer disagrees with such amount and is able to satisfy the court that the amount in the certificate is incorrect.
21. NON-VARIATION
21.1. This document constitutes the whole Agreement and no changes or cancellations will be valid unless it is in writing and signed by both parties or is voice-logged by the Credit Provider and subsequently reduced to writing.
22. GENERAL
22.1. No relaxation of any of the terms and conditions of this agreement may be interpreted as a waiver of such terms and conditions.
22.2. This agreement is governed by South African law.
22.3. At the Credit Provider’s option, any claim that may arise from this agreement may be recovered in any South African court having jurisdiction.
22.4. The Credit Provider may terminate this Agreement before the expiry of the agreed term in accordance with the provisions of the NCA.
22.5. The Consumer should contact the Credit Provider at its contact telephone number in in this agreement, to which these terms and conditions are attached, if the Consumer needs
further explanation of anything related to, or referred to in this Agreement.
22.6. To the extent that this Agreement, or the goods or services which are the subject of this Agreement, are governed by or subject to the CPA, no provision of this Agreement is
intended to contravene the applicable provisions of the CPA. All provisions of this Agreement will be deemed to be qualified to the extent required in order to ensure compliance with the applicable provisions of the CPA and this Agreement must be interpreted and applied accordingly.
22.7. Each term of this Agreement is separate from the other. If any term is found to be defective or unenforceable for any reason by any competent court, then the remaining terms will
be of and continue with full force and effect i.e. all provisions of this Agreement are, notwithstanding the manner in which they have been grouped together or linked grammatically, severable from each other. Any provision of this Agreement which is or becomes unenforceable whether due to voidness, invalidity, illegality, unlawfulness or for any other reason, shall, only to the extent that it is so unenforceable, be struck out (treated as pro non scripto) and the remaining provisions of this Agreement shall remain of full force and effect. The Parties declare that it is their intention that this Agreement would be executed without such unenforceable provision if they were aware of such unenforceability at the time of execution hereof.
22.8. This Agreement constitutes the entire Agreement between the Parties in relation to the subject matter thereof. Neither Party shall be bound by any express, tacit or implied term,
representation, warranty, promise or the like not recorded herein. This Agreement supersedes and replaces all prior commitments, undertakings, or representations, whether oral or written, between the Parties in respect of the subject matter hereof.
23. ACKNOWLEDGEMENTS AND CONFIRMATIONS
23.1. By signing this agreement, the Consumer acknowledges and confirms that:
23.1.1. The Credit Provider may provide a settlement value to any third party to whom the Consumer may wish to sell the Goods and to any governmental agency that may request same in the prescribed manner.
23.1.2. This agreement has been explained to the Consumer and the Consumer acknowledges that he or she understands and appreciates the costs, risks and obligations associated herewith.
23.1.3. As at the date of the application for finance, the Consumer has not taken up any additional credit.
23.1.4. The Consumer is not subject to an Administration Order referred to in section 74(1) of the Magistrate’s Courts Act of 1944, has not applied or is subject to a debt review application as contemplated under Section 86 of the NCA, or is an unrehabilitated insolvent due to sequestration under the Insolvency Act.
23.1.5. The Consumer is not subject to an order of a competent court holding him or her to be mentally unfit.
23.1.6. The Consumer has received a copy of the agreement.
23.1.7. The personal information supplied by the Consumer and the information relating to the Goods (collectively referred to as “data”) are necessary and required for the successful conclusion of the transaction entered into between the parties, the enforcement of rights and performance of obligations arising therefrom as well as the rendering of services in terms thereof and the data will not be disclosed to any unauthorized parties.
23.1.8. The Consumer confirms his or her consent for the Credit Provider to access the Consumer’s credit report, from any credit bureau for the purpose of conducting a credit assessment. The Credit Provider may provide a credit bureau with any of the Consumer’s personal information and data in connection with the application for finance, the commencement and termination of this agreement and any related matters.
23.1.9. The Credit Provider may submit any information as to how the Consumer conducts this account to any credit bureau of its choice, which may use this information to create a credit profile and/or a credit score on the Consumer. If the Consumer does not conduct this account in accordance with this Agreement, this may adversely affect the Consumer’s future credit worthiness. The Consumer has the right to have his or her credit record disclosed and may challenge any incorrect information and have the information corrected.
23.1.10. The Consumer may contact a credit bureau as per the details below:
ITC
Wanderers Office Park
52 Corlett Drive
Illovo
Johannesburg
(011) 214 6000
Experian
Experian House
Ambridge Office Park
Vrede Avenue
Douglasdale
(011) 799 3400
Compuscan
Chenin House,
Brandwacht Office Park
Trumail Road
Stellenbosch
(021) 888 6050
XDS
Oakhurst Building,
11-13 St Andrews Street
Parktown
Johannesburg
(011) 645 9106
23.1.11. If the Consumer has requested the Credit Provider to arrange insurance for him/her, the Consumer agrees that the terms and conditions of the insurance policy has been explained to him/her, that the Consumer understands them and has been given a copy of the insurance policy.
23.1.12. The Consumer has the right to resolve any dispute that may arise between the parties by way of alternative dispute resolution or to file a complaint with the National Credit Regulator or to make an application to the National Consumer Tribunal. The aforesaid entities’ contact details are as follows:
National Credit Regulator
Tel: 086 062 7627
E-mail: complaints@ncr.org.za
Fax: 087 234 7822
Address: 127-15th Rd, Randjespark, Johannesburg, 1683
National Consumer Tribunal
Tel: +27 (12) 683 8140
Fax: +27 (12) 663 5693
E-mail: registry@thenct.org.za
Address: Ground floor, Block B Lakefield Office Park, 272 West Avenue c/o West and Lenchen North, Centurion
23.1.13. The distribution of the Principal Debt is subject to the precondition that all information provided by the Consumer is true and current in every way, and the Credit Provider may rely on this information and all requirements in terms of the Financial Intelligence Centre Act, 38 of 2001 being met by the Consumer, for the Agreement to be properly executed.
23.1.14. IF AFTER READING THIS AGREEMENT YOU ARE NOT CERTAIN OF YOUR RIGHTS AND YOUR FINANCIAL RISK AND OBLIGATIONS, WE RECOMMEND THAT YOU OBTAIN FURTHER ADVICE. BY SIGNING THIS AGREEMENT, YOU ACKNOWLEDGE AND AGREE THAT YOU UNDERSTAND THIS AGREEMENT, ALL OF YOUR RIGHTS AND YOUR FINANCIAL RISKS AND OBLIGATIONS. ONCE YOU SIGN THIS AGREEMENT IT WILL BECOME A BINDING AGREEMENT BETWEEN US.