1.1. “Act” – means the National Credit Act, No 34 of 2005 and all regulations promulgated in terms of the Act;
1.2. “Agreement” – means the agreement between you and us for a credit facility comprising of your application, the electronic Pre-Agreement Quotation and Statement , together with the electronic terms and conditions, all accepted by you electronically;
1.3. “Credit Provider” or “us” or “we” or “our” – means mobicred (Pty) Ltd, Reg. No. 2012/163391/07 and Registered Credit Provider NCRCP 6523. Domicilium Address -14th Floor, 1 Thibault Square, Long Street, Cape Town, South Africa, 8000;
1.4. “Interest Rate” – means the rate at which interest is calculated on the balance of the Principal Debt as provided for in the Act and specified in the Agreement;
1.5. “Principal Debt” – means the amount that is deferred and on which interest is calculated. It is made up of the total amount outstanding in terms of your credit facility, together with any other costs, including interest charges which are added when they become payable;
1.6. “Retailer” – means the participating retailer who offers goods or services online to users and who has entered into an agreement with us in terms of clause 2.1.
1.7. “You” or “Your” – means the person who enters into the Agreement with us.
2.1. We have contracted with selected participating Retailers to offer credit facilities to their customers or users of their websites who wish to purchase goods or services online.
2.2. By entering into an Agreement with us for a credit facility, you authorise and instruct us to effect payment to the particular Retailer whose products or services you are purchasing online, at all times subject to the terms of the Agreement up to the maximum facility available to you in terms of your Agreement with us.
Application and Agreement
3.1 You may apply for a credit facility with us.
3.2 We have no obligation to approve your application.
3.3 Your application is subject to our internal credit and affordability approval criteria and to the conditions for granting credit as set out in the Act. We have the discretion to decline your application at any time and to determine the available credit facility, applying our internal criteria in accordance with the requirements of the Act.
3.4 Your application will be considered based on the information that you provide to us. All information must be truthful, accurate, correct and complete.
3.5 You must be at least eighteen years old and have the required legal capacity to enter into and be bound by the Agreement. We may require proof of your age and identification.
3.6 The pre-agreement statement and quotation (“the pre-agreement”) will be provided to you electronically during on-line application and in accordance with the Act. You will need to accept the pre-agreement electronically. We will also provide the terms and conditions electronically to you. Once you have accepted the pre-agreement and terms electronically and entered into the Agreement with us, an electronic copy of the Agreement will also be delivered to you by e-mail.
3.7 Once you credit application is approved, the maximum credit facility for which you qualify will be made available to you to purchase from participating Retailers. Please note that Retailers will not proceed to deliver goods until a positive bank account verification has been received. Please ensure that you provide correct banking details to us.
3.8 We will determine your maximum credit limit in accordance with the criteria specified in clause 3.3 above. We will increase this limit on your request or with your consent, provided that the requirements of the Act will be met.
Agreement with Retailer
4.1 After you have entered into the Agreement with us, you will be able to purchase goods and services from participating Retailers online.
4.2 Please note that we are not a party to the agreement between you and the Retailer and as such you will have no recourse against us relating to the agreement for the supply of the goods or services or any dispute about the goods or services or any refunds or returns.
Fees and charges
The following fees and charges may be charged provided that the amounts do not exceed the maximum amount allowed by the Act:
5.1.1 Subject to clause 5.1.2, we will charge interest at the rate specified in the pre-agreement quotation.
5.1.2 A variable interest rate will apply. This means that the interest rate applicable to the Agreement will vary from time to time in accordance with the changes to the applicable reference rate. We will give notice of a change in the interest rate.
5.1.3 Interest shall be calculated and accrued daily on the outstanding facility balance, and be capitalised and billed monthly as at statement date.
5.2 Initiation Fee – a once-off fee may be charged as provided for in the Act and specified in the pre-agreement;
5.3 Service Fee – a monthly fee will be charged at statement date for the routine administration costs of your account as specified in the pre-agreement;
5.4 Default Administration Charges and collection costs – to cover all default administration and collections costs (including correspondence fees, collections commissions and costs and legal costs) if you default on your monthly instalment obligations in terms of the Agreement.
6.1 We will send your statement to your email address provided in your application. The frequency of statements will be at our discretion provided that we will send statements at least every three months.
6.2 Your statement will show all transactions relating to your account for the period since your last statement, the outstanding balance and the minimum repayment owing.
6.3 Not receiving a statement does not relieve you from your obligation to pay the amount outstanding by the specified due date. If you have not received a statement please contact us immediately to find out the amount owing and the date by which this amount is due.
6.4 In the event of any query or dispute regarding your statement please contact us on 021 126 0700.
Address for notice
7.1 The residential address that you provide to us when you enter into the Agreement is the address which you choose as your Domicilium Citandi et executandi, meaning the address that we will use to send all default or legal notices to you or serve any court documentation on you.
7.2 You can only choose an address within South Africa for purposes of clause 7.1.
7.3 You must inform us in writing if there is a change to any address or to any of your other contact details.
Payment, Settlement & Termination
8.1 You must pay the minimum instalment owing by the due date as shown on your statement, by way of a monthly debit order to which you agreed at the time that you entered into the Agreement.
8.2 You can pre-pay any amount owing at any time.
8.3 By entering into the Agreement, you agree that we will debit your bank account (debit order) for your monthly instalments as well as any other amounts you have outstanding.
8.4 You agree that we may track your bank account and re-present the payment instruction when you have sufficient funds available in the event that you do not have sufficient funds available at the debit order date.
8.5 You may not cancel your debit order instruction until the full amount due in terms of the Agreement has been settled.
8.6 You may not close your bank account until the full amount due in terms of the Agreement has been settled, unless you provide us with details of another bank account from where we can raise the debit order.
8.7 You are entitled to settle the full outstanding balance without providing any notice to us. The settlement amount is defined as the unpaid balance of the principal debt plus the unpaid interest and all other fees & charges owing to us up until the settlement date.
8.8 You are entitled to terminate the Agreement at any time by settling your full outstanding balance owing to us.
9.1 If you:
9.1.1 default in the repayment of any instalment or other amount due in terms of the Agreement;
9.1.2 are in breach of any other term of the Agreement; or
9.1.3 are sequestrated; we will notify you of the breach in writing and we may suspend your credit facility. All amounts owing will become due and payable immediately. If you settle the default amount, your facility will be enacted again unless we have started legal proceedings against you for the full amount due and payable.
9.2 We may propose that the Agreement be referred to a debt counsellor, alternative dispute resolution agent, consumer court or ombud with jurisdiction, with the view of resolving any dispute or agreeing on a plan to bring payments up to date.
9.3 We will start legal proceedings only after 20 days since you have been in default, and only after 10 days have lapsed since we sent a default letter or notice to you to which you did not respond or which proposal you rejected (the 20 day and 10 day periods may run concurrently).
Consumer Credit Information
10.1 By entering into this Agreement you consent to and agree that we may conduct enquiries or share information about you and the application as follows:
10.2 Submit and receive information to and from third parties to verify information provided in your application;
10.3 Submit and receive information to and from third parties that we deem necessary to process and consider your application.
10.4 Submit information provided by you in your credit application and Agreement to the credit bureaux;
10.4.1 If required, enquire and verify information from the bureaux when assessing your credit application or credit worthiness at any time of the duration of the Agreement;
10.4.2 Obtain credit bureaux information which reflects your credit worthiness, such as a credit payment profile and a credit score;
10.4.3 Submit information on the conduct of your account to the credit bureaux without prior notice;
10.4.4 Submit details of adverse information as defined by the NCA. You will have at least 20 (twenty) days business days’ notice thereof.
10.5 You may contact the bureaux at any time to have your credit record disclosed and to request that any incorrect information be corrected. The name(s) and contact details of the credit bureaux will be made available to you upon request.
10.6 We may provide information on the conduct of your account to the South African Fraud Prevention Services (SAFPS) that gives reasonable cause to suspect that the account is used improperly. The SAFPS can make this information available to other members of the SAFPS.
Complaints and Debt Counselling
11.1 You may refer a complaint regarding the Agreement to an alternative dispute resolution agent, consumer court or the National Credit Regulator.
11.2 Details of the National Credit Regulator:
Tel: 011 554 2600 or 0860 627 627
11.3 You confirm and agree that at the time of making an application for a credit facility, you were not under debt review by a Debt Counsellor as provided for in section 86 of the Act.
11.4 You have the right to apply to a debt counsellor to be declared over indebted.
11.5 You may at any time consult a Debt Counsellor to assist you the processes as set out in the Act.
12.1 You have the right to be excluded from (i) telemarketing campaigns by or on behalf of the credit provider; (ii) customer or marketing lists that may be sold by the credit provider; (iii) mass email or sms marketing distribution.
12.2 Terms and conditions are subject to change at any time without any permission required, at all times subject to the Act. We will inform you of any changes made as well as the date from when these changes are to apply.
12.3 The Agreement will be interpreted and governed by the laws of South Africa.