Revolving Credit Terms and Conditions

Standard Credit Agreement Terms and Conditions for New Zealand Customers

These are the standard terms and conditions for the Credit Line Product between Ferratum and its New Zealand resident customers.

1. INTERPRETATION

1.1 In this Agreement, references to “you” are to the person signing this Agreement (and references to “your” are to be interpreted accordingly) and references to “we” or “us” are to Ferratum New Zealand Limited (and references to “our” are to be interpreted accordingly).

1.2 Capitalised terms used in this Agreement have the meanings given to them in the Glossary at clause 19 of this Agreement.

2. OUR DETAILS

2.1 Name: Ferratum New Zealand Limited

2.2 Company Number: 3263709

2.3 Financial Services Provider Number: FSP70021

2.4 Address: PO Box 9278, Hamilton 3240

2.5 Telephone Number: 0800 337 728

2.6 Email address: loan@ferratum.co.nz

2.7 Dispute Resolution Scheme: Financial Service Complaints Limited

3. DEFINITIONS

3.1 MyAccount – means the personal user account created on the Website held by each Eligible Customer under this Agreement.

3.2 Agreement – means these standard terms and conditions which apply to all Credit Applications and when accepted by us form a valid Agreement for Credit made by you in respect of the Credit Line Product (together with all valid variations, where the context applies), and of which any relevant Disclosure and Invoices form an integral part. A copy of this Agreement will always be available on your MyAccount.

3.3 Bank Account – has the meaning given to that term in clause 5.7(c)(i)

3.4 Calculator – means a tool made available on the Website to enable you to calculate the Interest cost of your desired amount of Credit and which is based on you always making the Monthly Payment by the Due Date.

3.5 Cancellation Notice – has the meaning given to that term in clause 6.2.

3.6 CCCFA – means the Credit Contract and Consumer Finance Act 2003 and any amendments thereto.

3.7 Credit – means the amount of credit made available to you under this Agreement following successful Credit Application/s. There is no limit on the number of Credit Applications you can make, provided that the total amount of Credit made available to you is within your Limit and you are not otherwise in breach of this Agreement.

3.8 Credit Application – means the first or any subsequent applications for Credit made in respect of the Credit Line Product, the process for which is set out in clause 5.

3.9 Credit Line Product – means the credit line product which is intended to take the form of a revolving credit facility, offered by us to Eligible Customers on the terms and conditions contained in this Agreement.

3.10 Credit Outstanding – means at any time the difference between:

(a) All amounts of Credit lent to you; and

(b) All amounts of Credit repaid by you in accordance with this Agreement.

3.11 Customer Support Team – means our customer service representatives who are trained to answer any questions you may have about the Credit Line Product, this Agreement, or any of the other products that we offer, and can be reached between the hours of 9am and 5pm, Monday to Friday, via email: loan@ferratum.co.nz; phone: 0800 337 728, as more particularly set out in the Disclosure Statement or on the Website.

3.12 Direct Debit Authority - means the direct debit authority which is accessible on our Website and which you have approved during Credit Application process.

3.13 Default – means any of the events set out in clause 11.

3.14 Default Fee – means each fee that we charge you in the circumstances set out in clause 12.1(b) and payable by you in accordance with the row titled ‘Default Fees’ in the List of Interest and Fees.

3.15 Default Interest – means the default interest that we charge you if a Default has occurred and is continuing at the rate set out in the List of Interest and Fees.

3.16 Disclosure – means the Initial Disclosure Statement and any other disclosure made to you regarding the Credit, the Credit Line Product and / or this Agreement, which we may provide to you from time to time in accordance with the CCCFA and which forms an integral part of this Agreement.

3.17 Due Date – means the date on which the Monthly Payment must be paid by you to us, as more particularly set out in clause 10.

3.18 Eligible Customer – means such persons who are eligible to apply for Credit: being a person who (a) has attained the age of eighteen (18) years; (b) has the legal capacity to enter into legally binding agreements; and (c) is a permanent resident or citizen of New Zealand or Australia.

3.19 Establishment Fee – means a one-off fee that we charge you in relation to the establishment of the Credit Line Product and payable by you in accordance with the row titled ‘Establishment Fee’ in the List of Interest and Fees.

3.20 Fees – means each of the Establishment Fee, a Withdrawal Fee, a Repayment Fee and any Default Fee.

3.21 Ferratum – means Ferratum New Zealand, a New Zealand registered company (having the Company Number 3263709), and a New Zealand registered Financial Services Provider.

3.22 Initial Disclosure Statement – means the initial disclosure statement for revolving credit contracts provided to you in accordance with clause 4.1.

3.23 Interest – means the interest that we charge you in respect of the Credit Outstanding at the rate set out in the List of Interest and Fees.

3.24 Invoice – means the document which is issued monthly by us to you and contains any special conditions applicable to you including the amount of the Monthly Payment and the Due Date and which forms an integral part of this Agreement.

3.25 Limit – means the maximum amount of Credit that may be lent to you under this Agreement, as determined by us at our sole discretion provided that at no point will the Limit exceed the Territory Limit.

3.26 List of Interest and Fees – means the list describing the Establishment Fee, each Repayment Fee, each Withdrawal Fee, each Default Fee Interest and Default Interest payable by you in respect of the Credit, as more particularly set out in Schedule One, and which may be amended at any time during the period of this Agreement in accordance with the procedure outlined in clause 16.4(b). The List of Interest and Fees is also available on the Website and by calling our Customer Support Team.

3.27 Monthly Payment – means the minimum amount set out in the Invoice which must be paid by you to us by the Due Date in consideration for the Credit.

3.28 NZD – means the lawful currency of New Zealand.

3.29 Personalised Password – has the meaning given to that term in clause 5.5.

3.30 Repayment Fee – means each fee that we charge you in relation to each and any repayment made by you to your Credit Line Product under this Agreement and payable by you in accordance with the row titled ‘Repayment Fee’ in the List of Interest and Fees.

3.31 Territory Limit – means the maximum Limit available to Eligible Customers in New Zealand and is $3,500.00 NZD. The Territory Limit is subject to change at our sole discretion, and the details will always be available on your MyAccount and on the Website.

3.32 Total Amount Due – means the total Credit Outstanding together with any applicable Interest and Fees due at any point in time and which for the avoidance of doubt includes any Default Interest and Default Fees, the full details of which can be found on your MyAccount or by contacting our Customer Support Team.

3.33 Website – means our website at www.ferratum.co.nz/en.

3.34 Withdrawal Fee – means each fee that we charge you in relation to a successful Credit Application and payable by you in accordance with the row titled ‘Repayment Fee’ in the List of Interest and Fees.

3.35 Working Day – means any day that is not a Saturday, Sunday or statutory holiday in New Zealand.

4. DISCLOSURE

4.1 Initial Disclosure:

(a) We will provide you with a copy of this Agreement and the Disclosure Statement prior to this Agreement coming into effect, and free of charge.

(b) Disclosure under this clause 4.1 in no way obligates you to agree to the terms of this Agreement, or to submit any Credit Application.

(c) This Agreement is also available on the Website and it is possible for you to save a copy in a .pdf file format, or to request, via email or phone, that we send a copy of this Agreement to you, either electronically or by post. We will endeavour to do so as soon as possible, and free of charge.

4.2 Continuing Disclosure

You can access information about the Credit (including the Total Amount Owing) and this Agreement at any time by accessing your MyAccount. We will also provide you with an Invoice every thirty (30) days which you can view by accessing your MyAccount. The Invoice will give you information about your account (for example any Interest or Fees charged during the statement period). If you have any questions on your Invoice, please contact us.

4.3 Variation Disclosure

Any variations to this Agreement shall be disclosed to you in writing via email or post accordance with clauses 9.3 and 16.4.

5. CREDIT APPLICATION

5.1 How to apply

You can apply for Credit by making a Credit Application. To make a Credit Application, you must visit the Website. Before submitting any Credit Application you must read this Agreement, any associated Disclosure and other documentation provided to you by us, including the Direct Debit Authority, all of which shall be made available to you, free of charge.

5.2 Information from you

By submitting a Credit Application you agree that our Customer Support Team may contact you over the phone, or via email, for the purpose of asking for confirmation of any data or for obtaining any additional data regarding the Credit Application (including to confirm that you are an Eligible Customer).

5.3 Information from third parties

We may request other information about you from third parties in order to help us assess your Credit Application and determine whether to grant you Credit.

5.4 Information from third parties

You acknowledge and accept that we shall have the right to refuse your Credit Application or terminate this Agreement (if it is already in force), with immediately effect if:

(a) you have not provided the information requested under clause 5.2;

(b) the third party has not provided any information requested under clause 5.3; or

(c) we cannot verify any information provided to us, and we consider such information necessary to assess and accept your Credit Application in accordance with our duties as a responsible lender.

5.5 Your MyAccount

(a) An Account shall be created automatically for you once you have been accepted by us as a customer. You shall choose a personalised password for the purpose of accessing your MyAccount.

(b) If you are an existing customer and already have a personalised password, you shall use that password to access your MyAccount. If you cannot remember your password, please use our Website to reset the password.

5.6 Our approval right

(a) Submission of a Credit Application does not constitute an approval or acceptance by us, and your Credit Application must be specifically accepted by us before it will be binding on the parties.

(b) We retain absolute discretion as to whether or not to grant Credit to you, whether in full or part, on the receipt and consideration of your Credit Application.

(c) We retain sole discretion as to whether to approve any Credit Application by you, even if it is made for an amount which is within the Territory Limit or your Limit.

(d) We will only approve a Credit Application if:

(i) we have been provided with sufficient information in accordance with clauses 5.2 and 5.3 to satisfy us that the Credit Line Product meets your needs and that you are likely to be able to make the Monthly Payment without suffering undue hardship; and

(ii) we have received evidence that the Direct Debit Authority approved by you has been accepted by your Nominated Trading Bank in respect of all payments to be made by you under this Agreement.

5.7 Your warranties

By submitting a Credit Application, you acknowledge, confirm and warrant that you:

(a) Eligibility:

are an Eligible Customer;

(b) Information:

(i) have provided true, correct and complete information to us, and

(ii) will inform us as soon as possible (and in no case later than within two (2) Working Days after you become aware of the change) whenever there is a change to any information provided to us or in the event that you notice that any information provided to us was erroneous or otherwise untrue, incorrect or incomplete;

(i) have provided true and correct bank account details of a New Zealand bank account which is held in your own name (your Bank Account); and

(ii) will immediately inform us about any changes to your Bank Account;

(d) Information provided to you:

(i) have read this Agreement in good time before submitting your Credit Application, understand the content and agree with the provisions contained in it; and

(ii) were provided with adequate explanations of the Credit Line Product, the Agreement, the essential characteristics of the Credit (including the consequences of default on repayment obligations) which have placed you in a position which enables us to conclude that this Product meets your requirements;

(e) Freedom of entry:

have entered into this Agreement of your free will and not under threat, duress, or in distress or under strikingly unfavourable conditions with regard to your personal financial circumstances;

(f) Use of Credit:

are not obtaining the Credit for the benefit of, or on behalf or, anyone else. If you are obtaining the Credit or otherwise acting on behalf of another person you are in breach of this Agreement and you must inform us immediately, in which case you understand that we may take any action available to us under this Agreement, including but not limited to, terminating this Agreement in accordance with clause 13;

(g) Short term borrowing:

understand that short-term borrowing may carry with it certain risks, since it is designed to suit liquidity needs over short periods of time and may carry higher interest rates than long term borrowing. Consequently, using short-term borrowing over a long period of time and to address long-term financial needs may lead to increased financial pressures and be more expensive than other forms of credit;

(h) Ability to repay:

(i) have evaluated the need for borrowing funds and evaluated your capacity to repay the Credit;

(ii) have no debt obligations with respect to which you have allowed a delay;

(iii) are not and have never been registered as a debtor in any database;

(iv) are not the subject of any collection procedures;

(v) are not a defendant in a civil case on debt collection; and

(vi) are involved in any case that may affect your solvency;

(i) Password:

will not disclose your Password to any third party and you are solely responsible for any loss or damage caused by any disclosure, including any loss or damage caused to us; and

(j) Make good:

will make good any damage caused to us by any breach of any of the warranties contained in paragraphs (a) to (j) above or any of your other obligations under this Agreement.

5.8 Approval process

(a) We will always endeavour to notify you by email as to the outcome of your Credit Application.

(b) This Agreement is considered to be in force when we confirm your Credit Application has been successful, or at the point in time that you receive the Credit in accordance with clause 8.

(d) If you have not received a confirmation email from us or received the Credit within five (5) Working Days from the date on which you made the Credit Application, the Credit Application is considered rejected.

6. CANCELLATION

6.1 When you can cancel

You may cancel this Agreement within six (6) Working Days of entry into this Agreement (or receipt of the Initial Disclosure Statement, if you have chosen to receive this via post). You are not obliged to indicate any reasons for cancellation.

6.2 How to cancel

You must exercise your right of cancellation by delivering to us a notice of intention to cancel (a Cancellation Notice). This Cancellation Notice must include the following:

(a) your name;

(b) your identification code;

(d) your undertaking to repay the Total Amount Due to use without undue delay, and not later than immediately after giving notification;

(e) your signature; and

(f) the date and place of signing.

6.3 Effect of cancellation

You must repay the Total Amount Due immediately after you provide us with the Cancellation Notice.

7. CREDIT AGREEMENT

7.1 Effect of acceptance

On acceptance of a Credit Application by us:

(a) this Agreement is deemed effective and the terms of it apply to you;

(b) the Credit will be dispersed to you in accordance with clause 8; and

7.2 Interest that we charge

We will charge you Interest for granting the Credit. Interest will be calculated at the end of each day at the rate set out in the List of Interest and Fees (where such daily rate is derived from the annual interest rate which is specified in the List of Interest and Fees) and will be added to the Total Amount Due on a monthly basis. Such rate can be amended from time to time in accordance with clause 16.4(b). You can use the Calculator at any time to check the amount of Interest payable in respect of your Credit. We may also charge Default Interest in accordance with clause 12.

7.3 Fees that we charge

We may charge you the Establishment Fee, each Withdrawal Fee and each Repayment Fee in accordance with the List of Interest and Fees:

7.4 LIMIT

(a) Current Limit:

Details of your Limit can always be found on your MyAccount and / or by contacting our Customer Support Team.

(b) Increase in Limit:

(i) Your Limit may be increased at any time by agreement between you and us.

(ii) Upon application by you for an increase, we can review your Limit, and if successful it can be increased.

(iii) Upon review and assessment of your Account and other relevant factors, we may offer to increase your Limit of our own volition, however, you are under no obligation to accept such an increase.

Without prejudice to our rights under this Agreement or at law, no further Credit, or increases to your Limit shall be granted to you if the total amount of Credit granted to you at any time reaches the Territory Limit.

(d) Effect of an increase in Limit:

You should consider carefully before you request or agree to an increase in Limit. In particular we draw attention to the warning in clause 5.7(g) in relation to short-term borrowing which may carry with it certain risks, since it is designed to suit liquidity needs over short periods of time and may carry higher interest rates than long term borrowing. Consequently, using short-term borrowing over a long period of time and to address long-term financial needs may lead to increased financial pressures and be more expensive than other forms of credit.

7.5 New credit agreement

Once you have repaid the Total Amount Due, you may need to enter into a new agreement with us.

8. DISBURSEMENT

8.1 Payment to your Bank Account

You will receive the Credit in NZD via bank transfer to your Bank Account, unless we have agreed otherwise in writing.

9. ADDITIONAL CREDIT APPLICATIONS

9.1 When you can apply

(a) You may make additional Credit Applications at any point in time which you are utilising the Credit Line Product, including when Credit has been issued by us and is being repaid by you in accordance with this Agreement, subject to paragraphs (b) and (c) below.

(b) No additional Credit Applications will be approved or otherwise granted by us when the increase applied for is in excess of your Territory Limit.

(c) You cannot make an additional Credit Application if you are late on paying any Monthly Payment or other amounts due under this Agreement and we shall be entitled to reject any Credit Application made in breach of this paragraph without even considering the Credit Application.

9.2 How to apply

Additional Credit Applications can be submitted in the same manner and according to the same procedures as the initial Credit Application and will be subject to our approval on the same terms and conditions as set out in clause 5 above.

9.3 Effect of approval

If we approve an additional Credit Application, it shall be deemed to be a variation to this Agreement and additional Disclosure shall be provided to you in accordance with clause 4.3.

9.4 Documenting the increase

Any increase in the Credit shall be reflected in the subsequent Invoices that we will send to you in terms of this Agreement.

10. REPAYMENT

10.1 Calculation of Monthly Payments

(a) The Monthly Payment will be made up of a partial repayment of the Credit Outstanding, the Interest, the Establishment Fee (in relation to the First Monthly Payment only), the Repayment fee, the Withdrawal fee (if applicable) and any applicable Default Interest and Default Fees. The Monthly Payment will be calculated as being the greater of:

(i) 5% of the Credit Outstanding plus any applicable Fees, Interest, Default Fees and Default Interest owing at the time; and

(ii) $ 50.00 NZD.

provided that when the Total Amount Due is lower than $50.00 NZD, the Monthly Payment shall be considered to be the Total Amount Due.

(b) If you have made subsequent Credit Applications and we have lent you additional Credit, then the Monthly Payment shall be adjusted accordingly in the subsequent Invoice.

10.2 Timing for Monthly Payments

The Monthly Payment (and any other amounts due to us under this Agreement) must be paid to us by the Due Date, as more particularly set out in the applicable Invoice.

10.3 Currency of Monthly Payments

The Monthly Payment (and any other amounts due to us under this Agreement) must be made in NZD. If you perform your payment obligations in any other currency you will be liable to cover all costs related to the exchange of such currency to NZD.

10.4 Where to find your Monthly Payments

(a) Your Monthly Payments will be set out in each Invoice. Each invoice will be available on your MyAccount at all times and may be saved in .pdf file format. You may request that an Invoice be sent to your personal email or by post free of charge.

(b) In the case that you do not receive an Invoice from us within fifteen (15) days from the date on which it was due to be issued, you shall notify us of the same. Non-receipt of an Invoice does not relieve you of your obligation to make the Monthly Payment.

(c) For the avoidance of doubt, each Invoice shall reflect the amounts due to us prior to the date on which it is issued, and will be calculated on the basis that you will pay the Monthly Payment on the Due Date. It is understood and agreed that any changes to the Total Amount Due (which may be caused by payments by you, or an increase in the Credit lent to you) following the date on which an Invoice was issued shall be reflected in the subsequent Invoice.

10.5 How to make the Monthly Payment

(a) The Monthly Payment (and any other payment you are required to make to us as set out in the Invoice), shall be made to our bank account set out in the Invoice. Any fees imposed by your bank for the transfer shall be incurred by you.

(b) You must make the Monthly Payment (and any other payment you are required to make to us as set out in the Invoice), through your Bank Account. We reserve the right to refuse any payment made to us which is not received from your Bank Account and you will be deemed to be in breach of this Agreement.

(c)When making a payment, you must include in the payment details:

(i) your first and last name; and

(ii) the Invoice number.

If you do not include these payment details and we are unable to identify the payment, then the payment is considered not to have been received and you will be deemed to be in breach of this Agreement until we can verify that the payment has come from you.

(d) Any amount shall be considered to have been paid when it is received in our bank account, subject to our right to refuse payment as set out in paragraphs (b) and (c) above.

10.6 If you fail to repay any Repayment Amount on the Due Date in accordance with clause 10.5. above, we will:

(a) send you a reminder notice of your obligations to repay such Repayment Amount; or

(b) make a direct debit for such Repayment Amount against your Nominated Bank Account immediately following such Repayment Date.

You confirm that your approval of the Direct Debit Authority pursuant to clause 12.2 authorises us to make the direct debit payments in accordance with clause 10.6(b).

10.7 Repayment in full

You are entitled to repay the Total Amount Due before the Due Date. In such a case, the Interest due shall be calculated as a proportion of the time during which the Credit was actually used (i.e. you will only be charged Interest from the date of the withdrawal to the day of repayment). If you are unsure about the Total Amount Due, please contact our Customer Support Team.

10.8 Repayment in part

If you make a repayment and it is insufficient to repay the Total Amount Due, we shall allocate the amount paid in the following order:

(a) any costs of recovery of any amounts due;

(b) Fees;

(d) Interest;

(e) the Credit; and

(f) any other amounts owed to us under this Agreement.

11. DEFAULT

11.1 When a Default occurs

A Default under this Agreement occurs if you:

(a) do not pay the Monthly Payment in full by the Due Date;

(b) fail to observe or perform any other term of this Agreement;

(c) make, or we consider that you have made, any statement representation or warranty in connection with this Agreement or your Credit Application that is incorrect in any respect;

(d) allow a judgement or order against you to remain unsatisfied for more than two (2) Working Days;

(e) commit, or any steps are taken, which might lead to an act of bankruptcy or you are adjudicated bankrupt; or

(f) die or otherwise become physically or mentally incapacitated.

12. CONSEQUENCES OF DEFAULT

12.1 Non-payment on Due Date

(a) If you do not pay the Monthly Payment in full by the Due Date, we will send reminders to you promptly following that Due Date (including, but not be limited to, reminder notices sent to your MyAccount on each of the 7th, 14th and 21st day after the relevant Due Date.

(b) If you do not pay the Monthly Payment in full before the 7th day after the relevant Due Date, we will charge you the applicable Default Fees in accordance with the List of Interest and Fees.

(c) If you do not pay the Monthly Payment in full before the 7th day after the relevant Due Date, Default Interest will accrue on that Monthly Payment (or any unpaid balance of that Monthly Payment) or any other amount which is overdue, and until it is settled at the rate set out in the List of Interest and Fees; provided that in no case shall the amount of Default Interest charged be greater than 100% of the Credit Outstanding.

For the avoidance of doubt, we note that the Default Interest referred to in paragraph (b) above is in addition to the Interest charged in accordance with clause 7.2 above.

12.2 Non-payment within 60 days

If you do not pay the Monthly Payment in full (which shall include any Default Fees and Default Interest) within 60 days from the Due Date, the Total Amount Due shall fall due immediately, however Default Interest will only be charged on the original amount in default, and any further amounts that would have become due had repayment of the Total Amount Due not been accelerated (i.e. we will not charge Default Interest on the amount accelerated until the time at which that amount would have been actually payable).

12.3 Any Default

We can terminate this Agreement in accordance with clause 13.2 below if a Default occurs.

12.4 Third party debt collectors

If any amount under this Agreement is overdue, we may engage third party debt collectors to collect the debt from you and at your expense. We will also register you in debt registers / databases containing credit histories of debtors. In addition, we will have the right to terminate this Agreement with immediate effect, as set out in clause 13.

12.5 Recovery costs

We will be entitled to claim compensation of all actual damages and costs incurred in collecting overdue amounts, including the recovery of payments made through debt collectors. You agree that such amount(s) shall be collected directly from your through debt collectors without the requirement of court or judicial intervention.

13. TERMINATION

13.1 Your termination rights

You are entitled to terminate this Agreement at any time with immediate effect by providing us a Cancellation Notice which includes the information referred to in clause 6.2. If you terminate the Agreement, we will demand the immediate repayment of the Total Amount Due, and this Agreement is not considered terminated until the Total Amount Due is repaid. For the avoidance of doubt, Interest and any Default Interest and Default Fees shall continue to accrue until the Total Amount Due has been repaid.

13.2 Our termination rights

We are entitled to:

(a) terminate this Agreement:

(i) immediately if a Default has occurred (which is without prejudice to our right to change Default Interest and Default Fees in accordance with clause 12.1 above or to pursue any other remedies available to us at law in respect of the Default); and

(ii) at any time during which the Total Amount Due in terms of this Agreement is zero, by giving you five (5) Working Days’ written notice that your access to Credit under the Credit Line Product is terminated; and

(b) without limiting any other rights we have under this Agreement, terminate your right to make further Credit Applications under this Agreement, following which no further Credit will be made available to you by us unless we notify you to the contrary. We will do so by way of written notice to you which may or may not include our reasoning for doing so.

14. CONSENT FOR PERSONAL DATA PROCESSING

14.1 Your consent

You consent to us collecting, using, storing and disclosing your personal information for the purposes set out in this Agreement, in our privacy policy which is on the Website, and in accordance with the Privacy Act 1993. The key terms of our privacy policy are set out below.

14.2 Use of personal information

You consent to us collecting your personal information for the following purposes:

(a) evaluating requests for the provision of our products and services;

(b) providing the services requested by you;

(d) direct marketing, such as informing you by telephone, mail, email or other means about our products and services and for research purposes; and

(e) if and when we are required to do so under the Privacy Act 1993 or any other applicable legislation.

14.3 Storing personal information

You authorise us to store and record any information about you in any jurisdiction, including without limitation, Finland.

14.4 Requests for personal information

You have the right to request us to provide you with the personal information held about you and to request its correction or erasure, where necessary. You shall inform us immediately if there has been any change to personal information you have provided to us. You shall inform us if you do not wish to receive any direct marketing from us.

14.5 Release of personal information

You consent to the processing and release of information held about you (however obtained) to our employees and Group Companies (as defined in the Companies Act 1993), as well as our business associates or agents. Personal information may also need to be disclosed if an when required under the Privacy Act 1993 or any other legislation applicable to us or when required by any authority.

14.6 Transfer of personal information

Without prejudice to the generality of the above clauses, you consent to the transfer of your personal information held by us to entities which process information relating to credit history to place information on you in the debt registers / databases containing credit histories of debtors (if necessary). You also consent to the transfer of your personal information held by us to third parties for the purpose of collecting overdue amounts.

14.7 Notification of other products and services

You acknowledge and agree that we may send you information about the Credit Line Product, about our other products and information about special offers or other related product information (including third party information and commercial electronic messages) by email or other electronic means (including, without limitation, by SMS). You acknowledge and agree that we are not obliged to include an unsubscribe facility in SMS messages we send you. You can, at any time, unsubscribe from all future electronic commercial messages (not directly related to the Credit Line Product) by emailing us at loan@ferratum.co.nz.

15. COMMUNICATION

15.1 No communication will be effective until it is received.

15.2 Delivery methods

You agree that all relevant notices and other communications in respect of this Agreement and the Credit Line Product (including Disclosure) can be sent to you:

(a) via your MyAccount or other electronic means (which includes, without limitation, via SMS message). Delivery through your MyAccount includes sending the message to your personal email, and / or to your message box available upon login to your MyAccount; and

(b) via post, if for any reason we cannot provide delivery by electronic means or if we are legally required to provide notice in this manner.

15.3 Timing for receipt

The communications delivered in accordance with:

(a) clause 15.2(a) above are considered received on the same day on which they were sent, unless sent outside the course of normal business hours, in which case such communications shall be deemed received on the next Working Day; and

(b) clause 15.2(b) above are considered received five Working Days after which they were sent.

MISCELLANEOUS PROVISIONS

16.1 Governing law

This Agreement and the business relationship between you and us shall be governed by, and construed in accordance with, New Zealand law, and any mandatory protection granted under New Zealand consumer protection law shall apply to you. The parties may only bring proceedings against one another in New Zealand, and all communication made pursuant to this Agreement must be in English.

16.2 Enforceability

For the purposes of the Subpart 1 or Part 2 of the Contract and Commercial Law Act 2017, you acknowledge and accept that your obligations under this Agreement shall be enforceable notwithstanding that we may not sign this Agreement.

16.3 Complaints

(a) If you have any complaints, you are entitled to file them directly with us, using the contact details provided in clause 2 above or on our Website. All complaints are to be filed in writing and we undertake to answer all complaints without undue delay, but not later than thirty (30) days from the date we receive the complaint.

(b) We are also a member of a dispute resolution scheme: Financial Services Complaints Limited. It is free to make a complaint to this independent dispute resolution scheme. This scheme can help you to resolve any disagreement you have with us.

Address: Level 4, Sybase House, 101 Lambton Quay, Wellington, 6011

Website: http://www.fscl.org.nz

Email: complaints@fscl.org.nz

Phone: 0800 347 257.

16.4 Amendments

(a) Subject to paragraph (b) below, this Agreement may be amended at any time as a consequence of changes in legislative, economic and business requirements or changes in product or service parameters.

(b) The procedure for amendments to this Agreement shall be the following:

(i) we will provide you with Disclosure in respect of all proposed amendments before such amendment takes effect (unless such amendment is not disadvantageous towards you, or is required in order to comply with any applicable law, in which case the amendments will take effect immediately following such Disclosure); and

(ii) if the amendments relate to a change to the Establishment Fee, a Repayment Fee, a Withdrawal Fee, a Default Fee, Interest or Default Interest (or any other applicable fee or charge which might apply from time to time), we will provide you notice of the amendment in the manner contemplated by regulation 5 of the Credit Contracts and Consumer Finance Regulations 2004, and such amendment will take effect within five (5) Working Days of the date specified in our notice.

(c) In all other cases, you will have the right to reject any changes by requesting that we terminate this Agreement within ten (10) days of the date that you issue a Cancellation Notice in accordance with clause 6. If you elect to terminate this Agreement in accordance with this clause 16.4(c) you must repay the Total Amount Due under this Agreement before the Agreement will terminate.

(d) If you do not request that we terminate this Agreement in accordance with paragraph (c) above, it will be considered that you have accepted the proposed changes, in which case such changes shall come into effect within ten (10) days from the date on which you were notified of the proposed changes.

16.5 Force Majeure

(a) The obligations of the parties to this Agreement shall be suspended for such period during which that party is prevented from complying with said obligations due to force majeure, provided such party has:

(i) notified the other party of the existence of such force majeure;

(ii) does everything in its / his / her power to comply with the obligations in terms of this Agreement notwithstanding the existence of force majeure; and

(iii) fulfills its obligations within the time specified once the force majeure event has ceased to exist.

(b) For avoidance of doubt, force majeure shall only suspend a party’s obligation in so far as it is impossible for the party to perform the same and shall in no case excuse such party from the obligation to perform other obligations in terms of this Agreement.

(c) Force majeure is understood to mean an event that is unpredictable and beyond the parties’ control, e.g. strike, legislative restriction imposed by the government or other authority, sabotage, uprising, natural disasters or similar circumstances causing impossibility in fulfilling the obligations arising from this Agreement but shall not include termination of employment or other conditions effecting your capacity to repay any amount due.

16.6 Waiver

We will have the right to choose not to enforce any of the provisions of this Agreement at any time and this shall not be construed as a waiver of any such provision and shall not affect the validity of this Agreement or any part thereof or our rights to enforce any provision in accordance with its terms.

16.7 Assignment

(a) We will have the right to assign our rights and obligations under this Agreement to a third party without notifying you in advance.

(b) You cannot assign your rights or obligations under this Agreement without our prior written consent.

16.8 Term of Agreement

This Agreement is being entered into for an indefinite term and will only terminate if either party exercises its rights under clause 13.

The current version of this Agreement is valid as of August 28th, 2018.