trading as mmeloans.co.za
TERMS AND CONDITIONS
Use of site
The content of this mmeloans website and its individual pages is for your general information and use only. It is subject to change without notice. Accessing this site implies that you agree to our Terms & Conditions, as well as that you are familiar with our Privacy Policy [1] and Disclaimer [2]. These documents might be amended from time to time, and it is each user’s responsibility to check back regularly. Our terms and conditions apply to mmeloans website only.
1. Introduction
1.1 mmeloans is registered with the National Credit Regulator (“NCR”) and subscribes to the National Credit Act.
1.2 Should you wish to lodge a complaint you can contact the NCR on 0860 627 627 or mmeloans on 061 510 4550 or email info@mmeloans.co.za.
1.3 The agreement is concluded once mmeloans approves your loan application. The granting of the loan is entirely within the discretion of mmeloans.
1.4 Any amendment made to the agreement will only be legally binding once mmeloans has notified you in writing of such amendment.
2. PAYMENT SCHEDULE
The payment schedule attached to these Terms and Conditions sets out the information relating to the loan amount approved and must be read as part of this agreement.
3. INTEREST RATE
3.1 The interest rate is fixed for the duration of the agreement and is calculated on the daily balance and capitalised monthly (added to the outstanding loan balance) on the last day of the month.
3.2 In the event that an arrears amount exists on your account due to non-payment or late payment, the interest rate applicable to such amount in arrears shall not exceed the maximum interest rate applicable to your agreement under the NCA.
3.3 Should mmeloans change the interest rate, the amount of fees or charges applicable to your account or the frequency or time of payment of a credit fee or charge as provided for in the NCA, mmeloans will notify you in writing by way of SMS of the proposed change/s at least 5 business days before such change is implemented.
3.4 mmeloans is entitled (with or without notice to you) to waive its entitlement to a portion of any initiation fees due and payable in respect of new loans when granting new loans to certain categories of customers (such categories to be determined by mmeloans in its absolute and sole discretion which may include existing customers). Any such waiver by mmeloans of its rights to charge full initiation fees will not alter or amend the nature of this credit agreement.
4. PRE-AGREEMENT DISCLOSURE
4.1 You have the right to delay concluding this agreement by 5 business days in order to consider the terms of the agreement.
4.2 If you elect, within the above 5 business day period, to conclude the proposed agreement, the agreement will be on the same terms (and at or below the interest rate and cost) as originally quoted to you during your telephonic conversation with our call centre.
4.3 Interest will be charged from the date that the money is paid to you by mmeloans and not from the date that the quote was given to you.
5. REPAYMENT TERMS FOR DEBIT ORDERS GRANTED UNDER DEBICHECK/NAEDO REPAYMENT OPTIONS.
5.1 Once the loan amount has been paid into your bank account, you will be responsible for repayment of the total amount as stipulated in the agreement (being the loan amount together with interest and all other charges such as administrative costs)
5.2 You will furnish a debit order in respect of any amount payable under the agreement and you consent to the following:
5.2.1 mmeloans will raise a debit order to your account to collect your instalments on the instalment date or on such other date as your employer may deposit your salary;
5.2.2 PLEASE NOTE where any of these instalments are due on a weekend or public holiday, mmeloans may raise the debit order on the previous business day;
5.2.3 The reference on your bank statement for all mmeloans debit orders will be DBmmel;
5.2.4 If there are insufficient funds available to deduct your instalment, mmeloans will be entitled to track your account and represent the instruction for payment as soon as sufficient funds are available in your account.
5.2.5 All monthly instalments and any payment arrangements will be deducted from your recently approved and validated banking details. This means in the event that the provided banking details is not valid or not approved by yourself, mmeloans will be entitled to debit any existing valid bank account.
5.2.6 Should your account fall into arrears, mmeloans will be entitled to collect an additional amount of up to one and a half times of the agreed instalment amount. This amount is in addition to the monthly instalment amount.
5.3 You are expected to repay the full contractual amount in monthly instalments via debit order for the period specified in the agreement by the due date. Should there be a problem with the debit order, the onus is on you to make alternate payment arrangements prior to the instalment due date to prevent penalty interest or legal costs being applied to the account.
6. MMELOANS’ RIGHT TO TERMINATE THE AGREEMENT
If you fail to make any payment punctually, you agree that mmeloans may immediately claim the entire amount you owe in terms of the agreement from you (which includes, without limitation, loan amounts, arrear interest and any other monies owing against the outstanding loan amount). In these circumstances, mmeloans may enforce the agreement by taking the following steps:
6.1 mmeloans may advise you in writing or by way of SMS that you are in default and propose that you refer the agreement to a debt counsellor, alternative dispute resolution agent, consumer court or ombud with jurisdiction in order to resolve any dispute under the agreement or agree on a plan to bring the payments up to date.
6.2 If you have been in default for at least 20 business days and at least 10 business days have elapsed since mmeloans sent you notice as set out in 6 and you have not responded to the notice, or have responded by rejecting mmeloans proposals, mmeloans may approach a court for an order to enforce the agreement.
6.3 You may at any time before mmeloans has cancelled the agreement, remedy your default by paying to mmeloans all amounts that are overdue, together with mmeloans permitted default charges and reasonable costs of enforcing the agreement up to the time you remedy your default.
7 . EARLY SETTLEMENT
7.1 You consent to the following:
7.1.1 To contact mmeloans in person to obtain a settlement quote in the event that you want to settle your loan before the end of its term. You acknowledge that no third party will be allowed to settle your loan on your behalf.
7.2 You are entitled to terminate this agreement at any time by settling the outstanding loan balance ahead of schedule at any time, with or without prior notice to mmeloans. The amount required to settle the loan account is the total of the unpaid balance of the principal debt and the unpaid interest charges and other fees and charges payable up to the settlement date.
7.3 You will only pay a pro rata share of the interest for the time you have had the money if you settle the loan amount ahead of schedule.
7.4 Despite having received a settlement value from mmeloans, you remain responsible for making sure that all amounts due by you to mmeloans (including without limitation, interest charges and administrative costs) have been settled in full.
8. LOAN AGREEMENT DEFAULT
If you do not comply strictly with the rules set out in this agreement, commit any act of insolvency, are sequestrated, make any untrue statements or representations, fail to disclose any information that is pertinent to the loan application or do anything that may prejudice the rights of mmeloans, mmeloans may, without prejudice to any other right that may accrue to mmeloans, claim the full amount outstanding which includes, without limitation, the loan amount, arrear interest or any other monies owing against the outstanding loan amount. In these circumstances, the procedural steps set out in 6 above shall apply.
9. JURISDICTION
In terms of section 45 of the Magistrates Court Act, 32 of 1944, you hereby consent that mmeloans may institute any legal proceedings that have to do with this agreement or your account, in the Magistrates Court. You consent that we may institute action in any Magistrates Court, which, in terms of section 28 of the Magistrates Court Act, has jurisdiction over you. If we have to go to court for any reason related to this agreement, you will have to appear in the Magistrates Court. We can however choose to institute action against you in any court having jurisdiction.
10. DEFAULT ADMINISTRATION AND COLLECTION COSTS
10.1 Should you be in arrears with your monthly instalments and should mmeloans take steps to enforce the agreement in terms of the Act, you shall be liable for all default administration charges and collection costs incurred by mmeloans or its appointed collections agent, including collection commissions, costs of an attorney and such other reasonable expenses incurred by mmeloans or its appointed collections agent, in enforcing this agreement (such as telephone calls and letters to you), subject to the provisions of the Act.
10.2 mmeloans will not collect or its appointed collections agent, attempt to collect any amounts for costs exceeding costs allowed for in terms of the Act, Magistrates Court Act No. 32 of 1944, the Supreme Court Act No. 59 of 1959 or the Debt Collectors Act No. 114 of 1998.
11. ADDRESSES
11.1 You choose the address as stated in the agreement as the address at which you will accept service of legal documents and notices.
11.2 If you have an address change, you are responsible for informing mmeloans of the new address either in writing or telephonically as soon as possible.
12. CERTIFICATE
A certificate signed by a mmeloans manager (who need not prove that appointment), will be sufficient proof of the balance outstanding under the loan and any other terms of the loan, unless proven otherwise.
13. CESSION
mmeloans reserves the right, at any time and without notice to you, to cede any or all of its rights in and/or claims against you to a third party elected by mmeloans. By acceptance of this agreement, you hereby irrevocably and unconditionally consent to such cession.
14. WHOLE AGREEMENT
he terms of this agreement are the complete and full terms of the agreement between you and mmeloans and there are no additional unspoken or implied terms and conditions, unless amended by agreement and in terms of 1.4 above.
15. CREDIT ENQUIRY AND REPORTING
15.1 You consent to mmeloans conducting a credit enquiry about you and confirming your details with any credit bureau, credit provider or third party and providing your PI, including the manner in which you conduct your account, to:
1. a) credit risk management services (including credit bureaux);and/or
2. b)crime prevention agencies.
15.2 mmeloans may transfer and share your Pl and information about your loan application, termination and non-compliance with this terms and conditions to the following credit bureaus:
* TransUnion Credit Bureau (Pty) Ltd
* T: 0861 482 482
* Email: contactcentreadmin@transunion.co.za
* Experian South Africa (Pty) Ltd
* T: 011 799 3400
* Email: consumer@experian.co.za
* Compuscan Information Technologies (Pty) Ltd
* T: 021 888 6000
* Email: info@compuscan.co.za
* Consumer Profile Bureau (Pty) Ltd
* T: 010 590 9505
* Email: info@cpbonline.co.za
* XDS (Xpert Decision System)
* T: 011 645 9100
* Email: data@xds.co.za
* VeriCred Credit Bureau (Pty) Ltd
* T: 086 604 1273
* Email: info@vccb.co.za
16. YOUR RIGHTS
16.1 In terms of the NCA you have the right to:
* contact a credit bureau;
* have your credit record disclosed;
* correct inaccurate information listed at a bureau;
* resolve a complaint by way of alternative dispute resolution or file a complaint with the NCR or make an application to the National Consumer Tribunal (“the Tribunal”);
* apply to a debt counsellor to be declared over-indebted in terms of the NCA and to have your debt obligations rescheduled.
16.2 The contact details of the NCR and the Tribunal are as follow:
* NCR
* T: 0860 627 627
* F: 011 805 4905
* Email: complaints@ncr.org.za
* Website: www.ncr.org.za [3]
* National Consumer Tribunal
* T: 012 683 8140
* F: 012 663 5693
* Email: complaints@ncr.org.za
* Website: www.thenct.org.za [4]
DECLARATION AND AUTHORISATION BY APPLICANT
I, the applicant declare and agree that: The information that I have provided for the purposes of concluding this agreement is true and correct; I have not taken up any further credit other than that which already existed at the time I applied for this loan from mmeloans.
mmeloans can add outstanding amounts, relating to my previous loans which have not been settled, to my new loan balance and adjust my monthly repayments on my new loan in accordance with my new loan balance;
Where instalments are deducted from my bank account, I may not close the bank account unless I have informed mmeloans of the change and mmeloans has agreed to it and I will make sure that my salary is paid into the indicated account until the entire loan (together with all administrative charges and interest) has been repaid;
Notification in terms of Section 72 (1) of the National Credit Act may be given to me by way of SMS;
I will personally contact mmeloans to obtain a settlement quote in the event that I want to settle my loan before the end of its term. I acknowledge that a third party may not settle my loan on my behalf