DEFINITIONS AND INTERPRETATION

The following words have the meanings as set out in this definition clause:

“Act” means the National Credit Act, Act 34 of 2005 including the regulations to it, as amended from time to time.

“Agreement” means your credit agreement recorded and concluded with us (the Credit Provider) either through electronic channels, or otherwise in writing, or verbally and which includes (including amendments to) (i) the Application, (ii) the Quotation, (iii) these Terms and Conditions and Pre-Agreement Statement, and (iv) the Credit Life Insurance Policy and any annexures or references thereto (if applicable).  Should the Agreement be concluded through electronic means or by telephone, the Agreement will be reduced to writing and a copy thereof will be provided to you within a reasonable time.

“Application” means the credit application in terms of which you applied for credit from the Credit Provider.

“Annual Interest Rate" means the fixed yearly rate of interest applicable to the Loan Amount.

“Business Day” means any day excluding Saturday, Sunday and a public holiday in South Africa.

“Consumer” means the natural person that will enter into the Agreement for the purposes of obtaining credit to fund the studies of the applicable Student. The Student and the Consumer may be the same natural person or separate persons.

“Credit Cost Multiple” means the Total Cost of Credit divided by the Loan Amount, expressed as a two decimal number.

“Credit Information” means the Consumer’s credit information as defined in section 70 of the Act, including information on your (i) credit history, (ii) financial history, (iii) education and employment and (iv) identity including Personal Information.

“Credit Life Insurance / Credit Life Insurance Policy” means the insurance policy that covers the Consumer’s outstanding credit balance under the Agreement in the event of the Consumer’s death, disability, or other qualifying events as specified in the insurance policy. This may refer to the Credit Risk Recovery (Pontem-arranged cover) in the event that the Consumer has not elected to arrange for their own Credit Life Insurance and has elected to fall under ambit of the Credit Risk Recovery (Pontem-arranged cover).

“Credit Risk Recovery (Pontem-arranged cover)” means the Credit Life Insurance product offered to the Consumer by Exodec Financial Administration Solutions. This reflects Pontem’s internal cost of arranging group credit life cover for the loan, as and when the borrower has opted not to provide their own Credit Life policy.

“Credit Provider” is Pontem Innovation, (Pty) Ltd., a company incorporated in terms of the laws of the Republic of South Africa with company registration number 2019/383185/07, a registered credit provider with registration number NCRCP15303. Its chosen address for legal documents is 646 Arthur Street, Garsfontein, Pretoria, 0081. You can also contact us by phoning 087 012 5325.

“Debit Order” means (at our choice) (i) a standard debit order or (ii) an early debit order whereby we instruct your bank to deduct an amount from your bank account and to pay that amount directly over to us on your behalf. The amount deducted may vary every month depending on your Monthly Instalment and may include any other amounts that may be due to us, from time to time, but will never exceed what is due and payable as allowed for by the Act.

“Debit Order Deduction Date” means your Salary Day when we will deduct the Monthly Instalment from your Primary Bank Account once your Monthly Instalment becomes due and owing on your Monthly Instalment Due Date.

“Deferred Amount” is the amount on which interest is calculated. It includes the Loan Amount paid out directly to the Educational Institution in terms of the Agreement, interest and any other fees and costs added as allowed for in the Act when they become due and payable.

“Educational Institution” is the institution which will provide the academic course or related product or service for which the Application is intended.

“First Monthly Instalment Due Date” means your first Monthly Instalment payment obligation that will become due and owing as specified in your Quotation.

“Initiation Fee” means the costs of concluding the new Agreement as set out in the Quotation.

“Loan Amount” is the principal debt paid directly to the Educational Institution in terms of the Agreement.

“Monthly Instalment” means the Loan Amount together with the interest and other charges that you will be responsible for repaying monthly until such time that the Loan Amount, together with the interest and other charges have been repaid.

“Monthly Instalment Due Date” means the first (1st) day of each month following your First Monthly Instalment Due Date when your Monthly Instalment payment obligation will become due and owing.

“Payment Method” means the Debit Order mandate provided by you during your loan Application which authorises us to deduct the Monthly Instalment from your Primary Bank Account on the Debit Order Deduction Date.

“Pre-Agreement Statement” means the written disclosure provided to the Consumer before the conclusion of the Agreement, outlining the proposed Terms and Conditions of the Agreement, including but not limited to the Total Cost of Credit, repayment schedule, interest rate, fees etc.

“Premium Payment Authorisation”means that we may at our sole discretion require you to authorise us to pay your premiums under your substituted Credit Risk Recovery (Pontem-arranged cover) on your behalf.

“Primary Bank / Primary Bank Account” means the bank account that your salary / income is paid into and from which your Monthly Instalment will be deducted.

“Salary Day” means the day in the month (e.g. the 25th day of the month) on which your salary is paid into your Primary Bank Account, which information may be obtained or confirmed by you during the Application process.

“Personal Information” means any information that we receive about you, including but not limited to your name, identity number, contact information, employment and financial information.

“Quotation” means the quotation provided in terms of the Act that sets out the Total Cost of Credit, and other information required in terms of the Act.

“Qualifying Criteria” means the criteria as set out in paragraph 2 herein, which qualifies you to apply for the Loan Amount.

“Service Fee” means a monthly fee charged by us (the Credit Provider) for administering your Agreement, which is the operational cost of the Credit Provider.

“Student” means the natural person who will utilise the funds that are applied for under the Agreement toward products and/or services at an Educational Institution. The Student and the Consumer may be the same natural person or separate persons.

“Terms and Conditions” refers to the terms set out in this document which includes the Pre-Agreement Statement and Terms and Conditions as required by the Act.

“Total Cost of Credit” means the Loan Amount, all fees, interest and Credit Life Insurance (if applicable) that will apply to the Agreement, charged in terms of the Act.

“we”, “us” or “our” refers to the Credit Provider.

“you” or “your” means the person (Consumer) who enters into the Agreement with the Credit Provider.

In the Agreement:

• Any gender includes the other genders.
• The singular includes the plural; and
• Where the number of Business Days is provided for in the Agreement, the number days shall be determined by
  (i)Excluding the first day on which the first event occurs.
  (ii)Including the last day on or by which the second event occurs and
  (iii) Excluding any public holiday, Saturday or Sunday that falls between the first and the last day.

TERMS AND CONDITIONS

1. Quotation

1.1. Should your application be successful, you will receive a Quotation containing all costs and other information specific to you and the Agreement.

1.2. The Quotation contains the payment schedule and sets out the information relating to the Loan Amount extended and must be read as part of the Agreement. It also contains the information pertaining to the frequency of the payments, the number of payments, the date of the first payment, etc.

1.3. The Quotation is valid for 5 (five) Business Days after the date on which the Quotation is provided to you in terms of the Act.

1.4. Once the Quotation is accepted, it will become part of the Agreement and should be read in combination hereto.

2. The conditions and Qualifying Criteria of the Agreement

2.1. The Agreement is conditional upon the receipt of the required documents, which among others may include proof of:

2.1.1. Your identity, such as a copy of your identity document or identity card.

2.1.2. Residential address, such as a utility account statement.

2.1.3. Income, such as your 3 (three) latest payslips and/or bank statements.

2.1.4. The payment of the Initiation Fee (if elected to pay in advance); and

2.1.5. Credit Life Insurance Policy.

2.2. Should you, before or after the termination of the Agreement, claim that the debt has prescribed, you consent that it is a condition of the Agreement, that prescription will only start to run once we gave you a letter of debt and subsequently if you have failed to respond to the letter of demand within 10 business days thereof, you may proceed to issue a summons, a written demand in terms of the Agreement.

2.3. We will not pay the Loan Amount before we have received and validated the documents as required in clause 2.1 Should these documents not be received and validated within 5 (five) Business Days of the Quotation being provided to you, or if the documents do not reflect the information provided during the Application or are found to be inaccurate or improper for the purpose of the Agreement, we may rescind or recalculate your Quotation.

2.4. The Loan Amount will be paid directly to the bank account of the relevant Educational Institution where the Student is registered/enrolled/intends to study.

3. Total Costs of Credit (costs related to the Agreement)

3.1. You must pay the following costs of credit:

3.1.1. Principal debt, being the Loan Amount that is paid out to the applicable Educational Institution.

3.1.2. Initiation Fee as set out in the Quotation, for the costs of concluding the new Agreement, which you may pay upfront and send proof before pay-out of the Loan Amount if you choose to do so. If you do not choose to do so, the Initiation Fee will be added to your Loan Amount and collected monthly. This Initiation Fee will be levied on the date that the Quotation is accepted, but not earlier than the date the Application was approved.

3.1.3. Service Fee as set out in the Quotation, which is a monthly fee charged by us for administering your Agreement, which is the operational cost. If you enter into the Agreement during the month, a pro rataservice fee for that calendar month will be charged. The monthly fee will be added to the Deferred Amount no later than the day upon which interest is added thereto. The Service Fees charged will never exceed the maximum fee in terms of the Act (which may be amended from time to time). You will receive at least 5 (five) Business Days' written notice if this fee increases.

3.1.4. Interest at a fixed annual interest rate as set out in the Quotation, which is calculated daily and added to the Deferred Amount every month on your Salary Day.

3.1.5. Credit insurance (if applicable) , which may include the costs related to Credit Life Insurance.

3.1.6. Default administration and collections cost when you are in arrears with your Monthly Instalments or do not comply with any of the other Terms and Conditions contained in the Agreement. These costs include any letters, legal costs and commissions that a debt collector or attorney may charge in terms of the applicable laws, being the Magistrates' Courts Act, Supreme Courts Act, the Attorneys Act or the Debt Collectors Act.

4.Credit Life Insurance

4.1. You acknowledge and agree that:

4.1.1. Credit Life Insurance is a mandatory requirement of the Agreement. This means that your maintenance of a Credit Life Insurance Policy is a material condition of your Agreement.

4.1.2. You are required to either:

4.1.2.1 Accept the Credit Risk Recovery (Pontem-arranged cover), a Credit Life Insurance product brought to you by Exodec Financial Administration Solutions, underwritten by Guardrisk Life Limited, an authorised financial services provider (FSP number 76) and underwritten by Guardrisk Life Limited; or

4.1.2.2 Arrange your own Credit Life Insurance Policy, subject to the requirements set out in paragraph 6.2

5. Credit Life Insurance

5.1. The Credit Life Insurance is a mandatory requirement for your Agreement. The Terms and Conditions of the Credit Risk Recovery (Pontem-arranged cover) that are applicable should you want Pontem to arrange this, can be viewed at [hyperlink TBC]. The terms, exclusions, limitations, waiting periods and benefits of the Credit Risk Recovery (Pontem-arranged cover), as well as the contact details of the intermediary, and Guardrisk Life Limited, the insurer, are detailed in the policy Terms and Conditions.

5.2. Carefully review the Credit Risk Recovery (Pontem-arranged cover) Terms and Conditions and ensure you understand all rights, obligations, exclusions, limitations and benefits set out in these Terms and Conditions before you accept this Quotation or enter into the Agreement. Should you have any questions or require any clarification about the terms, please contact 087 012 5325.

5.3. Pontem is not an insurer or licensed financial services provider. Pontem does not sell, advise on, or collect insurance premiums from borrowers. Credit life insurance is compulsory and where a borrower elects not to provide their own credit life policy, Pontem may, at its discretion, arrange a master group policy in its own name to manage credit risk exposure on the loan. Any amount shown as “Credit Risk Recovery” or similar on the loan schedule is not an insurance premium and does not constitute a direct insurance transaction with the borrower. It reflects Pontem's internal cost recovery for the risk cover it has arranged on the loan.

6.Right to waive the Credit Risk Recovery (Pontem-arranged cover),

6.1. In terms of section 106(4)(a) of the National Credit Act, you have the right to waive the Credit Risk Recovery (Pontem-arranged cover) and substitute it with your own Credit Life Insurance Policy at any time for the duration of the Agreement, provided that the substituted Credit Life Insurance Policy covers the same benefits as the Credit Risk Recovery (Pontem-arranged cover. We are required under the terms of the Act to decline your substituted Credit Life Insurance Policy if it does not cover the prescribed minimum benefits.

6.2. Should you choose to substitute the Credit Risk Recovery (Pontem-arranged cover) Policy with your own Credit Life Insurance Policy, you agree to:

6.2.1. Provide us with documentary evidence of the existence of your substituted Credit Life policy.

6.2.2. Provide us with the details of the insurer under your substituted Credit Life Insurance Policy within 5 (five) Business Days of you taking up the substituted Credit Life Insurance Policy.

6.2.3. Ensure that you shall not commit any act which would result in the termination or lapsing of your substituted Credit Life Insurance Policy.

6.2.4. Ensure that we have been named as a loss payee under the substituted Credit Life Insurance Policy.

6.2.5. Immediately inform us should your substituted Credit Life Insurance Policy lapse.

6.3. You acknowledge that at any point during the term of the Agreement, including at its inception, we may at our sole discretion require you to authorise/instruct us to pay your premiums under your substituted Credit Life Insurance Policy on your behalf.

6.4. Should we require you to provide us with a Premium Payment Authorisation, any premiums we pay on your behalf will be recovered from you by adding an amount equal to the premium paid on your behalf to your outstanding Loan Amount.

6.5. We are not obliged to pay any premiums on your behalf unless you have provided us with a Premium Payment Authorisation to do so. If you have not provided us with a Premium Payment Authorisation, you shall be solely responsible for the payment of premiums under your substituted Credit Life Insurance Policy.

7. Debit Order authorisation

7.1. You acknowledge and agree that the payment of any amount due and payable by you under your Agreement shall be fulfilled by way of a Debit Order mandate granted to us as further set out in Annexure A.

7.2. You authorise us (and mandate your Primary Bank) to originate a monthly Debit Order against your Primary Bank Account in terms of which your Monthly Instalments, as well as any other amount that may be due and payable by you under the Agreement, will be deducted.

7.3. You authorise us (and mandate your Primary Bank) to debit your Primary Bank Account on your Salary Day (your Debit Order Deduction Date), or on the last Business Day preceding your Salary Day where this date falls on a weekend or public holiday, provided that such a date is not earlier than your Monthly Instalment Due Date.

7.4. In December, we reserve the right, and you authorise us to debit your Primary Bank Account on an earlier date, if we give you prior notification, and such debit date is not earlier than your Monthly Instalment Due Date.

7.5. If your Debit Order mandate lapses for any reason determined by your Primary Bank, you must contact us to provide you with a new Debit Order mandate/ authorisation.

8.DebiCheck (authenticated collection mandate)

8.1. Any Debit Order mandate granted by you under the terms of the Agreement shall be in the form of a DebiCheck Debit Order mandate (authenticated collections mandate) unless DebiCheck is not implemented at your Primary Bank Account. A DebiCheck Debit Order mandate is a type of debit order that requires you to authenticate and approve the mandate before it can be processed against your Primary Bank Account. This means that when you grant us a DebiCheck Debit Order mandate to deduct the Monthly Instalment or Maximum Collection Amount from your Primary Bank Account, your Primary Bank will only process the deduction if you have authenticated and approved the DebiCheck Debit Order mandate.

8.2. Please note that the granting, authenticating and approving of a DebiCheck Debit Order mandate for the deduction of your Monthly Instalment or the Maximum Collection Amount from your Primary Bank Account is a disbursement condition under the Agreement. This means that your Loan Amount will only be disbursed after you have authenticated and approved the DebiCheck Debit Order mandate provided to us.

9. Distribution of the Loan Amount

9.1. The Loan Amount, being the principal debt, will be paid directly to the Educational Institution.

9.2. The distribution of the Loan Amount is subject to the conditions set out in paragraph 2 above.

9.3. Your Loan Amount will only be disbursed into the bank account of the Educational Institution after you have fulfilled the following disbursement conditions:

9.3.1. Approve the DebiCheck Debit Order mandate: As further explained in paragraph 7 below, you must grant, authenticate and approve a DebiCheck Debit Order mandate for us to deduct your Monthly Instalments from your Primary Bank Account. This disbursement condition will only be fulfilled once we receive confirmation from your Primary Bank that you have approved the DebiCheck Debit Order mandate.

9.3.2. Pay the Initiation Fee (if charged upfront): Should you choose to pay the Initiation Fee upfront (as explained in paragraph 3.1.2), you must pay the Initiation Fee into the Initiation Fee payment account and provide us with proof of such payment. The Initiation Fee payment account details and further information on the process that must be followed for you to pay the Initiation Fee upfront can be accessed from our website. Alternatively, you can contact our call center on 087 012 5325 for more information on how to pay the Initiation Fee upfront.

9.3.3. Provide a suitable Credit Life Insurance Policy (if substituted): Should you choose to substitute the policy that we provide to you with your own Credit Life Insurance Policy in terms of paragraph 6.2 above, you must provide us with proof of your substituted policy. We will only accept your substituted policy if it meets the requirements set out in paragraph 6.2. This disbursement condition will only be fulfilled once we have received and accepted your substituted policy.

9.3.4. Provide requested documents: You must provide us with any further documents we request from you to conduct the necessary identity verification checks and risk assessments. This disbursement condition will only be fulfilled once we have received and validated the documents requested.

9.3.5. Successful enrolment: The Student need to be accepted, having passed the academic and other entry criteria and be enrolled as a current student with the Educational Institution to whom the loan amount will be disbursed.

9.3.6. Pass affordability assessment: We will conduct an affordability assessment on your financial situation and decide on whether you qualify for a loan.

9.3.7. Pass our identity verification: We will conduct an identity verification on you to ensure that you are who you put forward to be as an individual; and

9.3.8. You are in good standing with the Educational Institution: You need to be up to date and not have any outstanding debt or payments that have been missed, defaulted on or not paid towards any fees owed to the Educational Institution.

9.4. Once you have fulfilled the disbursement conditions, we will disburse your Loan Amount into the bank account of the Educational Institution within 5 (five) Business Days (“the Disbursement Date”).

10. Repayment of your Monthly Loan Instalments

10.1. Your Monthly Instalments: You will be responsible for repaying the Loan Amount together with the interest and other charges set out in paragraph 3.1 above by paying Monthly Instalments until such time that the Loan Amount, together with the interest and other charges have been repaid in full.

10.2. Your First Monthly Instalment Due Date: Your first Monthly Instalment payment obligation will become due and owing on the First Monthly Instalment Due Date specified in your Quotation.

10.3. Your Monthly Instalment Due Date: Your Monthly Instalment payment obligation will become due and owing on the first (1st) day of each and every month following your First Monthly Instalment Due Date.

10.4. Your Monthly Instalment Payment Method: Your Monthly Instalments (including your first Monthly Instalment) will be paid in terms of the DebiCheck Debit Order mandate provided by you during your application which authorises us to deduct the Monthly Instalment from your Primary Bank Account on the Debit Order Deduction Date.

10.5. Your Debit Order Deduction Date: Once a Monthly Instalment becomes due and owing on your Monthly Instalment Due Date, we will deduct the Monthly Instalment from your Primary Bank Account on your Salary Day (subject to paragraph 7.4 above) which is the deduction date in your Debit Order Mandate.

11. Early payments and the your right to terminate the Agreement through early settlement

11.1. You may pay any amount you owe in terms of the Agreement even if it is before the date which the payment is due and payable.

11.2. Pre-payments made and allocated will not be refunded to you.

11.3. You may terminate the Agreement at any time by settling the outstanding amount owed to the Credit Provider.

11.4. If you want to settle the total outstanding amount owed in terms of the Agreement, you must request a settlement quotation from us.

11.5. The settlement amount is made up of the unpaid balance of your (i) Loan Amount, (ii) unpaid interest, plus other (iii) fees and charges payable up to the date on which you want to settle the outstanding amount.

11.6. We will give you the settlement amount at no cost within 5 (five) Business Days from when you request the settlement quotation.

11.7. The settlement quotation may be given to you (i) by email, (ii) by telephone or (iii) any other form of electronic communication.

11.8. The settlement amount quoted must be paid within 5 (five) Business Days from the date that it was presented to you. If you do not pay the settlement amount during this period, the settlement quotation will no longer be valid. The Agreement will continue as normal, and you will need to get a new settlement quotation if you still want to settle your loan early.

12. Consumer defaults and debt enforcement

12.1. If you make late or no payments in terms of the Agreement, we may, among others:

12.1.1. Charge you default administration and collection fees in relation to the debt enforcement and collection practices.

12.1.2. Charge interest on arrears at the same rate as the interest rate applicable to the Loan Amount, in accordance with the Act.

12.1.3. Make an adverse or negative Credit Information listing against your credit profile at any registered credit bureau, which will affect your ability to obtain further credit.

12.1.4. Start legal action to enforce and terminate the Agreement, as allowed by the Act; and

12.2. If any payment is late, you will be liable to pay additional interest on the arrears at the same interest rate as stated in the Quotation.

12.3. If 3 (three) consecutive Debit Orders fail, your Debit Order will be cancelled. You must then manually make monthly payments for the amount you owe.

12.4. Default administration and collection fees will be charged in terms of the applicable laws as set out in clause 3.1.6.

12.5. We may not submit an adverse Credit Information listing (such as ‘written-off as bad debt’ or ‘handed-over for collection’) at any registered credit bureau, unless:

12.5.1. We notify you of your default and of our intention to make such a listing, at least 20 Business Days’ before doing it, by providing you with a letter.

12.5.2. The debt has not prescribed.

12.5.3. You were in arrears for at least 3 (three) consecutive billing cycles; and

12.5.4. You have failed to settle the arrear amounts during the notice period or you have not disputed your liability by disputing the accuracy of the Credit Information at a registered credit bureau.

12.6. In addition to the above, if you fail to pay any amounts due under the Agreement, we may start legal action against you to enforce and terminate the Agreement, as allowed for by the Act. If you are in arrears, you will immediately owe the balance of the Deferred Amount plus default administration costs that apply in terms of the applicable laws.

12.7. If we decide to enforce the Agreement, the following procedure applies:

12.7.1. We must send you a letter, known as a section 129 letter, notifying you of your default.

12.7.2. That letter will recommend that you refer the Agreement to a debt counsellor for debt review, alternative dispute resolution agent, consumer court or ombud with jurisdiction. The purpose of this is to try to resolve possible disputes and/or agree to a plan to bring the arrear payments up to date.

12.7.3. If you apply for debt review you may not borrow any money, enter into any credit agreement or incur any further charges under a credit card, as agreed to by the court.

12.7.4. If the debt review application is not finalised within 60 (sixty) Business Days after the date on which you applied for the debt review, we may send a notice, known as a section 86(10) notice, terminating the debt review.

12.8. We will not begin legal action against you unless:

12.8.1. You have been in default under the Agreement for at least 20 (twenty) Business Days.

12.8.2. At least 10 (ten) Business Days have gone by since the delivery of the section 129 letter or the section 86(10) notice, which period may run simultaneously with the 20 (twenty) Business Days; and

12.8.3. You have failed to respond to the section 129 letter or have declined our plan to bring the arrear payments up to date.

12.9. If the Agreement is in default and before it is terminated by the Credit Provider, you may reinstate it by paying all overdue amounts plus default administration and collection costs up to the time the default is corrected.

12.10. If we terminate the Agreement under section 123 of the Act, the same procedure set out in paragraph 12.8 will first be followed.

13. Right to apply to a debt counsellor

13.1. You have the right to apply to a debt counsellor to be declared over-indebted under section 86 of the Act and placed under debt review.

13.2. You may apply before we take legal action against you for any default under the Agreement.

13.3. The debt counsellor will assist you with your application and you will have to pay the relevant fee, as allowed for by the Act. They may, however, reject your application in terms of the Act, should they find that you are not over-indebted.

13.4. The National Credit Regulator may give you contact details of debt counsellors in your area. You can also find their details on the National Credit Regulator’s website under the following link: http://www.ncr.org.za/register_of_registrants/registered_dc.php.

14. Sale or transfer of debt

14.1. We may transfer any of its rights and obligations under the Agreement by ceding or assigning it to another person, with or without notice to you.

14.2. We may only sell the debt arising out of the Agreement to another person who is registered with the National Credit Regulator, as a credit provider. This includes the right to collect the amounts due by you as agreed in terms of the Agreement and a Debit Order.

14.3. You must continue to satisfy all your responsibilities as contained in the Agreement to the person to whom the rights and obligations have been sold or transferred.

15. Addresses and receiving of documents

15.1. Unless otherwise agreed between the two parties, we will send you a quarterly statement of account to the email address or residential address that you selected as the address at which you wish to receive statements.

15.2. You agree that we may send legal letters and notices to the email address and residential address that you provided in the Application or that you may give from time to time in writing.

15.3. We will send all other communications, including statements of account, to the address that you provided in the Application or that you may give from time to time.

15.4. We will only send you emails for communications in terms of the Act if you specifically gave us your permission to do so.

15.5. We may use any digital form of communication including Short Messaging Service (SMS), telephonic conversation, messaging applications including (but not limited to) Whatsapp, an online application, a chat bot or any other means appropriate.

15.6. We may accept that you received a letter or notice:

15.6.1. 4 (four) Business Days after it has been mailed; or

15.6.2. 1 (one) Business Day after it has been emailed to you.

15.7. Unless otherwise agreed, you consent to receive any notice in terms of section 129 by registered mail at the residential address that you provided in the Application or that you may give from time to time.

15.8. You must inform us about any change of legal name (such as when you assume your spouse’s surname), residential address, email address, telephone number or any other contact details.

15.9. You must send proof of any new legal name and/or residential address to us as soon as reasonably possible.

16. Certificate of amount due

16.1. We may provide you with a written notice showing the total amount owed by you and how we calculated it.

16.2. You agree that we may proceed with legal action based on the amount in the notice. However, you have the right to prove to a court that a particular amount of the notice is wrong.

17. Complaints, your credit report and disputes

17.1. If you have any question, complaint or dispute about the Agreement, please first contact us who will do their best to assist you.

17.2. You may contact and ask any credit bureau to see your credit report, containing your credit records, free of charge once every 12 (twelve) months or at any other time by paying the credit bureau’s fee.

17.3. Should you disagree with any information on your credit report you may contact and request the credit bureau to correct it.

17.4. The credit bureau must investigate and resolve the dispute within 20 (twenty) Business Days, free of charge to you.

17.5. During this time, the credit bureau will request us to give them proof that the information on your credit profile is correct.

17.6. If we cannot provide such proof to the credit bureau within the 20 (twenty) Business Days, the credit bureau must resolve the dispute in your favour by correcting the information on their database; but

17.7. If we can provide proof to the credit bureau that the information is correct, it will remain on your credit report.

17.8. Should we or the credit bureau be unable to help, you may ask the National Financial Ombud Scheme for help or the National Credit Regulator or failing that the National Consumer Tribunal.

17.9. Their contact details are as follows:

17.9.1. NFO: telephone 0860 800900 or email info@nfosa.co.za;

17.9.2. National Credit Regulator: telephone 0860 627 627 or email compliants@ncr.org.za;

17.9.3. National Consumer Tribunal: telephone 012 683 8140 or email Registry@thenct.org.za.

17.10. You may also resolve a complaint by way of alternative dispute resolution in terms of section 134 of the Act. You can find their contact details on the National Credit Regulator’s website under the following link: http://www.ncr.org.za/register_of_registrants/registered_adr.php.

18. Your rights relating to marketing options

18.1. You have the right to be excluded from any:

18.1.1. Marketing phone calls (telemarketing campaign) by or on behalf of the Credit Provider.

18.1.2. Marketing or customer list sold or distributed by us (except as the Act requires); or

18.1.3. Mass distribution of email or SMS messages sent by or on behalf of us.

18.2. You have indicated your desire to be excluded from the above marketing options in your application.

18.3. You may exercise your rights when accepting the Quotation, or at any other time by phoning us on 087 012 5325.

19. Credit and other Information sharing practices

19.1 The Act requires that we must submit your Credit Information to the registered credit bureau.

19.2 By accepting the Quotation and these Terms and Conditions you agree that:

19.2.1. We may share information about your application, the opening and termination of the Agreement and your conduct (such as your payment profile information) with any registered credit bureau, including information about late repayments or other defaults.

19.2.2. The credit bureau may use this information shared with them to create a credit profile and credit score indicating your creditworthiness, as far as it is allowed in the Act.

19.2.3. We may at its sole and absolute discretion, share any adverse information relating to the loan to the Educational Institution and, without limiting a foregoing, in the event of default or if the Student and/or you reasonably believed to have defrauded us by providing false or misleading information; and

19.2.4. You consent to and provide full authority in terms of access to Personal Information and any other information that may be required under the Agreement to enable us to approach the Educational Institution directly to obtain any information pertaining to the Student and/or yourself from the Educational Institution. The information that may be shared between us and the Educational Institution may include (but will not be limited to) class attendance, prior financial performance between the Student and/or yourself and the Educational Institution, academic results and any disciplinary procedures in relation to the Student that are pending, ongoing or historic.

19.3. We will notify you before sharing certain adverse information about you in accordance with paragraph 12.6.

19.4. We will share your information with any or all the following registered credit bureaus:

19.4.1. Transunion: telephone 011 214 6000 or 0861 482 482 or email queries@transunion.co.za;

19.4.2. Experian: telephone 0861 105 665 or email EZA.consumer@experian.com;

19.4.3. Xpert Decision Systems (XDS): telephone (011) 6459100 or email hmarimuthu@xds.co.za.

19.4.4. VeriCred Credit Bureau (VCCB): telephone (087)150 3601 or email info@vccb.co.za

19.4.5. Consumer Profile Bureau (CPB): telephone 010 590 9505 or email support@cpbonline.co.za

19.4.6. ITC Credit Bureau (ITC): telephone: (011) 019 0099 or email remo.lenisa@itc.co.za.

19.5. Although the above information pertains to the six, large credit bureaus, the credit bureaus may also share your information with other registered bureaus in accordance with the Act.

20. Customer and transaction due diligence screening

20.1. Where required, we are committed to doing its best to assist in the prevention of financial crime including money laundering and terrorist financing. In support with this, you acknowledge that we:

20.1.1. May verify your identity as well as the identity of any persons related to or acting on behalf of or involved with you at the start of the relationship between us and yourself and as often as reasonably necessary thereafter.

20.1.2. Will not intentionally enter a business relationship with any person on any sanctions list in terms of legislation or in the management of its risk or that is linked to any person that appears on such sanctions list, or linked to any sanctioned countries or the government agencies of such sanctioned countries. Note that these lists are updated on a regular basis and may change from time to time.

20.1.3. May monitor any transactions and may request/verify further information before acting on an instruction; and

20.1.4 May refuse to carry out any instruction and place a hold on any account should it be necessary.

20.2 You agree to support us to comply with the laws governing anti-money laundering and counter-terrorist funding by providing all the reasonably required information and documents from time to time. If you fail to do so or provide false information, we can refuse to (i) enter a business relationship with you, (ii) refuse to carry out an instruction or process an instruction and can also (iii) terminate its relationship with you.

20.3 In this regard, we will not be responsible to you, or any other person for any loss or damage, you or they experience if any steps mentioned in this Agreement or anything else necessary to comply with the laws were not taken.

21. Processing of Personal Information and Credit Information

21.1. We will keep your Personal Information for as long as we need to or must by law.

21.2. We will not disclose your Personal Information to anyone unless we are acting in terms of the Agreement or where we are obliged to by law, in terms of a court order, or where we have your consent.

21.3. You agree and consent that we may process, record and/or disclose your Personal Information, including details of any transactions on your account, to:

21.3.1. Assess any credit application that you make with us or other financial services (we may use a standard credit-scoring or another automated decision-making system to do this).

21.3.2. Manage your loan (and Credit Life Insurance Policies, if any), and make decisions on questions about any application, agreement or communication which you may have with us.

21.3.3. Search credit bureaus, fraud prevention agencies’ records (such as the South African Fraud Prevention Service) or any other party’s records so that we can manage your account and make decisions about credit, including whether to make credit available, to continue making credit available to you or update any information that you have provided us with.

21.3.4. Carry out, monitor and analyse our business.

21.3.5. Contact you by mail, telephone, email, SMS or other electronic means or in any other way about other products and services which we consider may interest you unless you tell us that you would prefer not to receive such offers. You may inform us of this in accordance with the terms of the Agreement.

21.3.6. Any person or company (including any direct marketing agencies) with whom we interact in order to supply to you, or provide to you or market to you any product or service that we believe you may be interested in unless you tell us that you would prefer not to receive such marketing in accordance with the terms of the Agreement.

21.3.7. Any person or company working for or with us.

21.3.8. Any insurer, if you arrange Credit Life Insurance through us.

21.3.9. Any guarantor of your obligations under the Agreement.

21.3.10. Any payment system under or through which we receive your payments.

21.3.11. Any person to whom we transfer any of our rights or obligations under the Agreement.

21.3.12. Any other party who processes your Personal Information on our behalf (including parties who are located and run their business outside of South Africa).

21.3.13. Any debt collector or attorney appointed to collect any monies you owe us; and

21.3.14. Anyone you authorise us to give your Personal Information to.

21.4. To the extent permitted by law, we may transfer, license or authorise the use of any of your Personal Information.

21.5. We may also monitor and record all telephone calls and other communications with you.

22. Other confirmations

22.1. By applying for the Loan Amount, you confirm that:

22.1.1. You can read and fully understand English. If you cannot read or fully understand English, you will request us to provide you with the documentation in another language that it may support.

22.1.2. You are an adult person, above the age of 18 years.

22.1.3. A court has not declared you mentally unfit.

22.1.4. You are not currently over-indebted.

22.1.5. You have not applied for or are currently under administration, provisional or final sequestration or debt review.

22.1.6. If you are married in community of property, or by customary or tribal law you confirm that your spouse has given explicit and written consent for you to enter into the Agreement.

22.1.7. You are not going through financial difficulty.

22.1.8. All information you have given is true and up-to-date, and we can rely on it; and

22.1.9. You will ensure that you have read and understood the Terms and Conditions before accepting the terms of the Agreement and the Quotation.

22.2. By accepting the Agreement, you confirm that:

22.2.1. You have reviewed the Quotation and Terms and Conditions and that you understand and appreciate the costs of credit, risks, rights and obligations that apply to the Agreement.

22.2.2. You can afford the monthly loan repayments in terms of the Quotation.

22.2.3. You have not borrowed any more money or accepted further credit after you first applied for this loan with the Credit Provider.

22.2.4. You have not applied for this loan to pay a debt counsellor to go under debt review.

22.2.5. You acknowledge that you have free choice as to the Credit Life Insurance Policy, the insurer, the broker or intermediary, and that you have exercised this choice without being forced or persuaded.

22.2.6. We, or our representative, may contact you on any day of the week in line with applicable laws about any amount you have not paid under the Agreement.

22.2.7. If there are insufficient funds in your Primary Bank Account to meet the Debit Order obligations, we may re-submit the instruction for payment without notification to you as soon as sufficient funds are available in your Primary Bank Account.

22.2.8. If your Debit Order is cancelled because 3 (three) Debit Orders in a row have failed, we may put your Debit Order in place again if it chooses to do so; and

22.2.9. We may cancel the Agreement at any time before the Loan Amount has been paid out by notifying you in writing if it finds out about anything that may make it more difficult for you to repay the loan. The Agreement will then have no effect and neither party will have any claim against the other.

22.3. We will pay the Loan Amount to the Educational Institution directly as is detailed in the Service Level Agreement between us (or a related company or a partner, agent or representative of us) and the Educational Institution. The payment made to the Educational Institution will under no circumstances be refunded to any other party, such as yourself or the Student.

22.4. If the Student cancels their studies or the studies are cancelled for any reason by the Educational Institution, if a credit amount reflects on the Student account at the Educational Institution because of such cancellation, the amount will be credited to the account of the Credit Provider. The same will be applicable when we make a payment of a Loan Amount that is more than the amount due to the Educational Institution.

23. This is the whole Agreement

23.1. The Quotation, your Application and these Terms and Conditions form the whole Agreement between you and the Credit Provider.

23.2. If you have chosen the Credit Life Insurance we offer, the relevant insurance policy will also form part of the record of the Agreement.

23.3. You will receive a free copy of the original Agreement as soon as reasonably possible after the Agreement has been concluded.

23.4. We will either provide you with a hard copy or an electronic copy thereof, by email. Should you require another copy of the Agreement during the duration thereof, you need to inform us in writing.

23.5. During the first year after entering into the Agreement, we will provide you with a replacement copy free or charge, however, we may charge a small fee in accordance with the Act for all additional replacement copies.

23.6. No changes may be made to the Agreement unless these changes are agreed to in writing or verbally (if it was voice-recorded and confirmed in writing) or unless the Act allows for it.

24. Declaration Regarding Influential Persons and Anti-Money Laundering Obligations

24.1. The Consumer acknowledges that, in terms of the Financial Intelligence Centre Act (FICA), the Credit Provider is obligated to identify and assess potential risk related to Politically Exposed Persons (PEPs), Domestic Prominent Influential Persons (DPIPs), Foreign Prominent Public Officials (FPPOs), and related parties. The Consumer confirms and agrees as follows:

24.1.1. The Consumer warrants that they will disclose to the Credit Provider if they:

· Are or become a Politically Exposed Person (PEP);

· Are or become a Domestic Prominent Influential Person (DPIP);

· Are or become a Foreign Prominent Public Official (FPPO);

· Are or become a known close associateof a PEP, DPIP or FPPO; or

· Are or become a family memberof a PEP, DPIP or FPPO.

24.1.2. If the Consumer answers yes to any of the categories listed above at any point during the term of this Agreement, they undertake to inform the Credit Provider in writing within 7 (seven) calendar days of becoming aware of such status.

24.1.3. The Consumer understands that failure to disclose such information may result in the suspension or termination of this Agreement in accordance with applicable laws and internal risk policies.

24.1.4. The Consumer acknowledges and agrees that the Credit Provider may conduct screening and verification using third-party databases to comply with its regulatory obligations.

Annexure A

SECTION A – CREDIT PROVIDER DETAILS

SECTION B – CONSUMER CONTACT DETAILS:

SECTION C – CONSUMER BANKING DETAILS:

SECTION D – CONSUER PAYMENT INSTRUCTION DETAILS AND PAYMENT FREQUENCY

SECTION E – ACTIVE DATE:  From date of loan agreement acceptance

SECTION F - ACTION DATE:Variable to coincide with my salary / wage signature deposits.

SECTION G – AUTHORISATION

I hereby authorise the Credit Provider to issue and deliver debit order payment instructions to Amplifin as the System Operator for collection against my above-mentioned Primary Bank and account number indicated above on condition that the sum of each payment instruction and frequency of payment requests will never exceed the obligations as agreed and defined in the Agreement specified.

This is a Flexible Date Mandate. I can only service the obligations defined in here if the payment instructions are executed as close as possible to when I receive my salary or wages which dates may vary from month to month, especially during December of each year. To curb against (1) unpaid bank charges (2) losing the benefits described in the agreement specified above (3) incurring penalties due to

non-payment; I explicitly authorise the Credit Provider to align the Debit Order Deduction Date to coincide with when I receive my salaries or wages, as specified above.

In addition, I explicitly authorise the Credit Provider to utilise the functionality of tracking supported by the DebiCheck Payment Stream. Tracking supported by the DebiCheck Payment Stream has been explained to me and I acknowledge that my above-mentioned Primary Bank Account will be interrogated for a defined period until this period has lapsed or until a successful collection has been processed for the instalment that was in tracking. I hereby agree that subsequent payment instructions will continue to be delivered in terms of the Credit Provider until all undertakings to repay in terms of the agreement specified above have been made. This Authorisation to pay will remain in force until cancelled by me in writing. I hereby acknowledge that my bank will levy charges against my bank account as agreed with them once I authenticate using the AC (DebiCheck) Payment Stream and once my Primary Bank processes a debit against my bank account.

I foresee that I may change my Primary Bank Account with my existing bank during the course of the agreement specified above, and therefore upon receipt of my new Primary Bank Account particulars, I authorise and grant the required consent to the Credit Provider and Amplifin as System Operator or the assigned third party, to update their centralised systems and to debit my new Primary Bank Account and to attach such new information to this signed Agreement as annexure. The attached annexure must be read together with this Agreement to debit my Primary Bank Account, by my new bank, even where such attached annexure is not signed by me. With such consent granted, this Agreement to debit my bank account will not lapse once my new Primary Bank Account details have been obtained.

SECTION H – ASSIGNMENT, NOTIFICATION AND NEW AUTHORITY

Should the Agreement be ceded or assigned to any third party, I agree and authorise the cession and assignment of this Agreement to such new third party.

SECTION I - PROTECTION OF PERSONAL INFORMATION ACT, NO. 4 of 2013: CONSENT GRANTED

I herewith consent to the receipt, storage, and processing of my Personal Information, as agreed to in the respective Agreements referenced herein, and in addition as set out in here, amongst others, for the purposes of facilitating collections by Amplifin.

Any Personal Information passed on to Amplifin by me as the authoriser of the mandate and stored by Amplifin for the purposes of facilitating collections will only be used by Amplifin where:

1.the law and the Payment Association of South Africa rules require Amplifinto do so;

2.to detect, prevent, and report theft, fraud, money laundering, and other crimes;

3.it is in the public interest to do so;

4.Amplifin's interests require disclosure, for example, a default or breach of this Agreement;

5.to facilitate collections of the Holder of the Authority;

6. to process Payment Instructions; and 7.to report to Credit Bureaux the outcome of payment instructions processed being either paid, unpaid, disputed or mandate cancelled.