Pre-Agreement Statement, Quotation And Agreement In Terms Of Section 92 Of The National Credit Act, 34 Of 2005 (Page 3 of 3) in pdf

ADDRESSES FOR RECEIVING OF DOCUMENTS

8.1

The Consumer chooses the physical address as provided in Part A, for the serving of legal notices. The postal address will be used for the sending of other notices and documentation, for

example the statement of account if no email address has been provided by the Consumer in Part A of the Loan Agreement.

8.2

The Credit Provider chooses its physical address as set out in Part A of the Loan Agreement for the serving of legal notices and other documentation or the Consumer may forward such

documentation to legal@eduloan.co.za or fax it to 086 632 4445.

8.3

Both parties agree to inform the other of the change of the notice address, postal address, telefax number or email address as soon as possible after any such change. The change will be

effective on the 5 (ﬁ fth) business day after receipt of such notice.

8.4

The parties agree that the notices will only be valid if it is in writing and sent to the address as stipulated in Part A of the Loan Agreement.

INFORMATION DISCLOSURE

9.1

The Credit Provider shall not disclose any conﬁ dential information obtained in the course of Loan Agreement to outside third parties unless obliged to do so by law or a court order or

where consent has been provided in terms of these terms and conditions and as recorded in this Part B of the Loan Agreement.

9.2

By entering into the Loan Agreement the Consumer acknowledges, agrees and/or condones that the Credit Provider may provide to any of the Credit Bureaux listed in 9.6 below, any

adverse information in the format prescribed by such Credit Bureaux and provided for by the National Credit Act. Such Credit Bureaux provide a credit proﬁ le and possibly a credit score

on the credit worthiness of the person subject to the record.

9.3

The Consumer consents to the Credit Provider forwarding, in its sole and absolute discretion adverse information relating to the loan to the Service Provider, and without limiting the

foregoing, in the event of default or if the Student and/or the Consumer is reasonably believed to have fraud.

9.4

The Credit Provider may provide details to the South African Fraud Prevention Services (“SAFPS”) of any conduct on the Consumer’s account or Loan Agreement that gives the Credit

Provider reasonable cause to suspect that the conduct is of a fraudulent nature.

9.5

By entering into this Loan agreement the Consumer consents and/or ratiﬁ es to the Credit Provider obtaining from the Credit Bureau and/or National Loan Register the Consumer’s credit

record and payment history, and without derogating from the foregoing, that the Credit Provider can resile from this Loan Agreement immediately on receipt of any information that the

Consumer has failed his/her affordability test as prescribed by the National Credit Act.

9.6

The Consumer has the right to contact the Credit Bureau with the following contact details to have the Consumer’s record disclosed and to request the correction of inaccurate

information:

9.6.1

Expert Decision Systems XDS

Telephone: 011 645 9100

E-mail: info@xds.co.za

9.6.2

TransUnion Credit

Telephone: 011 214 6000

E-mail: Disputeinfo@transunion.co.za

9.6.3

Experian Credit Bureau

Telephone: 0861 105 665

E-mail: info@experian.co.za

9.6.4

Compuscan

Telephone: 021 888 6000

E-mail: info@compuscan.co.za.

10.

DISPUTE RESOLUTION

10.1

The Consumer agrees that in the event of any dispute or complains he/she will inform the Credit Provider thereof in writing in order to resolve the issue at hand. The Consumer may

forward the notice to legal@eduloan.co.za or fax it to 086 632 4445.

10.2

In terms of the National Credit Act the Consumer may also attempt to resolve any complaint or dispute regarding the Loan Agreement by:

10.2.1

alternative dispute resolution;

10.2.2

referring the complaint or dispute to the National Credit Regulator established in terms of the National Credit Act; or

10.2.3

by making an application to the National Consumer Tribunal established in terms of the National Credit Act.

10.3

The National Credit Regulator may be contacted on 0860 627 627 / .za and the National Consumer Tribunal may be contacted

at 012 663 5615/ 0860 627 627.

11.

PAYMENTS TO INTERNATIONAL EDUCATIONAL INSTITUTIONS

11.1

The Credit Provider will ﬁ nance South African students studying abroad as well as foreign students studying in the designated country or abroad. The consumer must, however, be in

South Africa.

11.2

The Credit Provider will make all payments in the South African Rand currency and in terms of the South African Banking and payment system. For avoidance of doubt the monies

stipulated in the loan application, will be paid in South African Rands directly to the International Educational institution. In the event of a shortfall in the fees due to currency

ﬂ uctuations or foreign exchange, the Consumer will be liable to pay the International Educational institution institution the outstanding amounts.

11.3

The Consumer will responsible for all bank charges.

11.4

Loan payments will take up to 45 days from date of approval to be paid into the International Educational Institution account.

11.5

The Credit Provider may at anytime offset exchange rate ﬂ uctuations for payments to International Educational Institutions.

12.

GENERAL

12.1

Any agreed changes to this Loan Agreement will be made in writing and signed by both parties to the agreement or electronically voice recorded by the Credit Provider. The Credit

Provider will within 20 (twenty) business days after the date of agreed change to the Loan Agreement deliver to the Consumer by way of email, postal or fax as agreed to by the parties at

the time of the amendment, a document reﬂ ecting the agreed amendments. The amended agreement will not create a new Loan Agreement unless clearly stated.

12.2

The Loan Agreement will be governed by the Laws of the Republic of South Africa.

12.3

A translated version of the Loan Agreement will be provided to the Consumer upon request. Should any ambiguities occur in the translated version of the terms and conditions, the

English version will get preference.

12.4

The Credit Provider may without consent or notice to the Consumer, cede and/or delegate any of its rights and/or obligations under this Loan Agreement.

12.5

The Consumer may apply to a debt counsellor to be declared over-indebted by following the following procedures, but not after the Credit Provider has started legal action in terms of

6.3 above:

12.5.1

Inform the Credit Provider of the Consumer’s intention of initiating the debt counseling process by contacting the Eduloan call centre at 0860 55 55 44;

12.5.2

The Consumer must visit any debt counsellor of his/her choice and provide the debt counsellor with his/her income and expense information;

12.5.3

Should the debt counsellor determine that the Consumer is over-indebted, they may issue a proposal to the Magistrate’s Court recommending that it declares one or more

of the Consumer’s agreements to be reckless or that the obligations of the Consumer be rearranged;

12.5.4

The debt counsellor will guide the Consumer through the process of debt counseling.

12.6

If at any time, any of the terms or conditions is found to be illegal, unenforceable or invalid in whole or in part, then the remaining portion of such terms and conditions will remain

binding and in full force and effect.

12.7

In the event that the student cancels his/her studies, and a credit amount reﬂ ects on his/her student account at the Service Provider as a result of such cancellation, the amount will

be credited to the Credit Provider account. The same will be applicable when the Credit Provider makes a payment of a loan amount that is in excess of the amount due to the Service

Provider.

12.8

In the event of death or retrenchment of the Consumer, the outstanding balance will be regarded as being repaid in full, provided that no amounts payable and due at that stage are in

arrears.

12.9

Any commission to be paid to an agent for assisting with the completion of the agreement will have no inﬂ uence on the consumer’s cost of credit and will be the same as an agreement

where no agent has assisted the Consumer.

13.

DECLARATION

The Consumer:

13.1

Conﬁ rms that he/she applied for a loan with the Credit Provider and that the information furnished therein is to his/her knowledge and belief, true and correct and that no information

required for evaluating the Loan/credit application has been omitted and acknowledges that subject to the correctness thereof, if approved, the application will constitute a binding Loan

Agreement;

13.2

Conﬁ rms that the Consumer and Student understand that the Credit Provider will take legal action against any person who commits any act that can be deﬁ ned as fraudulent. The Credit

Provider will be entitled, without limitation, to open a case of fraud against the perpetrator and will forward such details to the Service Provider which will further be entitled to take any

action it deems ﬁ t;

13.3

Understands that the Credit Provider is not an agent or representative of the Service Provider except for the purpose of administering the Persal and/or Persol code and/or the SASSA

system as agreed between the Credit Provider and the Service Provider and cannot be held responsible if the Service Provider fails to deliver educational services to the Student;

13.4

Acknowledges and consents to the Credit Provider using Nu-Pay for payment requests made from the Consumer’s bank account in terms of Part A;

13.5

Declares that he/she is presently not under administration, has no intention of being placed under administration and agrees that he/she will not attempt to be placed under

administration for the duration of this agreement;

13.6

Declares that he/she has not initiated the debt review process, is not under debt counseling and has no intention to initiate the debt review process directly after the loan has been

approved;

13.7

Declares that by signing this Loan Agreement, he/she acknowledges that he/she fully understands the risks, costs and obligations associated with entering into the Loan Agreement, can

afford it and that such portion of the Loan Agreement that required explanation has been fully explained to his/her satisfaction.

14.

WAIVER

14.1

The Consumer has the right to a 5 days cooling off from the date of entering into this agreement.

Yes

The Consumer may however waive this right by initialing in the box’s provided.

SIGNED AT _______________________________________ ON THIS _____ DAY OF ____________________________________________

___________________________________________________

__________________________________________

Consumer

Spouse (if married in COP to Consumer)