Terms and Conditions - Fast Track Finance Hawkes Bay

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Defined Words

In this document we sometimes give words a particular meaning. Some of these words are:

“Agreement” means the contents of every page of Parts A, B and C and includes the words “contract” and “consumer credit contract” wherever used in this document.
“CCCFA” means Credit Contracts and Consumer Finance Act 2003 and all regulations made under that Act;
“collateral” means personal property that is subject to a security interest under this Agreement;
“CRA” means Credit (Repossession) Act 1997 and all regulations made under that Act;
“non-purchase money security interest” has the meaning contained in the PPSA;
“PPSA” means Personal Property Securities Act 1999 and all regulations made under that Act;
“purchase money security interest” has the meaning contained in the PPSA;
“security interest” has the meaning contained in the CCCFA;
“we” or “us” means BranchName3 and includes the meaning of the words “secured party” (as used in the PPSA) and “creditor” (as used in the CRA and CCCFA);
“you” means you our customer and includes the meaning of the word “debtor” (as used in the PPSA and CCCFA);

General Clause

1.01 In exchange for our providing, or agreeing to provide:

the collateral to you or at your request to others; or
value, to allow you or at your request others, to acquire rights in the collateral; or
value, so that you can do something else you:
agree to pay the number and amounts to us at the times stated under PAYMENTS above;
agree to meet all your responsibilities under this Agreement;
grant us a security interest in the personal property described in the Schedule above
(where applicable) direct us to pay the amount we advance to the person described in the Schedule.

Your Responsibilities To Us

1.02 In addition to the responsibilities set out in clause 1.01 you agree to meet these responsibilities:

make sure all information you give us is accurate and complete;
give to us all title documents, concerning the property over which we have a security interest, particularly where the collateral is a document of title, chattel paper, investment security, negotiable instrument, money or intangible (as defined in the PPSA);
seek our written consent if you wish to give or permit: a security interest or interest of any kind to be given over the collateral or to sell or otherwise dispose of it;
provide secure accommodation for the collateral and keep it insured with our interest being recorded in the insurance policy;
comply with the terms of any other agreement regarding the collateral;
pay all sums payable to us under this Agreement.

1.03 Regarding the security interest you agree that:

the personal property described in the Schedule or (attached schedule F for a chattels loan) is collateral;
at our request you will do all things necessary to ensure we receive a perfected security interest in the collateral;
the security interest includes any part of the collateral or proceeds of it which come into existence after the date of this Agreement
you have received value from us;
(where you receive value to acquire the collateral) you acquire rights in the collateral;
the security interest has attached to the collateral and has in not been deferred or postponed to any date after we both signed this Agreement;
(where applicable), we retain title in the collateral until you have paid all amounts owed to us under this Agreement;
the collateral is at your risk once it has been delivered to you or your authorised agent in writing;
the collateral will be stored at your premises and kept in good repair and you agree to make it available at any time for inspection by us;
you will keep the collateral free of any interest of any kind except the security interest created by this Agreement and you will not relinquish possession or remove the collateral from your premises except in the ordinary course of your business;
if you fail to make a payment required by, or are in other default of, this Agreement then we may enter your premises and remove the collateral and where permitted by law you waive any right that may arise as a result of this removal. Any shortfall on sale of the collateral will be paid by you and/or the covenantor to us.

Agreement to Mortgage

1.03A You will on demand by the Creditor sign a registrable all obligations mortgage (“the mortgage”) of the property described in the Schedule (refer page 2) (“the property”) in favour of the Creditor to secure repayment of all moneys owing to the Creditor.

The mortgage will be the Auckland District Law Society form memorandum number 2005/4180.
The Creditor may caveat the property to protect the Creditor’s interests under this agreement.
In consideration of the sum of $1.00 paid by the Creditor to you (receipt of which is acknowledged) you appoint the Creditor (being its directors) your attorney to sign the mortgage on your behalf if you fail to properly complete and return it to the Creditor within seven days of receiving it for signature purposes.
You will pay the Creditor for all costs in the preparation, execution and registration of the mortgage.

Default Events

1.04 We treat default under this Agreement as being:

the failure by you to make a payment to us when it is due; or
the failure by you to perform one or more of your obligations under this Agreement

If you fail to make a payment to us when it is due then in addition to our other rights, we may charge you default interest charges and default fees (see WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS).
If you commit or permit the occurrence of an event described in this clause 1.04, then we may enforce the security in the collateral see WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS). The events are:
failure by you to perform any of your obligations under this Agreement; or
alteration of your management or control if you are a business, without our written consent;
presentation of a petition for your bankruptcy or liquidation (if you are a company); or
the passing of a resolution to wind you up (if you are a company).

1.04A In the event of a statutory holiday where you are in receipt of a payment from Work and Income, Working for Families from Inland Revenue, Watties or Silver Fern Farms you hereby authorise Fast Track Finance to alter the due date(s) on your loan in conjunction with the altered payments dates that are posted on the relevant websites or by an employee of Fast Track Finance Hawkes Bay Ltd obtaining the information.

Right To Appoint Receiver

1.05 In addition to all our other rights and to the extent we are legally permitted to do so, we may appoint or remove a receiver of all or any of the collateral. During his or her appointment any receiver shall have all powers regarding the collateral as if he or she were the owner of it.

Privacy

1.06 During any relationship you have with us, you agree that we may collect information about you. The information may be obtained from you and others. You may decide whether to provide any information we seek from you. However, if you do not provide it, we may not be able to provide our services to you. You may ask to see information we hold about you and ask for any details that are wrong to be corrected. We may hold the information, use it to market our goods and services to you and share it with the persons who we consider need it:

to register a financing statement for the security interest created by this Agreement; or
because of the existence, continuance or enforcement of this Agreement.

Waiver of Certain PPSA Rights

1.07 You agree that you waive your right to receive a copy of the verification statement confirming registration of a financing statement relating to the security interest created by this Agreement

Meeting Our Duties Through Agents

1.08 We may have any company owned by us or agent approved by us in writing perform any part of our side of the Agreement you have with us. If that occurs, each of those people and their officers, employees, contractors or agents shall have the benefit of any terms that confer benefits on us.

Consent to Electronic Communications

1.09 We both agree that we accept notices or other communications from each other by:

post;
delivery to a physical address;
fax; or text messaging to mobile numbers on your file or email.

Our fax number, physical, postal and email address is contained in FULL NAME AND ADDRESS OF CREDITOR in Part A.

Your physical, postal and email address is contained in YOUR DETAILS in Part A. We both agree to tell each other if any of our respective contact details change.

Transferring Responsibilities

1.10 We may transfer the whole of our side of this Agreement to someone else. We will tell you if we do this. You may not transfer this Agreement or any benefit or obligation of it to anybody.

More Than One Client

1.11 All the people recorded as a debtor in this Agreement must meet all your responsibilities under it.

Responsibility of Covenantor

1.12 Where a person has signed this Agreement as covenantor then that person agrees with us to:

pay the number and amounts to us at the times stated under PAYMENTS above;
meet your responsibilities under this Agreement unless performance is only possible by you whenever we ask that person to do so. The covenantor also agrees that he/she or it may be treated by us as a debtor under this Agreement.

Interpretation

1.13 Subject to the content of CRA & CCCFA:

pay the number and amounts to us at the times stated under PAYMENTS above;
meet your responsibilities under this Agreement unless performance is only possible by you whenever we ask that person to do so. The covenantor also agrees that he/she or it may be treated by us as a debtor under this Agreement.
- a clause or sub-clause and schedule means a clause, sub-clause or schedule in this Agreement; and
- a party means a party to this Agreement;
except as stated otherwise in this document, any word defined or explained in an Act or Regulation shall have that meaning in this Agreement and where there is inconsistency between the content of:
- CRA, this Agreement and PPSA in the context of a taking of possession of consumer goods by a creditor, then the content of CRA will prevail
- CCCFA, this Agreement and PPSA then the content of CCCFA will prevail;
subject to sub-clause (iii) above, a word defined in this Agreement will be treated as having the defined meaning;
any heading used is for reference only and shall be ignored in interpreting this Agreement;
any reference to a statute or regulation includes any laws amending, consolidating, re-enacting or passed under, such statute or regulations;
any promise not to do anything includes an obligation not to suffer, permit or cause that thing to be done;
a right granted or reserved may be exercised from time to time and at all times;
a variation to or waiver of this Agreement will only be effective if it is expressly stipulated in writing and signed by both of us and shall only apply to the extent stipulated;
each clause of this Agreement is separately binding. If for any reason either or both parties cannot rely on any clause all other clauses remain binding;
any reference to a date or time is to a date or time in New Zealand;
any reference to a sum of money means the lawful currency of New Zealand;
this Agreement shall be considered as always speaking and the obligations contained in it shall be observed and performed from time to time and at all times;
this Agreement shall be construed and take effect according to the laws of New Zealand

DISPUTE RESOLUTION

Name of 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 disagreements you have with the creditor.

Financial Service Complaints Limited, Level 4, 101 Lambton Quay, Wellington 6145

www.fscl.org.nz

Phone: 0800-347-257

Creditor Registration Name: FAST TRACK FINANCE HAWKES BAY LTD

Registration Number: FSP39626

WHAT TO DO IF YOU SUFFER UNFORESEEN HARDSHIP

If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the creditor for a hardship variation.

To apply for a hardship variation, you need to:

make an application in writing; and
explain your reason(s) for the application; and
request one of the following:
- an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
- a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
- both of the above; and
give the application to the creditor.