1
Interpretation
To make the terms and conditions easy to read, We have made a dictionary of the meaning of words which We use throughout this document.
1.1
"Act" means the National Credit Act 34 of 2005;
1.2
"Applicant" means the person who wishes to get a Loan from Us;
1.3
"Application" means the Mulah Application Form electronically completed by You;
1.4
"ECT" means Electronic Communications and Transactions Act 25 of 2002;
1.5
"Enforcement Expenses" means all legal costs which We incur in order to enforce Our rights under the Agreement and which We are allowed by Law to recover from You;
1.6
"Interest" means interest at the rate set out in the Quotation;
1.7
"Law" means common law, legislation, regulations and any subsidiary legislation prevailing from time to time in the Republic of South Africa;
1.8
"Loan" means the Loan granted by Us to You;
1.9
"Loan Amount" means the credit advanced to You as explained in the Quotation;
1.10
"this/the Agreement" means the Application, the Quotation and the Terms and Conditions to be read as one document;
1.11
"Parties" means the parties to this Agreement and "Party" means any one of them;
1.12
"Payment Date" means the date on which the Settlement Value is to be paid by You to Us;
1.13
"Payment Instruction" means the debt order authorisation You must complete in Our favour in order to make payment of amounts owing by You to Us;
1.14
"Principal Debt" means the Loan Amount and any fees and/or charges that are or become payable by You to Us as more fully detailed in the Quotation;
1.15
"Quotation" means the Pre-agreement Statement and Quotation to which the Terms and Conditions are attached;
1.16
"Settlement Value" means the amount that You would need to pay Us on any particular date in order to satisfy all of Your obligations to Us in terms of this Agreement;
1.17
"Terms and Conditions" means the terms and conditions contained in this document;
1.18
"VAT" means value-added tax;
1.19
"We/Our or Us" means Mulah, its successors-in-title or assignees;
1.20
"Working Day" means a day of the week other than a Saturday, Sunday or any other public holiday recognised as such by the government of the Republic of South Africa;
1.21
"Your or Yourself" means the person or persons named in the Quotation as the consumer including the executor of Your estate on Your death and the liquidator on Your sequestration;
1.22
Any reference to one gender shall be deemed to include the other and any reference to the singular shall include the plural.
2
The Agreement
2.1
After assessing the duly completed Application, We have agreed to lend You the Loan Amount reflected in the Quotation on the terms and conditions set out in this Agreement.
2.2
You are the only person who has the right to accept this Agreement. If You accept the Agreement, You must "sign" the Pre-Agreement Statement and Quotation and by clicking on the "I accept" box on Your screen. By clicking the "I accept" button You will be deemed to have consented to the Terms and Conditions set out in this Agreement, affixed Your signature and to be legally bound by this Agreement.
2.3
The Agreement which is sent to You electronically after Your acceptance of the Loan, serves as a written confirmation of Your acceptance of the Agreement.
3
RePayment
3.1
You agree to repay to Us the Settlement Value on the Payment Date.
3.2
We will collect this payment by way of debit order in terms of the Payment Instruction given by You to Us at anytime from 00:00 AM on the Payment Date therefore You must ensure there are sufficient funds in the account to cover payment by 00:00 A.M. on the Payment Date. If We are unsuccessful in collecting the full Settlement Value on the Payment Date, We may try to debit Your account at a later stage and on more than one occasion after 00:00:01 A.M. on the Payment Date for all or any part of the Settlement Value to Us as We determine necessary until the full Settlement Value is paid.
3.3
Prompt payment is essential. If You are late in paying, You will pay Us interest on the amount due from when it is due until it is actually paid at the rate of interest shown in the Quotation.
3.4
Your payment to Us will be credited by Us on the day it is received and allocated firstly toward payment of interest, then to payment of fees and charges, and finally to payment of the Principal Debt (being the Loan Amount plus any fees, interest and/or charges included as part thereof as set out in the Quotation).
4
Initiation Fee
An initiation fee will be payable by You to Us upon conclusion of the Agreement. You must decide whether You wish to pay the initiation fee separately or whether You wish Us to add/deduct the amount on to or from the Loan Amount advanced to You. Where the Loan Amount is the maximum amount which We are able to loan You after assessment, then the initiation fee cannot be added to the Loan Amount but will need to be deducted from the Loan Amount before it is paid to You.
5
Statements of Account
We will provide You with a monthly statement of Your Loan by SMS or email and You can find the statements under the "My Account" section on the Mulah.co.za website. Non receipt of a statement by You will not be a cause to withhold any payment due.
6
Interest, Fees and Charges
6.1
The Interest payable on the Loan Amount is fixed and will stay the same for the full duration of the Agreement at the percentage set out in the Quotation.
6.2
Interest will be calculated on the average daily outstanding balance, accrued daily and shall not exceed the maximum rate allowed by the Act.
6.3
You will be charged Interest on the Principal Debt from the date on which the Loan is made until the full Settlement Value is paid to Us.
6.4
A monthly service fee will be levied and added to the Principal Debt . The amount of this service fee is provided in the Quotation.
7
Enforcement Expenses, Collection Charges and Default Interest
7.1
If You default in Your obligations under the Agreement You will be charged Enforcement Expenses and Collection Costs (subject to the amounts allowed in terms of the prevailing Law) which are incurred by Us in the enforcement of this Agreement as well as default interest as per the Quotation. Such Enforcement Expenses and Collection Costs and default interest plus VAT thereon will form part of the Settlement Value where You default.
7.2
Default administration charges will be levied against You in respect of letters written to You as a result of Your default, at the amount allowed by Law and reasonable delivery expenses incurred and will be added to the outstanding balance.
7.3
Collection Costs incurred by Us will include all allowable tracing fees. All attorneys and registered debt collectors costs will be recovered from You on a scale not exceeding the tariff prescribed by the Magistrates Court Act 32 of 1944, the Supreme Court Act 59 of 1959, the Attorneys Act 53 of 1979 or the Debt Collectors Act 114 of 1998.
7.4
Subject to any Law to the contrary, all expenses, fees and charges referred to in this clause 7 will bear Interest at the Interest rate from the date on which they are due until the date of actual payment thereof.
8
Right to cancel in terms of the ECT
8.1
The provisions of this Agreement, since it is an electronic transaction are governed by the provisions of the ECT.
8.2
In terms of Section 14 of the ECT, You are entitled to cancel this Agreement without cost or penalty on the later of the 7th (seventh) day following:
8.2.1
the date on which the Agreement is concluded; or
8.2.2
the date on which the Amount is transferred into Your account.
8.3
If You cancel this Agreement in terms of 8.2, any amounts advanced to You in terms of this Agreement must be repaid to Us and in order to do so, You hereby authorise Us to immediately initiate a one-time debit to the account specified in the Payment Instruction in the amount of the advance made to You.
8.4
In addition, if You cancel this Agreement in terms of the provisions of this clause 8, any payments made by You under this Agreement (or made as a condition of entering into this Agreement) will be refunded by Us to You (except repayment of any part of the Loan Amount advanced).
9
Early Termination
9.1
You may make additional payments or pay the Settlement Value early at any time. No penalties shall be charged for early settlement of the Loan.
9.2
The responsibility however lies with You to inform Us of early payments and a proof of payment must be sent to accounts@mulah.co.za.
9.3
Although You may pay the Settlement Value early at any time, without notice to Us, in the event that the Settlement Value is paid in full, You bear the responsibility to cancel the Payment Instruction given to the relevant third party service provider in the event of such early repayment.
9.4
We will not be liable for any costs or charges associated with the Payment Instruction, in the event that the Payment Instruction is not cancelled timeously. We will however refund to You the loan repayment amount incorrectly debited from Your account, via EFT transfer, within 7 (seven) days of the receipt of the loan repayment amount.
10
Repayment Event
10.1
We may at any time terminate this Agreement and claim payment of the Settlement Value from You if:
10.1.1
You commit any act of insolvency contemplated in the Insolvency Act, 1936 or are sequestrated (whether provisionally or finally) or are placed under administration in terms of section 74 of the Magistrates' Courts Act, 1944 or become subject to debt review in terms of the Act; or
10.1.2
You are in default of this agreement and have failed to rectify the default as required in clause 11.
10.2
Upon the occurrence of the events above the full Settlement Value under the Agreement, whether or not such amount is then due and payable, shall immediately become payable to Us.
11
Default
11.1
You are in default of the Agreement if You:
11.1.1
do something You have agreed not to do or do not do something You have agreed to do, under the Agreement;
11.1.2
give Us incorrect, misleading or deceptive information in connection with this Agreement in a way which would have affected Our decision to lend You money;
11.1.3
have acted fraudulently or dishonestly in connection with this Agreement; or
11.1.4
commit a breach of any of the declarations provided by You to Us;
11.1.5
die; or
11.1.6
fail to make payment of any amount due in terms of this Agreement.
11.2
If You are in default, We will give You a written notice as required by Section 129 of the Act electronically advising You of the default and advising You that You may refer the matter to an alternative dispute resolution mechanism, ombud or consumer court, or resolve it with Us.
11.3
If You have been in default for 20 (twenty) Working Days and at least 10 (ten) Working Days have expired since We gave You Default Notice and You have not responded to the notice, or rejected Our proposals, We will be able to take action for payment of the Settlement Value and You will be liable to pay Us Enforcement Expenses and Collection Costs.
11.4
Where You cannot pay Your debts and if You do not consult, or refuse to consult with the debt counsellor, then We will be entitled but not obliged to hand the Agreement over to Our attorneys or a debt collector registered in terms of the Debt Collectors Act of 1998 for the collection of the debt.
11.5
In addition, upon the occurrence of a default We will charge the default interest rate set out in the Quotation on any amounts due, owing and payable to Us from the date that it became due for payment, to the date of payment thereof.
11.6
We may submit an adverse report of Your default to a credit bureau, setting out particulars thereof. If this is the case at least 20 (twenty) Working Days notice will be given to You prior to reporting any adverse information to a credit bureau and You will be entitled to a copy of the adverse report upon request addressed to the credit bureau.
11.7
You furthermore consent to Us sending SMS's to You with regard to Your outstanding balance/s, when Your instalment is due and payable, when You are in arrears with Your payments and related matters.
12
Our Relationship with You
12.1
You agree that at the date of applying for and accepting this Agreement, You are not:
12.1.1
sequestrated (whether provisionally or finally), and have not committed any act of insolvency contemplated in the Insolvency Act, 1936;
12.1.2
placed under administration in terms of Section 74 of the Magistrates Court Act, 1944 or subject to a debt review process in terms of the Act (whether formal or informal);
12.1.3
under notice of termination of employment, retrenchment or any other notice which could affect Your employment status;
12.2
If You miss a loan repayment on the Payment Date, or find Yourself in financial difficulties and You believe You cannot afford to repay the amount due under this Agreement, You will contact Us as soon as possible by email to accounts@mulah.co.za or by calling Our Customer care Line at +27(79)1572430.We can discuss a repayment plan and/or other appropriate steps.
12.3
You must tell Us when Your circumstances change in a way that may adversely impact Your ability to repay the amount due under the Agreement.
12.4
If Your relationship with Us has broken down, this will be included in the information supplied to the credit bureaux . You should be aware that this may have serious consequences for Your ability to get credit in the future.
13
Special offers/Promotions
13.1
From time to time, We may introduce special offers or promotions. These will be subject to separate terms and conditions which We will publish on Our website at the time.
13.2
You will have advised Us in the Application whether You would like to receive such information regarding special offers and promotions.
14
Disputes or Complaints
14.1
In the event of a dispute or a complaint, You should first refer the matter to Us. If We are not able to resolve Your dispute or complaint, the matter may be referred to independent conciliation, mediation or arbitration. If this is not successful, acceptable or possible, You are entitled to a file a complaint with the National Credit Regulator, or make an application to the National Consumer Tribunal.
14.2
If We are not able to resolve Your dispute or complaint, the matter may be referred to independent conciliation, mediation or arbitration.
14.3
If You are not satisfied with the resolution/conclusion received from Us, You are invited to take the matter further and contact the applicable regulatory or dispute resolution body on the contact details below:
National Credit Regulator
Telephone (011) 554-2600 or 0860 627 627
Fax (011) 484-6122
Email info@NCR.org.za
Post Address 127, 15th Road, Randjespark, Midrand
Credit Ombud
Telephone 0861 662 837
Fax 086 683 4644
Email ombud@creditombud.org.za
Post Address Suite 444, Private Bag 1, Jukskei Park, 2153
15
Credit Information/Confidentiality and Information Exchange with the Credit Bureaux
15.1
In applying for a Loan You need to be aware of and You agree that We are entitled to supply Your personal information, insofar as it relates to the Agreement, (regarding Your Application therefore, Your conduct thereunder, the enforcement, collection, settlement and termination thereof) to credit bureaux.
15.2
As a credit provider, We supply information to credit bureaux regarding the Application, opening, operation and termination of an account. In return, We obtain information from the credit bureaux supplied by other credit providers and share information with other credit providers and third parties with whom You may have financial relations so that valid credit assessment procedures can be followed. Non-compliance with the terms of the Agreement shall be conveyed to the credit bureaux and such third party. The credit bureaux will also provide a credit profile reflecting Your assessed ability to repay the credit being applied for according to the information on their database/s.
15.3
You hereby agree that We may obtain from and disclose to credit bureau any information of any nature whatsoever which relates to You that may have an effect on being granted the Loan.
15.4
We may obtain from and disclose to any credit bureaux, South African Fraud Prevention Services or any other third party with whom You have had financial relations, any information relating to Your credit profile and credit history.
15.5
Any incorrect or false information supplied by You will be reported to the South African Fraud Prevention Services and the Police.
15.6
The credit bureau details are as follows:
Compuscan Credit Bureau
Physical Address:
Compuscan House,
3 Neutron Ave,
Techno Park,
Stellenbosch
South Africa, 7600
PO Box 1028, Stellenbosch, South Africa, 7599
Contact Details:
Tel: 0218886000
Fax: 0214132424
National Nr: 0861514131
Email: info@compuscan.co.za
15.7
In the event of Your non-compliance with any of the terms and conditions of the Agreement, You are aware of and acknowledge that such information will be submitted to credit bureaux and/or the National Credit Regulator, although We will advise You in writing of this action as required by the relevant legislation. Upon receipt of the above information or any other similar information by a credit bureau, the credit bureau will be able to construct a credit profile in relation to You and a credit score based on Your credit worthiness.
15.8
It is Your right, should You so wish, to make contact with the abovementioned credit bureaux in order to have Your credit record disclosed, and to have any inaccurate information held by the credit bureaux corrected. This is however Your responsibility, not Ours.
15.9
You have the right to edit or change the Personal Information You have supplied to Us, via an email request to accounts@mulah.co.za or by contacting Our customer care line on +27(72)1954568. It is Your responsibility to notify Us of any changes in Your Personal Information and, we may rely on any Personal Information as provided by You on the Application until such time as amended or changed in accordance with this Agreement.
15.10
This is a condensed version and if You would like to read the full details of how Your data may be used please visit Our website at www.mulah.co.za
16
Use of Personal Information
16.1
We are in possession of information that identifies You (Your "Personal Information") to :
16.1.1
verify Your identity and accuracy and completeness of the information You to provide to Us;
16.1.2
open, administer and service this Agreement;
16.1.3
statistical analysis;
16.1.4
to develop and improve Our products;
16.1.5
update Your records;
16.1.6
to identify which of Our, or others products might interest You.
16.2
You hereby agree that We may use Your Personal Information to:
16.2.1
assess lending and insurance risks;
16.2.2
arrange, underwrite and administer insurance and handle claims;
16.2.3
identify, prevent, detect or tackle fraud, money laundering and other crime;
16.2.4
carry out regulatory checks;
16.2.5
keep You informed about Your Loan and conduct market research. Unless You opt out, by emailing Us accordingly or in the "opt out" box contained in the Application, We may also use Your Personal Information to contact You by mail, telephone, email, SMS or other method permitted by Law in relation to offers We may feel might interest You and/or in terms of Our Privacy Policy;
16.2.6
any other purpose agreed to by You in the Application.
16.3
We will keep Your Personal Information confidential and only give it to others for the above purposes, including:
16.3.1
to Our agents and subcontractors, acting for Us, to use for the purpose of operating Our lending business and obtaining payment in terms of this Agreement or any other agreement You have with Us;
16.3.2
to share information via organisation/s which provides a centralised application matching service which it collects from and about mortgage and/or credit applications, for the purpose of preventing and detecting fraud;
16.3.3
to financial institutions or payment distribution agencies for purposes of payment processing;
16.3.4
unless You opt out by emailing Us or in the opt out box in the Application, to third parties who may use it to contact You by email, telephone, mail, SMS or other method permitted by Law in relation to offers they feel might interest You.
16.4
Your Personal Information may also be used for other purposes for which You give You permission or, in circumstances, when required by any relevant Law.
16.5
Your Personal Information is held subject to Our Privacy Policy which You hereby confirm that You have read, understood and agree to.
17
Certificate of Indebtedness
A certificate signed by one of Our duly authorised managers, whose authority need not be proved, as to the amount owing by You to Us at any time, as to the fact that such amount is due and payable, the amount of interest accrued and payable thereon and as to any other fact, matter or thing relating to Your indebtedness to Us shall be proof (on the face of it), and unless disputed by You, of the facts therein stated and of the amount of Your indebtedness for the purpose of provisional sentence or summary judgment or any other proceedings against You in any competent court, and shall be valid as a liquid document for such purposes. Such certificate shall be deemed to be of sufficient particularity for purposes of pleading or trial in any action or other proceeding instituted by Us against You.
18
Amendments to the Terms and Conditions
18.1
Subject to what is set out below and any applicable Laws, We may, in Our sole and absolute discretion and at any time amend these Terms and Conditions. We will inform You of any amendments by sending You a notice of amendment or sending You the amended Terms and Conditions or by setting out the amendments on Your statement.
18.2
Unless governed by the Act to the contrary, the amendments will be effective from the date of the notice of amendment or the amended Terms and Conditions or the monthly statement setting out the amendments.
19
Marketing Option
You have elected the marketing options set out in the Application which may include consent that We, Our affiliates, associates and subsidiaries may send advertising and promotional material by email, SMS (short message system) to Your computer, cellular telephone as provided herein. Should You wish to unsubscribe from such messages, please contact Us.
20
Change in Circumstances
You must notify Us as soon as possible of any changes to Your personal details or financial circumstances in light of the information provided by You in the Application. A failure to do this will be a breach of this Agreement for purposes of clause 11.
21
Changes required by Law
If there is any change to a Law that requires Us to conduct Our business of providing loans differently from that contemplated under this Agreement, We will be entitled to make such changes to this Agreement as are required to comply with the Law. We will give You appropriate written notice of such changes.
22
Debt Counsellor
If You experience difficulty in meeting Your repayments, You are invited to contact Us without delay. You also have a right to apply to a debt counsellor to be considered for in terms of Section 86 of the Act to be declared over indebted. A fee might be payable to such debt counsellor who will then evaluate the extent of Your indebtedness and may attempt to assist in the re-arrangement of Your debt if You are in fact over indebted.
23
Substitution of Parties
You hereby acknowledge and agree that We will be entitled, without restriction and in Our sole and absolute discretion to replace Us as credit provider with any subsidiary company or associate company (present or future), provided that such replacement credit provider shall upon such replacement acquire all the rights and assume all of Our obligations in terms of this Agreement.
24
Cession
By Your signature hereto You agree that:
24.1
We may (or any person to whom Our rights are ceded and/or Our obligations are delegated) without notice to You, cede any or all of Our rights and/or delegate Our obligations under this Agreement either absolutely or as security to any other person or persons (notwithstanding that a cession and/or delegation to more than one person may result in a splitting of claims against You which splitting of claims You hereby agree to) and on any such cession and/or delegation taking place, You shall, if so required by any cessionary, make all payments direct to such cessionary.
24.2
We may disclose any information, including documents, which We hold about You including any information about the performance of Your obligations under the Agreement, to any third party to facilitate the rights referred to in clause 23.1.
24.3
You may not cede or encumber any of Your rights nor delegate any of Your obligations under this Agreement.
25
Legal Address - Contact Details
25.1
You agree that any notices and statements to be delivered or otherwise given to You in relation to this Agreement can be delivered or served to the email address supplied by You in the Application.
25.2
Any notices and statements may also be put on Your account and under the "My Account" section on Our website. In such cases, You will also receive by email to Your email address a prompt to refer to Your online account. At Our discretion, We may also deliver or serve any notice or demand on You personally, or send it by prepaid envelope addressed to You at Your last known address. You may deliver or serve any written notices on Us by email to info@mulah.co.za
25.3
You may change Your contact details by delivering to Us notice of the new contact details by email to accounts@mulah.co.za, or by contacting us on Our customer care line: +27(72)1954568
25.4
You agree that notwithstanding anything to the contrary herein contained, a written notice of communication actually received by You will be adequate written notice or communication to You notwithstanding that it was not sent or delivered to Your chosen address.
26
Your Undertakings
By signing this Agreement, You:
26.1
have had an opportunity to read this Agreement;
26.2
agree that the Application and Quotation forms part of the Terms and Conditions;
26.3
agree that You have not been induced into making this Agreement and have not signed any blank documents relating to this Agreement;
26.4
accept and agree to be bound by all of the declarations and terms contained in this Agreement and those contained in the Application;
26.5
declare that all of the information that You have given now and previously, including but not limited to the declarations provided in the Application either in writing or as electromagnetically recorded via telephone conversation is true, accurate and correct in all respects and is not misleading or deceptive in any way;
26.6
acknowledge that You understand and appreciate the risks, costs, rights and obligations in this Agreement;
26.7
acknowledge that You received or were told and carefully considered the Application, the Quotation and the Terms and Conditions and all other documents that needed to be signed and returned to Us in order to accept this offer before You signed these documents;
26.8
understand and agree that We rely on the correctness of all the information provided by You and We will not be responsible for any Loss arising out of any error or omission contained therein (in particular, without limitation, any banking details) and You hereby indemnify Us against any claim Loss whatsoever arising from such error or omission;
26.9
agree and consent to Your personal information being dealt with in terms of the provisions of this Agreement and to Our Privacy Policy which You have read and agreed to.
27
Governing Law and Jurisdiction
27.1
This Agreement shall be governed by the laws of the Republic of South Africa.
27.2
We will be entitled, but not obliged to institute any proceedings arising out of or in connection herewith in the appropriate Magistrates Court (or High Court where necessary) with jurisdiction.
28
General
28.1
All references to Us include Our lawful successors and permitted assigns. We reserve the right to transfer Our rights and obligations in respect of this Agreement to any third party.
28.2
The Agreement is the full complete agreement between You and Us in respect of the granting of the Loan and there are no additional unspoken or implied terms or conditions and no variation, amendment, extension of time, waiver or rights, relaxation or termination of any provisions contained in this Agreement will in any way be of force or constitute a basis to rely on an estoppel unless agreed to in writing by the Parties.
28.3
In the event of any one or more of the provisions of this Agreement being unenforceable then such provisions shall be severed from the remaining provisions of this Agreement which shall in no way be affected and shall remain in full force and effect.
28.4
No indulgence which We may grant to You will be a waiver or novation of any of Our past or future rights and We shall not thereby be precluded from exercising any rights against You which may have arisen in the past or which might arise in the future.