Loan Disclosure - Personal Loan Agreed Terms
IMPORTANT – This document relates to your Loan Contract. It sets out the key information about your Loan Contract. You should read this document thoroughly. If you do not understand anything in this document, you should seek independent advice. You should keep this disclosure statement and a copy of your Loan Contract in a safe place.
The law gives you a limited right to cancel the Loan Contract (see below for further details). Note that strict time limits apply.
Parties to the Agreement
Address: (your address)
Name: Harmoney Investor Trustee Limited ("creditor")
Physical address: Level 1, 308 Parnell Road, Auckland
Postal address: Level 1, 308 Parnell Road, Auckland, 1052
You may send notices to the creditor by:
- writing to the creditor at the creditor's postal address; or
- sending an email to the email address specified.
The creditor will make the Loan to you as set out in this document.
The Loan Contract will be on the form set out on Harmoney Ltd's website when the Loan Listing for the Loan was placed, and will set out the terms and conditions for repayment of the Loan. A copy of the Loan Contract is available here.
The Initial Unpaid Balance ("Loan") is made up of:
1. Amount to be credited to you:
2. Amount to be paid to repay your existing debts
3. Amount to be paid to Harmoney Ltd to cover Establishment Fee
Annual interest rate: (advised in your personal loan disclosure)% per annum
Fixed for the whole term of the contract, being (advised in your personal loan disclosure)
Total interest charges: $ (advised in your personal loan disclosure)
This is the total amount of interest charges payable under the contract.
Method of charging interest
Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365.
Fees and Charges
See any additional fees and charges associated with the Loan here. These fees and charges are not included in the Initial Unpaid Balance. The creditor can vary these fees and charges as provided for in the Loan Contract.
Schedule of Payments
Amount of each payment: $(advised in your personal loan disclosure)
Number of payments: (advised in your personal loan disclosure)
Total amount of payments: $(advised in your personal loan disclosure)
The first payment will be made one month after the date of advance. The date of advance is the date on which payment of the advance is credited to your nominated bank account or otherwise applied on your behalf. The last payment is due 36 months after the date of advance.
All payments are to be made in accordance with this Schedule of Payments.
Application of Loan
You authorise the creditor to apply the Loan as follows:
Payee: Hamoney Ltd (in discharge of the Establishment Fee you owe it for arranging the Loan)
Payee's bank: Rabobank
Payee's bank account no: (advised in your personal loan disclosure)
Amount: (advised in your personal loan disclosure)
Total Amount $ (advised in your personal loan disclosure)
You can obtain ongoing information about your account online, by logging on to Harmoney Ltd's website and viewing your account statement for the relevant period.
What Could Happen If You Fail to Meet Your Commitments
Default interest charges
You do not have to pay any additional default interest charges in the event of a default in payment (but you must continue to pay the creditor ordinary interest on the outstanding amount of the Loan).
In the event of a breach of the contract or on the enforcement of the contract, default fees as specified here are payable. The creditor can vary these default fees as provided for in the Loan Contract.
Right to Cancel
You are entitled to cancel the Loan Contract by giving notice to the creditor.
Time limits for cancellation
You must give notice that you intend to cancel the contract within 7 working days of the date on which this document is emailed to you. Saturdays, Sundays, and national public holidays are not counted as working days.
How to cancel
To cancel, you must give the creditor written notice that you intend to cancel the contract by –
- giving notice to the creditor or an employee or agent of the creditor; or
- posting the notice to the creditor or an agent of the creditor; or
- emailing the notice to the creditor's email address.
You must also, within the same time, return to the creditor any advance received by you under the contract.
What you may have to pay if you cancel
If you cancel the contract, the creditor can charge you the amount of any reasonable expenses the creditor had to pay in connection with the contract and its cancellation (including legal fees and fees for credit reports, etc).
If you cancel the contract, the creditor can also charge you interest for the period from the day you received the advance until the day you repay the advance.
What to do if You Suffer Unforeseen Hardship
You may be able to apply to the creditor for a hardship variation 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.
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.
Do this as soon as possible. If you leave it for too long, the creditor may not have to consider your application.
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.
Contact details of dispute resolution scheme
Phone: 0800 347 257
Business address: Level 4, 101 Lambton Quay, Wellington 6145 or PO Box 596, Wellington 6145
Registration of Financial Service Provider Register
Creditor registration name: Harmoney Investor Trustee Limited
Registration number: (advised in your personal loan disclosure)