Coughlans T&Cs

Part A: Security provided

The following items must be pledged and handed over by the consumer to Coughlans Financial Services prior to the advance and will be forfeited to Coughlans Financial Services in the event that the pledge is not redeemed in terms of Part B on or before the Agreement End Date:

Part B: Repayment arrangements

The pledge is redeemable by presentation of the attached ticket and payment to Coughlans Financial Services of the full amount of the credit advanced together with the interest, fees and charges, on or before the Agreement End Date. On due redemption of the pledge the security will be returned to the consumer.

Part C: Further Information on rights and obligations

If the original ticket is lost or mislaid, the consumer must at once notify Coughlans Financial Services and apply for a form of declaration to be signed by the Commissioner of Oath. And See Attached Documents Form 20.2 - Small Agreement.

1. Payment Schedule

The payment schedule above and attached hereto sets out the information relating to the credit extended and must be read as part of this agreement.

2. Security

2.1 See attached Form 20.2: Pre-Agreement Statement and Quotation for Small Agreements, describes the security and its values.

2.2 The security specified in the attached Form 20.2: Pre-Agreement Statement and Quotation for Small Agreements must be pledged and handed over by the consumer to Coughlans Financial Services prior to the advance and will be forfeited to Coughlans Financial Services in the event that the pledge is not redeemed on or before the Last Date for Payment /Agreement End Date.

2.3 The pledge is redeemable by presentation of the attached ticket and payment to Coughlans Financial Services of the full amount of the credit advanced together with the interest, fees and charges, on or before the Last Date for Payment /Agreement End Date.

2.4 On due redemption of the pledge the security will be returned to the consumer.

3. Early settlement (In terms of section 125 of the Act)

This pledge can be redeemed at any time prior to the contract expiry date.

4. Consumers right to terminate the agreement (In terms of section 122 of the Act)

A consumer may terminate this agreement at any time prior to the agreement end date by paying the settlement amount to Coughlans Financial Services i.e. by paying the unpaid balance of the principal debt together with the unpaid interest charges and all other fees and charges payable by the consumer to Coughlans Financial Services up to the settlement date.

5. Addresses for receiving of documents (As per section 96 of Act)

The addresses specified at the top of this Form 20.2 will be the addresses where the parties must accept documents, pleadings and notices relating to the agreement. Either party may change its address by delivering to the other party a written notice of the new address by hand, registered mail or electronic mail, if the other party has provided an email address.

6. Penalty interest on arrear amount.

Subject to section 103(1) of the Act, the interest rate applicable to an amount in default or an overdue payment under this agreement shall be equal to the highest interest rate applicable to any part of the principal debt under this agreement, or if there is only a single rate applicable to the principal debt, then equal to such interest rate.

7. Marketing option and annual increases in credit limits (As per section 74(6) of the Act.)

MARKETING OPTIONS	CUSTOMERS SELECTION
Pre-approved Annual Credit Limit increases (if available)?	Not Applicable		No
Include any Telemarketing Campaign?	Yes		No
Include in Marketing or Customer Lists that may be Sold or Distributed, except as required by the Act	Yes		No
Include in Mass Distribution of Emails?	Yes		No
Include in Mass Distribution of sms Messages?	Yes		No

What is the National Credit Act?

The National Credit Act (NCA) is purposed to establish norms and standards in relation to consumer credit. It does this by promoting a consistent consumer credit framework. It also established a National Credit Regulator and National Consumer Tribunal. As well as repealed and amended various acts within the South African Consumer Credit Market context.

What is the National Credit Regulator (NCR)?

The National Credit Regulator (NCR) has a mandate to develop and regulate the Consumer Credit Market. It does this by promoting, supporting and ensuring transparency, fairness, sustainability and competitiveness of lending practices. Additionally, it seeks to ensure the efficiency, effectiveness and responsibleness of the lending process.

What is the purpose of the National Consumer Tribunal (NCT)?

The National Consumer Tribunal (NCT) is an independent adjudicative body. Decisions made by the NCT have the same status as those made by the High Court of South Africa. Its purpose is to hear and decide on cases which involve consumers, credit providers, debt counsellors, the credit bureaux and service providers. The NCT aims to achieve fairness and justice within the credit and consumer markets. It also reviews decisions made by the NCR and the NCR can refer matters to it.

What is the Second-Hand Goods Act?

The Second-Hand Goods Act aims to promote ethical standards and to regulate the business of pawnbrokers and second-hand dealers.