Administration Fee: $7.00 charged monthly. Administration costs and fees payable on full prepayment are disclosed under the full prepayment heading.
Default Interest:
In the event of a default in payment and while the default continues you must pay the default interest charges. Default interest is charged from the time you fail to make a due payment until the arrears are paid. Default interest charges are calculated by multiplying the amount in arrears at the end of the day by a daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Default interest is charged to your account weekly. The annual default interest rate is 10% per annum above the annual interest rate referred to above in the section with the heading “Annual interest rate.”
Default Fees:
In the event of a breach of the contract or on the enforcement of the contract, the default fees specified below are payable. Your credit contract may allow the creditor to vary these fees and charges. The following fees are charged by Unique Solutions NZ LTD who is contracted by the creditor to administer and manage defaults:
Failed Payment Fee: payable for work undertaken by Unique Solutions NZ LTD each time a due payment is missed - $11.50
Payment Amendment & Arrangement Fee: payable where Unique Solutions NZ LTD works with you and agrees to a temporary arrangement for you to bring your overdue payments up to date over a period of time, rather than immediately - $17.50.
Account Restructure Fee: payable where Unique Solutions NZ LTD works with you and agrees to a variation of your loan terms (for example, extending the term of the loan) because you cannot otherwise bring your overdue payments up to date - $28.50.
*Note the Payment Amendment & Arrangement Fee and Account Restructure Fee only apply should Unique Solutions NZ LTD and you agree to the relevant arrangement or restructure – neither Unique Solutions NZ LTD nor you are required to agree to the arrangement or restructure.
Trace Fee: if you move address and fail to tell the creditor and Unique Solutions has to try and find your new address - $42.50.
External Agent Visit Processing Fee: Payable where an external agent is appointed to visit you and Unique Solutions administers and monitors that agent’s visit - $35.00 (this is in addition to any fee charged by the external agent)
Field Visits: Payable should it be necessary for Unique Solutions to make a visit to you as a result of a default - $172.50 + mileage costs where applicable.
Default Letter Fees
The following default fees may also be payable / charged to your account by the creditor:
Second Overdue Reminder Letter $15.00 fee per letter sent. This letter is typically sent where a debtor has been in default for a period of 10 Days.
'Repossession Warning' $25.00 fee per letter sent. This letter warns the debtor that we may repossess certain goods if they fail to bring their loan account up to date within a specified timeframe. This letter is typically sent where a debtor has been in default for a period of 20 Days.
'Repossession Authority' $60.00. This fee relates to the work involved in authorising an agent to complete the repossession of goods where the debtor has not remedied the relevant default following the repossession warning.
'Letter of Demand' $10.00 fee per letter sent as part of the debt collection process.
Additional fees will be added for amounts payable to third parties should this account be referred for repossession or debt collection. These amounts will be charged at commercial rates.
Should the account be referred to a debt collection agency for legal action to recover the debt there will be an additional charge at commercial rates to cover preparing the legal documents, and document service, as well as applicable district court filing fees.