Continuous Payment Authority (CPA)
4. When you take out a loan with us we will ask you to provide us with a Continuous Payment Authority (“CPA”) to collect your payments by debit card directly from your nominated bank account. We will collect the repayment due, including interest and any applicable charges, by CPA on the agreed repayment dates (as will be set out in your loan agreement).
We will contact you at least three days before the agreed repayment dates, to remind you when each repayment is due. We may do so by email, text or phone.
5. If the first repayment transaction fails, then we will make a further attempt on the same day to make sure we have not missed your salary deposit. The attempt will be for Total Amount Payable.
Where we cannot obtain the amount outstanding on the due date, we will make immediate attempts on that day and the following days to contact you by phone, email and/or text message and find out why you have been unable to meet your repayment obligations.
We urge you to contact us as soon as possible to explain any repayment difficulties and avoid incurring unnecessary charges. If you are experiencing financial hardship we will show forbearance and work with you to agree on an alternative solution.
If we cannot contact you or you unreasonably refuse to agree on an alternative, we will continue with our collection procedures which may, after every avenue has been exhausted, include legal action.
6. If our attempts to obtain payment have failed twice, and you then authorise us to take payment from your card, this authorisation will reset the CPA for further instalments.