Terms and Conditions

APPLICATION
-Ram-B Finance Loan Company provides a consumer with a quotation and pr- agreement statement in terms of the NCR which the consumer has to the terms of the quotation and pr-agreement.
– You can only apply in terms of this agreement if you are a holder of a card which relationship with us is regulated by a separate agreement.

PAYMENTS
– The Consumer must pay the monthly installments owing to the Ram-B Loan Company on the last working day of each calendar month.
– The Borrower must also be liable for the refundable payment of the (VAT FEE) Note: the VAT payment is refundable one month after the loan has been disbursed to you.
– Kindly note that a Customer Protection Plan Fee (to ensure a financial security for you and your family in the event that you are unable to repay your loan due to unforeseen circumstances) & an Attorney Legal fee (which will be used to acquire legal documents to facilitate your loan transactions (Loan contract between you and our firm), and hence will also serve as a reinforcement/wager to avoid legal actions should you be unable to meet up with the stipulated repayment period) will be paid by you to our Company’s Attorney.
-However, the fee will be subtracted from your last 2 months of repayment should you meet up with the stated repayment period of 36 months.
The Total sum-up of Fee depends on the loan amount you applied for and must be paid up front.

STATEMENT OF ACCOUNT
– Ram-B Loan Company will deliver a quarterly statement of account to you by mail or e-mail, as you choose.

DEFAULT ADMINISTRATION COSTS
– If you do not pay by the due date, we will charge you the following costs: Unpaid debit orders/cheques: R 89.25 Fee for letter of demand: R 37.62(depending on your loan amount)

EARLY SETTLEMENT
-You may settle the total amount due to us at any time. You do not need to tell us in advance, but if you want to settle the full amount, you must pay us the total unpaid balance of the principal debt at the time, as well as any unpaid interest and all other fees and charges due to us on the date that you settle the account.

CONSUMER’S RIGHT TO CANCEL
– You may cancel the agreement by paying the total amount due, in terms of clause 6.
– Before you make the final payment, you must request that we tell you what the total amount is and then we will give it to you either tel-phonically, or via fax or e-mail.

ADDRESS FOR NOTICE
– Ram-B Finance Loan Company chooses the address on the application form, as the address where it will accept all documents, pleadings and notices from the consumer in connection with the agreement.
– The consumer chooses the physical address as on the application form, as its domicilium citande et executandi (the address where a summons or other legal documents or notices will be delivered to you) to accept service of all documents, pleadings and notices from Ram-B Finance Loan Company in connection with the agreement.
– If you or us want to change the addresses for this purpose, it must tell the other party in writing what the new address will be.

CREDIT BUREAU INFORMATION
: You confirm, agree and acknowledge that:

– Ram-B Finance Loan Company may send information about your application, opening and termination of an account to any credit bureau and that the information may be shared with other registered credit providers;
– Ram-B Finance Loan Company may find, verify and receive information from other registered credit providers, when it considers your application or credit worthiness;
– Ram-B Finance Loan Company may make inquires with third parties to check that the information that you supplied during the application process or at any time of the agreement, is correct;
– If you do not comply with the agreement, we will report this to the credit bureau;
– The credit bureau provides a credit profile and a credit score on your credit worthiness;

Ram-B Finance Loan Company can obtain and disclose the above information to any third party if:
– It may be to your benefit;
– we must do it in terms of the law;
– we believe that it is in our or the public’s interest to disclose the information;
– Ram-B Finance Loan Company, where required, may forward your personal information to the credit bureau.
– All subscribers to the credit bureau may access the information; you can contact the credit bureau and request that your information be disclosed to you and insist that the credit bureau corrects any wrong information;
– You may also file any complaints with the National Credit Regulator on 0160 627 627 or contact the National Credit Tribunal.

YOUR RIGHTS
– We will provide you with a loan, as per the quotation statement.
– You can do the following if you have a problem in terms of this agreement:
– Apply to a Debt Counsellor to be declared over indebted;
– Resolve a complaint against us by way of an alternative dispute resolution agent, consumer court or ombud with jurisdiction;
– File a complaint about us with the National Credit Regulator; and
– The contact details for the National Credit Regulator are the following:
127 – 15th Street, Randjespark, MIDRAND Switchboard: 011 554 2600
Call Centre: 0860 627 627 or 0860 NCR E-mail:
info@ncr.org.za or complaints@ncr.org.za, Website: www.ncr.org.za
– The contact details for the Credit Ombud are the following:
Call Centre: 0861 662 837 or 0861 OMBUDS E-mail: ombud@creditombud.org.za Website: www.creditombud.org.za

YOUR OBLIGATIONS
– The consumer undertakes to pay Ram-B Credit Loan in terms of this agreement, including but not limited to pay all costs set out in the quotation which will be part of this agreement when you accept it. We will reflect the costs on your quarterly statement and will include administration costs and interest, as stated in the quotation.
– In this regard we may provide a certificate of one of our managers to show the amount that is due to us and should you disagree, the obligation lies with you to prove that the amount on the certificate is incorrect. We do not need to prove the manager’s position.
– It is recorded that the consumer is the holder of a card in terms of a separate agreement with us. If you fail to make payment in terms of any agreement you may have with us, all money owing, will immediately become due and payable together with interest. The interest that you need to pay on the outstanding amount will be 5% per year above prime lending rate, which will fluctuate together with prime lending rate.
– If you have more than one agreement with us, you must clearly specify in terms of which agreement you are paying, if you want to make a pre-payment on the loan or budget account.
– You agree and confirm that you understand the meaning of this agreement and how it will affect you and what the consequences of this agreement are. If you do not understand any terms you will ask Ram-B Credit Loan to explain it in a language that you can understand.

BREACH AND TERMINATION:
– If you do not pay in terms of the agreement, you will pay additional interest on the amount that is in arrears, as set out in the quotation.
– In addition, we may proceed with legal action against you to enforce the agreement or to terminate the agreement.
– The full outstanding capital amount will immediately be due and payable and you may be liable for other costs that the law allows us to charge, like collections costs.
– When the agreement terminates for any reason, all amounts due in terms of this agreement and your budget account (if applicable) will be transferred to your account linked to your card facility.
– You agree that we can appoint a tracing agent, if you breach the terms of agreement and we are not able to trace you.

APPLICATION FOR DEBT REVIEW
– You have the right to apply to a Debt Counsellor to be declared over-indebted.
– You may not apply to a Debt Counsellor to be declared over-indebted if, at that time when you want to apply, we have already started legal action against you.
– The Debt Counsellor will determine whether you are over-indebted and, if you require the Debt Counsellor to make a finding on whether we are guilty of reckless credit, the Debt Counsellor will also make a finding on whether any of the credit agreements are indeed reckless.
– The Debt Counsellor may reject your application or may recommend that both you and us consider and agree on a debt rearrangement plan.
– If the Debt Counsellor finds that you are indeed over-indebted, he may issue a proposal recommending that the magistrate’s court make an appropriate order.
– If you accept the Debt Counsellor’s recommendation and all parties agree to it, it may be filed as a consent order by the Debt Counsellor.
– If the Debt Counsellor rejects the proposal, you may ask the magistrate’s court to apply directly to them for an appropriate order.

PROCESS OF DEFAULT
– If you are not keeping to your payments, (if you default) we will tell you in writing and propose that you refer the agreement to a Debt Counsellor, alternative dispute resolution agent, the Consumer Court or the Ombud with jurisdiction, with the idea to resolve any disputes or develop and agree on a plan to bring the payments up to date.
– If you have applied for debt review under Section 86 of the Act and the review is not finalized within 60 (sixty) business days after you applied, we may send a notice to end the debt review in terms of Section 86 (10) of the NCA.

We will only proceed with legal action if:
– You have been in default for at least 20 (twenty) business days; and
– 10 (Ten) business days have passed since we sent you a letter or notice to inform you of the default (these two time periods – the 20 day and 10-day periods – may run at the same time); and
– You did not respond to the letter or you rejected any proposal from us to refer the matter to a debt counsellor, alternative dispute resolution agent, consumer court or Ombud with jurisdiction.

CESSION
– You hereby authorize us to cede (transfer) to any suppliers, all rights title and interest in and to all or part of your debt with us.
– You are not allowed to cede (transfer) any of your rights or duties in terms of the agreement to any party without our written consent.

NON-VARIATION
– This is the complete agreement and no changes will be effective unless all parties agree to it and sign it.

WAIVER
– If we do not exercise or enforce all our rights it will not mean that we waive (do away with) our rights in terms of the agreement.

FOR AND ON BEHALF OF LEGAL ENTITIES
– If you are a legal person, the natural person who accepts the quotation/credit facility on behalf of the legal person, warrants that he is duly authorized to do so and accepts responsibility for payment of the amount due in terms hereof, as surety and co-principal debtor with said entity.