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1) Credit Agreement
1.1) I understand that a Credit Agreement in respect of a revolving Credit Facility (my "Credit Facility") has been concluded between myself and YDE.
1.2) My Credit Agreement with YDE is constituted by the Account Application Form (if such form was completed and signed by me) (the "Application") and/or the Pre-agreement Statement and Quotation (the "Quotation") if applicable and/or the letter signed by YDE advising that a Credit Facility has been made available to me, as well as the terms and conditions set out in this document and any amendment to the agreement that has been recorded in writing and consented to by me.
1.3) I understand that the terms and conditions applicable to my Credit Agreement and to sales of merchandise by YDE to me will at all times be subject to the provisions of the National Credit Act No. 34 of 2005 (the "National Credit Act") and the Consumer Protection Act 68 of 2008 (the "Consumer Protection Act").
2) Maximum Credit Limit, Credit Limit and Increases
2.1) Maximum Credit Limit
My Credit Facility (my "Account") will be allocated a Maximum Credit Limit ("Maximum Credit Limit") as determined by YDE in accordance with the requirements of the National Credit Act. This Maximum Credit Limit will take into account my monthly disposable income after deducting all my monthly household expenses from my monthly household income ("Affordability"), which will be provided by me to YDE at the time of the Affordability assessment. I understand that YDE may at its discretion increase this Maximum Credit Limit temporarily in response to a request from me in order to accommodate specific purchases that would result in my exceeding this Maximum Credit Limit. I understand that the Maximum Credit Limit applicable before such temporary increase will again apply when the balance owing on my Account is less than such limit. YDE may increase the Maximum Credit Limit applicable to my Account either with my consent or at my request but after consideration of the requirements of the National Credit Act. Furthermore, my Maximum Credit Limit may automatically be increased annually, provided that I have agreed to such automatic annual increases. I understand that I must inform YDE should my Affordability deteriorate (get worse) following my initial Affordability assessment when my Maximum Credit Limit was originally determined.
2.2) Credit Limit
I understand that YDE may in its discretion make available to me a Credit Limit (the "Credit Limit") at a lower amount than the Maximum Credit Limit allocated to me, as referred to in clause 2.1 above. This Credit Limit will be made available to me and increased and decreased from time to time at YDE's discretion and based on the manner in which I have conducted my Account. I understand that YDE may in its discretion increase this Credit Limit temporarily in response to a request from me in order to accommodate specific purchases that would result in my exceeding this Credit Limit. I understand that the Credit Limit applicable before such temporary increase will again apply when the balance owing on my Account is less than such limit.
3) Card and Payment Plans
YDE will send me a charge card (my "Card") which I will be responsible for. If my Card is lost or stolen I will immediately inform my local YDE store or contact the Customer Services Helpline on +27 (0)21 460 2500. I may use my Card to purchase merchandise on the various payment plan(s) available and applicable to such merchandise as determined by YDE in its sole discretion at the time of purchase.
4.1) Agreed Rate
Until the interest rate is varied in the manner described below, interest will be charged on all payment plans I use at the rate specified in the Quotation, or in the case of accounts opened before 1 June 2007, at the rate applicable to such accounts (the "Agreed Rate"). This Agreed Rate of interest will never exceed the applicable reference rate as defined below.
4.2) Reference Rate
I understand that in respect of transactions conducted in South Africa on my Account, YDE has selected the Maximum Interest Rate prescribed by the National Credit Act or the Usury Act in the case of accounts opened before 1 June 2007 as the reference rate for purposes of determining the Agreed Rate applicable to my Account. I understand that in respect of transactions conducted on my Account outside of South Africa, the reference rate will be the maximum rate prescribed by the relevant legislation in the country concerned.
4.3) Variation in Agreed Rate
I understand that my Account has a variable interest rate meaning that the Agreed Rate will vary from time to time with changes in the applicable reference rate. The Agreed Rate applicable to the payment plans on my Account will vary from time to time directly in accordance with applicable changes in these reference rates. Within 30 business days of anysuch variation YDE will inform me in writing of the variation, which shall be by fixed relationship to the change in the applicable reference rate.
4.4) Discounted or Waived Interest
I understand that the Agreed Rate may at YDE's discretion be discounted to a lower interest rate or even waived entirely on the 6 or 12 month and selected other payment plans should these have been made available to me at YDE's discretion on condition that my Account does not fall into arrears, but if it does YDE will charge interest on the Account at no more than the Maximum Interest Rate.
4.5) Preventing Interest on Arrear Accounts
I understand that interest is calculated on the daily balance owing on my Account from time to time and that I can minimise the amount of interest charged to my Account by making my payments due in full by the payment due date as specified on my monthly statement of account. I understand that if I do not make such payment by such due date more interest will be charged, my Account will be in arrears and I will thus be in default under this credit agreement.
4.6) Charging interest
Interest is charged on my Account as follows:
4.6.1. I understand that if I pay YDE the balance owing (in other words the full outstanding balance) on or before the first payment due date as shown on my monthly statement no interest will be charged.
4.6.2. I further understand that should I not pay the amount due (i.e. the monthly instalment) to YDE or should I pay a lesser amount than the amount due to YDE by the payment due date, interest will be charged for the period between the dates of the previous and current monthly statements in the manner specified in clause 4.6.4 below at no more than the Maximum Interest Rate determined in accordance with clause 4.6.5 below and I may be liable for additional statutory charges.
4.6.3. I further understand that should I only pay the amount due (i.e. the monthly instalment) to YDE, interest will be charged for the period between the dates of the previous and current monthly statements in the manner specified in clause 4.6.4 below at the Agreed Rate referred to in clause 4.1 above.
4.6.4. Interest is calculated daily on a simple basis by using the following formula: The balance owing on the Account is divided by the number of days in the year, and multiplied by the applicable interest rate in accordance with my Credit Agreement to determine the interest owing per day. The daily interest so determined is aggregated for the period between the dates of the previous and current monthly statements and added to the balance owing on the Account on the date of the current monthly statement.
4.6.5. The National Credit Act stipulates the Maximum Interest Rate that may be charged with reference to the repo rate, which is determined from time to time by the SA Reserve Bank. The Maximum Interest Rate that may be charged is as follows: repo rate multiplied by 2.2, plus 10 percentage points.
5) Statements, Payments and Default
YDE will send to the postal address specified in either the Quotation or the Application, or to such changed address as I may subsequently have notified YDE, a monthly statement of account which amongst other information will set out the balance owing as at the statement date, the monthly instalment, the amount of interest payable, the payment due and the payment due date. The balance owing comprises of the cost of purchases made on my Account as reflected on the invoices issued to me at the time of purchase, together with any permissible and agreed interest, initiation fees, service fees, insurance premiums, default administration costs and collection costs that may be charged to my Account, less any payments made on or credits passed to my Account. The payment due is the monthly instalment (determined with reference to the payment plan(s) applicable to my Account) plus any arrear amounts, together with interest and permissible fees charged thereon.
I agree to pay YDE no less than the payment due each month without set-off or deduction on or before the payment due date and acknowledge that I will not be entitled to attach any condition to any payment made to YDE. YDE will credit each payment that I make on my Account as of the date of receipt of such payment, as follows: firstly to satisfy any due or unpaid interest charges, secondly to satisfy any due or unpaid fees, costs or charges, and thirdly to reduce the amount of the principal debt.
5.3) Default and Termination
5.3.1. I understand that failure to make my payment due in full by the payment due date, my failure to comply with the terms of this agreement or if my estate is sequestrated or if I die, or if I am in default of my obligations with YDE then:
220.127.116.11 All amounts owing by me to YDE may become immediately due and payable.
18.104.22.168 YDE may suspend my Credit Facility.
22.214.171.124 YDE may reduce my Maximum Credit Limit/Credit Limit without notice to me.
5.3.2. YDE may further, upon 10 business days' notice, terminate my Credit Facility and subject to the relevant provisions of the National Credit Act may require immediate payment of the balance owing on my Account.
6) Unauthorised Purchases on my Account
I understand that one of the benefits to which I am currently entitled through payment of the annual service fee is the Fraud Protection Benefit. The Fraud Protection Benefit covers me against any unauthorised and/or fraudulent purchases on my Account. Provided that I have reported such purchase(s), YDE will not hold me liable unless my signature appears on the invoice or other proof of purchase or YDE can establish that I authorised or was responsible for the purchase(s). YDE may at its discretion amend or withdraw the fraud protection benefit.
7) Confidential and Personal Information
7.1) I agree that YDE may request and receive any of my confidential and consumer credit information from any credit bureaus, other register or any third party at any time, including requesting a bureau score and confirm that this consent also covers such information that has already been received by YDE. YDE may also share this confidential and consumer credit information (including information regarding non-compliance with my obligations under my agreement) as well as any information regarding my Account including my Application, opening and closing of my Account, with any other credit provider and credit bureau for, amongst other things, the purposes of such credit bureau sharing such information with other potential credit providers and credit bureaus. I understand that the credit bureaus provide to credit providers a profile and possibly a score as to my creditworthiness based on the information YDE shares with such bureau.
7.2) I understand that my confidential and consumer credit information may be used by YDE for marketing and ancillary purposes on condition that I have authorised YDE to do so. I understand that I am at all times entitled to inform YDE of my right to withdraw from this authorisation.
8) Credit bureaus
8.1) YDE may disclose my confidential and consumer credit information as set out above, to the following credit bureaus:
Tel: 021 888 6000
Fax: 021 883 2336
E-mail: [email protected]
Physical Address: Chenin House, Brandwacht Office Park, Trumali Road, Stellenbosch
Postal Address: PO Box 1028, Stellenbosch, 7599
Tel: 011 799 3400 or 086 110 5665
Fax: 011 707 6700/6786
Physical Address: Experian House, The Ambridge Office Park, Vrede Avenue, Bryanston
Postal Address: PO Box 98183, Sloan Park, 2152
Tel: 0861 482 482
Fax: 011 388 2454
E-mail: [email protected]
Physical Address: Wanderers Office Park, 52 Corlett Drive, Illovo
Postal Address: PO Box 4522, Johannesburg, 2000
Tel: 011 645 9100
Fax: 011 484 6588
E-mail: [email protected]
Physical Address: 11-13 Oakhurst Building, 3rd Floor, West Wing, St Andrews Road, Parktown, Johannesburg
Postal Address: PO Box 30987, Braamfontein, 2017 and such other credit bureau that YDE may engage from time to time.
8.2) I understand that I may at any time contact any credit bureau and request that my consumer credit information be disclosed to me. I may further challenge any information held by the credit bureau that I believe is incorrect.
8.3) YDE may also provide my confidential and consumer credit information and shopping patterns to its associated companies or agents and to any party concerned with the prevention of and protection against crime.
8.4) I understand that in terms of the South African money laundering legislation YDE has a duty to report suspicious or unusual transactions involving unlawful activities in accordance with the obligations placed on businesses in this regard
9) Merchandise Returns
9.1) Returns and exchanges
YDE will allow me to return or exchange an item of merchandise returned within 14 days of date of purchase provided that:
9.1.1. The original invoice or gift receipt is presented on return as proof of purchase.
9.1.2. The price (swing) ticket is attached.
9.1.3. The item has not been worn or used.
9.1.4. Swimwear has the protective strip attached.
9.1.5. The item is in its original condition and packaging.
9.1.6. Items sold with promotional gifts are returned together with the gift.
9.1.7. The item is returned in the country of purchase.
YDE will allow a full refund, in the original method of tender or process a credit on a YDE Account, provided that:
9.2.1. All criteria in section 9.1 are met.
9.2.2. The credit card holder and relevant card are present for a credit card refund.
9.2.3. No refund can be processed in the case of a gift receipt being presented unless the original invoice is presented at the same time.
9.3) However, in addition to fulfilling the conditions in section 9.1 and 9.2, I note that:
9.3.1. No returns of underwear or boxers or panties will be permitted
9.3.2. No returns of swimwear without the protective strip will be permitted.
9.3.3. No returns of any body-piercing jewellery (including earrings) will be permitted.
9.3.4. No returns of end of season sale items will be permitted.
9.3.5. Returns of garments carrying an additional special tag will only be permitted if such tag is attached.
9.4) Defective merchandise Merchandise with material manufacturing faults will gladly be credited or exchanged provided that:
9.4.1. Such merchandise is returned to YDE within six (6) months of my having taken delivery.
9.4.2. I can provide proof of purchase
9.4.3. The merchandise is returned within the country of purchase.
9.4.4. The merchandise has been used for its intended purpose.
9.4.5. The item must have been cared for according to the wash/care instruction label.
10) Account Fees and Costs
10.1) I understand that YDE will charge me an annual service fee for routine administration costs and this currently entitles me to the Fraud Protection Benefit. The fee payable at the relevant time will be specified in the Quotation and/or otherwise notified to me in writing, and debited to my Account once each year. At YDE's discretion the annual service fee may be increased from time to time provided that it will not exceed the maximum as prescribed by the National Credit Act. The annual service fee may from time to time be waived at YDE's sole discretion.
10.2) YDE reserves the right to charge me an initiation fee on opening my Account (the amount of which will be specified in the Quotation and may be paid by me upfront instead of being added to my balance owing).
10.3) YDE reserves the right to charge me:
10.3.1. A default administration charge should my Account be in arrears or should I be in breach of this Agreement, and any collection costs that YDE may incur in enforcing my monetary obligations under this Agreement, including legal charges which will not exceed those allowed by the Attorneys Act, Supreme Court Act, Magistrates Court Act and the Debt Collectors Act. These fees, charges and costs will not be higher than as permitted in the National Credit Act.
10.3.2. All costs associated with the handing over of my Account to a debt collection agency for recovery of arrear amounts.
10.4) A transaction-based service fee, as determined by YDE from time to time, may be charged by YDE and debited to my Account for cheques issued by me and returned by the bank for whatever reason, or for debit orders that are not processed by the bank due to a lack of funds.
11) Miscellaneous Provisions
11.1) I choose my residential address as stated on the Quotation or my Application for receiving any legal documentation. With regard to this agreement and all transactions with YDE, South African law applies.
11.2) I will immediately advise YDE of any change in my contact details, including but not limited to my business, postal or residential addresses, my home, work or my cellphone number(s), and my e-mail address.
11.3) If I had a previous YDE Account and closed it within three years of applying for a new YDE Account, then YDE reserves the right to withdraw any promotional offers linked to the new Account.
11.4) If I am married in community of property, I confirm that I have obtained the permission of my spouse to open this Account, and to accept increases in the Maximum Credit Limit/Credit Limit applicable to my Account.
11.5) YDE and any of its authorised agents will be entitled to monitor and/or record my telephone or mobile phone conversation(s) that I have with any of their employees for the purposes of training, collections or future reference.
11.6) Any data about me to which YDE becomes entitled in terms of this Agreement can be made available to any prospective purchaser or transferred to any party should YDE either sell its business to such party, or if such party obtains control over YDE.
11.7) Any latitude or indulgence granted to me by YDE will not be deemed to be a waiver of YDE's rights in terms of this Credit Agreement.
12) Account Disputes and Complaints
12.1) I may at any time refer a complaint regarding this Agreement to an alternative dispute resolution agent or consumer court, or refer a dispute regarding this Credit Agreement to either the National Consumer Commission, or the National Credit Regulator. The National Credit Regulator can be contacted on: Tel: 011 554 2600 or 0860 627 627 Fax: 011 554 2771 E-mail: [email protected] Physical Address: 127 15th Road, Randjespark, Midrand Postal Address: PO Box 209, Halfway House, 1685 The National Consumer Commission may be contacted on: Share Call Number: 0860 266 786 Fax: 0861 515 259 E-mail: [email protected] Website: www.nccsa.org.za
12.2) Should I have a query regarding the correctness of my monthly statement of account or dispute regarding any merchandise purchases or other transactions reflected on it, I will notify YDE within 60 days of the date of that particular statement.
13) Debt Counselling
I confirm that at the time of applying for my YDE Account, my state of indebtedness was not under evaluation or debt review by a debt counsellor as envisaged in section 86 of the National Credit Act. I may at any time consult a debt counsellor to assist me with my debt management. The process to be followed is:
13.1) Contact any debt counsellor.
13.2) Pay the prescribed fee and fill out the form provided by the debt counsellor.
13.3) The debt counsellor will make a ruling on whether the granting of this Credit Facility was reckless.
13.4) If I was not over-indebted at the time that this Credit Facility was concluded, then the debt counsellor will terminate the review process and my obligations to YDE will continue.
13.5) If I was over-indebted when this Credit Facility was granted, then the debt counsellor will make a recommendation and refer it to the relevant Court or Tribunal for the agreement to be declared reckless.
13.6) If I am not over-indebted, but the debt counsellor believes that I will have difficulties satisfying my debt, then the debt counsellor may suggest that YDE and I voluntarily consider and agree on a debt re-arrangement plan.
14) Parties and Scope of Agreement
14.1) I understand that:
14.1.1. The credit grantor in terms of this Credit Agreement is Truworths Limited (registration number 1940/013923/06), which is a registered credit provider under the number NCRCP45 of No. 1 Mostert Street, Cape Town, South Africa, on whose behalf Young Designers Emporium (Pty) Ltd (registration number 1956/003229/07) (referred to in this document as "YDE") of No. 1 Mostert Street, Cape Town, South Africa is acting as an agent in concluding this Agreement with me. YDE may be contacted in this capacity at the details set out in clause 22. Truworths Limited can be contacted on:
Tel: 021 460 7911
Fax: 021 460 7277
E-mail: [email protected]
14.1.2. I am the consumer/credit receiver and my addresses are as furnished by me on the Quotation or Application.
14.1.3. No amount has been, or is required to be, paid by me as an initial payment (i.e. as a deposit) in terms of the Credit Agreement.
14.1.4. The Credit Agreement relates to the fashion apparel and accessories, including jewellery and cosmetics, described in the invoices issued to me following purchases made by me in YDE stores and/or on the YDE website.
14.2) I confirm that I fully understand and appreciate the risks and costs of the proposed credit, and the rights and obligations I have under this credit agreement.
15) Early Settlement
I understand that I may at any time settle my Credit Agreement with YDE early by paying to YDE the settlement amount owing at the date of settlement. The settlement amount consists of the unpaid principal debt (which amount is the balance owing excluding interest and other charges on my statement) together with any interest or other charges accrued up to the settlement date.
16) Account Termination by Consumer
I understand that I may at any time terminate my Credit Agreement with YDE by paying to YDE the settlement amount (as referred to above) owing on my Account at the date of termination. If no such amount is owing, I understand I must notify YDE of my intention to terminate the Credit Agreement.
17) Maximum Credit Limit and/or Credit Limit Stipulations by Consumer
I understand further that by written notice to YDE I may at any time reduce the Maximum Credit Limit and/or Credit Limit applicable to my Credit Facility or stipulate the Maximum Credit Limit and/or Credit Limit that I am prepared to accept on the Credit Facility.
18) Amendments to Agreement
YDE may upon written notice of at least 5 business days amend these terms and conditions provided that such changes reduce my liability under my Credit Agreement with YDE, and/or automatically increase the Maximum Credit Limit applicable to my Credit Facility once annually if so elected by me. Any other changes to my Credit Agreement shall be by mutual agreement between me and YDE and shall be recorded in writing.
19) Cession of Agreement
YDE shall be entitled, without my knowledge, to cede (transfer) any of its rights and delegate (transfer) any of its obligations in terms of this credit agreement to any third party.
20) Disclosure in Respect of Agreements Concluded Before 1 June 2007
If my Credit Agreement was entered into before 1 June 2007 it is recorded that, because the credit granted to me was in the nature of a revolving Credit Facility, the following information is not currently known nor can it be determined in advance:
20.1) The selling price of all the merchandise that will be sold to me by YDE over the duration of this revolving Credit Facility.
20.2) The amount of the other charges referred to in this document that will form part of the balance owing by me.
20.3) The relevant part of the balance owing by me that constitutes the principal debt.
20.4) The amount of the interest or finance charges to be charged on the relevant part of the balance owing by me in terms of clause 4 of this document.
20.5) The rate of interest to be charged, otherwise known as the annual finance charge rate, in terms of clause 4 of this document on the relevant part of the balance owing by me.
20.6) The dates, number and amounts of the monthly instalments whereby I will be paying the balance owing by me.
In the event any one or more of the provisions contained in this Credit Agreement are for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision of this Credit Agreement, which will be construed as if such invalid, illegal or unenforceable provision had never been included, and the Credit Agreement will be given effect as nearly as possible according to its original terms and intent.
22) Disclosure by Intermediary in Terms of Section 27 of the Consumer Protection Act
YDE acts as an agent for fashion designers/manufacturers in the retailing of fashion merchandise and it hereby provides such additional information not set out above, as is required by section 27 of the CPA and regulation 9 of the Regulations thereto:
22.1) YDE can be contacted by:
Tel: 021 460 2500
Postal Address: PO Box 4775, Cape Town, 8000, South Africa
Fax: 021 460 7277
E-mail: [email protected]
YDE's public officer is Kerry Dienst, who can be contacted on 021 460 7911
22.2) In return for acting as the agent for fashion designers/manufacturers YDE is paid a percentage based commission on merchandise sales and a fixed monthly display fee by such designers/manufacturers.