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YOUNG DESIGNERS EMPORIUM (PTY) LTD Reg. no 1956/003229/07
No. 1 Mostert Street, Cape Town, South Africa (hereafter referred to as "YDE")
YDE TERMS AND CONDITIONS FOR THE APPLICATION FOR, AND GRANTING OF CREDIT, AND SALE
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 my Credit 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 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”), if applicable, and any other applicable legislation, and in the case of a conflict between any legislation and these terms and conditions the legislation will prevail.
2. Credit Limit, Account Limit and Increases
2.1. Credit Limit
My Credit Facility (my “Account”) will be allocated a maximum credit limit (“Credit Limit”) as determined by YDE, in accordance with the requirements of the National Credit Act in South Africa, and the relevant provisions of applicable legislation in other countries. This 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 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. YDE may increase the 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, if applicable. Furthermore, my 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 Credit Limit was originally determined.
2.2. Account Limit
I understand that YDE may in its discretion make available to me an Account Limit (the “Account Limit”) at a lower amount than the Credit Limit allocated to me as referred to in clause 2.1 above. This Account 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 Account Limit temporarily in response to a request from me, in order to accommodate specific purchases that would result in my exceeding this Account Limit. I understand that the Account 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 in the country where my Account was opened 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 interest bearing 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”). The Agreed Rate will never exceed the applicable reference rate as defined below.
4.2. Reference Rate
I understand that if I opened my Account in South Africa, 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 if I opened my Account outside of South Africa the reference rate will be the maximum rate prescribed by the relevant legislation in the country where my Account was opened.
4.3. Variation in Agreed Rate
I understand that my Account has a variable interest rate, meaning that the Agreed Rates applicable to the payment plans on my Account will vary from time to time directly in accordance with changes in the applicable reference rate. Within 30 business days of any such variation, YDE will inform me in writing, via my monthly statement of account or otherwise, of the variation, which shall be by fixed relationship to the change in the applicable reference rate. Please refer to the Maximum Interest rate charge in clause 126.96.36.199.
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 special 6 month and selected other payment plans should these have been made available to me at YDEs’ 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.
4.6. Charging and Waiving Interest
Interest is charged and may be waived on my Account as follows:
4.6.1. Interest waived plans
188.8.131.52. I understand that if I pay the balance owing on the Account (i.e. the account total) to YDE before the payment due date (as reflected on my monthly statement), no interest will be charged.
184.108.40.206. I further understand that if I pay the amount due (i.e. the monthly instalment) to YDE before the payment due date, no interest will be charged for that month.
220.127.116.11. I further understand that should I not pay the amount due, or 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 18.104.22.168 below at no more than the Maximum Interest Rate determined in accordance with clause 22.214.171.124 below, and I may be liable for additional statutory charges.
4.6.2. Interest bearing plans
126.96.36.199. I understand that if I pay the balance owing on the Account (i.e. the account total) to YDE before the payment due date (as reflected on my monthly statement), no interest will be charged.
188.8.131.52. 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 184.108.40.206 below at the Agreed Rate referred to in clause 4.1 above.
220.127.116.11. I further understand that should I not pay the amount due, or 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 18.104.22.168 below at no more than the Maximum Interest Rate determined in accordance with clause 22.214.171.124 below and I may be liable for additional statutory charges.
4.6.3. Interest calculation
126.96.36.199. 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.
188.8.131.52. The National Credit Act stipulates the Maximum Interest Rate that may be charged in South Africa with reference to the repo rate, which is determined from time to time by the SA Reserve Bank.
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 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.
5.2.1. I agree that payments on my Account can only be made in the country in which my Account was opened. 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 I confirm 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.
5.2.2. I shall have the option, should I have a savings, transmission or cheque account, to apply for a debit order for payment of the amount due to YDE each month. The debit order shall state that payment is to be deducted any day of the month as chosen by me. YDE reserves the right to re-present the debit order for payment to my bank even on the days not stipulated by me in the debit order until such time as my obligations are met.
5.3. Default and Termination
5.3.1. I agree that I will be in default under this agreement if:
184.108.40.206. I fail to pay at least 90% of the amount payable on due date.
220.127.116.11. My Account thereafter remains in arrears for more than 30 consecutive days which will occur unless I pay at least 90% of the amount due on the next payment date.
5.3.2. If I fail to comply with the terms of this agreement or if my estate is sequestrated if I die or if I am in default of my obligations with YDE as defined in clause 5.3.1 above, then:
18.104.22.168. All amounts owing by me to YDE may become immediately due and payable.
22.214.171.124. YDE may suspend my Credit Facility.
126.96.36.199. YDE may reduce my Credit Limit and/or Account Limit without notice to me.
5.3.3. YDE may further, upon 20 business days' notice, terminate my Credit Facility and subject to the relevant provisions of the National Credit Act, if applicable, 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).
7. Account Balance Protection Insurance
YDE may at its discretion make the Account Balance Protection Insurance a mandatory condition of having a YDE Account. In this instance I may exercise my right to substitute the YDE Account Balance Protection Insurance policy with one of my own similar policies, provided I furnish proof to the satisfaction of YDE that YDE is recorded as the loss payee in my policy.
If I have the YDE Account Balance Protection Insurance I agree to be bound to the terms and conditions of the relevant insurance policy which is available at the point of sale as well as on the YDE website. YDE will debit my Account each month with the premium payable in terms of the Account Balance Protection Insurance. Confirmation of such insurance and policy details will be sent to me by the Insurer.
8. Confidential and Personal Information
8.1. I agree that YDE may request and receive any of my confidential and consumer credit information from any credit bureau, other register or any third party at any time, including requesting a bureau score and confirming 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 bureau. I understand that the credit bureau provides to credit providers a profile, and possibly a score as to my creditworthiness, based on the information YDE shares with such bureau.
8.2. I understand that my confidential and consumer credit information may be used by YDE for marketing and ancillary purposes and for risk and analytical evaluation and scoring and the general purposes of the YDE business.
9. Credit Bureaus
9.1. YDE may disclose my confidential and consumer credit information as set out above, to the credit bureaus, including the following:
Tel: +27 (0)21 888 6000 +27 (0)21 888 6000
Fax: +27 (0)21 883 2336
E-mail: [email protected]
Physical Address: Chenin House, Brandwacht Office Park, Trumali Road, Stellenbosch, South Africa
Postal Address: PO Box 1028, Stellenbosch, 7599, South Africa
Tel: +27 (0)11 799 3400 +27 (0)11 799 3400 or 086 110 5665
Fax: +27 (0)11 707 6700/6786
E-mail: [email protected] or [email protected]
Physical Address: Experian House, The Ambridge Office Park, Vrede Avenue, Bryanston, South Africa
Postal Address: PO Box 98183, Sloan Park, 2152, South Africa
Tel: 0861 482 482
Fax: +27 (0)11 388 2454
E-mail: [email protected]
Physical Address: Wanderers Office Park, 52 Corlett Drive, Illovo, South Africa
Postal Address: PO Box 4522, Johannesburg, 2000, South Africa
Tel: +27 (0)11 645 9100 +27 (0)11 645 9100
Fax: +27 (0)11 484 6588
E-mail: [email protected]
Physical Address: 11-13 Oakhurst Building, 3rd Floor, West Wing, St Andrews Road, Parktown, Johannesburg, South Africa
Postal Address: PO Box 30987, Braamfontein, 2017, South Africa
9.1.5. South African Fraud Prevention Services
Helpline: 0860 101 248
Tel: +27 (0)11 867 2234 +27 (0)11 867 2234
Fax: +27 (0)11 867 2315
E-mail: [email protected]
Physical Address: Block 5 Meyersdal Office Park, 65 Phillip Engelbrecht Street, Meyersdal, 1448, South Africa
Postal Address: PO Box 2629, Alberton, 1450, South Africa
and such other credit bureaus that YDE may engage from time to time.
9.2. 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.
9.3. 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.
9.4. 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 business in this regard.
10. Merchandise Returns
10.1. Returns and Exchanges
YDE will allow me to return or exchange an item of merchandise within 30 days from date of purchase provided that:
10.1.1. The original invoice or gift receipt is presented on return as proof of purchase.
10.1.2. The price (swing) ticket is attached.
10.1.3. The item has not been worn or used.
10.1.4. The item is in its original condition and packaging.
10.1.5. Items sold with promotional gifts are returned together with the gift.
10.1.6. 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:
10.2.1. All criteria in section 10.1 are met.
10.2.2. The credit card holder and relevant card are present for a credit card refund.
10.2.3. No refund can be processed in the case of a gift receipt being presented unless the original invoice is presented at the same time.
10.3. However, in addition to fulfilling the conditions in section 10.1 and 10.2, I note that:
10.3.1. No returns of end of season sale items will be permitted.
10.3.2. Swimwear must have the protective strip attached.
10.3.3. Returns of garments carrying an additional special tag will only be permitted if such tag is attached.
No returns of underwear, gift cards, or body piercing jewellery (including earrings) will be permitted.
10.5. Defective Merchandise
Merchandise with material manufacturing faults will gladly be credited or exchanged provided that:
10.5.1. Such merchandise is returned to YDE within six (6) months of my having taken delivery.
10.5.2. I can provide proof of purchase.
10.5.3. The merchandise is returned within the country of purchase.
10.5.4. The merchandise has been used for its intended purpose.
10.5.5. The item must have been cared for according to the wash/care instruction label.
For the full Returns Policy please visit www.yde.co.za
11. Account Fees and Costs
11.1. 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. The fee is non-refundable and will be debited to my Account once each year when it will accrue to YDE in full. At YDEs’ 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, if applicable. The annual service fee may from time to time be waived at YDE’s sole discretion.
11.2. YDE reserves the right to charge me an initiation fee upon 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).
11.3. YDE reserves the right to charge me:
11.3.1. 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, if applicable. These fees, charges and costs will not be higher than as permitted by the National Credit Act, if applicable.
11.3.2. All costs associated with the handing over of my Account to a debt collection agency for recovery of amounts in arrears.
11.4. A transaction-based service fee 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.
12. Miscellaneous Provisions
12.1. I choose my residential address as stated on the Quotation or my Application (or such different address specified by me in terms of clause 13.2) for receiving any legal documentation. With regard to this Agreement and all transactions with YDE, South African law applies.
12.2. 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.
12.3. 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.
12.4. 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 Credit Limit and/or Account Limit applicable to my Account.
12.5. YDE and any of its authorised agents will be entitled to monitor and/or record my telephone or cellphone conversation(s) that I have with any of their employees for the purposes of training, collections or future reference.
12.6. 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.
12.7. 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.
13. Account Disputes and Complaints
13.1. I may, at any time, refer a complaint regarding this Agreement to an alternative dispute resolution agent, consumer court or refer a dispute regarding this Credit Agreement to the Credit Ombud, the National Consumer Commission or the National Credit Regulator if my Account was opened in South Africa, or to any relevant body or regulator in the country in which I opened my Account.
The Credit Ombud can be contacted on:
Tel: 0861 OMBUDS (0861 662837)
Fax: 086 683 4644
E-mail: [email protected]
Physical Address: Fernridge Office Park, 5 Hunter Street, Ferndale, Randburg, South Africa
Postal Address: PO Box 805, Pinegowrie, 2123, South Africa
The National Credit Regulator can be contacted on:
Tel: +27 (0)11 554 2600 +27 (0)11 554 2600 or 0860 627 627
Fax: +27 (0)11 554 2771
E-mail: [email protected]
Physical Address: 127 15th Road, Randjespark, Midrand, South Africa
Postal Address: PO Box 209, Halfway House, 1685, South Africa
13.2. 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.
14. Debt Counselling
This clause is only applicable to accounts opened in South Africa.
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 understand that I may at any time consult a debt counsellor to assist me with my debt management.
The process to be followed is:
14.1. Contact any debt counsellor.
14.2. Pay the prescribed fee and fill out the form provided by the debt counsellor.
14.3. The debt counsellor will conduct a debt review and make a ruling on whether the granting of this Credit Facility was reckless.
14.4. 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.
14.5. 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.
14.6. 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 rearrangement plan.
15. Parties and Scope of Agreement
15.1. I understand that:
15.1.1. 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 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: +27 (0) 21 460 7911 Fax: +27 (0)21 460 7277 Email: [email protected]
15.1.2. I am the consumer/credit receiver and my addresses are as furnished by me on the Quotation or the Application or subsequently amended by me by written notification to YDE.
15.1.3. 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.
15.1.4. The Credit Agreement relates to the fashion apparel and accessories, including jewellery, cosmetics and and/or any other products or services, described in the invoices issued to me following purchases made by me in YDE stores and/or on the YDE website.
15.2. I confirm that I have the legal capacity to enter into this Agreement.
16. 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.
17. 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 that I must notify YDE of my intention to terminate the Credit Agreement.
18. Credit Limit and/or Account Limit Stipulations by Consumer
I understand further that by written notice to YDE I may at any time reduce the Credit Limit and/or Account Limit applicable to my Credit Facility, or stipulate the Credit Limit and/or Account Limit that I am prepared to accept on the Credit Facility.
19. Amendments to Agreement
YDE may upon written notice of at least 5 (five) 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 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.
20. 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.
21. 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:
21.1. The selling price of all the merchandise that will be sold to me by YDE over the duration of this revolving Credit Facility.
21.2. The amount of the other charges referred to in this document that will form part of the balance owing by me.
21.3. The relevant part of the balance owing by me that constitutes the principal debt.
21.4. 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.
21.5. 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.
21.6. 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.
23. Disclosure in Terms 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 Consumer Protection Act and regulation 9 of the Regulations thereto.
YDE can be contacted on:
Tel: +27 (0)21 460 2500
Postal Address: PO Box 4775, Cape Town, 8000, South Africa
Fax: +27 (0)21 460 7277
E-mail: [email protected]
YDE’s public officer is Annalize Kirsten, who can be contacted on +27 (0)21 460 7911 +27 (0)21 460 7911.