Terms and Conditions

These Terms and Conditions and the Continuing Credit Contract Schedule together comprise the Wizit Continuing Credit Contract, which is the agreement between you and us (“Contract”). They should be read together.

1. PRECONDITIONS TO FACILITY

• 1.1 We may refuse to give you access to the Credit Limit if in our opinion:
  • (a) there is a material change in your financial position or personal circumstances;
  • (b) you may be experiencing financial hardship; or
  • (c) the information you provided to us in applying for credit under this Facility was inaccurate, incomplete or was misleading or deceptive or changes in any material way.
• 1.2 If you have an existing credit facility with us at the time of entering this Contract, before we will give you access to the Credit Limit under this Facility, we may require that any unpaid balance of the existing credit facility be repaid or be transferred to this Facility. Upon being transferred, the balance of the existing credit facility will be treated as a draw down under this Facility and be subject to the terms of this Contract.

2. CREDIT LIMIT

• 2.1 Subject to Clause 1 and these Terms and Conditions, we agree to provide you with credit up to the Credit Limit set out in the Continuing Credit Contract Schedule.
• 2.2 You agree not to exceed the Credit Limit.
• 2.3 We may reduce the Credit Limit of your account at any time as permitted by law provided that the balance of your account will not exceed the reduced Credit Limit. We do not have to notify you beforehand but we must notify you as soon as practicable afterwards.
• 2.4 Any application by you to increase the Credit Limit will be subject to approval at our discretion and is subject to any Credit Limit Increase Fee payable under this Contract.

3. REPAYMENTS

• 3.1 You must pay to us the Minimum Repayment as and when specified in the Continuing Credit Contract Schedule, subject to other terms of this Contract.
• 3.2 You must also pay us immediately the amount required to reduce the balance of the account to the Credit Limit if you exceed the Credit Limit.
• 3.3 lf we do not receive value for a cheque or direct credit, we may:
  • (a) reverse the credit; and
  • (b) charge you interest; and
  • (c) exercise any right or remedy under this Contract, as if the repayment had never been made.
• 3.4 If you have 2 or more accounts with us and you do not tell us which account we are to credit with any repayment, we may credit the repayment to the balance outstanding under any account as we choose.
• 3.5 Unless otherwise required by law, or unless we agree otherwise with you on your request, we may apply any payment from you to:
  • (a) enforcement expenses, credit fees and charges, interest or principal in the order we choose; and
  • (b) the most recent debit to your account.
• 3.6 If you make a repayment or repayments which in aggregate exceed the amount of the Minimum Repayment required for that Statement Cycle prior to the due date for that cycle, we will not direct debit the Minimum Repayment for that Statement Cycle, however this will not affect your obligation to pay the Minimum Repayment due in any subsequent Statement Cycle, unless we have agreed in advance in writing to vary your repayment arrangements.
• 3.7 If you make a repayment or repayments which in aggregate are less than the Minimum Repayment required for that Statement Cycle prior to the due date for that cycle, we will direct debit the balance of the Minimum Repayment on the due date.
• 3.8 A repayment made from any other account held with us, such as a WizitCard account, will not affect your obligation to pay the Minimum Repayment due in the same or any subsequent Statement Cycle.
• 3.9 Any monies owing to you in relation to the Facility may be transferred to your Nominated Account or any other account that you notify us of in writing in advance for that purpose. We will not pay interest on any such monies while held by us.
• 3.10 You must make all payments due under this Contract, except to the extent permitted by law, without any deduction, set-off, counterclaim or condition.
• 3.11 You must pay all payments due under this Contract by way of direct debit pursuant to the terms of the Direct Debit Request, unless we have agreed otherwise in advance in writing. You may make additional payments by:
  • (a) Bpay®; or
  • (b) bank cheque or money order.
• 3.12 Payments are received by us when funds are credited to your account (if payment is made by way of direct debit) or when funds have cleared (if payment is made by way of bank cheque or money order). It is your responsibility to ensure that payments are made by the due date.
• 3.13 If you cannot make a payment by its due date, you should contact us immediately.

4. USING THE FACILITY

• 4.1 Once the Facility is available to you, you may access the Available Credit in any of the following ways:
  • (a) By drawing from the Facility into your nominated bank account held with any ADI (such as a savings account);
  • (b) If you have a WizitCard, by drawing from the Facility onto your WizitCard by either:
    • I. manually requesting a ‘PowerUp’ up to the amount of the Available Credit; or
    • II. by enabling the automatic ‘PowerUp’ feature on your WizitCard app, which will allow you to draw funds from the Facility required to complete a purchase, up to the amount of the Available Credit;
    • III. subject to our approval, you may transfer credit from your WizitCard to your Facility by manually requesting to transfer back to your Facility up to the amount of any prior ‘PowerUp’. Such amount will be added back to your Available Credit. Such amount will not be treated as a repayment for the purposes of clause 3.
• 4.2 INTEREST WILL ACCRUE ON ANY AMOUNT WHICH IS DRAWN FROM THE FACILITY IN ACCORDANCE WITH CLAUSE 4.1 FROM THE DATE THAT THOSE FUNDS ARE DRAWN, INCLUDING BY USE OF THE ‘POWERUP’ OPTION, IN ACCORDANCE WITH THE TERMS OF THIS CONTRACT AND REGARDLESS OF WHETHER THOSE FUNDS ARE SUBSEQUENTLY USED BY YOU.
• 4.3 After you have made repayments on the Facility, you may submit to us a Top Up Application if you wish to increase the Available Credit on the Facility up to the Available Top Up Amount. A Top Up Application must be made through the Wizit App or by any other method that we advise you of in writing.
• 4.4 All Top Up Applications are subject to our approval and we reserve the right to decline any such application. We may refuse to approve a Top Up Application if:
  • (a) the Credit Limit would be exceeded;
  • (b) there are overdue amounts payable under the Facility;
  • (c) in our opinion there has been a material change in your financial position;
  • (d) in our opinion you may be experiencing financial hardship;
  • (e) in our opinion the information you provided to us in applying for credit under this Facility or in submitting a Top Up Application was inaccurate, incomplete or was misleading or deceptive in any material way;
  • (f) the amount of a Top Up Application is less than the minimum required for such applications as determined by us;
  • (g) we suspect fraudulent activity associated with the account;
  • (h) necessary to protect our legitimate interests.
• 4.5 If approved for a Top Up you must accept the Top Up amount before your Available Credit will be increased. We may withdraw any Top Up approval before it is accepted by you for any of the reasons referred to in clause 4.4.

5. INTEREST CHARGES

• 5.1 Interest is calculated on a daily basis by multiplying the daily balance owing on the Facility at the end of the day by the daily percentage rate. The daily percentage rate is the Annual Percentage Rate set out in the Loan Schedule divided by 365.
• 5.2 We will debit interest weekly, fortnightly or monthly as shown in the Continuing Credit Contract Schedule and we may also debit interest on the day you pay the balance of your account.

6. CREDIT FEES AND CHARGES

We may debit the Credit Fees and Charges specified in the Continuing Credit Contract Schedule to your Facility account.

7. VARIATIONS

We may vary the Contract in the following ways:

• 7.1 Changes to the Annual Percentage Rate
  • (a) We may notify you of an increase to the Annual Percentage Rate by written notice on or before the day on which the increase takes effect by:
    • i. publishing a notice in a newspaper circulating in your State or Territory and confirming the change in your next Statement of Account; or
    • ii. giving you written notice.
  • (b) Written notice may not be given where we reduce the Annual Percentage Rate that applies to the Contract.
• 7.2 Changes in the method of calculating interest charges
  

  We may vary how we calculate interest or how often interest is debited. If the variation increases your obligations, we will provide you with written notice of the change no later than 20 days before the increase takes effect.

• 7.3 Changes to Credit Fees and Charges
  • (a) We may:
    • i. vary the amount of any Credit Fee or Charge; or
    • ii. introduce a new Credit Fee or Charge; or
    • iii. vary the method in which a Credit Fee or Charge is calculated; or
    • iv. vary the time or frequency of payment of a Credit Fee or Charge.
  • (b) If any of the above variations increases your obligations, we will notify you no later than 20 days before the increase takes effect by either:
    • i. publishing a notice in a newspaper circulating in your State or Territory and confirming the change in your next Statement of Account; or
    • ii. giving you written notice.
  • (c) Where the variation reduces or abolishes a Credit Fee or Charge or does not increase your obligations, we will advise you of the change in your next Statement of Account.
• 7.4 Changes to repayments
  • (a) We may:
    • i. the amount, frequency or time of repayments; or
    • ii. the method of calculating repayments; or
    • iii. the method of calculating the Minimum Repayment.
  • (b) If any of the above variations increases your obligations, we will notify you no later than 20 days before the increase takes effect by either:
    • i. publishing a notice in a newspaper circulating in your State or Territory and confirming the change in your next Statement of Account; or
    • ii. giving you written notice.
  • (c) Where the variation does not increase your obligations, we will advise you of the change in your next Statement of Account.
• 7.5 Other variations
  

  Except for unilateral variations specifically permitted under this Contract, this Contract can only be varied where both parties agree or otherwise as permitted by law.

8. DEFAULT AND ENFORCEMENT

• 8.1 You are in default under this Contract if:
  • (a) you exceed the Credit Limit;
  • (b) you do not make a repayment in full by the date it is due;
  • (c) you breach any term of this Contract which is reasonably necessary to protect our legitimate interests;
  • (d) you become bankrupt;
  • (e) you seek to make an arrangement or composition with your creditors under a law dealing with bankruptcy; or
  • (f) we believe on reasonable grounds that you have deliberately provided information to us which is false or incorrect.
• 8.2 If you are in default, we may send you a default notice. The notice will tell you:
  • (a) what the default is;
  • (b) what you have to do to remedy the default;
  • (c) that you have to remedy the default within the specified period (at least 30 days from the date of the notice); and
  • (d) about your options and what can happen if the default is not remedied.
• 8.3 If you do not comply with the default notice, you become liable to pay us the unpaid balance on your Facility immediately.
• 8.4 If you fail to do anything that this Contract requires you to do, we may:
  • (a) do the thing as required;
  • (b) do it in your name; and
  • (c) do it at your expense and debit your account for the expense.
• 8.5 If you are in default, we may immediately suspend the Facility and any other credit facility that you have with us from further use without prior notice to you.

9. ENFORCEMENT EXPENSES

• 9.1 If you are in default under this Contract, we may charge you enforcement expenses we reasonably incur. We may debit these to your Facility account.
• 9.2 An enforcement expense includes an expense for doing any of the following under this Contract:
• • (a) enforcing any right we have;
  • (b) attempting to enforce any right;
  • (c) performing any of your obligations in accordance with Clause 8.4;
  • (d) protecting any right;
  • (e) waiving any right;
  • (f) contemplating the enforcement of any right;
  • (g) sending an arrears letter or default notice before commencing enforcement proceedings.
• 9.3 An enforcement expense also includes any expense we have to pay on the dishonour of a cheque or any other payment instrument given to us for a payment in relation to this Contract.

10. MISCELLANEOUS MATTERS

• 10.1 Warranty that information, representations and documents are correct
  

  You warrant that all information, representations and documents that you, or any other person acting on your behalf, provide to us in connection with your credit application are true and correct.

• 10.2 No Waiver of Our Rights
  • (a) We do not waive any of our rights under this Contract, unless we do so expressly and in writing.
  • (b) If we waive our rights, this does not change or reduce our rights unless the law says it does or we tell you in writing it does.
• 10.3 Taxes and Expenses
  

  We may debit your account with any government tax or stamp duty payable in connection with this Contract.

• 10.4 Payment on a Business Day
  • (a) If you must make a payment or do any other thing on or by a day that is not a business day, you must make the payment or do the other thing by the next business day.
  • (b) If a day on which we would debit a required payment, interest charge or Credit Fee or Charge is a day that is not a business day, we will debit the interest charge or Credit Fee or Charge on the next business day.
• 10.5 Assignment and novation
  

  You agree that we may transfer or assign our rights under this Contract, or novate this Contract to any of our Related Bodes Corporate, without consent from you, if we choose to do so. In doing so, you consent to us giving any information (including documents) about you to the assignee or to the party to whom we novate this Contract, or to anyone who is considering becoming an assignee or to whom we are considering novating this Contract. If our rights under this Contract are assigned or novated to another person, or pass by law to another person, you will have (and may exercise) the same rights in respect of the Contract against the assignee or the person to whom we have novated this Contract, as you have against us.

• 10.6 Set Off
  

  We may set off any debt or monetary liability we owe you under this Contract against amounts which are due and payable by you under this Contract or any other contract that you have with us.

• 10.7 Severability
  

  If any part of this Contract is invalid, unenforceable or in breach of any law, it is not included in this Contract. The remainder of this Contract continues in full force and effect.

• 10.8 Entire Contract
  

  This Contract sets out all the terms between you and us concerning the use and operation of the Facility. This Contract supersedes any other representation, promise or statement made by us or any of our employees or agents in relation to the Facility.

• 10.9 Governing Law
  

  This Contract is governed by the law in force in the State of New South Wales. You irrevocably and unconditionally submit to the non-exclusive jurisdiction of the courts of New South Wales and the division of the Federal Circuit Court of Australia in that jurisdiction and courts of appeal from them.

• 10.10 Statement of Account
  
  • (a) We will issue a Statement of Account to you electronically each Statement Cycle, unless otherwise requested by you. Amounts shown on your Statement of Account will be expressed in Australian dollars.
  • (b) You are responsible for checking each Statement of Account carefully as soon as you receive it. If you dispute any transactions noted on the Statement of Account, you must notify us immediately.
• 10.11 Communications
  
  • (a) By inserting your email address in the Schedule you authorise us to use email for communication purposes, including the giving and receiving of documents, notices or information.
  • (b) You must tell us if you change your name, your residential, postal or email address, your telephone or mobile number or your employment.
  • (c) If you have to give us a document then you can:
    • i. leave it at our office address as shown on the Loan Schedule, or any other address we tell you; or
    • ii. email it to an email address we tell you.
  • (d) Unless stated otherwise, if we need to give you a document we can do so by:
    • i. delivering it to you personally; or
    • ii. leaving it at, or sending it by post to, your residential or postal address that you last provided to us; or
    • iii. where permitted by applicable legislation, sending it by email to the email address that you last provided to us; or
    • iv. where permitted by applicable legislation, making it available on our website: www.wizit.money
  • (e) If you have provided us with your email address:
    • i. you must regularly check your email address to see if you have received any emails from us;
    • ii. you must maintain and check your Electronic Equipment and your email address regularly to ensure it is always capable of receiving emails from us; and
    • iii. you are responsible for printing or saving important documents, and we strongly recommend that you do so.
  • (f) You may cancel your authorisation to receive documents by email at any time, by notifying us in accordance with this clause.
• 10.12 Third Party Accounts
  • (a) We use illion Australia Pty Ltd trading as illion Open Data Solutions (Service Provider) as our third party service provider to enable us to securely access your bank statements for verification purposes when you apply to us for credit. Your internet banking log-in details are needed to be able to do this.
  • (b) The Service Provider is a third party beneficiary under these Terms and Conditions with all the rights, benefits and protections as if it were a party to these Terms and Conditions. By agreeing to these Terms and Conditions, you authorise us and the Service Provider to access third party sites designated by you, on your behalf, to retrieve information requested by you, and to register for accounts requested by you, when you apply to us for credit.
  • (c) By agreeing to these Terms and Conditions, you appoint us and the Service Provider as your agent to access third party internet sites, servers or documents, retrieve information and use your information when you apply to us for credit.
  • (d) You acknowledge and agree that when we or the Service Provider access and retrieve information from third party sites, we and the Service Provider are acting as your agent and not as agent for, or on behalf of, the third party.
  • (e) You must enable data scraping to be undertaken on your Nominated Account. We use Illion Open Data Solutions to periodically scrape your account to identify if there has been any change in your financial circumstances. If we lose the ability to data scrape your Nominated Account, your Facility may be suspended until data scraping of your Nominated Account has been enabled.
• 10.13 Electronic Acceptance
  

  You:

  • (a) acknowledge and agree that both you and us have or will sign this Contract electronically; and
  • (b) consent to providing your signature electronically for the purposes of this Contract, the Direct Debit Request and the Privacy Disclosure Statement & Consent.

11. DEFINITIONS AND INTERPRETATION

In this Contract:

• (a) “ADI” means an Australian deposit-taking institution;
• (b) “Approved Top Up” means the total of all amounts approved by us pursuant to any Top Up Applications;
• (c) “Available Credit” means the difference between the total amount drawn from the Facility and the Credit Limit, plus the balance of any Approved Top Up not drawn on the Facility;
• (d) "Available Top Up Amount” means the total amount of repayments made on the Facility less interest and fees and less any prior Approved Top Up;
• (e) “Biller” means an organization which tells you that you can make payments to it using BPAY;
• (f) “BPAY®” means the electronic payment scheme called BPAY operated in cooperation between Australian Financial Institutions, which enables you to effect bill payments to Billers who participate in BPAY either via telephone or internet access or by any other method approved by us from time to time;
• (g) “Credit Limit” means the maximum level of credit we agree to make available to you under this Contract;
• (h) “Direct Debit Request” means the direct debit request and authority authorising us to directly debit your Nominated Account;
• (i) “Electronic Equipment” includes but is not limited to a computer, telephone or other electronic device which is capable of receiving emails;
• (j) “Facility” means the continuing credit facility to which this Contract relates;
• (k) “Nominated Account” means the account from which you have nominated direct debits to be performed, as noted on your Direct Debit Request;
• (l) “Privacy Disclosure Statement & Consent” means the Privacy Disclosure Statement & Consent authorising us to collect, use and exchange credit and personal information about you for the purposes outlined in that consent;
• (m) “Related Bodies Corporate” has the meaning give to it in the Corporations Act 2001;
• (n) “Statement Cycle” means the period from the date of one statement to the date of the next statement;
• (o) “Statement Date” means the date on which a statement is issued;
• (p) “Statement of Account” means a statement provided in accordance with clause 10.12;
• (q) “Top Up Application” means an application referred to in clause 4.3;
• (r) a reference to 'we', 'us' or 'our' means Credit Corp Financial Services Pty Limited ABN 39 146 525 706 trading as WizitMoney;
• (s) a reference to 'you' means the Borrower named in the Schedule;
• (t) words or phrases have the same meaning as in the Schedule;
• (u) words and phrases have the same meaning as in the National Credit Code which is Schedule 1 to the National Consumer Credit Protection Act 2009 (Cth), unless otherwise defined in this Contract or the contrary intention appears;
• (v) headings are for convenience only and do not affect the interpretation of this agreement;
• (w) words importing the singular include the plural and vice versa;
• (x) words importing gender include any gender;
• (y) other parts of speech and grammatical forms of a word or phrase defined in this Contract have a corresponding meaning;
• (z) a reference to a Clause or Schedule is a reference to a clause or schedule of this Contract;
• (aa) a reference to the Contract includes the Schedule any other Schedule to the Contract; and
• (bb) a reference to a party to this contract includes that party's successors and permitted assigns.