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terms & conditions - standard terms & conditions applicable to revolving credit and extended credit facilities

1. INTERPRETATION

  1. In these Terms and Conditions, unless the context otherwise indicates:
    "Foschini" means Foschini Retail Group (Proprietary) Limited (Registration No 1988/007302/07 and Authorised Financial Services Provider 1460) and any trading division of Foschini Retail Group (Pty) Ltd of Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7501;

    "Foschini Finance" means Foschini Finance (Proprietary) Limited,

    (Registration No 1969/002927/07) of Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7501;

    "the Credit Application Form" means the Credit Application Form of Foschini;

    "the Credit Receiver" means the person whose name appears on the Credit Application Form and to whom Foschini and/or Foschini Finance grants credit in terms of these Terms and Conditions;

    "Card" means the personal account card issued by Foschini to the Credit Receiver in accordance with 2.1 below, and for the purpose of the personal identification of the Credit Receiver;

    "the Act" means the Usury Act 73 of 1968, as amended and/or replaced from time to time.

    "the Revolving Credit Facility" means the credit facility in terms whereof Foschini as Credit Grantor affords qualifying customers, as Credit Receivers, a 6 months credit plan, free of interest.

    "the Extended Credit Facility" means the credit facility in terms whereof Foschini Finance as Credit Grantor (represented by Foschini as its appointed agent) affords qualifying customers, as Credit Receivers, up to 24 months credit, subject to interest.
  2. Words importing the singular shall include the plural and vice versa, and words importing the masculine gender shall include females and words importing persons shall include partnerships and bodies corporate.
  3. The headnotes to the paragraphs for these Terms and Conditions are inserted for references purposes only and shall not affect the interpretation of any of the provisions to which they relate.

2. THE CARD

  1. Foschini shall, upon acceptance of the Credit Receiver's application for credit in terms of the Credit Application Form, provide the Credit Receiver with a Card and the Credit Receiver shall immediately upon receipt of the Card, sign same in the place provided thereon.
  2. By retaining the card, the Credit Receiver accepts all of the terms and conditions contained herein.
  3. Use of the card is restricted solely to the Credit Receiver, being the person in whose name the Card is issued and whose signature appears on the reverse side thereof.
  4. Ownership of the Card vests in Foschini and the Credit Receiver shall surrender and return the Card to Foschini upon demand.
  5. The Credit Receiver shall take proper care of the Card and exercise all necessary precautions to prevent the misappropriation and/or loss and/or theft thereof.
  6. The Credit Receiver shall immediately notify Foschini in the event of:
    1. the loss, theft or misappropriation of the Card;
    2. the use of the Card by any person other than the Credit Receiver;
    3. the Credit Receiver having reason to believe that any of the events referred to above have occurred.
  7. The Credit Receiver shall be required to sign a sales voucher on each occasion on which the facility is used and by signing such voucher confirms delivery of the merchandise. The Credit shall not be entitled to purchase merchandise unless his Card is produced as identification.
  8. In the event of the Credit Receiver's Card being lost or stolen, Foschini shall issue to the Credit Receiver a replacement Card at a nominal fee payable by the Credit Receiver.

3. LOST CARD PROTECTION/ACCOUNT INSURANCE

  1. Should the Credit Receiver have paid the prescribed fee prior to any unauthorised transaction being made on the Credit Receiver's account, and should the Credit Receiver have given notice of the loss, theft or misappropriation of his/her Card in accordance with 2.6, Foschini shall in such event and through its Lost Card/Fraud Protection Plan, adjust the Credit Receiver's account for all such unauthorised transactions made by the user of any such lost, stolen or misappropriated Card.
  2. The Credit Receiver acknowledges that he/she is aware of the Terms and Conditions of the Insurance offered in terms of the Policies underwritten by Guardrisk Insurance Company Limited, FSP Licence No. 75, (a copy of which the Credit Receiver acknowledges having received together with the Disclosure Notice) for South Africa, and Guardrisk Insurance Company of Namibia Ltd. (a copy of which is available upon request.)
  3. The Credit Receiver confirms that he/she has been given the freedom of choice, without coercion or inducement in accepting the insurance offered.
  4. The Credit Receiver may commence or cancel cover at any time and request details of claim submission by contacting the Client Service Share Call number 0860 576576.
  5. Account insurance benefits will be suspended on the Credit Receiver's account should the account have a zero balance or fall into a state of arrears (2 months non-payment of amount owing).

4. GRANT OF CREDIT

  1. The extent to which the credit facilities available to the Credit Receiver are able to be used from time to time, shall at all times be in sole and absolute discretion of Foschini.
  2. Foschini shall have the right at any time, in its sole absolute discretion, to increase, decrease or withdraw any credit facilities granted to the Credit Receiver without the need to give reasons therefore.
  3. Only those items kept for seven business days constitute a purchase.

5. EXTENDED CREDIT FACILITY

  1. The Credit Receiver acknowledged on the Credit Application Form that the Credit Grantor under the Extended Credit Facility is Foschini Finance. The Credit Receiver shall effect all repayments hereunder to Foschini Finance's duly appointed agent.
  2. Should the Credit Receiver fail to pay any amount owing by the due date, and subject to and read with the provisions of clause 6 hereunder, then without prejudice to any other rights of Foschini or Foschini Finance, all amounts of capital and interest owing by the Credit Receiver shall immediately become due and payable.

6. INTEREST AND OTHER CHARGES

  1. The Credit Receiver shall, subject to the provisions of the Usury Act, pay interest on the full outstanding balance on the Credit Receiver's account:
    1. whenever the payment is not paid by the Credit Receiver upon due date; or,
    2. in the event of the Credit Receiver's account being in arrears, at such rate as may be determined and notified by Foschini from time to time. Such interest shall be debited to the Credit Receiver's account on a monthly basis, and on statement date.
  2. Interest rate is charged on overdue and revolving credit accounts at the Act rates.
  3. Any stamp duties payable in respect of the use of the Card and/or the credit facilities afforded to the Credit Receiver shall be payable by the Credit Receiver and debited to the Credit Receiver's account.
  4. The finance charges under the Extended Credit Facility as determined on the principal debt at the maximum legal rate from time to time shall be disclosed to the Credit Receiver on the monthly statement issued by Foschini in respect of the Credit Receiver's credit facility.
  5. The Credit Receiver shall be liable to Foschini, for all legal costs incurred by Foschini after the institution of legal proceedings against the Credit Receiver for purposes of collecting any payment owing to Foschini by the Credit Receiver or in exercising any of its rights arising out of any breach of the Credit Receiver's obligations, such costs to be calculated on the scale as between attorney and client. The Credit Receiver shall further be liable to Foschini for all legal tracing fees, collection charges, and any other taxes levied by or payable to any Government authority (including but not limited to Value Added Tax ("VAT") which may be levied on such costs and charges incurred by Foschini.

7. STATEMENTS AND PAYMENT

  1. Foschini shall determine the minimum monthly instalments payable by the Credit Receiver and shall have the right, in its sole and absolute discretion, to increase and/or decrease such monthly instalments at any time.
  2. Foschini shall send monthly statements to the Credit Receiver setting out the total amount paid by the Credit Receiver since the prior monthly statement, the total amount still owing by the Credit Receiver as at the statement date and the minimum payment due by the Credit Receiver and the due date thereof.
  3. Unless the Credit Receiver raises any query regarding the correctness of the statement within 60 (sixty) days of date of the statement, the statement shall be deemed to be correct and the Credit Receiver shall have no claim in respect thereof.
  4. All payments by the Credit Receiver shall be deemed to have been paid on the date of receipt thereof at Foschini's offices and shall be applied in the following order:
    1. in the payment of interest; and thereafter
    2. in the payment of any optional extras as indicated on the application form as elected by the Credit Receiver; and thereafter
    3. in the payment of the charges referred to 6.2; 6.3 and 6.4; and finally
    4. in the payment of the principal debt.

8. THE ACT

  1. It is recorded that for the purposes of Section 3 of the Act, the following information is not known as at the date of conclusion of this agreement:
    1. the cash amounts of money actually payable by the Credit Receiver;
    2. the nature or amount of other charges payable by the Credit Receiver;
    3. the amount of the principal debt;
    4. the amount of finance charges expressed as an annual finance charge rate or other charges in rands and cents;
    5. the amount of each instalment payable by the Credit Receiver and the date upon which each such instalment is payable.
  2. Subject always to the aggregate amount of finance charges received by Foschini not exceeding the maximum permissible rate in terms of the Act, such charges may include the following:
    1. interest;
    2. additional finance charges referred to in the Act;
    3. a Lost Card Protection / Account Insurance fee, a trading division club membership and/or customer protection insurance premium.

9. DISCLOSURE OF INFORMATION TO THE CREDIT RECEIVER

The following information shall be disclosed to the Credit Receiver, in writing, upon and after the conclusion of each transaction, which transaction is signed by the Credit Receiver as proof of receipt of the purchase, being:

  1. the unutilised portion of the credit facility available to the Credit Receiver under the Revolving and/or Extended Credit Facilities, (being the amount granted in response to the Credit Receiver's application);
  2. the principal debt which will be the aggregate of the credit sales under the facility as outstanding from time to time;
  3. the date on which the principal debt and finance charges (if any) are payable and the amounts of each instalment payable.

10. NON-PAYMENT OF AN INSTALMENT

Foschini may, in the event of any instalment not being paid by the Credit Receiver by the due date, demand immediate repayment of the full balance outstanding on the Credit Receiver's account.

11. CERTIFICATE AND OTHER DOCUMENTARY EVIDENCE OF INDEBTEDNESS

A certificate signed by any manager of Foschini (whose designation and appointment need to be proved) as to:

  1. the existence and amount of the Credit Receiver's indebtedness to Foschini in respect of the principal debt and/or any other amounts or charges;
  2. the fact that same is due and payable;
  3. any details of any purchase made by the Credit Receiver; or
  4. any other matter regarding the Credit Receiver's account; shall be prima facie proof of the correctness of the contents thereof for all purposes including the obtaining of any judgement or order against the Credit Receiver.

12. AMENDMENTS TO STANDARD TERMS AND CONDITIONS

  1. Foschini may at any time in its sole and absolute discretion amend or replace all or any of these Terms and Conditions.
  2. No amendment and/or replacement of these Terms and Conditions in terms of 12.1 shall constitute a novation of this agreement, any transaction or any prior indebtedness of the Credit Receiver to Foschini in terms of any such transaction.

13. JURISDICTION

The Credit Receiver consents and submits to the jurisdiction of the Magistrate's Court in respect of any legal proceedings instituted against the Credit Receiver by Foschini notwithstanding that the amount claimed by Foschini might otherwise exceed the jurisdiction of the Court. It shall nevertheless be entirely within the discretion of Foschini as to whether to proceed against the Credit Receiver in such Magistrate's Court or any other Court having jurisdiction.

14. NOTICE AND DOMICILIA

  1. The address given by the Credit Receiver on the Credit Application Form shall be the Credit Receiver's chosen domicilium citandi et executandi ("domicilium") for all purposes arising out of these Terms and Conditions.
  2. The Credit Receiver may on written notice to Foschini change his domicilium to any other physical address within the Republic of South Africa. Any such change of domicilium shall only be effective 30 (thirty) days after the date on which Foschini receives the aforesaid notice.
  3. Any notice or statement to the Credit Receiver from Foschini shall be addressed to the Credit Receiver at its chosen domicilium and shall be deemed to have been received by the Credit Receiver on the 7th (seventh) day after the posting thereof.
  4. All and/or any notice or communication by the Credit Receiver to Foschini shall be in writing and sent by pre-paid registered post to Foschini at its address at Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7501.

15. TERMINATION

  1. Fochini may, in its sole and absolute discretion, at any time and without assigning any reasons therefore and without releasing the Credit Receiver from any liability to Foschini in respect of any previously granted credit or any previously use of the facility, revoke or cancel the facility and/or call for immediate repayment for the full amount outstanding on the Credit Receiver's account and/or reduce the credit limit available to the Credit Receiver and/or refuse to make any further advancement of credit to the Credit Receiver and/or require the Credit Receiver to return the Card to Foschini.
  2. Notwithstanding anything to the contrary herein contained or implied, should:
    1. the Card and/or credit facility be revoked or cancelled by Foschini; or
    2. Foschini call for surrender and return of the Card; or
    3. the Credit Receiver commit any breach of these Terms and Conditions; or
    4. the Credit Receiver's estate be placed under curatorship or sequestrated, whether provisionally or finally; or
    5. the Credit Receiver die, then and upon the happening of any of these events, the full amount of the Credit Receiver's indebtedness to Foschini shall become immediately due and payable.
  3. Foschini shall be entitled to give notice of the cancellation or revocation of the Card and/or the credit facility and any other information pertaining to the actual monthly performance of the Credit Receiver's account to any credit bureau to which Foschini subscribes and the Credit Receiver shall have no claim of whatsoever nature against Foschini in respect of such notification.
  4. The Credit Receiver may by written notice to Foschini accompanied by the Card terminate the Credit Receiver's right to use the Card and the credit facility made to the Credit Receiver, which termination shall be effective on receipt of the notice and Card by Foschini as at its address referred to in 14.4.

16. GENERAL PROVISIONS

  1. No indulgence, leniency or extension of time which Foschini may grant or show to the Credit Receiver, shall in any way prejudice Foschini or preclude Foschini from exercising any of its rights in the future or constitute a waiver or novation or give rise to an estoppel against Foschini.
  2. These Terms and Conditions as amended or substituted from time to time by Foschini together with the Credit Application Form and any other conditions or documents issued by Foschini pertaining to the Credit Facilities shall constitute the entire agreement between Foschini and the Credit Receiver relating to the use of the Card and the Credit Facilities and any transaction concluded pursuant thereto.
  3. The Credit Receiver authorizes and expressly empowers Foschini to:
    1. verify information contained in the Credit Receiver's application form and to make any other enquiries to establish the Credit Receiver's credit worthiness so as to enable Foschini to consider the Credit Receiver's application for credit;
    2. receive information from any person, credit bureau or financial institution who may have such information in order to establish the Credit Receiver's worthiness;
    3. furnish and provide information on the conduct of the Credit Receiver's account to any person credit bureau or credit provider with whom the Credit Receiver has or plans to have financial or credit relations with at any time.
    4. furnish and provide personal information as contained in the Credit Receiver's Application Form, or as may be recorded at any credit bureau, to any person, to be used for the purposes of locating the Credit Receiver in the event that the Credit Receiver fails to make payment as undertaken in terms of the Credit Facility.
  4. The Credit Receiver acknowledges that the implication of the information being placed with the credit bureaus or other credit providers is that the Credit Receiver may be refused credit from other credit providers who have access to this information and that such information may remain on record for at least three years and could accordingly affect the receipt of the Credit Receiver's credit from other credit providers for at least that period of time.
  5. The Credit Receiver waives any such rights as the Credit Receiver may have in respect of the provision of information by Foschini in terms of this clause 16, including but not limited to the right to prevent the communication of such information in terms of this clause 16.
  6. The Credit Receiver acknowledges that the personal information stipulated in the Credit Application Form may be used by the Foschini for ancillary purposes reasonably in keeping with the nature of the Foschini's business as well as for marketing and related purposes as envisaged in 16.3.4.
  7. The Credit Receiver renounces the right to raise prescription of debt as a defence against the Foschini and more specifically renounces any benefits accruing to him in terms of the Prescription Act, No.68 of 1969.
  8. Club Membership and associated benefits will be suspended when the account has a zero balance or falls into a state of arrears (2 month's non-payment of amount owing).