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1. Application of these Terms and Conditions
1.1 These terms and conditions (Terms) should be read in conjunction with the Disclosure Statement and together form our agreement with you (Agreement) in relation to the Loan.
1.2 This Agreement is drafted on the basis that it is a Consumer Credit Contract (as defined in the CCCFA). You warrant that you do not enter into this Agreement for the purposes of a business.
2.1 In this Agreement, the following words have the following meanings:
2.1.1 References to us, our and we are references to Hippo Holdings Limited (company no. 7679156) and includes our successors and assigns;
2.1.2 References to you and your are references to the person entering into this Agreement, including your successors;
2.1.3 Ancillary Document means any other agreement or document under which you have obligations to us;
2.1.4 CCCFA means the Credit Contracts and Consumer Finance Act 2003;
2.1.5 Disclosure Statement means the initial disclosure statement which we provide to you headed “Disclosure Statement for Consumer Credit Contracts”;
2.1.6 Event of Default means an event set out in clause 10.1;
2.1.7 Loan means the loan that we agree to provide to you, governed by this Agreement;
2.1.8 Personal Information means personal information about you, including your personal details, details of your assets, liabilities, income, credit history, amounts required to repay under any existing financial arrangements you may have;
2.1.10 Sum Outstanding means the balance of the amount owing by you to us under or in connection with this Agreement however payable.
2.2 In this Agreement:
2.2.1 Words importing the singular shall include the plural and vice versa;
2.2.2 Words importing the masculine shall include the feminine;
2.2.3 Reference to a person includes an individual, partnership, firm, company, corporation, association, trust, estate;
2.2.4 Reference to any legislation is reference to New Zealand legislation and include all subordinate legislation, any re-enactment of, or amendment to, that legislation and all legislation passed in substitution for that legislation;
2.2.5 Reference to this Agreement shall be deemed to include references to this Agreement as varied or amended;
2.2.6 Any obligation not to do anything includes an obligation not to suffer, permit or cause that thing to be done;
2.2.7 Reference to clauses are to clauses of this Agreement; and
2.2.8 References to clause headings are for convenience only.
3.1 We shall provide you with the Loan in accordance with this Agreement.
3.2 Loans are only available to individuals who live in New Zealand and are either nationals of New Zealand or Australia or have a valid residence or work visa for New Zealand.
3.3 Loans are conditional on you providing all Personal Information (including by carrying out credit checks) that we in our absolute discretion are satisfied with. If we are not satisfied with the Personal Information we will be entitled to terminate this Agreement by giving notice to you and we will have no further obligation to you.
4.1 You must make payments without set off or deduction on the dates and in the amounts set out in the Disclosure Statement.
4.2 You must make payments by bank transfer or such other manner as we may from time to time agree.
4.3 If you make a payment before the date that it is due, we will not be required to credit you with that payment against the amount you owe us until the date the payment was actually due.
4.4 If we do not accept the early payment, we will refund it to you as soon as practicable.
4.5 We shall be entitled to determine the order in which payments are applied.
5. Full repayment
5.1 You are entitled to pay the Sum Outstanding at any time. Where you do so we may require that you pay our administrative fee in the amount set out in the Disclosure Statement.
6.1 You shall pay interest on the Loan at the interest rate set out in the Disclosure Statement.
6.2 If you fail to make payment when due default interest shall be payable on overdue amounts at the interest rate set out in the Disclosure Statement.
7. Fees and Charges
7.1 The Disclosure Statement sets out the credit fees, default fees and administrative costs that you may be required to pay under this Agreement.
7.2.1 Any amounts incurred or paid by us as a result of a breach by you of your obligations under this Agreement (including debt collection charges or repossession fees);
7.2.2 Any amounts incurred or paid by us in enforcing or attempting to enforce any of the provisions of this Agreement;
7.2.3 Any amounts incurred or paid by us in maintaining our interests and/or exercising rights under this Agreement; and
7.2.4 Any other amounts that we are entitled to recover from you under this Agreement.
8.1 Where you agree to provide security for the Loan you shall also be required to enter into separate documentation in the form required by us (that being an Ancillary Document).
9.1 You are entitled to cancel this Agreement by giving notice to us within 7 working days of the date that we serve the Disclosure Statement on you. Full details of this right are set out in the Disclosure Statement.
10. Events of Default
10.1 Each of the following constitutes an Event of Default:
10.1.1 You fail to make a payment to us when it is due under this Agreement;
10.1.2 You otherwise breach or fail to comply with your obligations under this Agreement;
10.1.3 You suffer an act of bankruptcy or are made bankrupt;
10.1.4 You make a compromise or arrangement with your creditors;
10.1.5 You otherwise become insolvent or steps are taken that we reasonably believe will cause you to become insolvent;
10.1.6 Any judgment against you remains unsatisfied for 10 days;
10.1.7 We discover that you have given us false or misleading information;
10.1.8 You breach any Ancillary Document;
10.1.9 You die or become of unsound mind.
11. Consequences of Events of Default
If an Event of Default occurs we may:
11.1.1 Require you to pay the Sum Outstanding and all other amounts you owe to us under this Agreement;
11.1.2 Terminate this Agreement;
11.1.3 Exercise any applicable rights that we have under an Ancillary Agreement;
11.1.4 Report or register defaults against your name at credit reporting agencies; and
11.1.5 Do anything else that we are permitted to do at law and under this Agreement.
11.2 Termination of this Agreement shall not affect our right to the Sum Outstanding and all other amounts you owe to us under this Agreement.
12. Continuing and Request Disclosure
12.1 Where we are required under the CCCFA to provide you with regular statements about your account (continuing disclosure statements) these will be provided every six months during the existence of this Agreement.
12.2 You may request that certain matters be disclosed to you under section 24 of the CCCFA and we will provide you with this disclosure if it is required under the CCCFA.
13. Unforeseen Hardship Changes
13.1 If you are unable reasonably, because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, to meet your obligations under this Agreement you should apply to us to seek to change the terms of this Agreement.
13.2 The procedure for making an application is set out in the Disclosure Statement.
14. Personal Information
15. Change in name and address
15.1 You must notify us in writing of any pending change to your name, address or contact details before the change occurs.
16.1 All notices and other communications to us shall be in writing and delivered to us by hand, by post or by e-mail and sent to the relevant address as set out in the Disclosure Statement or to such other address as we may advise from time to time.
16.2 All notices and other communications to you shall be in writing and delivered to you by hand, by post or by e-mail and sent to the relevant address as set out in your Loan application or to such other address you may inform us of from time to time.
16.3 We may also send communications to you by SMS using the number provided by you in your Loan application.
17. Right of set off
17.1 We are entitled to set off any amount that we may owe to you against any amount that you owe us under this or any other agreement.
18.1 Except as expressly provided otherwise this Agreement may only be varied or modified by agreement in writing. Any variation or modification of this Agreement does not prejudice or affect any other provision of this Agreement.
18.2 We will provide you with formal disclosure of any variation of this Agreement in accordance with the CCCFA.
19. Further Assurance
19.1 You shall sign all documents and do all things that we reasonable require in order that we may obtain the full benefit of this Agreement.
19.2 As far as permitted by law, you also appoint us and each of our directors, agents and employees for the time being to be your attorney, with the power to do all such things as mentioned in clause 19.1.
20. Entire Agreement
20.1 This Agreement is the entire agreement and supersedes any and all previous communications, negotiations, arrangements and agreements, whether written or oral, between you and us in respect of the matters that are the subject of this Agreement.
20.2 You acknowledge that you do not rely on any representations or warranties which have not been specifically set out in this Agreement.
21.1 We may assign, transfer and/or sub-contract all or any of our rights, title, interests and obligations under this Agreement to any person at any time without your consent.
21.2 You shall not assign, transfer, charge, encumber, mortgage, or otherwise part with any of your rights or obligations under this Agreement.
22.1 A failure by us to exercise a right that we have under this Agreement is not a waiver of that right unless the waiver is in writing. We may exercise it at a later time if we choose to do so.
23.1 If any of the terms of this Agreement are illegal, unenforceable or not binding, the other terms shall be unaffected.
24. Governing Law and Jurisdiction
24.1 This Agreement is governed by the laws of New Zealand and you agree to submit to the non-exclusive jurisdiction of the New Zealand courts.