PARTICULAR DISPOSITIONS AND CONTRACT
Each of the payments that the debtor makes is first allocated by the lender to the payment of interest and costs incurred, and any balance is used to reduce the amount of the principal amount owed.
In the event that the debtor fails to pay any of the payments under this agreement, the creditor may require the debtor to pay in full any unpaid balance of principal, interest and costs in connection with the recovery of such costs.
All legal and extrajudicial costs that will be reasonably incurred in the event of defects in this contract will be claimed from the debtor for any check or pre-authorized payment returned to the creditor. The fees are as follows: drafting of a formal notice and an application instituting proceedings ($ 250.00, plus applicable taxes), fees for court stamp (variables), cost of sending the documents by registered mail and / or by bailiff (variables) and address search fees, in the event that the debtor no longer resides at the address mentioned in this contract ($ 85.00, plus applicable taxes).
The creditor may make six (6) additional drawdown attempts at the end of the agreed due date if the obligor is in default thereunder. A fee of fifty dollars ($ 50.00) will be payable by the debtor for any checks or pre-authorized payments returned to the creditor for seventy-five cents ($ 0.75) fees will be levied on each deduction made to the debtor's bank account. If the debtor wishes to request an amendment to the original agreement, an administrative fee of ($ 50.00) will be charged. The debtor must notify the company at least 48 business hours before the scheduled collection date.
AUTHORIZATIONS AND ACKNOWLEDGMENTS
1. The borrower hereby authorizes the lender to make withdrawals from his bank account for the payment of all amounts due in accordance with the present contract and authorizes the lender to use any of the lender's bank account in order to withdraw payment(s) from the borrower.
2. The borrower hereby authorizes the lender to obtain from any person or institution (notably employer, financial institution, credit reporting agency, lending agency, etc.) all necessary information required for the approval of this contract.
3. Both parties acknowledge that compliance with the dates and deadlines set forth in this contract are an essential condition of the present agreement.
4. The present contract will bind the parties and their representatives, administrators, executors, heirs and beneficiaries.
5. The borrower agrees to receive emails concerning all the services offered by the lender.
6. The borrower acknowledges that every information he provided to the lender are exact.
7. Should the information concerning the borrower's payday, or any kind of income be different than what he provided, he agrees that the lender makes the necessary modification to reflect the reality.
8. In the event of a default payment, the borrower authorizes the lender to withdraw from any bank account for which a pre-authorized debit form (PAD) or void cheque was provided during any and all loan applications.
9. The personal information given by the consumer or given on his behalf will remain confidential. The merchant will not divulgate said information to anyone but his attorneys or if he needs to in order to recover the amounts owed by the consumer considering this contract.
LOAN AGREEMENT
LEGAL PROVISIONS
1. The consumer may cancel this contract without charge within 2 days following that on which each party takes possession of a duplicate of this contract.
To cancel the contract, the consumer must:
a) return the money to the merchant or his representative if he received the money at the time each party took possession of a duplicate of the contract;
b) send a notice in writing to that effect or return the money to the merchant or his representative if the money was not returned to him at the time each party took possession of a duplicate of the contract.
The contract is cancelled, without further formality, as soon as the consumer returns the money or forwards the notice.
2. If the consumer uses the money to make full or partial payment for the purchase or lease of goods or services, he may, if the money lender and the vending or leasing merchant regularly work together with a view to the granting of loans of money to consumers, plead against the money lender any ground of defense that he may urge against the vending or leasing merchant.
3. The consumer may pay, in whole or in part, the amount of his obligation before maturity. The balance due is always equal to the sum of the balance of net capital and credit charges computed in accordance with the Act and the General Regulation made under the Act.
4. The consumer may, once a month and without charge, request a statement of account from the merchant; the latter must furnish him with the statement of account or forward it to him as soon as possible but at the latest within 10 days of the receipt of the request.
In addition to the statement of account prescribed above, the consumer who wishes to pay the balance of his obligation before maturity may, at all times and without charge, request a statement of account from the merchant; the latter must furnish him with the statement of account or forward it to him as soon as possible but at the latest within 10 days of the receipt of the request.
It is in the consumer's interest to refer to sections 73, 74, 76, 91, 93 and 116 of the Consumer Protection Act (chapter P-40.1) and, where necessary, to communicate with the 'Office de la protection du consommateur'.
(Clause of forfeiture of benefit of the term)
Before availing himself of this clause, the merchant must send the consumer a notice in writing and a statement of account.
Within 30 days following receipt by the consumer of the notice and the statement of account, the consumer may:
a) either remedy the fact that he is in default;
b) or present a motion to the court to have the terms and conditions of payment prescribed in this contract changed.
It is in the consumer's interest to refer to sections 104 to 110 of the Consumer Protection Act (chapter P-40.1) and, where necessary, to communicate with the 'Office de la protection du consommateur'.
ELECTRONIC SIGNATURES
The present contract comes into effect upon electronic signature and will end after full payment of the capital, interest and fees.
