Key Information Concerning Consumer Credit Contract
The following information is the key information concerning a consumer credit contract as is applicable:
Full name and address of creditor
(a) Company Name: BHF Solutions (NZ) Pty Ltd (‘BHF’)
Company No: 7374139
Address: Level 31, Vero Centre, 48 Shortland Street, Auckland, 1010
Initial unpaid balance
Please refer to the unique Initial Disclosures document that has been emailed to your specified email address.
(b) There are no subsequent advances under this loan agreement
(c) The total advance is reference in your unique Initial Disclosures emailed to your specified email address.
The advance will be made by BHF in accordance with the loan agreement.
(d) BHF does not have credit limits. Each loan application is assessed independently.
A suitable loan amount is offered based on your needs and the loans affordability
Annual interest rate
(e) BHF does not charge interest
Method of charging interest
(f) Not applicable
Total interest charges
(g) Not applicable
Interest free period
(h) Not applicable
Credit fees and charges
(i) Please refer to the unique Initial Disclosures document that has been emailed to your specified email address.
The loan fee is payable in conjunction with the loan amount in intervals and amounts that will be agreed to in your loan agreement
(j) If you pay in accordance with your loan agreement, the total repayment amount will be the specified amount as per your Initial Disclosures sent to you.
Repayments will be made at intervals and amounts that will be agreed to in your loan
(k) There is no penalty to you for full prepayment
(l) BHF Solutions will take no security interests
(m) Not Applicable
Default interest charges and default fees
(n) If you are unable to meet the obligations under the loan agreement you will be liable for:
(i) a default fee of: $20.00
(ii) default interest on the outstanding amount of: 20% p.a. calculated and compounding daily
Debtor’s right to cancel
(o) You have the right to cancel your loan agreement by giving written notice to BHF within five (5) working days from the date of this statement. If you have already received funds under the loan agreement you must return the loan amount less any repayments, you have already made to BHF within 15 working days from the date you give notice of cancellation of the loan.
Debtor’s right to apply for relief on grounds of unforeseen hardship
(p) If you are unable to reasonably meet your obligations under the loan agreement due to unforeseen financial hardship, please contact us in writing advising us of the reason you are unable to meet your obligations.
Once we receive your notice, we will contact you to discuss and implement ways that we can finalise your agreement with us in a manner that is financially viable for you.
You will not receive any charges from BHF if your apply for and receive relief on the grounds of unforeseen hardship.
Continuing disclosure statements
(q) Continuing disclosure statements are provided every six (6) months from the loan start date until the finalisation of the loan.
Consent to electronic communications
(r) All communications and written notices can be provided to BHF via email.
(s) If you have any complaints or disputes please lodge a complaint including your Name and Contact details via our website by going to www.bhfsolutions.co.nz clicking on “Contact Us” in the menu bar. One of our complaints specialists will be in contact to work with you to resolve the dispute.
(t) BHF is also a member of Financial Dispute Resolution Service (“FDR”). This is a dispute resolution service that is free to our customers. We ask that you first contact BHF directly to resolve this dispute before engaging the services of FDR.
The details of FDR are as follows:
Phone: 0508 337 337
BHF Member Number: FM5442
Registration under Financial Service Providers (Registration and Dispute Resolution) Act 2008
(u) BHF Solutions (NZ) Pty Ltd is registered with the Financial Service Providers Register. FSP669311
(v) IMPORTANT WARNING ABOUT BORROWING
Borrowing small amounts of money can be expensive and it may not solve your monetary problems. Please make sure you consider all your options before you choose to borrow.
The Commerce Commission provides useful information on borrowing money and using credit on its website: https://comcom.govt.nz/consumers/dealing-with-typical-situations/borrowing-money-and-buying-on-credit
Instead of borrowing, you may want to consider speaking with your utilities and other providers to see if a payment plan can be worked out.
If you chose to borrow, make sure it is only for short-term, once off and/or emergency needs. Not long-term or regular borrowing.