Smartcover Finance Limited – Direct Debit Terms and Conditions

These Terms and Conditions apply to all Direct Debit Authorities provided to Smartcover Finance Limited (“Smartcover Finance”, “we”, “us”, or “our”).

1. Authority

By completing and signing (or electronically authorising) a Direct Debit Authority, you authorise Smartcover Finance Limited to debit your nominated bank account for amounts payable under your loan, finance agreement, insurance premium funding agreement, or any other agreement you have entered into with us.

2. Payment Amounts

You authorise us to debit:

• • your regular scheduled repayments;
  • any agreed establishment or administration fees;
  • any default interest, dishonour fees, collection costs, or other charges that are payable under your agreement with us; and
  • any final payment required to satisfy your agreement.
  • No debit will exceed the amounts lawfully payable under your agreement.

3. Payment Dates

Direct debits will normally be processed on the repayment dates specified in your finance agreement or as otherwise agreed with you.

If a payment date falls on a weekend or public holiday, the debit may be processed on the next available banking business day.

4. Notice of Direct Debits

We will provide advance notice of the first direct debit and any recurring payment schedule in accordance with the requirements of the New Zealand Direct Debit Scheme.

Where payment amounts or dates change, we will provide the required notice unless:

• • the change has been requested or agreed by you; or
  • the change results from the operation of your finance agreement, where notice has already been provided.
  • Notices may be provided electronically where you have agreed to receive communications by email or other electronic means.

5. Dishonoured Payments

If a direct debit is declined, dishonoured, or returned unpaid:

• • you remain responsible for making the payment by another approved method;
  • we may attempt to re-present the payment within five (5) business days where permitted under the Direct Debit Scheme;
  • any dishonour or default fees provided for in your agreement may apply.

6. Maintaining Sufficient Funds

You are responsible for ensuring sufficient cleared funds are available in your nominated account on each payment date.

We are not responsible for any fees your bank charges because insufficient funds were available.

7. Changes to Your Bank Account

If you wish to change your nominated bank account, you must provide a new Direct Debit Authority before your next scheduled payment. We may continue debiting your existing account until the replacement authority has been processed.

8. Cancelling Your Authority

You may cancel this Direct Debit Authority by notifying your bank or Smartcover Finance Limited.

Cancellation of the Direct Debit Authority does not cancel or reduce your obligations under your finance agreement. You must continue making all payments when due using another payment method acceptable to us.

9. Errors and Disputes

If you believe a direct debit has been processed incorrectly, you should contact us as soon as possible.

You may also contact your bank regarding your rights under the New Zealand Direct Debit Scheme, including your rights to reverse certain direct debits where applicable.

10. Privacy

Information collected in connection with your Direct Debit Authority will be used for administering your repayments, verifying your banking details, collecting amounts due, and complying with legal and regulatory obligations. Your personal information will be handled in accordance with our Privacy Policy and applicable privacy laws.

11. Electronic Authorisation

Where this Direct Debit Authority is completed electronically, you acknowledge that:

• • the electronic authorisation is legally binding;
  • you are authorised to operate the nominated bank account;
  • the information you have provided is true and correct; and
  • the electronic record, including any associated IP address, timestamp, authentication records, and electronic acceptance, may be relied upon as evidence of your authorisation.

12. Contact Details

If you have any questions regarding your Direct Debit Authority or repayments, please contact Smartcover Finance Limited using the contact details provided in your finance documentation or on our website.