FIRST E-MAIL
from: Adam Smith <
[email protected]>
to:
date: Sat, Jul 1, 2017
Thanks for your mail.first and foremost, before we can proceed further with your transaction i would like you to go through the below terms and Conditions and if OK with you then we can move on to the next step.
Loan terms and Conditions*
*Subject to approval. Certain conditions apply.
The following sets out the rights and obligations between you and I.
Definition
1. The Loan
The Loan If I accept this contract, I will lend you the amount of credit you have offered to borrow. This amount is stated on the contract under "Total Amount of Credit". You authorize me to distribute the loan in the way set out under "Who I will pay your loan to" this could be the same day. The total amount, including interest which you will have to pay is set out under "Total amount of repayments".
2. How is interest calculated
I calculate interest payable by you by applying the daily percentage rate of interest to the unpaid daily balances under this contract. The unpaid daily balance is the amount you owe me at the end of any particular day (Pacific Time), and is the difference between all amounts credited and all amounts debited to your account at the end of the day on any particular day. The daily percentage rate is determined by dividing the annual percentage rate by 365. This interest accrues daily and is debited to your account calendar monthly in arrears immediately after the last day of each calendar month. If you payout all the monies owing under this contract, then interest for the period from the last debit date up to but excluding the payout date will be debited on the payout date. Under this contract, accrued interest debited on a day will not include interest relating to that day.
3. Repayment
You must repay the Total Amount of Credit plus the interest charges by monthly repayments. The amount of each repayment is stated under "Amount of each repayment". You must pay the first repayment on the date stated under "Repayments". After that, you must pay a repayment on the same day of each following month. You must make the number of repayments stated under "Number of repayments" for the period stated under "Period of repayments (loan term)", and pay the balance owing under this contract on the date the final payment is due. You agree not to deduct anything from any such repayment. This means you cannot deduct anything that you claim I owe or could in the future owe you.
You must make payments to me by any of the following methods;
i) in person, at my address shown on the front of this contract document
ii) by direct debit bank transfer
iii) by telephoning my office with your credit card details
iv) western union/money gram
4. Cost
Borrowers is subjected to the Loan Origination cost for the loan processing before the loan can be approved and set aside for disbursement to borrower designated Bank account.
5. Termination Of Loan
5.1 may, at any time after any amount of the Loan granted to the Borrower is cancelled by the Borrower or deemed by us to be cancelled resulting in the net loan amount of the Loan being reduced to less than $100, terminate the Loan by notice to the Borrower, in which event all obligations and liabilities there under shall become immediately due and payable.
5.2 Notwithstanding any other provision in these Terms and Conditions, in the event that the each bi-monthly installment payable by the Borrower under the Loan is less than ($100 for any reason what so ever, I may at any time thereafter terminate the Loan by notice to the Borrower, in which event all obligations and liabilities there under hall become immediately due and payable.
6. Commissions paid to or by me
A commission is payable by me under "Who I will pay your loan to" to me, and to the sales consultant named on this contract. The amount of commission payable is unascertainable as at the Disclosure date of information. A commission is payable to the company named under "Who I will pay your loan to" by me for the introduction of credit business. The amount of commission is unascertainable as at the Disclosure date of information.
7. Things you must not do
You must not;
i) commit an act of bankruptcy; or
ii) fail to pay me on time any money you have to pay me under this contract; or
iii) pay any repayment/s with a check, direct
debit or other instrument that is subsequently dishonored by a bank; or
iv) fail to comply with any condition of this loan contract; or
v) make any material false or misleading representation.
8. I may end this contract in certain circumstances
I am entitled to give you a written notice requiring you to correct any default of this contract. If you don't do the things specified in the written notice within 30 days I can require you to pay me whatever money you owe to me under this contract. The money you owe to me includes the unpaid balance of the loan, any other accrued interest, any fees and charges due and owing and any enforcement expenses. If the law does not require me to do so, I do not have to give you a written notice before I can require you to pay me whatever money you owe to me under this contract. In addition, subject to the Consumer Credit Code, I may exercise my other rights under this contract, and any right available to me under law.
9. Default
Having followed the terms of the Consumer Credit Code, 1995 and without affecting my right to demand repayment at any time, I may demand repayment if any of the following happen (defaults): if you fail to pay any money you owe me on the date it is due and this failure last for more than 30 days after I have written to tell you that the amount is overdue; if you break any of the terms and conditions of this agreement and you do not resolve the position within 30 days after I have written to tell you to do so;
if you or your guarantor die or do something which could lead to bankruptcy;
if your guarantor serves me with a notice that he or she will no longer act as your guarantor
if any decree, judgment or order of court is obtained against you and you do not pay it within one month from the date it was issued;
if any information supplied for or by you in application for the credit facility was false, misleading or inaccurate;
if you do not provide me with the security within 10 days after I have written to ask you for it or within any extra time I may allow; if the security is also security for other money you owe me (or any of our subsidiaries) and the security becomes enforceable to pay any of the other money.
10. Enforcement expenses
Enforcement expenses may become payable under this contract in the event of a breach. I may debit these expenses to your account. They will become immediately due for payment once debited. Enforcement expenses may include solicitors' legal costs and the reasonable expenses of my staff and my facilities incurred in relation to any enforcement.
11. Change of circumstances and address
You must tell me promptly if you change your residential or postal address, or if you think there is any information that I should be aware of about your ability to comply with this contract.
12. Notices
Any notice or demand given by me under this contract or required by law may be given in writing, can be signed by any of my officers, and can be delivered personally or by email to the address you have nominated for delivery of notices, or if no such address has been nominated by you, your email address as last known to me. Any such notice or demand shall be deemed to have been received by you when it would have been delivered in the ordinary course of post.
Borrowers should be informed that we do not take out the Loan Protection Insurance/ Payment Protection Insurance from the capital loan amount due to an hard insurance policy.
13. Joint and several liability
If you are two or more persons, your obligations as debtors are both joint and several.
14. Date of Contract
This contract takes effect on the date that I accept your offer to borrow.
15. Assignment
I may deal with, assign or transfer to any person or company any of my rights and interests under this contract.
16. Consumer Credit Code and other laws
To the extent that any provisions or parts of this loan contract are inconsistent with the Consumer Credit Code or other laws, they will be deleted so that the rest of the contract shall remain valid and enforceable. All disclosures under this contract are made on the basis of assumptions permitted by the Consumer Credit Code.
17. Information
The Borrower shall supply us immediately upon request all requested details, information, materials, and explanation (except information of a proprietary nature) regarding the operations and finances of the Borrower as may be reasonably required from time to time.
18. Governing Law
The Loan shall be governed by and construed in accordance with the laws of Michigan.
If the above terms and Conditions meet your need then kindly write back so as to enable me provide you with the Loan Application Form to start processing.
Look forward to your Swift response.
Best Regards,
Adam smith.
