IVC Financial Services Terms & Conditions
Our website address is: https://ivc.health/financial-services/
Last updated: 11 December 2024
I, the BORROWER, hereby acknowledge, agree to and declare that this Loan Agreement is subject to the following terms and conditions:
- I applied for a loan from the CREDIT PROVIDER as specified in “QUOTE” below for purposes of financing costs arising from illness or medical condition. I acknowledge that the CREDIT PROVIDER will pay the medical practitioner and/or pharmacy directly on my behalf and that I will not receive any funds;
- If I accept the quote, I am indebted to the CREDIT PROVIDER in the total amount repayable in (g) in the quote below;
- I am not under administration nor have I started the process for my estate to be placed under administration;
- I am not insolvent, nor has any process been commenced/ instituted that could lead to my insolvency;
- I am not over-indebted and have not applied to be placed under debt review;
- I can fully afford my future payments to the CREDIT PROVIDER, as reflected in the “PAYMENT SCHEDULE”;
- I have the right to delay signing this agreement by up to 5 business days, in order to consider the “QUOTE”, and if I elect to enter into this agreement with the CREDIT PROVIDER, the agreement will be concluded at or below the interest rate and cost of credit initially quoted.
- This Loan Agreement has been drafted in the language of my choice and the meaning thereof has been fully explained to me. I am aware of the contents and nature of this agreement, and it is fully understood by me.
- I hereby acknowledge and agree that IVC Financial Services may request my credit report from a credit bureau and that IVC Financial Services may file my consumer credit information with any other registered credit provider and registered credit bureau. I further hereby consent to a credit bureau providing IVC Financial Services with a credit report which it may rely on (i) to assess my creditworthiness; and (ii) to base its decision whether or not to grant credit to me. My signature hereto signifies my consent as aforesaid and my agreement to hold IVC Financial Services and any credit bureau to whom it may provide my consumer credit information or from whom it requests my credit report in terms of my aforesaid consent harmless against any and all liability, loss, claim, demand, cost, fees and expenses arising out of or from in connection with my aforesaid consent.
- I understand that this “QUOTE” does not guarantee that my application for credit will be approved and is subject to an affordability assessment being conducted on my financial means, prospects and obligations.
- I understand that, if my application for credit is declined, I am entitled to request the reasons for declining the application, which IVC Financial Services is obliged to provide to me.
- I confirm that I have fully and truthfully disclosed my financial means, prospects and obligations to IVC Financial Services for the purposes of conducting an affordability assessment.
- I understand that, by affixing my signature to this “QUOTE”, I agree to the proposed interest and cost of credit outlined in the quotation and understand that, if the affordability assessment is favourable, my loan will be based on the interest and cost of credit outlined in the “QUOTE”.
- Loan Term – The loan Term is 3 (Three) Months but can be settled at any time, which would attract a relevant discount on Interest and Service Fees.
- Credit Cost Multiple – The credit cost multiple is a ratio that shows how much a consumer pays over the amount of a loan, and is calculated by dividing the total cost of credit by the original loan amount. See the example below in column marked j) Credit Cost Multiple (i)/(c)
Representative example (see below)
The total cost of the loan, including the principal and all applicable fees (* Loan Amount of R2000.00 repayable over a 3 Month Period)
| a) Loan Amount | Paid out to client | R2000.00 | g) MONTHLY INTEREST RATE: | 5.0000 |
| b) Payment to Third Party (Optional) | ||||
| c) Total Loan Amount: | (a)+(b) | R2000.00 | h) PAYMENT SCHEDULE DETAILS: | |
| d) Total Cost of Credit: | TCC (e.1 – e.5) | R795.23 | Date 1st payment | 28/06/2024 |
| e) CHARGES OF CREDIT: | Final Payback Date | 28/08/2024 | ||
| e.1) Credit Life Insurance | Number of Instalments | 3 | ||
| e.2) Initiation Fee | R265.00 | Method of Payment | DebiCheck Receipt | |
| e.3) Total Monthly Service Fees | R197.46 | Instalment Payable | Monthly | |
| e.4) Interest Charges | R263.40 | Instalment Amount | R931.74 | |
| e.5) VAT on Initiation & Service Fees & Credit Life | R69.37 | i)NCR Total Cost of Credit | R2795.23 | |
| f) TOTAL AMOUNT REPAYABLE: | (c)+(d) | R2795.23 | j)Credit Cost Multiple (i)/(c) | 1.3976 |
