TERMS AND CONDITIONS OF AGREEMENT
1. ACCOUNT PAYMENT
1.1 The monthly account statement provided by the credit provider is payable not later than the 3rd, or another date as determined from time to time,
of each month following the month in which the account is dated by debit order or at the offices of the credit provider or at an authorized agent of
the credit provider.
1.2 Payments received after the 3rd, or another day as determined from time to time, of the relevant month do not qualify for bonus, however, should
payment be received by post after the 3rd, or another day as determined from time to time, of the relevant month it will qualify for bonus provided
that the envelope containing the payment was mailed on or before the 1st, or another day as determined from time to time, of the month
concerned.
1.3 The consumer must raise any query regarding the correctness of the monthly account statement in writing within 30 days of the date of the
account statement, failing which the consumer will have no claim whatsoever in respect thereof.
1.4 Any latitude, concession or extended period of payment granted to the consumer by the credit provider will not in any way constitute a novation
or waiver by the credit provider of its rights in accordance with the conditions of use neither will it give rise or have the effect of ESTOPPEL
against the credit provider.
1.5 Payments made by the consumer shall be appropriated as follows:
a) Firstly towards the administration fee, the premiums of the group and funeral insurance and the guarantee fund contribution;
b) Secondly towards the purchases made by the consumer whether on the open or budget account;
c) Thirdly towards the short term insurance premiums (if applicable) charged to the consumer’s account;
d) Lastly towards the asset finance and personal loan instalments (if applicable).

2. ADMINISTRATION FEE AND OTHER CONTRIBUTIONS
2.1 An administration fee of R3.50 per month, or a fee as determined from time to time, as well as premiums in respect of the Group and Funeral
insurance schemes are payable monthly by the consumer. Card transactions are subject to a levy, as determined from time to time, and will
appear on the monthly account statement.
2.2 Monthly contributions in respect of the Guarantee Fund for consumers are compulsory and if needed can be utilized for payment of the debt due
by the consumer to the credit provider.
2.3 Participation in the Group and Funeral insurance schemes are optional.

3. USE OF CARD
3.1 The use of a Koopkrag card is subject to the following conditions:
3.1.1 The use of the card is limited to the cardholder (the consumer and the persons to whom additional cards were issued on request of
the consumer). The consumer is responsible for all purchases made on any of the cards issued on his/her account.
3.1.2 The cardholder will on receipt of the card sign the card on the space provided with a ball point pen.
3.1.3 The card remains the property of the credit provider and the consumer shall surrender and return any card issued on his/her account
to the credit provider on request.
3.1.4 The cardholder may not cede or assign any of his/her rights or obligations in respect of the card or the use thereof to a third party.
3.1.5 The consumer may not exceed the approved monthly purchase limit without the consent of the credit provider. If however, the
purchase limit is exceeded, the consumer will still be liable to the credit provider and a fee of R15, or a fee as determined from time to
time, will be charged.

4. CARD PROTECTION
4.1 The consumer will take proper care of the card(s) issued on his/her account and exercise all the necessary precautions to prevent the loss and/or
theft thereof.
4.2 If a card is lost or stolen or if the card is used by an unauthorised person or if the consumer has any reason to believe that the aforementioned
events have occurred, the consumer must notify the credit provider without any delay. If such notification is verbal the credit provider may request
the consumer to confirm such notification in writing before a replacement card is issued.

5. LOST CARD PROTECTION FUND (OPTIONAL)
5.1 The consumer confirms that he/she is aware of the Purchase Card Protection Fund offered by the credit provider and that he/she must apply in
writing for protection under the scheme.
5.2 In terms of the credit provider’s protection scheme the consumer accepts liability for all payments made by the credit provider or which the credit
provider is bound to make in respect of, or arising out of, any use of the card before the credit provider is reasonably able to act on the
notification or prior to the written confirmation referred to in clause 4.2 hereof.
5.3 The consumer acknowledges that the loss(es) suffered as a result of the deliberate behaviour or negligence on the part of the cardholder, shall
not, because of the notification absolve the consumer of liability.
5.4 Protection in terms of this scheme only becomes effective for 12 months after the amount mentioned in clause 5.9 hereof has been paid by the
consumer to the credit provider.
5.4.1 The consumer is responsible for the safe keeping and proper use of all purchase cards issued on his/her account and must take all
reasonable precautions to prevent any unauthorised person from using the card(s).
5.4.2 Should a card be lost, missing, stolen or used unauthorised i.e. by anyone other than the cardholder, or the consumer believes or
has reason to believe that any of the aforementioned events (the Events) have occurred, the cardholder or the consumer must
notify the card division of the credit provider immediately by telephone or personally as soon as the Events have occurred. Such
notification must be confirmed in writing and must be received by the card division of the credit provider within 7 days of the initial
notice. All hour telephone numbers will appear on the consumer’s monthly account statements and can be dialled to report any of
the Events.
5.4.3 If any of the Events should occur the consumer will be responsible and liable for any payments made by the credit provider to the
supplier in respect of any purchases and/or transactions concluded with the relevant card prior to the notification referred to in
clause 5.4.2 hereof.
5.5 The consumer will not be liable for any loss due to payments made by the credit provider in respect of any purchases and/or transactions made
or entered into after the requirements stipulated in clause 5.4.2 and 5.4.3 hereof have been fully complied with provided that the particular
cardholder enjoys protection in terms of this scheme.
5.6 The consumer and/or the cardholder will be obliged to furnish the card division of the credit provider with an affidavit in respect of the details of
the theft/loss of the purchase card and to comply with any other reasonable demands set by credit provider in this regard.
5.7 If unauthorised purchases were made with a purchase card of the consumer or a cardholder the onus will be on the consumer or cardholder to
identify those unauthorised purchases and to contact the suppliers where those purchases were made to provide the credit provider with
sufficient proof that those purchases were indeed unauthorised.
5.8 The consumer will not enjoy any protection under this scheme if the theft/loss of the purchase card was intentional or due to gross negligence on
the part of the consumer or cardholder.
5.9 The premium is R12 per card per annum or such a fee as determined from time to time.

6. PROOF AND AUTHORISATION TO DEBIT CONSUMER’S ACCOUNT
6.1 Subject to clauses 4.2 and 5 hereof the consumer will be liable to and reimburse the credit provider for all payments made by or which the credit
provider is bound to make in respect of, or arising from any purchases made by means of the card irrespective of whether the relevant voucher(s)
was signed or not.
6.2 The cardholder must sign a credit voucher in respect of each refund allowed by the Supplier on each occasion that the card was used. By signing
the voucher the cardholder confirms that the information contained therein is correct.
6.3 Subject to clauses 4.2 and 5 hereof the consumer irrevocable authorises the credit provider to pay any purchases made and/or services obtained
by means of the card and to debit the amount concerned to the consumer’s account.

7. CLAIMS AND DISPUTES
7.1 Any claims or disputes between the consumer and the Supplier with regard to any goods and/or services acquired from the Supplier shall in no
way effect the credit provider’s right to receive payment from the consumer since the consumer acknowledges that no Supplier is an agent of the
credit provider.
7.2 The consumer will not be entitled to countermand any payment made or to be made by the credit provider in respect of any transaction entered
into by means of the consumer’s card.

8. INTEREST AND LEVIES
8.1 The consumer will be liable to the credit provider for the payment of interest on any outstanding amount at an interest rate as determined from
time to time by the Board of Directors of the credit provider and it shall be capitalised and included in each monthly account statement issued to
the consumer.
8.2 Should payment of the account be received after the due date (3rd of the month or such a day as determined from time to time) and subject to
clause 9.1 hereof the following provisions shall come into effect:
a) The credit provider will be entitled to add 2% interest per month or such a percentage as it may decide upon to the outstanding
balance of the consumer’s account from month to month.
b) Not withstanding clause 8.2 sub – paragraph (a) accounts handed to the credit provider’s attorneys for collection shall be debited with
interest at a rate of 24% per annum or such a rate as the credit provider may decide upon.
8.3 Should a consumer’s buying facility be cancelled due to late payment, non – payment or any other misdemeanour such a consumer will forfeit all
bonus benefits whether such benefits have accrued or not.

9. LEGAL FEES
9.1 Should it become necessary, due to non – payment or any other reason, for the credit provider to hand the account of the consumer over to its
attorneys for collection the following provisions will apply:
a) The consumer accepts the jurisdiction of the local magistrate’s court and will be liable for all legal costs as between attorney and
client, collection commission, tracing costs as well as predetermined administration costs equal to 10% of the entire amount due to the
credit provider when the account was handed over.
b) Should any court action arise from this agreement the consumer accepts the jurisdiction of the local magistrate’s court irrespective of
the amount involved.

10. REVOCATION AND TERMINATION
10.1 The credit provider may at any time in its sole discretion and without supplying any reasons therefore and without releasing the consumer or the
surety (if applicable) from any liabilities to the credit provider in respect of any previously extended credit or any use of the card, revoke or cancel
the card facility or require the consumer to return the card(s) to the credit provider. Should the credit provider revoke the card facility the full
outstanding balance of the consumer’s account becomes payable immediately.
10.2 Any travelling expenses incurred by the credit provider to recover a card resulting from breach of contract will be recoverable from the consumer
involved at a rate of R1.60 per kilometre travelled or such a rate as determined from time to time.

11. ADDRESS
11.1 The address of the consumer mentioned herein is chosen as DOMICILIUM CITANDI ET EXECUTANDI (the physical residential address of the
consumer for all legal notices) and any change of the address must be done in writing. For purposes of this agreement a written notification
means a written notice that has been personally delivered by the consumer or faxed or delivered by registered post to the credit provider.
11.2 The consumer agrees to the implementation of an emoluments attachment order in accordance with section 65J(2) of the Magistrate’s Court Act
of 1944 to an amount as previously agreed upon in this agreement and that this amount may be subtracted from his/her salary and paid to the
credit provider’s attorney.
11.3 For married couples were the account has been opened in the name of both the husband and wife both parties will be collectively and individually
responsible for the payment of the account.

12. GUARANTEE FUND FOR CONSUMERS
12.1 The credit provider’s Guarantee Fund for consumers is the sole property of the consumers and each consumer’s share is determined continually.
Interest is calculated annually at an interest rate as determined by the credit provider from time to time and credited to the consumer’s account at
the end of the credit provider’s financial year.
12.2 The credit balance of each consumer’s Guarantee Fund consists of amounts contributed monthly by the consumer to the Fund.
12.3 In the event of termination of membership of a consumer such a consumer will be entitled to his/her pro rata share of the Guarantee Fund
calculated at the end of the credit provider’s financial year in which his/her membership was terminated, provided that this amount will not be
claimable within one year after the end of the financial year concerned and that against such a claim all amounts due by the consumer to the
credit provider in its capacity as agent for the consumer or in its own capacity be set off.
12.4 The consumer authorizes the credit provider to add a minimum amount of R20 per month or such an amount as the credit provider, in its sole
discretion, may decide upon to his/her monthly account, which amount will be transferred to the Guarantee Fund for consumers.
12.5 This monthly contribution will continue until the consumer’s credit balance in the Guarantee Fund is equal to twice the monthly purchase limit
granted by the credit provider to the consumer.
12.6 The consumer agrees that the credit provider will be entitled to transfer the first payment made by him/her, in any month, to his/her account in the Guarantee Fund for consumers.

13. DIRECTORS – CREDIT PROVIDER
13.1 It is placed on record that a comprehensive list of the credit provider’s directors is available on its website for perusal.
The consumer hereby declares that the foregoing information provided in this document is true and correct and that his/her attention was drawn to section 89(3) of the Act. He/she further declares that he/she is applying for a credit facility and that the implications, consequences and risks inherent to credit were explained to him/her and that he/she comprehends and understands it. He/she confirms that he/she understands that the credit provider might refuse him/her credit in terms of section 60(2) of the Act.
The consumer authorises the credit provider to obtain credit references and/or any other references from any credit bureau and/or person or party for the purpose of his/her application and pertaining to his/her credit history.
The consumer confirms that on accepting the credit provider’s quote he/she also accepts the credit provider’s attached terms and conditions and that he/she is bound by it, further that this document and the attached terms and conditions embodies the credit agreement between himself/herself and the credit provider and that his/her credit facility will be regulated by it.
The consumer confirms that this document and the attached terms and conditions constitute the full agreement between the parties and that no addendum to this agreement, excluding the Credit Statement and Quote, has been signed.

433 Rodericks Rd, Lynnwood, Pretoria, 0081
012 348 5452
koopkrag@koopkrag.co.za
koopkrag.co.za