PRECISE TRANSACTIONS PTY LTD and THE BORROWER
Direct Debit Request – Service Agreement (DDR-SA)
This Agreement is made between Precise Transactions Pty Ltd ACN 126 686 879, Australian Credit Licence 388834 of PO Box 1857, Broadbeach Qld 4218, and the Borrower described in the associated Direct Debit Request.
This Agreement is in association with the Direct Debit Request.
Definitions applicable to this Agreement:
Fifo Capital Franchisee means the Credit Provider who has provided you with the finance requiring repayment facilitated by this Agreement and the associated Direct Debit Request.
Precise Transactions means Precise Transactions Pty Ltd ACN 126 686 879 which is a third party Direct Debit processing service company who, by signing the Direct Debit Request, you have authorised to access your account and remit funds to the Fifo Capital Franchisee, in accordance with the associated financing contract, as part of an arrangement between Precise Transactions and Fifo Capital Franchisee.
Debit day means the day that repayment by you to the Credit Provider (via Precise Transactions) is due, in accordance with the relevant financing contract.
You means the Borrower/s who signed the Direct Debit Request associated with this Direct Debit Request – Service Agreement.
Terms and Conditions
1. Debiting the account held at your financial institution
1.1 By signing a Direct Debit Request, you have authorised Precise Transactions to arrange for funds to be debited from your account. You should refer to the Direct Debit Request and this agreement for the terms of the arrangements between Precise Transactions and you.
1.2 Debited repayments will be made when due in accordance with the relevant financing contract. Precise Transactions will not issue an individual confirmation of payments made.
1.3 If you are unsure about which day your account has or will be debited, you should ask your financial institution.
1.4 Precise Transactions will only arrange for funds to be debited from your account as authorised in the Direct Debit Request, plus any fees and charges associated with a default, deferment or hardship application, in accordance with the relevant financing contract. It is your responsibility to ensure the account information you have provided may be debited through BECS. Not all accounts may be debited through BECS.
1.5 If the debit day falls on a day that is not a business day (i.e. Saturday, Sunday or a public holiday), Precise Transactions may direct your financial institution to debit your account on the following financial institution business day.
2. Changes by You
2.1 Subject to the following you may change the arrangements under a Direct Debit Request by contacting your Fifo Capital Franchisee on 03 9866 2930.
2.2 If you wish to stop or defer a debit payment, you must notify your Fifo Capital Franchisee at least forty-eight (48) hours before the next debit day.
2.3 You may cancel your authority for Precise Transactions to debit your account at any time, by giving your Fifo Capital Franchisee seven (7) days’ notice in writing, before the next debit day.
2.4 Please allow seven (7) days for any agreed alterations to take effect.
2.5 Prior to finalising any alteration of these arrangements, you must have an alternate repayment method in place, to satisfy your contractual obligations.
3. Changes by Precise Transactions or your financial institution
3.1 You will be provided with fourteen (14) days’ notice if Precise Transactions seeks to change any element of this Direct Debit arrangement.
3.2 At its absolute discretion and at any time, by notice in writing, your financial institution may terminate the Direct Debit arrangement.
4. Your obligations
4.1 It is your responsibility to ensure that there are sufficient clear funds available in your account to allow a debited repayment to be made, in accordance with the Direct Debit Request.
4.2 If there are insufficient clear funds in your account to meet a debited repayment:
(a) you may be charged a fee and/or interest by your financial institution;
(b) you will also incur fees or charges imposed by your Fifo Capital Franchisee following default, in accordance with the relevant financing contract;
(c) you must arrange for the debit payment to be made by another method, or arrange for sufficient clear funds to be in your account by an agreed time, so that Precise Transactions can process the debited repayment; and
(d) you should check your account statement to verify that the amounts debited from your account are correct.
4.3 Precise Transactions, on behalf of your Fifo Capital Franchisee, reserves the right, in the event of default, to re-schedule such direct debit payment, together with any default or deferment fees and charges, to another date when there is reasonable indication that there will be sufficient funds to cover the direct debit.
4.4 You must ensure that the authorisation given is consistent with any account signing authority that applies to the nominated account.
4.5 You must advise your Fifo Capital Franchisee within seven (7) days, if the nominated account is transferred or closed.
4.6 Should your Fifo Capital Franchisee negotiate the assignment of the relevant financing contract to another funds provider, you shall be required to approve the subsequent necessary change to the direct debit facility, prior to the next debit date.
5. If there is a dispute
5.1 If you believe that there has been an error in debiting your account, you should notify your Fifo Capital Franchisee on 03 9866 2930 as soon as possible. Your Fifo Capital Franchisee will then contact Precise Transactions to resolve your query as quickly as possible.
5.2 If your Fifo Capital Franchisee and/or Precise Transactions concludes, as a result of investigation, that your account has been incorrectly debited, we will respond to your query by arranging for your financial institution to adjust your account (including interest and/or fees, if relevant) accordingly.
5.3 If your Fifo Capital Franchisee and/or Precise Transactions concludes, as a result of investigation, that your account has been correctly debited, we will respond to your query by providing you with reasons and any evidence for this finding within thirty (30) days.
5.4 Any queries you may have about an error made in debiting your account should be directed your Fifo Capital Franchisee in the first instance. If your Fifo Capital Franchisee cannot resolve the matter, you can still refer it Precise Transactions and/or your financial institution.
6. Your Account
6.1 You should check with your financial institution whether or not direct debiting is available from your account.
6.2 You should check that your account details which you have provided Precise Transactions and your Fifo Capital Franchisee are correct, by checking them against a recent account statement.
6.3 You should check with your financial institution before completing the Direct Debit Request if you have any queries concerning the direct debit process.
7. Confidentiality
7.1 Precise Transactions will keep any information in your Direct Debit Request confidential and will make reasonable efforts to keep such information secure.
7.2 Precise Transactions will only disclose information that Precise Transactions has about you to the extent specifically required by law, or for the purposes of this Agreement and the associated Direct Debit Request (including disclosing information in connection with any query or claim, or for verification purposes).
8. Notice
8.1 If you wish to notify Precise Transactions in writing about anything relating to this agreement, including a dispute, you should post or email Precise Transactions at the addresses above.
8.2 Precise Transactions will notify you by post or by email, to the addresses you have given Precise Transactions in the Direct Debit Request.
8.3 Any notice shall be deemed to have been received two (2) business days after it is posted or on the day it is emailed.
Borrower’s confirmation
The Borrower has read and understood the above document, and by signing the Direct Debit Request has agreed to abide by the provisions of this Direct Debit Request – Service Agreement.