Important Borrower Information

This information has been prepared for (potential) borrowers of Save My Bacon.

The following sets out some of the key information about your proposed Consumer Credit Contract.

This important information tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract but provides a lot of relevant information.

In this important information the credit provider is Save My Bacon Ltd (Save My Bacon). The credit provider also refers to itself as “we” and “us” and “our”. You might also refer to us as the “Creditor” or the “Lender”.

This type of credit is not intended to meet your long-term financial needs. A Save My Bacon Loan should only be used to meet short-term cash needs. The cost of a Save My Bacon Loan may be higher than loans offered by other lending institutions.

Can I have loans with other short-term lenders?

Save My Bacon is a responsible lender, we only want to lend you what you can afford to repay. Using multiple short-term finance at one time can lead you into a bad debt situation.

A short-term loan is a loan up to $1000 with a repayment period between 1 day and 60 days. If you have another Short Term Loan, this loan may not be suitable. Short term loans generally have a higher repayment amount than loans offered by other lending institutions which may make a Save My Bacon loan unaffordable. If you have another short term loan please select Yes in the application form when asked.

We will assess your current situation and taking into account your affordability and capacity to repay a Save My Bacon Short-term loan in making a decision.

Can I cancel the Credit Contract?
You have the right to cancel your credit contract. If you do change your mind and no longer wish to take out your loan, you have five working days to return the loan proceeds to Save My Bacon and cancel your Loan Agreement. Please see your Loan Agreement for a full statement of your rights and the terms and conditions of the loan. If you cancel the contract Save My Bacon will be  entitled  to charge you:
  • The amount of any reasonable expenses Save My Bacon has to pay in connection with the contract and its cancellation (including legal fees and fees for credit reports, etc), and
  • Interest for the period from the day you receive the loan until the day you repay the loan.
What is the Annual Interest rate (AIR)?
The annual Interest for a Save My Bacon loan is 547.50% which is fixed for the whole term of the contract.

Please note that this is not the same as the actual interest you will be charged. We don't really charge hundreds of percent in interest which means the annualised measure doesn't actually represent the true cost of a Save My Bacon loan. Your true upfront cost is clearly displayed on the Online Loan Calculator prior to you starting the application process.

Please see our Charges section for more on AIR.
What fees do I have to pay?
Fees which we charge you and that form part of the initial unpaid balance of your loan:
  • $25 - Loan Establishment fee
  • $5 - Direct Debit fee is charged each time we take your payments from your bank account pursuant to a direct debit authority.
Are there any other fees might I be charged?
  • $30 - for each loan extension granted (max. of two for weekly customers, one for fortnightly, not available for monthly borrowers.)
Are there any default fees or charges payable if I miss a payment?
Yes, default fees are charged if you do not keep to your Loan Agreement and meet your loan repayment obligations:
  • $60 for each default - charged each time a direct debit from your bank account fails but not more than two times consecutively
  • $60 for any assignment of wages requested
  • $150 for a referral to a debt collection agency.
If you think you will have insufficient funds in your bank account on your repayment date, you must contact us immediately to halt the direct debit. You must contact us at least two business days prior to your scheduled payment date. After this time we will be unable to stop the direct debit as it will have been processed by your bank.
Can Save My Bacon help me if I believe I'm suffering unforeseen financial hardship?

If you are suffering unforeseen hardship because of illness, injury, loss of employment, the end of a relationship, or any other reasonable cause, and you believe that this will make it unreasonable for you to meet your obligations under your loan contract, you should get in touch with us immediately to discuss the matter and see if we can come to some arrangement.
Save My Bacon will apply its own procedures and policies in assessing your request. Where financial hardship is confirmed, Save My Bacon will look to extend the repayment period or provide a payment holiday and cap the interest on your loan at 45 days if your original loan term was Less than or equal to 31 days, or 90 days if your original loan term is greater than 31 days.

For further information provided by the commerce commission on hardship provisions please click on the link below.

Commerce Commission - Applying for hardship

What if Save My Bacon and I cannot agree on a suitable arrangement?

If Save My Bacon refuses your request to change the repayments - and you have an issue with this - you can ask us to review this decision. If we still refuse your request you can complain to the following external scheme for dispute resolution - the Financial Dispute Resolution (FDR).

Please the link below
Complaints handling process

Can Save My Bacon take action against me for non-payment?
Yes we can, if you are in default under your contract and we have exhausted all our attempts to come to a suitable arrangement with you. If you do not demonstrate a willingness to work with us to put the situation right, we may be compelled to take additional steps in recovering the debt which may include:
  • Referring your credit file onto a Debt Collection agency for recovery - you will then be charged all collection costs from our 3rd party collection agent including site visits and agent collection costs
  • Charging you all legal costs incurred in the recovery of the outstanding debt.
What is Save My Bacon's Regulatory Information and Governing Law?
  • Credit Contracts and Consumer Finance Act 2003 (CCCFA)
    • The Loan Agreement will be governed by the CCCFA
  • Financial Service Providers Registration and Dispute Resolution Act 2008
    • Save My Bacon Limited is a registered financial services provider
    • FSP number: FSP41567
    • Registration date: 29/11/2010
    • Trading name: Save My Bacon Ltd
  • Dispute resolution scheme: FDR
Do I have any other rights and obligations?

Yes. The law will give you other rights and obligations and you should also read your contract carefully.

We pride ourselves on providing an exceptional level of customer service. However, if you feel we've got it wrong we want to know about it. Please contact us on 0800 272836 or email us on support@savemybacon.co.nz.

We have an internal complaints process and we will do our best to resolve your complaint as soon as possible but in any event we must do so within 20 working days. If we cannot do so within 20 working days we may extend the time, provided that we have a good reason to do so and inform you what it is. If we do not extend the time or if we cannot resolve your complaint within a total of 40 working days we must inform you of this. We must also inform you of your right to refer to our external disputes resolution provider and of the deadline for you to do so.

Please the link below
Complaints handling process

What if I cannot settle with you using your internal process?
If we cannot resolve your complaint within the 20 or (if we extend time) 40 working days, you may refer your complaint to the Financial Resolution Dispute Scheme (FDR) which is an approved external dispute resolution service. You may do so without waiting for any further response or correspondence from us.
Responsible Lending Policy

Save My Bacon operates a policy of Responsible Lending and abides by a Code of Practice. Please view the Save My Bacon Code of Practice for more information. Save My Bacon is committed to improving your experience in the short-term lending market and establishing new levels of best practice standards for ethical and operational behaviours.

Responsible Lending Practices
At Save My Bacon we believe that the practices of unscrupulous lenders need to be constrained, and lenders across the financial spectrum need to commit to responsible lending practices. At Save My Bacon responsible lending practices are integrated into the full range of interactions with the (potential) borrower, including:
  • marketing materials
  • loan application processes
  • disclosure, drafting and layout of lending documentation and subsequent disclosures
  • payment processing, collection, and settlement
  • loan management and arrears processes, and addressing the needs of those in financial hardship
Save My Bacon provides multiple mediums and forms for disclosure to the customer throughout the loan life cycle.

The Save My Bacon website is rich with copy informing and educating you as to the workings of the Save My Bacon service. Your online account provides you with up-to-date financial information and logs communications with Save My Bacon. 

Loan documents and the signing process - you will be provided with copies of your schedule of loan particulars, and general terms and conditions. Save My Bacon is transparent throughout this process providing pop-up screens which reiterate the key terms of the loan and the seriousness of the obligations that you are committing to.

Email/SMS/Phone calls - customers are contacted and disclosure is made through various mediums, ensuring the customer is informed and communicated with effectively throughout the entire credit cycle.

Our Save My Bacon Credit Team is committed to offering solutions to meet the needs of our clients who may find themselves under financial strain. We ensure that our customers that are in default are managed in a professional and responsible way. Our Credit Policy processes certify that any outstanding debt is maintained to avoid increases beyond acceptable measures.
How does Save My Bacon decide if credit is suitable for me?
At Save My Bacon we take our obligations as a responsible lender seriously. We are firmly of the view that loans do not go bad, they start bad.

In meeting our responsible lending obligations, Save My Bacon will:
  • Undertake reasonable enquiries to establish your financial requirements
  • Take reasonable steps to verify your financial situation, and
  • Make an assessment about the suitability of the contract for you and the affordability of the loan
Save My Bacon treats this as a positive obligation. Unless Save My Bacon believes that you have sufficient regular income available to support the anticipated (re)payment obligations, then the loan will not be approved.

All new customers have a credit check run through Veda Advantage's VedaScore Plus Service. This information is used to assist Save My Bacon in making informed decisions about a customer's credit risk and whether the customer is likely to meet their financial obligations under the credit contract or, in the case of a returning customer, remains likely to.

Save My Bacon has a number of processes that assess your suitability for a Save My Bacon short-term loan.

Under the Save My Bacon Responsible Lending Guidelines the proposed credit contract will be unsuitable and declined if, at the time of the preliminary assessment, it is deemed likely that you will be unable to comply with your financial obligations under the proposed credit contract, or could only comply with substantial hardship.
Where do I seek Guidance?

The Save My Bacon website provides clear guidance about using the service responsibly. Save My Bacon urges you to think carefully before applying for a short-term loan because we expect it to be repaid as agreed. Save My Bacon's Charges and FAQs sections describe the potential consequences of failing to meet payment obligations. In the case of a payment default you will be made immediately aware of the breach and the seriousness of the situation. Save My Bacon will then work closely with you to bring the loan back on schedule.

Save My Bacon provides you with clear guidance on the consequences (and costs) of a default, and options regarding the remedies available to you to get your loan "back on track".

For further information provided by the commerce commission on hardship provisions please click on the link below.

Commerce Commission - Applying for hardship

What is Save My Bacon's Arrears Policy?
If any of your payments dishonour we will attempt to contact you as soon as this shows up. If there is a genuine reason for a payment dishonouring we will attempt to help you and if we receive your payment within 24 hours no dishonour fee will be charged. Please be aware however, there may be additional daily interest added for the extra day.

If we still haven't received the money by the morning of the next business day you may be charged a $60 missed payment fee towards the cost of a failed collection, plus the additional daily interest costs.

We will then continue trying to contact you to discuss the situation and arrange a new schedule. If your circumstances have changed significantly, we will do our best to offer a solution and come to an arrangement that helps you get back on your feet. 
If, after three days, we still have had no response from any of our efforts to contact you, we will look at recovering payments by other means. We don’t believe in continuously charging additional fees like other lender’s might. Interest will cease to accrue on your balance after 45 days have elapsed, you are in default or are suffering unforeseen hardship, and you have reached a compromise repayment arrangement with us. In all other cases, interest will cease to accrue after 60 days have elapsed.

Please remember, if your situation does change and you need our help to rearrange payments, we will do so if you communicate with us. If you have doubts over whether you will be able to repay a loan comfortably, please act responsibly by not applying. We use the information and technology available to us to make the best lending decisions possible, but we urge you to consider the serious nature of the commitment you are making before you apply.

Repayment plans for customers who qualify for financial hardship will cap interest and may also extend the payment schedule. Repayment plans require certain disclosures to be made by the customer to reassess the customer's creditworthiness and affordability as well as their ability to repay the loan.

Repayment modifications allow the customer to have a reasonable and predictable repayment plan. Any such modifications must be agreed upon by both parties and the customer may repay the full amount due at any time without penalty.

The Credit Contract

How do I get a contract?
A credit contract will be offered to you after a number of steps have been completed to establish that you qualify for a Save My Bacon short-term loan. To learn more, see our How it Works page.

If the offer of a credit contract is accepted, the documents must be signed before we can begin processing your application.
What is Save My Bacons Schedule of Loan Particulars?
Important - This document sets out some key information as required pursuant to s17 of the Credit Contracts and Consumer Finance Act 2003.

The credit contract between Save My Bacon ("Creditor") and the Borrower provides specific information about the terms of the transaction in a disclosure statement. This disclosure statement outlines the key information and includes:

  • The full name and address of the Save My Bacon Limited company that you are borrowing from
  • How much money you are borrowing
  • How much it will cost to borrow, including interest; each fee and charge is set out and explained clearly
  • How many payments you have to make
  • How much each payment will be
  • How you must make these payments
  • When and how you can cancel the contract
  • A statement of your right to cancel the credit contract
  • Other information about your credit contract
Please read your loan contract carefully. If there is anything in this document that you do not understand, you should seek independent legal advice.

A Save My Bacon loan is not intended to meet long-term financial needs. This loan should be used only to meet short-term cash needs. The cost of your loan may be higher than loans offered by other lending institutions. 

The following Government websites provide additional information about understanding your Credit Contract:
How do I get a copy of the final Credit Contract?
Save My Bacon, as your credit provider, must give or send you a copy of this information and any other terms and conditions before you take out the loan or within five working days from the date you sign up for the loan.

Once you have completed your application, you will be asked to sign your Loan Documents online. Save My Bacon's trusted technology partner, Secured Signing Ltd uses proven, encrypted SSL technology to ensure the security of your information and protect the integrity of your data.

As you will read on the website, part of our contract includes an agreement to communicate electronically. This means you will be able to read the final contract online at the time you sign it. There is an option to print it if you wish, and we will also provide you with a copy of the agreement via email.
Can I ask for information about my loan at any time?
You can ask for important information about your loan, including the balance owed and the number of payments to make. You will also be given an online account where you can readily access information about your loan 24/7.
Can I repay my loan early?
You're welcome to repay your Save My Bacon loan early!
Save My Bacon doesn't charge you for paying back your loan early so there will be no additional fees charged. Because the interest on a Save My Bacon loan is calculated daily, if you repay your loan early, your interest is only calculated up to when you make your last repayment.

All you will need to do is contact our Customer Support Team on 0800 272 836 for a final balance figure on your loan.

Can I extend my loan?
You may request a loan extension. All extensions must be requested one business day prior to a payment being initiated. Extensions are granted under certain conditions and you may be requested to provide additional information in order for Save My Bacon to approve your request. Loan extensions must meet the "positive income test"/serviceability ratio in line with Save My Bacon's responsible lending policy.

Extensions should not be used as a long-term financial solution.
Can my loan be rolled over?
Rollovers are not permitted except in the case of a loan extension or by entering into a repayment plan/arrangement with our arrears team.
Does Save My Bacon take any security?
No. We do not take security. If you default, our rights are related to you personally, not against your property.
What are the Interest Charges?
Interest is charged at a daily rate of 1.5% per day on the unpaid balance (including fees and capitalised interest) at the end of that day. Interest is added to your account daily and forms part of the unpaid balance of the loan.

The term of your loan is normally contracted to be for no more than 42 days.

We do not charge default interest.

Your credit contract also includes an estimated total amount of interest for the term of the loan.
How do I contact Save My Bacon?
If you have any concerns about your contract or your dealings with Save My Bacon you can contact us at the following:

Direct Telephone Numbers Email
Call free from landlines or Mobile phone. Email your query or concerns to:
Customer Service: Customer Service:
0800 27 28 36 select option 1 support@savemybacon.co.nz
Collections: Collections:
0800 27 28 36 select option 2 arrears@savemybacon.co.nz
General Fax: Registered Address
03 343 1034 Registered Office
Mailing Address DJCA Limited
Save My Bacon Limited 3/50 Victoria Street
PO Box 8496 Christchurch Central
Christchurch Christchurch
New Zealand New Zealand
Address
Save My Bacon Limited
47 Mandeville Street
Riccarton 8011
Christchurch
New Zealand
The type of credit is not intended to meet your long-term financial needs or to be used for dealing with existing ongoing financial problems.
This loan should only be used to meet short-term cash needs and not be used as a continual source of credit.
If you are concerned that you are falling into a bad debt situation, then please do not apply for a Save My Bacon loan as our loan will only worsen your situation.