Important borrower information

Save My Bacon is a responsible lender and takes this obligation very seriously. That is why we consider every application individually. We want to make sure that if you take out a Save My Bacon loan, you will be able to make the necessary repayments without suffering financial hardship. Before you apply for a Save My Bacon loan, please consider the following information.


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. With this in mind, we have incorporated responsible-lending practices into our business practices, making a wealth of information available to potential borrowers via:

- marketing materials;

- loan-application processes;

- drafting and layout of lending documentation, and 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 media and forms for disclosure to the customer throughout the life of their loan, and our website contains a wealth of information on Save My Bacon’s service. Your online account provides you with up-to-date financial information and logs all communications with Save My Bacon. We have customer happiness specialists on hand to deal with any queries you may have, and they can be reached on 0800 27 28 36.

Our repayment solution specialists are committed to offering solutions to meet the needs of our clients who may find themselves under financial strain. We ensure that our customers who are in default are managed in a professional and responsible way. Our credit policy stipulates that any outstanding debt is managed to avoid increases beyond acceptable measures.

Loan suitability

We are firmly of the view that loans do not go bad, rather, they start bad. Save My Bacon is committed to helping customers from the start of the application process right through to their final repayment. To ensure a loan is suitable for each customer, Save My Bacon will:

- undertake reasonable enquiries to understand your financial requirements;

- take reasonable steps to verify your financial situation; and

- make an assessment regarding the suitability of the contract for you and the affordability of the loan.

Save My Bacon treats this as a positive obligation and has a number of processes that assess your suitability for a loan. Unless we believe that you have sufficient regular income available to support anticipated repayment obligations, then the loan will not be approved. 

All new applicants have a credit check initiated through Centrix and/or Equifax. This information is obtained so that Save My Bacon can make informed decisions based on an applicant's credit history and on whether the applicant is likely to meet their financial obligations under the credit contract.

If you have any doubts about your financial situation and meeting your repayments, please do not apply.

Under the Save My Bacon responsible lending guidelines, a proposed credit contract will be regarded as unsuitable and subsequently cancelled 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.

Guidance

The Save My Bacon website provides clear guidance around the responsible use of our service. We urge you to think carefully before applying for a loan, because we expect it to be repaid as agreed. Save My Bacon's Repaying your loan FAQs describe the potential consequences of failing to meet your payment obligations. In the case of a payment default, we will advise you immediately of the missed payment and the seriousness of the situation. Save My Bacon will then work closely with you to bring the loan back on track.

We provide you with clear guidance on the consequences (and costs) of a default, and options regarding remedies available to get your loan back on track. Our customer happiness specialists are ready to discuss your situation or answer any questions you might have before you apply, and we will remain in communication with you for the duration of your loan.

Arrears policy

If you default on any of your repayments, we will attempt to contact you once the missed payment has been identified. From here, we will work with you to get an affordable repayment plan back in place. If your circumstances have changed, we will do our best to offer you a solution and come to an arrangement that helps you get back on your feet.

If we do not get a response from you, then we will have to address other means of recovering the outstanding payments.

We don’t believe in continuously charging additional fees like other lenders might. For the Mini loan, interest will cease to accrue on your balance if we have established that you are suffering from unforeseen hardship or otherwise by agreement with us. Under all other circumstances, interest will be capped once 60 days have elapsed since the loan proceeds were paid into your bank account and you have been unable to repay the loan in full accordance with this agreement.

For the KickStart loan, interest will cease to accrue on your balance at or prior to the date on which the unpaid balance of your loan is double the amount of the initial unpaid balance of your loan.

Save My Bacon encourages you to communicate with us so we can help! Please remember that we are always here to talk. If your situation does change and you need our help to rearrange payments, we will gladly assist you, 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 seriousness of the commitment you are making prior to applying.

Revised repayment plans can be tailored to suit your needs. Any such modifications must be agreed upon by both parties and you will still have the ability to repay the full amount due at any time without penalty.

Financial Hardship

Under the Credit Contracts and Consumer Finance Act 2003 (CCCF Act), a borrower has the right to request their lender make a change to their personal loan, mortgage, credit card or other consumer credit contract if their circumstances meet the following criteria:

  • the borrower encountered a hardship they could not have predicted, for example loss of employment, illness or injury, the death of a partner or spouse, or the end of a relationship;
  • due to that unforeseen hardship, the borrower cannot reasonably meet their debt repayments; and
  • the borrower believes they could meet their debt repayments if the contract was changed as specified in the CCCF Act.

For a borrower to change a consumer-credit contract in this way, they are required to lodge a hardship application. If a lender receives a hardship application from the borrower, they must consider the application in accordance with the CCCF Act.

It is imperative that you contact us at the soonest if you are unable to make your debt repayments, as there is limited time to make a hardship application whilst in default (see below):

A borrower can make a hardship application at any time, unless the borrower:

  • has been in default for two months or more, or
  • has failed to make four or more consecutive debt repayments on their due dates,

Save My Bacon understands that circumstances can change unexpectedly. If you are suffering unforeseen hardship due to 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, then you should get in touch with us immediately to discuss the matter and any alternative arrangements available to you.

For those who qualify for financial hardship, interest will be capped, and an extension of the loan term and/or a postponement of the dates on which payments are due under the loan will be made available.

Even if you are unable to make a hardship application (as you don’t meet the criteria or timeframes set out in the CCCF Act), we still want to hear from you to discuss your situation. We can work with you to make your future loan repayments more manageable. Feel free to call one of our repayments solutions specialists on 0800 27 28 36 or email repayments@savemybacon.co.nz.

For further information provided by the Commerce Commission around hardship provisions please click here.

Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT)

The Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) was passed in 2009. AML/CFT adopted the following principles:

• to detect and deter money laundering and the financing of terrorism;

• to maintain and enhance New Zealand’s international reputation by adopting, where appropriate in the New Zealand context, recommendations issued by the Financial Action Task Force; and

• to contribute to public confidence in the financial system.

At Save My Bacon, we take our commitment to AML/CFT and fraud very seriously. All new applicants must go through our strict verification process, present suitable photographic identification and in some cases supporting non-photo identification, so that we may validate their credentials. For applicants holding a New Zealand drivers licence, the licence and version number can be entered at the time of application. For applicants holding a New Zealand passport, one of our customer happiness team will contact you for your passport number and expiry date so that they can electronically verify your credentials. You must provide physical copies of all other forms of identification by email or fax. All forms of identification must be eligible and valid at the time of application. We will attempt to validate your current address using our external bureau facility. If we are unable to validate your address in this way, then you must provide suitable documentary evidence of your address, which must be dated no later than six months prior to the date of your application.

Acceptable forms of identification

Option A

You must provide one of the following forms of primary photo identification. All documentation must be valid at the time of application.

Primary Photo Identification

• New Zealand drivers licence

• New Zealand passport

• Overseas passport

• New Zealand certificate of identity

• New Zealand refugee travel document

• National identity card (overseas)

• New Zealand emergency travel document

• New Zealand firearms licence

Option B

Alternatively, you must provide one of the following forms of primary non-photo identification and one form of supporting photo identification. All documentation must be valid at the time of application:

Primary non-photo identification

• New Zealand full birth certificate

• Certificate of New Zealand citizenship

• Foreign citizenship certificate

• Foreign birth certificate

AND

Supporting photo identification

• International driving permit

• HANZ 18+ card

• New Zealand educational institute issued card (only a local New Zealand education institute issued card from the applicant’s local region is permitted)

Acceptable Documentary Proof of Address

If we cannot verify your address electronically, then our customer happiness specialists will request you provide one of the following forms of documentation. All documentation must be dated within the last six months at the time of application and show your full name and address:

• Recent utility bill (electricity, gas, water etc.)

• Previous bank statement

• Property sale and purchase agreement

• Council rates notice

• Insurance policy document

• Government agency correspondence (containing customer’s unique reference)

• Letter from the electoral office

• Unexpired rental or tenancy agreement

Complaint handling procedure

Procedure for making a complaint

We pride ourselves on providing an exceptional level of customer service. However, if you feel we’ve got it wrong, please let us know by contacting us on 0800 272836 or by email at support@savemybacon.co.nz.

Received complaints

Upon receipt of your complaint, a complaint handling representative will respond acknowledging your complaint within 3 business days. The complaint handling representative will investigate the information provided by you and all other relevant information. We aim to resolve your complaint within 8 business days from the date your complaint is received. We will endeavour to resolve the complaint as soon as possible, however, a longer timeframe may be required, depending on the nature of the complaint. In the event of delay, you will be kept fully informed of our revised response time, which will be no longer than 15 business days.

Decision made

Our complaint handling representative will duly respond to your complaint (using the contact details provided), providing a summary of their findings.

Unsatisfied with the resolution of your complaint?

We adhere to your rights in accordance with the Credit Contracts and Consumer Finance Act 2003.

If we have been unable to resolve your complaint to your complete satisfaction, then please feel free to contact the Financial Disputes Resolution Service (FDRS) by calling 0508 33 73 37.

We are a member of this independent dispute resolution scheme. If you wish to learn more about the service the FDRS provides, then please visit www.fdr.org.nz.

DecisionLogic terms of use

How long are you able to obtain my bank statements using DecisionLogic?

When you make an application to us and agree to provide your financial information via DecisionLogic, you will log into your bank account using the DecisionLogic platform and this process will authorise us to obtain a copy of your bank statements for the three months prior to the date of application. We are authorised to obtain read-only access to your bank statements from the date of application, at any time during the term of your loan and for a period of six months after expiry and/or termination of your loan, so we can assess and manage your loan application now and in the future, tailor and develop existing or new products, services or offers, perform research and statistical analysis, and communicate promotional offers to you in accordance with our privacy policy. This process enables us to assess your circumstances as quickly and easily as possible, and means we do not have to ask you for a new authorisation to use DecisionLogic and obtain your current bank statements. We do not have access to and are unable to store the login details of customers, which means that we could not, under any circumstances, access or use your bank account for any purpose other than to obtain copies of bank statements for the previous three months.

If you make any new application for finance more than six months after the expiry and/or termination of your loan, you will need to provide us with a fresh authorisation to utilise the DecisionLogic platform.

What are the terms and conditions of using DecisionLogic?

You can view the terms and conditions provided by DecisionLogic here. The DecisionLogic platform terms and conditions apply as between you and our service provider, DecisionLogic Inc. However, where we ask you to utilise the DecisionLogic platform to provide your bank statements, we also agree to comply with the relevant New Zealand consumer legislation. This position means that, where appropriate, we agree that you will be protected by the appropriate consumer legislation in New Zealand, such as the Privacy Act 1993 and the Consumer Guarantees Act 1993, and you will be able to enforce those rights against us as the agent of DecisionLogic, even where the DecisionLogic terms and conditions would prevent you from enforcing your rights.

Loan advance

Cash transfer

If you are approved a loan on any business day, we will make payment to your bank on the same day.

We realise that unexpected, short-term money needs are urgent and that you want the cash pronto.

Estimated time of arrival of cash advance

Save My Bacon has sophisticated technology to get your loan quickly from applied to approved to PAID! We will transfer the money to your designated bank on the same day of you receiving formal loan approval. All loan approvals need to be carried out before 5 pm on a Save My Bacon business day; so, make sure you get your application and supporting information to us quick smart.

Different banks can take different lengths of time to show the cash in your account, so you might not always be able to see the cash there straight away. But we can promise that the payment has been made and the instructions have been sent to your bank to credit your account.

What can you expect?

Once you have finished your online application and signed your loan documents, you will be sent an SMS to confirm that we have received your application. Your loan will then be assigned to one of our customer happiness specialists who is then required to verify the key details of your application.

The customer happiness specialist will notify you immediately by telephone and/or SMS if further verification is necessary and will let you know if we need anything else from you.

Once your loan is approved, our bank will transfer the funds to your bank account.

How is the payment made?

Once approved, Save My Bacon transfers the cash to your bank via direct credit the same day.

Check out your bank's website to see when they process their files.

The main banks we deal with are:

• ASB

• ANZ National

• BNZ

• Westpac

• TSB

• Kiwibank

• Cooperative Bank

• HSBC

If you are not a customer of any of the above financial institutions, payment will still be transferred the same day, however if there are any delays with the funds being applied to your account, you should contact your bank. They should be able to provide you guidance as to when the funds may become available.

Business days and business hours

Our business hours are between 8 am and 5 pm Monday to Friday (not including public holidays).

Standard limitations

The cash transfer doesn’t cover technological happenings outside of our control, such as your internet service provider (ISP) going down. This means Save My Bacon makes no representations or warranties regarding the performance or functionality of ISPs, any third-party software that may be used in connection with www.savemybacon.co.nz, or your personal computer.

Wage deduction authority

Loan-affordability assessments must apply through the life of the loan; from making a decision to lend to an applicant in the first place, through to assessing changes in a borrower’s circumstances during the loan lifecycle.

A wage deduction authority is only used by Save My Bacon as a last resort when a borrower fails to engage with us, that is, fails to respond to requests for information or to follow up enquiries into missed payments.

If you fail to make any payment by its due date and we are unable to contact you within five business days of the due date, we may activate the assignment of wages and/or wage deduction authority under the agreement. Instalment amounts requested under the wage deduction authority will be the same as or less than the initial agreed instalments under your loan.

Save My Bacon understands that unexpected situations can arise. As a borrower, it is important you contact us and keep in touch so we can work with you to get your loan repaid. We are here to help and to keep your loan repayments manageable.

Failure to repay your loan may lead to legal action and may adversely affect your ability to gain credit in the future. If you have doubts about whether you'll be able to repay a loan, we suggest that you should not take out a loan.

An assignment of wages/wage deduction authority falls within section 12 of the Responsible Lending Code and specifically under section 12.6, which means that we will inform you of our intent to contact your employer before we do so, so that you can explain the situation to your employer.

Free budget service

At Save My Bacon, we believe a good working budget is essential to achieving your financial goals. It is the first step to freedom from any past or future money problems.

If debts keep causing you havoc, don’t panic! To tune your finances, it's a good idea to use a budget calculator to create a plan that’s right for your situation. We recommend using Sorted's Free Budget Calculator to get you on the right track; it could also help you decide whether you can afford to take out a loan.

Managing your money may seem a daunting task, but sorting out your finances is crucial for any successful debt solution. Remember, the reason we try to plan and live on a budget is to create money that is not spent, but saved.

A good budget tool provides a simple, monthly budgeting process to help you establish key facts about your financial situation quickly. It looks at monthly combined income, such as employment income, as compared to your regular outgoings, such as debts, bills, household costs and entertainment.

Once you have this information, a budget tool can help you work out your current monthly spend.

If you’re left with a negative figure – in other words your monthly outgoings are regularly higher than your income – then you should think carefully about whether there are some monthly costs that you can reduce or remove altogether, especially if it means you can settle your current debts more effectively.

Cutting back on luxuries such as your daily coffee is well worth considering and the money saved soon adds up over the period of a month.

Remember, it's important to prioritise when planning your budget. This varies from person to person. The points below act as a general guide:

• Pay your bills first – cover your most important expenses each month

• Cover your day-to-day needs such as groceries and transportation

• Cover those occasional costs that come up quarterly or yearly

• Save some money for emergencies

• The next step is to set aside some money for future goals – savings.

Debt problems & debt management

The truth is, most of us will overspend at some point or other in our lives and will get into debt. Sometimes it is only a little debt and we can get our finances back on track pretty quickly just by cutting back on a few luxury items. However, that is not always the case. Sometimes debts build up to a point where we can no longer keep up the repayments and the stress of the situation is overwhelming.

If you have rising debt problems, this is the time to be honest with yourself and seek debt management help. Debts compound rapidly, so, the sooner you sort your spending, reduce your outgoings and deal with problem debt, the better. To help manage your debt you could visit the websites below:

The Citizens Advice Bureau

Sorted 

National Building Financial Capability Trust

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 exacerbate your situation.