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As a result of business growth, automation and process improvements, we have adjusted our fee structure to better reflect workflow and effort and, as a result, there are a number of changes that reduce the overall cost applicable to our short-term loan product. These changes will take affect for all agreements dated on or after Tuesday, 5 September 2017.
Please refer to the table below highlighting our revised fee structure.
|
Activity |
Historic Fee |
Revised Fee |
|
Loan Establishment |
$25 |
$25 (Unchanged) |
|
Direct Debit |
$5 per transaction |
$0 |
|
Account Maintenance |
N/A |
$5 - chargeable on the first day of the loan and then every subsequent 30 days within the loan term |
|
Loan Default |
$60 per default |
$30 per default |
|
Wage Deduction Authority (WDA) |
$60 |
$15 |
|
Loan Extension |
$30 |
$15 |
|
Debt Collection |
$150 |
$50 |
What does this mean for Loan Agreements Dated Prior to Tuesday, 5 September 2017
Direct Debit fees (not account maintenance fees) will still apply to these agreements for the lifetime of the loan. Reduced loan default, Wage Deduction Authority (WDA), loan extension and debt collection fees will apply from this date.
What does this mean for Loan Agreements Dated on or after Tuesday, 5 September 2017
The fully revised fee structure, as outlined in the table above, will apply from this date.
If you have any questions, please do not hesitate to contact our customer service team on
0800 27 28 36.
Regards,
Save My Bacon
Since 1st April 2012, credit providers have been in a position to share more information with credit bureaus. Comprehensive Credit Reporting (CCR) allows more information to be collected, providing a more balanced view of an individual's credit history. Information contained in a non CCR credit report is considered 'negative' or 'adverse' credit information. CCR allows an entity to report the following information in addition to an individual's negative credit history:
What Does this mean for Save My Bacon's (SMB's) Customers?
As will be reflected in all borrower agreements dated on or after Tuesday, 5th September 2017, SMB will be able to adopt CCR for the reporting of customer credit information to the bureau. This means that SMB can choose to report on a customer's full credit history. Therefore, if a customer continues to make their SMB loan repayments on time, this can positively impact their credit score, thus improving their overall credit profile. Please note however that CCR can also have a negative impact on a customer's credit score if repayments are missed and/or effected after their due date(s). This could adversely impact a customer's ability to obtain further credit in the future.
What does this mean for Save My Bacon (SMB)?
By utilising CCR, the details available to SMB on a customer's credit file are more current. Typically, negative data provided via the standard reporting mechanism can take months to reach credit bureaus in New Zealand, whereas positive data supplied via CCR is periodically updated (usually on a monthly basis). A more comprehensive check on a customer's financial history, with greater visibility of repayment behaviour will allow SMB a greater insight into the customer's ability to manage their future financial obligations.
If you have any questions, please do not hesitate to contact our customer service team on
0800 27 28 36.
Regards,
Save My Bacon
