USSD TERMS AND CONDITIONS

1. THE AGREEMENT

1.1 This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the Platinum Credit (U) Limited (hereinafter referred to as PCUL) mobile lending platform.
1.2 These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
2. DEFINITIONS

2.1 In these Terms and Conditions, the following words and expressions bear the following meanings: 2.1.1 “PCL”, “PCUL” means Platinum Credit Limited Uganda;
2.1.2 Credit Reference Bureau means a bureau duly licensed to collect and facilitate the sharing of borrower’s information;
2.1.3 Borrower means the person at whose request PCUL will advance a loan facility; 2.1.4 Call Centre means PCUL’s call center;
2.1.5 Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the PCUL online lending platform;
2.1.6 Products means the various loan facilities offered by PCUL;
2.1.7 Request means instruction received by PCUL from you or purportedly from you through the system and upon which request PCUL is authorized to act;
2.1.8 Services shall include any form of financial services or products that PCUL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
2.1.9 Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective overall to every part of the secured asset;
2.1.10 Secured asset is the asset/security over which the loan facility is secured;
2.1.11 SMS means a short message service consisting of a text message transmitted from one mobile to another;
2.1.12 System means PCUL’s electronic lending platform and communications software for the purpose of these services;
2.1.13 Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCUL on PCL’s website or by such other means as PCUL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCUL’s sole discretion.
2.1.14 We, our and us means PCUL and includes the successors and assigns of the PCUL;
2.1.15 You and your means the borrower and includes the personal representatives of the Borrower;
2.1.16 USSD T&C’s means these USSD Terms and Conditions.
2.1.17 The word “borrower” shall include both the masculine and the feminine gender as well as the juristic persons;
2.1.18 Words implying the singular meaning where the context so admits include the plural meaning and vice versa.
2.1.19 Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.
3. ACCEPTANCE OF THE TERMS AND CONDITIONS

3.1 Before applying to PCUL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
3.2 Thereafter, you will be required to register on our system.
3.3 By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
3.3.1 Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
3.4 By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCUL may have with respect to the services or products offered in Law or otherwise.
3.5 The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
3.6 By accepting these Terms and Conditions, you authorize PCUL to access your credit history from a registered Credit Reference Bureau.
3.7 These Terms and Conditions may be amended or varied by PCUL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.
4. REGISTRATION

4.1 Our system requires that you register by dialing the code *249# and creating an account with us to be able to access our various products;
4.2 You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
4.3 By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
4.4 You hereby agree and authorize PCUL to obtain and procure your personal information contained in the NIRA from the Government of Uganda and you further agree and consent to the disclosure and provision of such personal information by the Government of Uganda to PCUL.
4.5 You hereby authorize PCUL to access any information available to assess your request, and also gives PCUL permission to register details of your conduct of your loan account with any Credit Reference Bureau, and you waive any claim you may have against PCUL in respect of such disclosure.
4.6 PCUL reserves the right to request for further information from you pertaining to your application for PCUL services or products. Failure to provide such information within the time required by PCUL may result in PCUL declining to your request for a loan facility.
4.7 If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
4.8 Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions.
5. FEES, CHARGES AND TAXES

5.1 You hereby agree to pay all fees, commissions, costs and other charges payable in connection with the use of our system and/or incurred by PCUL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
5.1.1 Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
5.1.2 Commissions at such rates as PCUL may determine from time to time;
5.1.3 Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
5.2 All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCUL an additional amount equal to the payment multiplied by the appropriate rate of tax.
6. BORROWERS EQUIPMENT & BORROWERS RESPONSIBILITIES

6.1 You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
6.2 You shall be responsible for ensuring the proper performance of your equipment. PCUL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCUL be responsible for any computer virus or related problems that may be associated with the use of our system.
6.3 You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCUL concerning the use of our system.
6.4 You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCUL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
6.5 You shall immediately inform PCUL through the Call Centre 0200300500 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCUL shall not be liable for the said unauthorized infringement.
7. EXCLUSION OF LIABILITY

7.1 PCUL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCUL’s control including, without limitation, force majeure or error, interruption, delay or non- availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
7.2 PCUL will not be liable for any losses or damages suffered by you as a result of or in connection with: 7.2.1 Failure, malfunction, interruption or unavailability of your equipment;
7.2.2 Any fraudulent or illegal use of the online lending platform or equipment;
7.2.3 Your failure to comply with these Terms and Conditions and any documentation or information provided by PCUL in regards to use of our system.
7.3 All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.
8. INTELLECTUAL PROPERTY RIGHTS

8.1 You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCUL provides to you through the system or otherwise are vested in PCUL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCUL.
9. YOUR REQUESTS

9.1 All requests received from your equipment, made by dialing *249# will be presumed to be executed by you. 9.2 You hereby irrevocably authorize PCUL to act on all requests received by PCUL from you through the system and to hold you liable in respect thereof.
9.3 PCUL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCUL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
9.4 PCUL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCUL may act if PCUL has in good faith acted in the belief that such instructions have been sent by you.
9.5 PCUL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
9.6 You agree to and shall release from and indemnify PCUL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCUL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
9.7 You acknowledge that PCUL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
9.8 PCUL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
9.9 In the event of any conflict between any terms of any request received by PCUL from you and these Terms and Conditions, these Terms and Conditions shall prevail.
10. SALARY ADVANCE LOAN PRODUCT

10.1 The loan
10.1.1 At the Borrower’s request, PCUL agrees to make available to the Borrower the loan amount shown on the terms and conditions herein set out.
10.1.2 The Borrower has the right to repay the principal amount of the loan anytime from the date of disbursement subject to a maximum tenor of 1 month. This repayment must be done using the repayment methods referred to in clause 10.4.3.4
10.1.3 The Borrower acknowledges and accepts the terms and conditions herein upon which payment of the loan amount shall be made by Platinum Credit.
10.2 Fee payable
10.2.1 A fee of 15% will be charged upfront.
10.3 Payment
10.3.1 The salary advance repayment will take precedence over other running loans.
10.3.2 In the instance, the Borrower fails to meet his/her Salary Advance loan installment, the borrower gives PCUL the right to consolidate all his/her outstanding loans and deduct the monthly installments directly from the Borrower’s salary as deductions from his or her Employer’s payroll.
10.3.3 The Borrower hereby gives PCUL the right to deduct monies owing to it from any unpaid wages or any other remuneration credits payable to the Borrower if the Borrower leaves the service of his/her employer for any reason before the total amount repayable under this agreement has been paid.
10.3.4 No cash should be handed to an employee of Platinum Credit. PCUL shall not take ANY responsibility for money paid to any of its employees. All cash deposits shall be paid via;
i) MTN mobile money: *165#, Select Payments (4), Select Goods and Services (4), Enter Merchant code: PCUL, Reference: Client I.D | Airtel Money: *185*4*9#, Business Number: 230011, Amount: XXXX, Reason: Client I.D or,
ii) Bank Name: Stanbic, Account Name: Platinum Credit (U) Ltd, Branch: Forest Mall, Account Number: 9030005697890 or,
iii) Bank Name: ABSA, Account Name: Platinum Credit (U) Ltd, Branch: Hannington Road, Account Number: 6006726893
10.3.5 If payment is made by cheque or banker’s cheque or electronic funds transfer, the payment is deemed to have been received on the date funds are cleared, and not on the date the cheque is deposited or electronic funds transfer initiated.
10.4 Cost and Charges
There shall be a roll over interest charged at 10% on the 7th day in arrears, 10% on the 37th day in arrears, and 10% on the 67th day in arrears where the loan amount remains unpaid.

10.5Breach
10.5.1 In the event:-
10.5.2 Any failure by the Borrower to pay any amount which is owing to this agreement in full and on the dates he or she has to, or
10.5.3 Any other breach by the Borrower of the terms of this agreement;
10.5.4 Any claim that the Borrower has failed to carry out his/her duties under this agreement; then the full balance due under this agreement together with any roll over interest and all other charges and expenses owing to PCUL by the Borrower shall become immediately due and payable to PCUL and without giving notice to the Borrower or affecting any of Platinum Credit’s rights under this agreement. PCUL reserves the right to book the deduction with the Borrower’s Employer and/or terminate this agreement and/or recover from the Borrower any damages/losses it, may have suffered as a consequence.
10.5.5 In the event of a default by the Borrower in making payment PCUL shall have the right to use any money paid by the Borrower to first pay legal and other costs, then interest and then the actual loan amount. 10.5.6 PCUL reserves the right to engage third party debt collectors to recover any total outstanding balance at the debtor’s cost.
10.5.7 The Borrower agrees that, if PCUL has to use lawyers because the Borrower has failed to discharge his/her financial obligations under this agreement, the Borrower will have to pay PCUL all the costs due to Platinum Credit’s lawyers.

10.6Statements
10.6.1 PCUL will give at your request a statement setting out all deductions from your salary, outstanding balance and any amount payable in arrears.
10.6.2 The amount owing by the Borrower to PCUL it at any time may be shown by a certificate or statement in which Platinum Credit’s Officer has worked out and has stated as amount owing. The certificate or statement will be a proof of the amount owed to PCUL by the borrower and will be able to be used in any legal proceeding and will be accepted by the court on its own as correct unless the Borrower proves that it is incorrect.

11. PCUL’S DATA PROTECTION POLICY
11.1 It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCUL to facilitate the processing of the loan facility sought by the Borrower. 11.2 It is hereby understood and agreed that by signing this contract, the Borrower;
11.2.1 Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCUL’s contractual and legal obligation;
11.2.2 Consents to PCUL processing the data as per its internal company policy;
11.2.3 has given consent to PCUL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCUL’s regulations and procedures;
11.2.4 is at liberty to exercise its rights as a data subject and as is provided by the Data Protection and Privacy Act of 2019, Laws of Uganda;
11.3 PCUL undertakes to ensure that the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Uganda.
11.4 For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at [email protected]
11.5 Kindly access our website on https://platinumcredit.co.ug to view our Data Privacy Statement.

12. DISPUTES, CLAIMS OR COMPLAINTS
12.1 You may contact the Call Centre through 0200300500 to report any disputes, claims or complaints;
12.2 Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our email on [email protected]
12.3 This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda.

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USSD TERMS AND CONDITIONS

1. THE AGREEMENT
1.1 This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the Platinum Credit (U) Limited (hereinafter referred to as PCUL) mobile lending platform.
1.2 These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS
2.1 In these Terms and Conditions, the following words and expressions bear the following meanings:
2.1.1 “PCL”, “PCUL” means Platinum Credit Limited Uganda;
2.1.2 Credit Reference Bureau means a bureau duly licensed to collect and facilitate the sharing of borrower’s information;
2.1.3 Borrower means the person at whose request PCUL will advance a loan facility;
2.1.4 Call Centre means PCUL’s call center;
2.1.5 Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the PCUL online lending platform;
2.1.6. LBF Quick cash is an overdraft loan product that allows you to borrow an additional loan amount equivalent to your instalment amount to the maximum of Ugx 3,000,000 with the intention of clearing your installment due.
2.1.7 Products means the various loan facilities offered by PCUL;
2.1.8 Request means instruction received by PCUL from you or purportedly from you through the system and upon which request PCUL is authorized to act;
2.1.9 Services shall include any form of financial services or products that PCUL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
2.1.10 Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective overall to every part of the secured asset;
2.1.11 Secured asset is the asset/security over which the loan facility is secured;
2.1.12 SMS means a short message service consisting of a text message transmitted from one mobile to another;
2.1.13 System means PCUL’s electronic lending platform and communications software for the purpose of these services;
2.1.14 Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCUL on PCL’s website or by such other means as PCUL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCUL’s sole discretion.
2.1.15 We, our and us means PCUL and includes the successors and assigns of the PCUL;
2.1.16 You and your means the borrower and includes the personal representatives of the Borrower;
2.1.17 USSD T&C’s means these USSD Terms and Conditions.
2.1.18 The word “borrower” shall include both the masculine and the feminine gender as well as the juristic persons;
2.1.19 Words implying the singular meaning where the context so admits include the plural meaning and vice versa.
2.1.20 Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS
3.1 Before applying to PCUL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
3.2 Thereafter, you will be required to register on our system.
3.3 By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
3.3.1 Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
3.4 By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCUL may have with respect to the services or products offered in Law or otherwise.
3.5 The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
3.6 By accepting these Terms and Conditions, you authorize PCUL to access your credit history from a registered Credit Reference Bureau.
3.7 These Terms and Conditions may be amended or varied by PCUL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION
4.1 Our system requires that you register by dialing the code *249# and creating an account with us to be able to access our various products;
4.2 You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
4.3 By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
4.4 You hereby agree and authorize PCUL to obtain and procure your personal information contained in the NIRA from the Government of Uganda and you further agree and consent to the disclosure and provision of such personal information by the Government of Uganda to PCUL.
4.5 You hereby authorize PCUL to access any information available to assess your request, and also gives PCUL permission to register details of your conduct of your loan account with any Credit Reference Bureau, and you waive any claim you may have against PCUL in respect of such disclosure.
4.6 PCUL reserves the right to request for further information from you pertaining to your application for PCUL services or products. Failure to provide such information within the time required by PCUL may result in PCUL declining to your request for a loan facility.
4.7 If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
4.8 Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions.

5. FEES, CHARGES AND TAXES
5.1 You hereby agree to pay all fees, commissions, costs and other charges payable in connection with the use of our system and/or incurred by PCUL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
5.1.1 Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
5.1.2 Commissions at such rates as PCUL may determine from time to time;
5.1.3 Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
5.2 All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCUL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWERS EQUIPMENT & BORROWERS RESPONSIBILITIES
6.1 You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
6.2 You shall be responsible for ensuring the proper performance of your equipment. PCUL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCUL be responsible for any computer virus or related problems that may be associated with the use of our system.
6.3 You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCUL concerning the use of our system.
6.4 You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCUL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
6.5 You shall immediately inform PCUL through the Call Centre 0200300500 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCUL shall not be liable for the said unauthorized infringement.

7. EXCLUSION OF LIABILITY
7.1 PCUL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCUL’s control including, without limitation, force majeure or error, interruption, delay or non- availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
7.2 PCUL will not be liable for any losses or damages suffered by you as a result of or in connection with:
7.2.1 Failure, malfunction, interruption or unavailability of your equipment;
7.2.2 Any fraudulent or illegal use of the online lending platform or equipment;
7.2.3 Your failure to comply with these Terms and Conditions and any documentation or information provided by PCUL in regards to use of our system.
7.3 All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS
8.1 You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCUL provides to you through the system or otherwise are vested in PCUL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCUL.

9. YOUR REQUESTS
9.1 All requests received from your equipment, made by dialing *249# will be presumed to be executed by you.
9.2 You hereby irrevocably authorize PCUL to act on all requests received by PCUL from you through the system and to hold you liable in respect thereof.
9.3 PCUL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absoluten discretion, PCUL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
9.4 PCUL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCUL may act if PCUL has in good faith acted in the belief that such instructions have been sent by you.
9.5 PCUL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
9.6 You agree to and shall release from and indemnify PCUL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCUL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
9.7 You acknowledge that PCUL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
9.8 PCUL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
9.9 In the event of any conflict between any terms of any request received by PCUL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. LBF QUICKCASH
10.1 The loan
10.1.1 Loan facilities borrowed under this product will be hinged on a pre-existing LBF loan facility and secured on a pre-existing security/asset, until the pre-existing LBF loan facility and the LBF Quick cash loan facility are fully settled.
10.1.2 In case of default of the LBF Quick cash loan; normal collection processes as stipulated for the preexisting LBF loan facility shall apply.
10.1.3 The minimum loan under this product is Ugx 400,000 and the maximum loan amount is Ugx 3,000,000.
10.1.4 A 10% processing upfront fee shall be charged on the loan.
10.1.5 PCUL reserves the right to amend the initial notice with the Registrar of Security Rights to capture the Quick cash loan amount advanced via USSD.
10.1.6 Disbursement shall be done via Mobile Money and a network charge of Ugx 390 shall apply.
10.2 The loan term
10.2.1 The maximum loan term for the LBF Quick cash loan is 1 month.
10.3 The security/ asset
Where a motor vehicle has been provided as security asset, you undertake to:
10.3.1.1 Allow PCUL to register a caveat on the logbook with Uganda Revenue Authority for the duration of the loan as a representation of their interest in the motor vehicle.
10.3.1.2 Keep and maintain the vehicle in good order and condition (fair wear and tear only excepted) and will be fully responsible for any loss thereof or damage thereto however occasioned.
10.3.1.3 Keep the vehicle insured at all times. PCUL shall be entitled to the full benefit of the Insurance Policy thereof including claims that might at any time be outstanding. Any monies received by virtue of such insurance shall be at the discretion of PCUL and shall be applied in replacing or restoring any loss or damage in respect of which the same shall be received or towards liquidation of the amount for the time being due by you to PCUL under this agreement.
10.3.1.4 To renew the Insurance Policy 7 days before expiry thereof. Failure to which PCUL shall make its own arrangements to have the asset comprehensively insured to safeguard our financial interest in the asset.
10.3.1.5 Not to use the motor vehicle nor permit it to be used for any purpose not permitted by the terms and conditions of the Insurance Policy nor permit it to be used for any act or thing by reason of which the Insurance Policy may be invalidated.
10.3.1.6 Not to take, or permit to be taken, the motor vehicle out of the Republic of Uganda.
10.3.1.6.1 Where you intend to take the said motor vehicle out of the Republic of Uganda, you will be required to notify PCUL in writing through our email [email protected] and you will further be required to obtain a COMESA Yellow Card Insurance Cover at your own cost.
10.3.1.7 Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
10.3.1.8 Endorse PCUL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as security.
10.3.1.9 The borrower consents to PCUL appointing the service provider to install a tracking device for the duration of the loan term.
10.3.1.10 You should ensure that the tracking device of the motor vehicle used as security is not tampered with/and or damaged and: 10.3.1.11 In the event that the vehicle will not be in use for any period of the loan and within not less than one month from obtaining the facility, notify PCUL of the specific dates, and arrange to have the said Motor Vehicle to be held at an approved yard.
10.3.1.12 Should the tracking device develop a technical fault within the course of this loan agreement, PCUL and or the tracking company service provider will contact you. It’s your responsibility to cooperate with PCUL and or the service provider to ensure that the vehicle is submitted to the service provider for issue of a solution, and restoration of the transmission signal to normal status. In the event that you fail to cooperate, PCUL will institute repossession procedures of the affected motor vehicle after 24 hours from notification, for storage at a designated yard, at your cost.
10.3.1.13 In the event that the borrower is found to have tempered and destroyed the tracking device, a new device will have to be purchased and installed at your cost.
10.3.2 Upon full payment of the loan and related charges PCUL shall decaveat the motor vehicle logbook that was provided by the borrower and shall return the documents of the security/asset provided by you.
10.3.3 This agreement is governed by all the terms and conditions of the Security Interest in Movable Property Act, 2019 Laws of the Republic of Uganda.
10.3.4 PCUL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to you.

11. PCUL’S DATA PROTECTION POLICY
11.1 It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCUL to facilitate the processing of the loan facility sought by the Borrower.
11.2 It is hereby understood and agreed that by signing this contract, the Borrower;
11.2.1 Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCUL’s contractual and legal obligation;
11.2.2 Consents to PCUL processing the data as per its internal company policy;
11.2.3 has given consent to PCUL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCUL’s regulations and procedures;
11.2.4 is at liberty to exercise its rights as a data subject and as is provided by the Data Protection and Privacy Act of 2019, Laws of Uganda;
11.3 PCUL undertakes to ensure that the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Uganda.
11.4 For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at [email protected]
11.5 Kindly access our website on https://platinumcredit.co.ug to view our Data Privacy Statement.

12. DISPUTES, CLAIMS OR COMPLAINTS
12.1 You may contact the Call Centre through 0200300500 to report any disputes, claims or complaints;
12.2 Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our email on [email protected]
12.3 This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda.

  1. THE AGREEMENT

1.1       This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the Platinum Credit (U) Limited (hereinafter referred to as PCUL) mobile lending platform.
1.2       These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
 

  1. DEFINITIONS

2.1       In these Terms and Conditions, the following words and expressions bear the following meanings:
2.1.1 “PCUL” means Platinum Credit Limited Uganda;
2.1.2 Credit Reference Bureaumeansa bureau dulylicensed tocollect andfacilitate the sharing of borrower’s information;
2.1.3 Borrower means the person at whose request PCUL will advance a loan facility; 2.1.4 Call Centre means PCUL’s call center;
2.1.5 Equipment includes yourmobile phone handset and/ orother equipment which when used together enables you to access the PCUL online lending platform;
2.1.6 Products means the various loan facilities offered by PCUL;
2.1.7 Request means instruction received by PCUL from you or purportedly from you through the system and upon which request PCUL is authorized to act;
2.1.8 Services shall include any form of financial services or products that PCUL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
2.1.9 Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective overall to every part of the secured asset;
2.1.10 Secured asset is the asset/security over which the loan facility is secured;
2.1.11 SMS means a short message service consisting of a text message transmitted from one mobile to another;
2.1.12 System means PCUL’s electronic lending platform and communications software for the purpose of these services;
2.1.13 Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCUL on PCL’s website or by such other means as PCUL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCUL’s sole discretion.
2.1.14 We, our and us means PCUL and includes the successors and assigns of the PCUL;
2.1.15 You and your means the borrower and includes the personal representatives of the Borrower;
2.1.16 USSD T&C’s means these USSD Terms and Conditions.
2.1.17 The word “borrower” shall include both the masculine and the feminine gender as well as the juristic persons;
2.1.18 Words implying the singular meaning where the context so admits include the plural meaning and vice versa.
2.1.19 Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.
 

    1. ACCEPTANCE OF THE TERMS AND CONDITIONS


3.1       Before applying to PCUL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
3.2       Thereafter, you will be required to register on our system.
3.3       By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
3.3.1 Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
3.4       By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCUL may have with respect to the services or products offered in Law or otherwise.
3.5       The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
3.6       By accepting these Terms and Conditions, you authorize PCUL to access your credit history from a registered Credit Reference Bureau.
3.7       These Terms and Conditions may be amended or varied by PCUL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.
 

  1. REGISTRATION


4.1       Our system requires that you register by dialing the code *249# and creating an account with us to be able to access our various products;
4.2       You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
4.3       By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
4.4       You hereby agree and authorize PCUL to obtain and procure your personal information contained in the NIRA from the Government of Uganda and you further agree and consent to the disclosure and provision of such personal information by the Government of Uganda to PCUL.
4.5       You hereby authorize PCUL to access any information available to assess your request, and also gives PCUL permission to register details of your conduct of your loan account with any Credit Reference Bureau, and you waive any claim you may have against PCUL in respect of such disclosure.
4.6       PCUL reserves the right to request for further information from you pertaining to your application for PCUL services or products. Failure to provide such information within the time required by PCUL may result in PCUL declining to your request for a loan facility.
4.7       If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
4.8       Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions.
 

  1. FEES, CHARGES AND TAXES


5.1       You hereby agree to pay all fees, commissions, costs and other charges payable in connection with the use of our system and/or incurred by PCUL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
5.1.1 Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
5.1.2 Commissions at such rates as PCUL may determine from time to time;
5.1.3 Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
5.2       All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCUL an additional amount equal to the payment multiplied by the appropriate rate of tax.
 

  1. BORROWERS EQUIPMENT & BORROWERS RESPONSIBILITIES


6.1       You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
6.2       You shall be responsible for ensuring the proper performance of your equipment. PCUL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCUL be responsible for any computer virus or related problems that may be associated with the use of our system.
6.3       You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCUL concerning the use of our system.
6.4       You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCUL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
6.5       You shall immediately inform PCUL through the Call Centre 0200300500 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCUL shall not be liable for the said unauthorized infringement.
 

  1. EXCLUSION OF LIABILITY


7.1       PCUL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCUL’s control including, without limitation, force majeure or error, interruption, delay or non- availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
7.2       PCUL will not be liable for any losses or damages suffered by you as a result of or in connection with:
7.2.1 Failure, malfunction, interruption or unavailability of your equipment; 7.2.2 Any fraudulent or illegal use of the online lending platform or equipment;
7.2.3 Your failure to comply with these Terms and Conditions and any documentation or information provided by PCUL in regards to use of our system.
7.3       All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.
 

  1. INTELLECTUAL PROPERTY RIGHTS


8.1       You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCUL provides to you through the system or otherwise are vested in PCUL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCUL.

  1. YOUR REQUESTS


9.1       All requests received from your equipment, made by dialing *249# will be presumed to be executed by you.
9.2       You hereby irrevocably authorize PCUL to act on all requests received by PCUL from you through the system and to hold you liable in respect thereof.
9.3       PCUL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCUL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
9.4       PCUL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCUL may act if PCUL has in good faith acted in the belief that such instructions have been sent by you.
9.5       PCUL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
9.6       You agree to and shall release from and indemnify PCUL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCUL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
9.7       You acknowledge that PCUL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
9.8       PCUL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
9.9       In the event of any conflict between any terms of any request received by PCUL from you and these Terms and Conditions, these Terms and Conditions shall prevail.
 

  1. 10. SALARY ADVANCE  NC

 
10.1                 The loan
10.1.1 The loan duration is 1 Month.
10.1.2 The loan amount shall range between UGX 35,000/= -500,000/=.
10.1.3. The loan amount shall be inclusive of the amount applied for and the processing fees. 10.2.0   Fee payable.
10.2.1 The loan processing fee is 15% of the loan amount.
10.2.2 The processing fee of 15% of the loan amount shall be capitalized. 10.2.3 The loan shall be disbursed by Mobile Money.
10.2.4 The Mobile Money transaction fee of Ugx 390/= (which fee is subject to amendment as per the Service provider) shall be capitalized.
10.2.5 The Customer should read and familiarize themselves with the general Terms and Conditions for CS loans.  
10.3.0.             Payment.
  10.3.1. Payment shall be made within the stipulated 1 month (30 days).
  10.3.2. The Borrower hereby consents to PCUL giving him/her reminders about the payment and informing him/her about PCUL’s other existing loan products.
  10.3.3 . All cash deposits shall be paid via;

    1. i) MTN mobile money: *165#, Select Payments (4), Select Goods and Services (4), Enter Merchant code: PCUL, Reference: Client I.D | Airtel Money: *185*4*9#, Business Number: 230011, Amount: XXXX, Reason: Client I.D or,

 

    1. ii) Bank Name: Stanbic, Account Name: Platinum Credit (U) Ltd, Branch: Forest Mall, Account Number: 9030005697890 or,


iii)        Bank Name: ABSA, Account Name: Platinum Credit (U) Ltd, Branch: Hannington Road, Account Number: 6006726893.
  10.3.4. No cash should be handed to an employee or agent of Platinum Credit. PCUL shall not take ANY responsibility for money paid to any of its employee or agents
10.4.0. Default
10.4.1 Default is deemed to have happened when the borrower fails to pay the total capitalized amount (loan installment) within the stipulated 1 month.
10.4.2 In the event that the Borrower fails to meet his/her Salary advance cash installment by the 45th day from the date of disbursement, the borrower gives PCUL the right to submit a request to the borrower’s employer for deduction of the outstanding amount directly from the Borrower’s salary.
10.4.3 PCUL reserves the right to engage third party debt collectors to recover any outstanding balance at the debtor’s cost.
10.4.4 The Borrower agrees that, if PCUL has to use the services of lawyers or other 3rd parties because the Borrower has failed to discharge his/her loan obligations under this agreement, the Borrower will have to pay PCUL all the costs incurred in the process. In such a case, PCUL shall have the right to use any money paid by the Borrower to first pay legal and other costs, then interest and the actual loan amount.
  10.5.0              Cost and Charges
There shall be a roll over interest charged at 10% of the loan amount (capitalised) on the 7th day in arrears, where the loan amount remains unpaid and on the 15th day in arrears, PCUL shall submit a deduction request to the Borrower’s employer.
  10.6                 Statements
10.6.1 The amount owing by the Borrower to PCUL at any time may be shown by a statement issued by PCUL which statement will be proof of the amount owed.
 

    1. 11. PCUL’S DATA PROTECTION POLICY


11.1     It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCUL to facilitate the processing of the loan facility sought by the Borrower.
11.2     It is hereby understood and agreed that by signing this contract, the Borrower;
11.2.1 Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCUL’s contractual and legal obligation;
11.2.2 Consents to PCUL processing the data as per its internal company policy;
11.2.3 has given consent to PCUL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCUL’s regulations and procedures;
11.2.4 is at liberty to exercise its rights as a data subject and as is provided by the Data Protection and Privacy Act of 2019, Laws of Uganda;
11.3     PCUL undertakes to ensure that the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Uganda.
11.4     For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at [email protected]
11.5     Kindly access our website on https://platinumcredit.co.ug to view our Data Privacy Statement.

    1. 12. DISPUTES, CLAIMS OR COMPLAINTS


12.1     You may contact the Call Centre through 0200300500 to report any disputes, claims or complaints;
12.2     Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our email on [email protected]
12.3     This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda.

 

DOWNLOAD

USSD TERMS AND CONDITIONS
1. THE AGREEMENT
1.1 This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the Platinum Credit (U) Limited (hereinafter referred to as PCUL) mobile lending platform.
1.2 These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS
2.1 In these Terms and Conditions, the following words and expressions bear the following meanings:
2.1.1 “PCL”, “PCUL” means Platinum Credit Limited Uganda;
2.1.2 Credit Reference Bureau means a bureau duly licensed to collect and facilitate the sharing of borrower’s information;
2.1.3 Borrower means the person at whose request PCUL will advance a loan facility;
2.1.4 Call Centre means PCUL’s call center;
2.1.5 Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the PCUL online lending platform;
2.1.6 LBF means Log Book Finance;
2.1.6.1 LBF Quick cash is an overdraft loan product that allows you to borrow an additional loan amount equivalent to your instalment amount to the maximum of Ugx 3,000,000 with the intention of clearing your installment due.
2.1.6.2LBF Refinance is the replacement of an existing debt obligation with another debt obligation under different terms which will mostly relate to loan amount and term. For example, if you have an existing loan and have repaid a minimum of 1/4 of the term you can apply for another loan with the same security where the existing debt will be paid off and a new loan created. The difference will be disbursed to you.
2.1.7 Products means the various loan facilities offered by PCUL;
2.1.8 Request means instruction received by PCUL from you or purportedly from you through the system and upon which request PCUL is authorized to act;
2.1.9 Services shall include any form of financial services or products that PCUL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
2.1.10 Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective overall to every part of the secured asset;
2.1.11 Secured asset is the asset/security over which the loan facility is secured;
2.1.12 SMS means a short message service consisting of a text message transmitted from one mobile to another;
2.1.13 System means PCUL’s electronic lending platform and communications software for the purpose of these services;
2.1.14 Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCUL on PCL’s website or by such other means as PCUL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCUL’s sole discretion.
2.1.15 We, our and us means PCUL and includes the successors and assigns of the PCUL;
2.1.16 You and your means the borrower and includes the personal representatives of the Borrower;
2.1.17 USSD T&C’s means these USSD Terms and Conditions.
2.1.18 The word “borrower” shall include both the masculine and the feminine gender as well as the juristic persons;
2.1.19 Words implying the singular meaning where the context so admits include the plural meaning and vice versa.
2.1.20 Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

3.1 Before applying to PCUL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
3.2 Thereafter, you will be required to register on our system.
3.3 By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
3.3.1 Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
3.4 By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCUL may have with respect to the services or products offered in Law or otherwise.
3.5 The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
3.6 By accepting these Terms and Conditions, you authorize PCUL to access your credit history from a registered Credit Reference Bureau.
3.7 These Terms and Conditions may be amended or varied by PCUL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such mendment or variation.

4. REGISTRATION

4.1 Our system requires that you register by dialing the code *249# and creating an account with us to be able to access our various products;
4.2 You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
4.3 By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
4.4 You hereby agree and authorize PCUL to obtain and procure your personal information contained in the NIRA from the Government of Uganda and you further agree and consent to the disclosure and provision of such personal information by the Government of Uganda to PCUL.
4.5 You hereby authorize PCUL to access any information available to assess your request, and also gives PCUL permission to register details of your conduct of your loan account with any Credit Reference Bureau, and you waive any claim you may have against PCUL in respect of such disclosure.
4.6 PCUL reserves the right to request for further information from you pertaining to your application for PCUL services or products. Failure to provide such information within the time required by PCUL may result in PCUL declining to your request for a loan facility.
4.7 If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
4.8 Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions.

5. FEES, CHARGES AND TAXES

5.1 You hereby agree to pay all fees, commissions, costs and other charges payable in connection with the use of our system and/or incurred by PCUL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
5.1.1 Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
5.1.2 Commissions at such rates as PCUL may determine from time to time;
5.1.3 Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
5.2 All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCUL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWERS EQUIPMENT & BORROWERS RESPONSIBILITIES

6.1 You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
6.2 You shall be responsible for ensuring the proper performance of your equipment. PCUL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCUL be responsible for any computer virus or related problems that may be associated with the use of our system.
6.3 You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCUL concerning the use of our system.
6.4 You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCUL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
6.5 You shall immediately inform PCUL through the Call Centre 0200300500 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCUL shall not be liable for the said unauthorized infringement.

7. EXCLUSION OF LIABILITY

7.1 PCUL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCUL’s control including, without limitation, force majeure or error, interruption, delay or non- availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
7.2 PCUL will not be liable for any losses or damages suffered by you as a result of or in connection with:
7.2.1 Failure, malfunction, interruption or unavailability of your equipment;
7.2.2 Any fraudulent or illegal use of the online lending platform or equipment;
7.2.3 Your failure to comply with these Terms and Conditions and any documentation or information provided by PCUL in regards to use of our system.
7.3 All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

8.1 You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCUL provides to you through the system or otherwise are vested in PCUL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCUL.

9. YOUR REQUESTS

9.1 All requests received from your equipment, made by dialing *249# will be presumed to be executed by you.
9.2 You hereby irrevocably authorize PCUL to act on all requests received by PCUL from you through the system and to hold you liable in respect thereof.
9.3 PCUL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCUL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
9.4 PCUL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCUL may act if PCUL has in good faith acted in the belief that such instructions have been sent by you.
9.5 PCUL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
9.6 You agree to and shall release from and indemnify PCUL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCUL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
9.7 You acknowledge that PCUL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
9.8 PCUL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
9.9 In the event of any conflict between any terms of any request received by PCUL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10 USSD LBF REFINANCE

10.1 The Loan
10.1.1 An existing pre-qualified LBF loan can be refinanced only once, if a client needs a second refinancing then the request should be channeled through the nearest LBF branch or call center via telephone number 0200300500.
10.1.2 Only prequalified clients are eligible to apply for the LBF refinance loan via USSD.
10.1.3 PCUL reserves the right to amend the initial notice with the Registrar of Security Rights to capture the LBF Refinance loan amount advanced via USSD.
10.2 Charges
10.2.1 An approved USSD LBF refinance loan will attract the following loan origination costs:
10.2.1.1 Appraisal fees of 4% of the top up amount.
10.2.1.2 Security Perfection fees of Ugx 18,000
10.2.1.3 The total loan amount is the loan amount plus full term interest whereas the top up amount is the refinance amount applied for.
10.2.1.4 Tracking Fees of Ugx 75,000 per month for each motor vehicle.
10.2.2 It is hereby understood and agreed that the loan origination costs and appraisal fees shall be capitalized and amortized over the loan tenor/loan term.
10.3 Interest Rate and Interest Calculation
10.3.1 The total interest chargeable on the facility is calculated at a flat rate of 4% per month on the base of the principal loan amount plus capitalized fees (where applicable) subject to the applied loan term. In accordance with globally accepted International Financial Reporting Standards (IFRS), principal and interest repayments on the loan amortization schedule shall be calculated on the basis of an equivalent reducing balance interest rate of up to a maximum of 6.64% subject to the loan term, which shall form the basis of calculating the outstanding amount due in the event of a prepayment.
10.4 Applicable Roll over Interest and Bank Charges accrued
10.4.1 Roll over interest of 0.33% shall be charged on an unpaid instalment amount on a daily basis until full payment of the amount due.
10.4.2 For past term accounts, a roll over interest of 0.33% shall be charged on the outstanding instalment amount on a daily basis up to a maximum of a quarter of the original loan term.
10.4.3 Where a cheque/instrument provided by the Borrower is dishonored, the actual costs incurred by PCUL for each dishonored cheque/instrument shall be recovered from the Borrower.
10.4.4 Consequently, PCUL will be entitled to repossess and dispose off the motor vehicle/ collateral in such manner as it may in its sole discretion determine to be in its best interest and the Borrower is obligated to cooperate accordingly.
10.4.5 Upon repossession of the motor vehicle, PCUL will temporarily halt banking of the subsequent cheques/instruments in its custody until the loan is regularized or fully settled.
10.5 The security asset
10.5.1 Where a motor vehicle has been provided as security asset, you undertake to:
10.5.1.1 Allow PCUL to register a caveat on the logbook with Uganda Revenue Authority for the duration of the loan as a representation of their interest in the motor vehicle.
10.5.1.2 Keep and maintain the vehicle in good order and condition (fair wear and tear only excepted) and will be fully responsible for any loss thereof or damage thereto however occasioned.
10.5.1.3 Keep the vehicle insured at all times. PCUL shall be entitled to the full benefit of the Insurance Policy thereof including claims that might at any time be outstanding. Any monies received by virtue of such insurance shall at the discretion of PCUL be applied in replacing or restoring any loss or damage in respect of which the same shall be received or in or towards liquidation of the amount for the time being due by you to PCUL under this agreement.
10.5.1.4 To renew the Insurance Policy 7 days before expiry thereof. Failure to which PCUL shall make its own arrangements to have the asset comprehensively insured to safeguard our financial interest in the asset.
10.5.1.5 Not use the motor vehicle nor permit it to be used for any purpose not permitted by the terms and conditions of the Insurance Policy nor permit to be done any act or thing by reason of which such Insurance Policy may be invalidated.
10.5.1.6 Not take, or permit to be taken, the motor vehicle out of the Republic of Uganda.
10.5.1.6.1 Where you intend to take the said motor vehicle out of the Republic of Uganda, you will be required to notify PCUL in writing through our email [email protected] and you will further be required to obtain a COMESA Yellow Card Insurance Cover at your own cost.
10.5.1.7 Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
10.5.1.8 Endorse PCUL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as security.
10.5.1.9 The borrower consents to PCUL appointing the service provider to install a tracking device for the duration of the loan term.
10.5.1.10 You shall ensure that the tracking device of the motor vehicle used as security is not tampered with/and or damaged and:
10.5.1.11 In the event that the motor vehicle will not be in use for any period of the loan and within not less than one month from obtaining the facility, notify PCUL of the specific dates, and arrange to have the said Motor Vehicle to be held at an approved yard.
10.5.1.12 Should the tracking device develop a technical fault within the course of this loan agreement, PCUL and or the tracking company service provider will contact you. It’s your responsibility to cooperate with PCUL and or the service provider to ensure that the vehicle is submitted to the service provider for the issue of a solution, and restoration of the transmission signal to normal status. In the event that you fail to cooperate, PCUL will institute repossession procedures of the subject motor vehicle after 24 hours from notification, for storage at a designated yard, at your cost.
10.5.1.13 In the event that the borrower is found to have tempered and destroyed the tracking device, a new device shall be purchased and installed at the borrower’s cost.
10.5.1.14 Upon completion of the loan, the borrower shall immediately avail the motor vehicle for removal of the tracking device installed at the time of disbursement.
10.5.1.15 Should the borrower fail to avail the motor vehicle for tracker removal within 30 working days from the date of completion of the loan, the borrower shall be liable to pay UGX 325,000/= being the cost of the tracking device before PCUL withdraws its caveat on the said motor vehicle.
10.5.2 Upon full payment of the loan and related charges PCUL shall decaveat the motor vehicle logbook that was provided by the borrower and shall return the documents of the security asset provided by you.
10.5.3 This agreement is governed by all the terms and conditions of the Security Interest in Movable Property Act 2019 Laws of the Republic of Uganda.
10.5.4 PCUL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to you.
10.6 Retention and Disposal of Issued Cheques
10.6.1 The Borrower shall provide the Lender with signed post-dated cheques equivalent to the number of loan instalments and authorizes the Lender to bank the cheques on the date when the instalment is due.
10.6.2 In the event that the Borrower wishes not to have the issued cheques banked when an instalment is due, he/she shall give the Lender 3 working days’ written notice of this intention, and the Borrower shall proceed to make payments using alternative means as provided by the Lender, failure of which the Lender shall bank the cheque on the date when the instalment is due. The proof of payment shall be submitted to PCUL before 10 am on the due date.
10.6.3 In case of default, the normal collections process as per the terms and conditions of the LBF loan facility shall apply.
10.6.4 Upon completion/or settlement of the loan, the borrower shall be required to pick (in person) any unused cheques within 30 working days from the date of completion/settlement. Upon receipt of the unused cheques, the borrower shall destroy them; PCUL shall not be liable for any losses, claims or damages suffered by any person if these cheques are used fraudulently.
10.6.5 If the said 30 working days lapse without the borrower picking the unused cheques, PCUL shall be entitled to destroy the said cheques so that they cannot be used.
10.7 Disbursement
10.7.1 Disbursement will be done via Mobile Money up to a maximum amount of Ugx 10,000,000, any higher amounts will be disbursed to your bank account.
10.8 Additional terms and conditions
10.8.1 The terms and conditions under which the original loan was approved will apply to the new USSD LBF refinance loan, in addition to the news terms which are specific to the USSD LBF refinance loan.
10.9 Maximum loan amount
10.9.1 Each eligible borrower will be provided with a specific maximum amount subject to a maximum of Ugx 50,000,000 which they can apply for, this amount shall be determined during pre-qualification.
10.10 The security asset
10.10.1 The existing security shall be used as a continuing security for the USSD LBF refinance loan.
10.10.2 PCUL shall reserve the right to amend the initial notice with the Registrar of Security Rights to capture the refinanced amount.
10.11.1 Refinance Criteria in respect of multiple pre-existing loans
10.11.2 Where the Borrower has more than one pre-existing LBF loan/facility, the Borrower can refinance any qualifying loan/facility.

11. PCUL’S DATA PROTECTION POLICY

11.1 It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCUL to facilitate the processing of the loan facility sought by the Borrower.
11.2 It is hereby understood and agreed that by signing this contract, the Borrower;
11.2.1 Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCUL’s contractual and legal obligation;
11.2.2 Consents to PCUL processing the data as per its internal company policy;
11.2.3 has given consent to PCUL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCUL’s regulations and procedures;
11.2.4 is at liberty to exercise its rights as a data subject and as is provided by the Data Protection and Privacy Act of 2019, Laws of Uganda;
11.3 PCUL undertakes to ensure that the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Uganda.
11.4 For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at [email protected]
11.5 Kindly access our website on https://platinumcredit.co.ug to view our Data Privacy Statement.

12. DISPUTES, CLAIMS OR COMPLAINTS

12.1 You may contact the Call Centre through 0200300500 to report any disputes, claims or complaints;
12.2 Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our email on [email protected]
12.3 This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda.

 

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USSD TERMS AND CONDITIONS

1. THE AGREEMENT

1.1 This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the Platinum Credit (U) Limited (hereinafter referred to as PCUL) mobile lending platform.
1.2 These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

2.1 In these Terms and Conditions, the following words and expressions bear the following meanings:
2.1.1 “PCUL” means Platinum Credit Limited Uganda;
2.1.2 Credit Reference Bureau means a bureau duly licensed to collect and facilitate the sharing of borrower’s information;
2.1.3 Borrower means the person at whose request PCUL will advance a loan facility; 2.1.4 Call Centre means PCUL’s call center;
2.1.5 Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the PCUL online lending platform;
2.1.6 Products means the various loan facilities offered by PCUL;
2.1.7 Request means instruction received by PCUL from you or purportedly from you through the system and upon which request PCUL is authorized to act;
2.1.8 Services shall include any form of financial services or products that PCUL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
2.1.9 Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective overall to every part of the secured asset;
2.1.10 Secured asset is the asset/security over which the loan facility is secured;
2.1.11 SMS means a short message service consisting of a text message transmitted from one mobile to another;
2.1.12 System means PCUL’s electronic lending platform and communications software for the purpose of these services;
2.1.13 Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCUL on PCL’s website or by such other means as PCUL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCUL’s sole discretion.
2.1.14 We, our and us means PCUL and includes the successors and assigns of the PCUL;
2.1.15 You and your means the borrower and includes the personal representatives of the Borrower;
2.1.16 USSD T&C’s means these USSD Terms and Conditions.
2.1.17 The word “borrower” shall include both the masculine and the feminine gender as well as the juristic persons;
2.1.18 Words implying the singular meaning where the context so admits include the plural meaning and vice versa.
2.1.19 Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

3.1 Before applying to PCUL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
3.2 Thereafter, you will be required to register on our system.
3.3 By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
3.3.1 Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
3.4 By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCUL may have with respect to the services or products offered in Law or otherwise.
3.5 The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
3.6 By accepting these Terms and Conditions, you authorize PCUL to access your credit history from a registered Credit Reference Bureau.
3.7 These Terms and Conditions may be amended or varied by PCUL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

4.1 Our system requires that you register by dialing the code *249# and creating an account with us to be able to access our various products;
4.2 You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
4.3 By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
4.4 You hereby agree and authorize PCUL to obtain and procure your personal information contained in the NIRA from the Government of Uganda and you further agree and consent to the disclosure and provision of such personal information by the Government of Uganda to PCUL.
4.5 You hereby authorize PCUL to access any information available to assess your request, and also gives PCUL permission to register details of your conduct of your loan account with any Credit Reference Bureau, and you waive any claim you may have against PCUL in respect of such disclosure.
4.6 PCUL reserves the right to request for further information from you pertaining to your application for PCUL services or products. Failure to provide such information within the time required by PCUL may result in PCUL declining to your request for a loan facility.
4.7 If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
4.8 Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions.

5. FEES, CHARGES AND TAXES

5.1 You hereby agree to pay all fees, commissions, costs and other charges payable in connection with the use of our system and/or incurred by PCUL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
5.1.1 Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
5.1.2 Commissions at such rates as PCUL may determine from time to time;
5.1.3 Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
5.2 All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCUL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWERS EQUIPMENT & BORROWERS RESPONSIBILITIES

6.1 You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
6.2 You shall be responsible for ensuring the proper performance of your equipment. PCUL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCUL be responsible for any computer virus or related problems that may be associated with the use of our system.
6.3 You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCUL concerning the use of our system. 6.4 You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCUL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
6.5 You shall immediately inform PCUL through the Call Centre 0200300500 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCUL shall not be liable for the said unauthorized infringement.

7. EXCLUSION OF LIABILITY

7.1 PCUL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCUL’s control including, without limitation, force majeure or error, interruption, delay or non- availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
7.2 PCUL will not be liable for any losses or damages suffered by you as a result of or in connection with:
7.2.1 Failure, malfunction, interruption or unavailability of your equipment;
7.2.2 Any fraudulent or illegal use of the online lending platform or equipment;
7.2.3 Your failure to comply with these Terms and Conditions and any documentation or information provided by PCUL in regards to use of our system.
7.3 All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

8.1 You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCUL provides to you through the system or otherwise are vested in PCUL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCUL.

9. YOUR REQUESTS

9.1 All requests received from your equipment, made by dialing *249# will be presumed to be executed by you.
9.2 You hereby irrevocably authorize PCUL to act on all requests received by PCUL from you through the system and to hold you liable in respect thereof.
9.3 PCUL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCUL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
9.4 PCUL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCUL may act if PCUL has in good faith acted in the belief that such instructions have been sent by you.
9.5 PCUL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
9.6 You agree to and shall release from and indemnify PCUL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCUL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
9.7 You acknowledge that PCUL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
9.8 PCUL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
9.9 In the event of any conflict between any terms of any request received by PCUL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10 USSD CIVIL SERVANTS LOAN PRODUCT

10.1 The Loan
10.1.1 At your request, PCUL agrees to make available to you the advised loan amount on the terms and conditions set out in this agreement.
10.1.2 You have the right to repay the principal amount of the loan within three business days from the date of disbursement upon full payment of administration costs. This repayment must be done using the repayment methods referred to in clause 10.3.5
10.1.3 You acknowledge and accept the terms and conditions upon which payment of the loan amount shall be made by Platinum Credit (U) Limited.
10.2 Interest
10.2.1 The monthly interest charged on your loan shall be as per the rate schedule below; 1-2months – [20%], 2-5months – [15%], 6-8months – [10%], 9-15months – [7.5%], 16- 20months – [ 6.5%], 21-24months – [6%], 25-30 months – [5.5%], 31-36Months – [5%], 37-41Months – [4.5%], 42-60 Months – [3.97%], 61-84Months – [3.7%], 85-96Months – [2.45%]
10.2.2 In the event of early settlement before the agreed loan term, the monthly collection fees will be charged until the settlement month. Where the borrower would like to settle his/her loan before 25 months, the discounted rates per month applicable on the amount borrowed on civil servant loans are as follows:-
1-2 months – [ 20%], 3-5 months – [15 %], 6-8 months – [10 %], 9-15 months – [7.5 %], 16-20 month – [ 6.5%], 21-25 months [6%]. For 26-96 months-30% early settlement fee on the outstanding balance.
10.2.2.1 The Borrower has a right to repay the principal amount of the loan with in three business days from the date of disbursement. The repayment shall be for both the principal and appraisal fees and the same must be done at Platinum Credit (U) Limited bank account provided for in clause 10.3.5 within the 3 business days, in cleared funds.
10.2.3 Interest shall be calculated monthly. The interest shall apply to the initial principal sum at a flat rate.
10.2.4 Due to market conditions, PCUL may increase the interest charged by giving you one calendar months’ notice in advance.
10.2.5 Loan Origination Costs
10.2.5.1 The Appraisal fee is 12.5% of the loan amount applied for. This is applicable for the 96-month term products for new loans and refinances.
10.2.5.2 The Monthly Collection fee is Ugx 6000.
10.3 Payment
10.3.1 You must repay the loan in the installments as advised.
10.3.2 You agree that PCUL shall recover the monthly installments in full from the borrower’s employer by way of a deduction on his or her payroll.
10.3.3 You hereby give the employer the right to deduct monies owing to PCUL from any unpaid wages or any other remuneration credits payable to you if you leave the service of your employer for any reason before the total amount repayable under this agreement has been paid.
10.3.4 In the event that the loan term elapses before the loan is fully paid, due to none or partial remittance of the agreed monthly loan installment, the lender shall be entitled to maintain its code on the borrower’s salary until the outstanding loan obligation is fully repaid.
10.3.5 No cash should be handed to an employee of PCUL or third party. PCUL shall not take ANY responsibility for money paid to any of its employees or third parties. All cash deposits shall be paid via;
i) MTN mobile money: *165#, Select Payments (4), Select Goods and Services (4),
Enter Merchant code: PCUL, Reference: Client I.D | Airtel Money: *185*4*9#, Business Number: 230011, Amount: XXXX, Reason: Client I.D or,
ii) Bank Name: Stanbic, Account Name: Platinum Credit (U) Ltd, Branch: Forest Mall, Account Number: 9030005697890 or,
iii) Bank Name: ABSA, Account Name: Platinum Credit (U) Ltd, Branch: Hannington Road, Account Number: 6006726893.
10.4 Insurance
10.4.1 As a responsible lender, PCUL has the right to insure the loan in case of death or disability on the part of the Borrower.
10.5 Breach
10.5.1 In the event:-
10.5.2 Any failure by you to pay any amount which is owing to this agreement in full and on the dates you have to, or
10.5.2.1 Any other breach by you of the terms of this agreement;
10.5.2.2 Any claim that you have failed to carry out your duties under this agreement; then the full balance due under this agreement together with any roll over interest and all other charges and expenses owing to PCUL by you shall become immediately due and payable to PCUL without affecting any of Platinum Credit’s rights under this agreement. PCUL shall be entitled to terminate this agreement and claim/or recover from you any damages/losses it, may have suffered as a consequence.
10.5.2.3 In the event of a default by you in making payment PCUL shall have the right to use any money paid by you to first pay legal and other costs, then interest and then the actual loan amount.
10.5.2.4 PCUL reserves the right to engage third party debt collectors to recover any total outstanding balance at your cost.
10.5.2.5 The responsibility to ensure timely payment of the installments lies with the borrower; the company is entitled to charge a default penalty fee at a rate of 3% of the arrears.
10.6 Statement
10.6.1 PCUL will give at the Borrowers’ request a statement setting out all deductions from his/her salary, outstanding balance and any amount payable in arrears.
10.6.2 The amount owing by the Borrower to PCUL at any time shall be shown by a certificate or statement in which Platinum Credit’s Officer has worked out and has stated as amount owing. The certificate or statement will be a proof of the amount owed to PCUL by the borrower and will be able to be used in any legal proceeding and will be accepted by the court on its own as correct unless the Borrower proves that it is incorrect.

11. PCUL’S DATA PROTECTION POLICY

11.1 It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCUL to facilitate the processing of the loan facility sought by the Borrower.
11.2 It is hereby understood and agreed that by signing this contract, the Borrower;
11.2.1 Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCUL’s contractual and legal obligation;
11.2.2 Consents to PCUL processing the data as per its internal company policy;
11.2.3 has given consent to PCUL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCUL’s regulations and procedures;
11.2.4 is at liberty to exercise its rights as a data subject and as is provided by the Data Protection and Privacy Act of 2019, Laws of Uganda;
11.3 PCUL undertakes to ensure that the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Uganda.
11.4 For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at [email protected]
11.5 Kindly access our website on https://platinumcredit.co.ug to view our Data Privacy Statement.

12. DISPUTES, CLAIMS OR COMPLAINTS

12.1 You may contact the Call Centre through 0200300500 to report any disputes, claims or complaints;
12.2 Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our email on [email protected]
12.3 This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda.

 

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GENERAL TERMS & CONDITIONS FOR THE REVOLVING CREDIT (AS REFERRED TO AS “USSD CREDIT CARD” IN THIS AND OTHER LOAN DOCUMENTS) FACILITY  
This REVOLVING CREDIT FACILITY AGREEMENT (“Agreement”) is dated ____________ day of ______________________ 20______ Between:
(1)Platinum Credit (U) LIMITED, a private limited liability company incorporated in Uganda with a Certificate of Incorporation Number 80010003273991/105985, whose principal place of business is at the 4th floor of Prime Plaza, Jinja Road, Kampala and of Post Office Box Number 27328, Kampala, Uganda (hereinafter referred to as the “PCUL” which expression shall, where the context so requires, include the PCUL’s successors in title and assigns(whether immediate or derivative) of the first part; And,
(2)The person(s) whose names, description and present address as set out in Revolving Credit Facility Application Form (hereinafter referred to as the “Customer” which expression shall, where the context so admits include the Customer’s personal representatives, successors heirs, and assigns whether immediate or derivative) on the second part.
 
Both hereafter collectively referred to as the “Parties “or separately as “Party”.  
BACKGROUND:
(A) The Customer (as hereinafter defined) is the registered owner of the Motor Vehicle (s) specified in the clause 1 of this Agreement (hereafter called the “Vehicle” which expression shall where the contexts requires include all or any one or more of them); and  
(B)The Customer has applied to PCUL for a facility and such financial accommodation, financing, credit and advances which borrowed amounts will be secured by the Vehicle and PCUL has subsequent to the application allowed the facility and such financial accommodation, financing, credit and advances granted to the Customer to become available to the Customers a revolving fund for subsequent borrowing and repayment by the Customer on a revolving basis pursuant to the provisions of this Agreement, and includes all the benefits enjoyed by the Customer as a result of being able to access the approved revolving funds as per this Agreement (the “Revolving Credit Facility”).  
(C)The Parties have negotiated and agreed that it is mutually beneficial to enter into a Revolving Credit Facility Agreement subject to all covenants, terms, and conditions set out in this Agreement entered into by PCUL and the Customer.
1. DEFINITION OF TERMS
In these Terms and Conditions, the following words and expressions (save where the context requires otherwise) bear the following meanings:
Account” means a record or statement of financial expenditure or receipts relating to a particular period;
Agreement” means these Terms and Conditions herein and any amendments that may be made from time to time;
Charges” means any costs incurred by PCUL or any amounts charged on PCUL by various parties including mobile payments providers on the account of the Customer in the process or/ as a result of provision of the Revolving Credit Facility to the Customer;
Credit Reference Bureau” means a credit reference bureau duly licensed under the Banking Act pursuant to the Banking (Credit Reference Bureau) Regulations, 2013, as amended, revised or promulgated from time to time, to inter alia, collect and facilitate the sharing of customer credit information;
Customer” means any the person whose names, description and present address are as set out in Revolving Credit Facility Application Form, who has applied to PCUL for access to the Revolving Credit Facility and has accepted this Agreement;
Device” includes the Customer’s mobile phone handset, MOBILE MONEY enabled SIM Card and/or other equipment which when used together enables the Customer to access the Revolving Credit Facility;
Event of Default” refers to the circumstances set out in clause 14 of this Agreement;
Fees” means the Fees applicable for the Service or Revolving Credit Facility;
Government” means the national government, local government or any other Government statutory body lawfully established under the laws of Uganda;
KYC” also known as “Know Your Client” refers to the Customer due diligence obligations prescribed by relevant laws and as may be prescribed or recommended by the Government, the Regulatory Authority or Credit Reference Bureau from time to time;
LogbookBased Financing Facility” also referred to as “LBF Logbook Facility” means the facility granted to the Customer by PCUL pursuant to the Logbook-Based Financing Agreement which facility is secured by the Vehicle and which shall upon application by the Customer to PCUL, be converted into a revolving fund by PCUL for subsequent borrowing and repayment by the Customer on a revolving basis pursuant to the provisions of this Agreement and the Logbook-Based Financing Agreement, and includes all the benefits enjoyed by the Customer as a result of being able to access the approved revolving funds as per this Agreement;
Minimum Payments” means the minimum monthly payment of obligation to be met by the Customer in respect to the Revolving Credit Facility as per these Terms and Conditions;
PCUL” means Platinum Credit Uganda Limited incorporated in Uganda as a limited liability company under the Companies Act, No. 17 of 2012, of the laws of Uganda and includes affiliates of PCUL;
Monthly Payments” refers to the monthly payment obligations to be met by the Customer in regard to the Revolving Credit Facility as per the Facility’s Terms and Conditions;
Mobile Money Account” means the Customer’s Mobile Money wallet registered in the Customer’s name;
Mobile Money Subscriber” means a person who has registered by Mobile Phone Operator to use  Mobile Money and accepted the Mobile Money terms and conditions;
Mobile Money Services Provider” means a Mobile Network Operator that has been duly authorized by the Central Bank of Uganda under applicable laws to offer Mobile Money Services in Uganda and includes MTN Uganda and Airtel Uganda;
Mobile Network Operator” means a mobile Network operator in Uganda registered with the Communications Authority of Uganda and includes MTN Uganda and Airtel Uganda;
MTN Mobile Money/or Airtel Money” means the Mobile Money transfer and payment service that is managed and operated exclusively by MTN/or Airtel in Uganda and licensed by the Central Bank of Uganda;
Network” means a mobile cellular network operated by a mobile network operator in Uganda registered with the Communications Commission of Uganda;
Opt-In Function” refers to the options granted by PCUL USSD platform or PCUL mobile app or PCUL’s website to the Customer to accept or decline the terms and conditions of the Revolving Credit Facility when applying to be registered for the Revolving Credit Facility, if applying through his/her Device;
Outstanding Principal” means the amount that the Customer has withdrawn from the Revolving Credit Facility Limit and is still outstanding;
Outstanding Amounts” means any amounts including Fees, Outstanding Principal, interest and any costs that is due and payable by the Customer to PCUL in respect to the Revolving Credit Facility;
PIN” means the Customer’s personal identification number being the secret code used to by the Customer access his Revolving Credit Facility Account using his Device and facilitated by the Customer’s MOBILE MONEY Account or PCUL USSD platform or PCUL’s mobile app including but not restricted to access and use the Revolving Credit Facility funds and make Requests;
PIN” means the Customer’s personal identification number being the secret code used to access and operate the Customer’s Device on including the Customer’s MOBILE MONEY System PIN including but not restricted to access and use of the Revolving Credit Facility funds;
Product” means the Revolving Credit Facility;
Recovery Expenses” include any costs incurred by PCUL to recover Overdue Amounts;
Repayment Period(s)” means the monthly or thirty (30) days intervals within which the Customer is expected to meet make the Customer’s Monthly Payments obligations;
Repayment” means repayment of any amount due under the Revolving Credit Facility defined in these Terms and Conditions including but not restricted to repayment of the Revolving Credit Facility’s principal, interest and Fees;
Request” means a request for access to the Revolving Credit Facility funds, received by PCUL from the Customer or purportedly from the Customer including but not limited from the Customer’s Device, or through the Customer’s PCUL Revolving Credit or through the USSD platform, or by way of a physical written application or through a point of sale or automated teller machine (“ATM”) or through an online transaction or through the Customer’s Mobile money  Account, through upon which PCUL is authorized to act and includes any instruction from the Customer from the a foregoing means;
Revolving Credit Facility Account” means an Account maintained by PCUL in relation to Revolving Credit Facility transactions or any other transactions related to PCUL;
Revolving Credit Facility Application Form” means a form filled and signed by the Customer to request for the Revolving Credit Facility; “Revolving Credit Facility Limit” means the maximum amount availed by PCUL to the Customer on credit, in the Customer’s Revolving Credit Facility Account for his/her utilization;
Service” means the benefit(s) enjoyed by the Customer as a result of being able to access the approved funds under the Revolving Credit Facility as per this Agreement;
SIM Card” means the subscriber identity module which when used with the appropriate mobile phone handset enables the Customer to access the Network, and to access and use the Revolving Credit Facility Account;
SMS” means a short message service consisting of a text message transmitted from one mobile Device to another;
Transaction Fees” includes any fees and charges payable for the transfer of funds into and out of the Customer’s Revolving Credit Facility to Mobile Network Operators and banks which vary between different Mobile Network Operators and banks;
USSD Credit Card” means a Revolving Credit Facility which is accessed by the Customer through PCUL’s USSD platform;
USSD” means Unstructured Supplementary Service Data, a Global System for Mobile (“GSM”) communication technology used to send text between a mobile phone and an application program in the Network, and for the purposes of this Agreement refers to the code that the Customer enters on the Device to enable him/her Request and access PCUL’s products and services including but not limited to the Revolving Credit Facility;
Vehicle” means the motor vehicle, described in the Revolving Credit Facility Application Form (including any component parts of the motor vehicle from time to time held by the Customer (whether or not attached to the Vehicle), together with all additions, alterations, substitutions, replacements, renewals or modifications of or to the Vehicle from time to time, and all accessories to the Vehicle from time to time (including maintenance and other records, manuals, handbooks, data, drawings and schematics relating to the Vehicle or documents relating to warranties and patent indemnities given by manufacturers or suppliers of the Vehicle and parts thereof). For avoidance of doubt a reference to the term “Vehicle” shall refer to one or more motor vehicles that the Customer has charged to PCUL as collateral for the Revolving Credit Facility or other facility(ies);
VAT” means value added tax, as defined by the Value Added Tax Act, CAP. 349 (as amended) of the laws of Uganda; and
“Virus” any program which contains malicious code or infiltrates or damages a computer system without the owner’s informed consent or is designed to do so or which is hostile, intrusive or annoying to the owner or user or is meant to take down the computer system or facilitate theft of data or money and has no legitimate purpose; and includes without limitation, any virus, worm, trojan, malware, spyware, adware, bots, rootkit, backdoors, ransomware bootkit, wipers, keyloggers, crimeware, browser hijacker and any code or software that is specifically designed to damage, disrupt, destroy, monitor and/or gather information including confidential information illegally, steal, or in general inflict some other “bad” or illegitimate action on data, hosts, or network.
2. RULES OF INTERPRETATION
2.1 Words importing persons or Parties shall include firms and corporations and all references to persons shall include their permitted successors and assigns.
2.2 Words importing the singular only also include the plural and vice versa where the context requires.
2.3 Words importing the masculine shall include the feminine and neuter and vice versa.
2.4 The headings and marginal notes in this Agreement shall not be deemed part of or be taken into consideration in the interpretation or construction of this Agreement and are included for ease of reference only.
2.5 A reference to writing or written does not include email (unless otherwise expressly provided in this Agreement).
2.6 Any words following the terms “including”, “include”, “in particular”, “for example” or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
2.7 Where the context permits, “other” and “otherwise” are illustrative and shall not limit the sense of the words preceding them.
2.8 Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.
2.9 The Recitals and the Schedules shall be deemed to be part of this Agreement and all references to Recitals, articles, clauses, and Schedules, shall be construed as references to recitals of, articles of, clauses of and schedules to this Agreement, and references to paragraphs in a Clause or Schedule shall be construed as reference to paragraphs of that Clause or Schedule, unless indicated otherwise.
2.10 The Appendices herein form part of this Agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to this Agreement includes the Appendices.
2.11 References to clauses, and Appendices are to the clauses and Appendices of this Agreement and references to paragraphs are to paragraphs of the Appendices.
3. TERMS AND CONDITIONS OF THE REVOLVING CREDIT FACILITY
  3.1 This Agreement sets outs the complete terms and conditions (hereinafter called “these Terms and Conditions“) which shall be applicable to the Revolving Credit Facility requested by the Customer and granted by PCUL.
3.2 These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
3.3 The USSD Credit Card Terms and Conditions as set out in Appendix 2 of this Agreement are supplemental to these Terms and Conditions of the Revolving Credit Facility herein.
3.4 In the event of any inconsistency between the General Terms and Conditions for the USSD Credit Card Facility and the additional Terms and Conditions for the Revolving Credit Facility in Appendix 2, the former shall prevail.
4. ACCEPTANCE OF THESE TERMS AND CONDITIONS
4.1 Before opting-in or registering for the Service, the Customer should carefully read and understand these Terms and Conditions as they govern the access, use and operation of the Service and the Revolving Credit Facility.
4.2 These Terms and Conditions are available on https://www.platinumcredit.co.ug/. In the event the Customer is unable to read and understand these Terms and Conditions from an electronic device the Customer shall collect a printed version from the nearest PCUL Branch.
4.3 If the Customer does not agree with these Terms and Conditions, he/she: (a) shall select “Decline” on the Opt-in Function if applying through the Customer’s Device; and (b) shall not append his/her signature if making a physical application.
4.4 The Customer will be deemed to have read, understood and accepted these Terms and Conditions upon selecting the “Accept” option on the Opt-in Function requesting the Customer to confirm that he/she has read, understood and agreed to abide by these Terms and Conditions; and/or by using or continuing to use and requesting for the Service if the application is via the Customer’s Device. If the application is through filling and signing a physical Revolving Credit Facility Application Form, the Customer will be deemed to have read and accepted these Terms and Conditions by appending a physical signature on the Revolving Credit Facility Application Form.
4.5 By registering for the Service, the Customer agree to comply with and be bound by these Terms and Conditions as amended and revised from time to time every time the Customer uses the Service and the Customer affirms that these Terms and Conditions are without prejudice to any other rights that PCUL may have in law or otherwise regarding the Customer’s registration, access and use of the Service.
4.6 The Customer will only be required to register to this Service once. All other subsequent access and usage of the Service shall be pegged to the initial registration of the Service.
4.7 PCUL may from time to time vary or amend these Terms and Conditions and the Customer’s continued access and use of the Service constitutes the Customer’s acceptance to be bound by the terms of any such amendment or variation.
5. REQUESTING FOR THE REVOLVING CREDIT FACILITY
5.1 The Customer may: (a) apply and register for the Service by way of an electronic application made by the Customer using the Customer’s Device via PCUL’s USSD platform, online portal, website, mobile application, email address or any other electronic means specified by PCUL from time to time; or
(b) request for the Revolving Credit Facility by filling-in and signing a physical Revolving Credit Facility Application Form or by any other means that PCUL may deem necessary from time to time at its sole discretion.
5.2 The Customer hereby agrees and authorizes PCUL to obtain and procure their personal information contained in the Credit Reference Bureau and the Customer further consents to the disclosure and provision of such personal information by the Bureau to PCUL.
5.3 The Customer hereby further acknowledges and authorizes PCUL to verify their personal information in PCUL’s custody against the information received from the Credit Reference Bureau.
5.4 PCUL reserves the right to request for further information from the Customer pertaining to his/her application to register for the Service at any time. Failure to provide such information within the time specified by PCUL may result in a decline of the Customer’s application to register for the Service.
5.5 PCUL reserves: (a) the right to decline the Customer’s application to register for the Service; (b) the right to decline any Request for the Revolving Credit facility; and (c) the right to revoke the Customer’s registration on the Service at its sole discretion without giving any reasons to the Customer.
6. THE CUSTOMER’S REQUESTS
6.1 The Customer hereby irrevocably authorizes PCUL to act on all Requests received by using the Customer’s Device or through any other means the Customer may use to make such Requests in regard to the Service. The Customer also authorizes PCUL to hold him/her liable in respect thereof. PCUL may nevertheless refuse to carry out any requests beyond the scope of the Service as offered from time to time.
6.2 PCUL shall be deemed to have acted properly and to have fully performed all its obligations upon its compliance with the Request. PCUL may ask for further information or confirmation (whether written or otherwise) from the Customer before complying with a Request but shall not be obliged to comply with a Request in the absence of such further information or confirmation.
7. REVOLVING CREDIT FACILITY LIMIT
7.1 The Customer’s Request for access to the Revolving Credit Facility funds will be appraised according to PCUL’s Revolving Credit Facility appraisal procedures. PCUL reserves the right at its sole discretion and, without assigning any reason, to approve or decline such Requests. Communication of PCUL’s acceptance or decline of the Customer’s Request will be via SMS, email or any other means that PCUL may deem appropriate.
7.2 PCUL may from time to time prescribe the minimum and maximum Revolving Credit Facility Limit that the Customer may be able to Request on the Service. Such Revolving Credit Facility Limits will be communicated through SMS, email, PCUL’s mobile application, website, phone call or may obtained from any PCUL branch nearest to the Customer.
7.3 The Revolving Credit Facility Limit is subject to review from time to time and PCUL reserves the right to vary the Customer’s Revolving Credit Facility Limit without giving any reasons. PCUL shall notify the Customer of any variation to the Customer’s Revolving Credit Facility Limit and the Customer’s continued use of the Service will constitute acceptance of the Customer’s revised Revolving Credit Facility Limit.
7.4 The Revolving Credit Facility Limit will be continuously updated by PCUL’s scoring engine or by PCUL’s staff or by any other means that PCUL shall deem necessary at its sole discretion. This Revolving Credit Facility Limit shall be reviewed upwards or downwards (based on PCUL’s sole discretion):
(a) Every six (6) months from the LBF Facility loan initiation;
(b) On expiry of the Revolving Credit Facility Limit, that is to say, after every twelve (12) months;
(c) When a Customer settles in full, the amount outstanding under the Revolving Credit Facility shall be renewed/revolved with the new Revolving Credit Facility Limit; and
(d) At any other time as deemed necessary by PCUL.
7.5 The borrower shall pay off the Revolving Credit facility within 12 months from the date of initial Revolving Credit Activation. In the event, that the Credit facility is not fully paid, the recovery procedures shall take effect.
8. CONDITIONS PRECEDENT TO THE REVOLVING CREDIT FACILITY
8.1 The Customer shall provide his/her Vehicle as the collateral to secure the Revolving Credit Facility and in the event of default, PCUL will exercise its right to realize the collateral without recourse to court and recover any unpaid portion for the Revolving Credit Facility plus all interest, expenses, costs including but not limited to loan charges, legal and any other costs.
8.2 The Customer, at his/her sole expense, shall deliver to PCUL, on or before the date of any Request, the following, in form and substance satisfactory to PCUL, in PCUL’s sole opinion and judgment:
(a) this Agreement duly executed by the Customer;
(b) any pre-requisite documents required by PCUL;
(c) such signed resolutions, authorizations or certifications, as applicable, to borrow and/or related documents from the Customer;
(d) true and correct copies of the Customer’s KYC documents including without limitation copies of the Customer’s national identity card or passport, passport-sized photo, TIN certificate, among others; and
(e) such additional agreements, resolutions, certificates, reports, approvals, instruments, documents, consents, and opinions as PCUL may request in connection with the making of the Revolving Facility.
8.3 no suit, action, or other proceeding shall be pending or threatened which seeks to restrain or prohibit the consummation of the transactions contemplated by this Agreement, or to obtain damages or other relief in connection therewith;
8.4 no breach of any warranty or representation by the Customer to PCUL shall have occurred; and
8.5 no event or circumstance shall have occurred and be continuing which constitutes, or would upon the giving of notice or passage of time, constitute an Event of Default or a failure of any condition of this Agreement.
9. CREDIT SCORING
9.1 The Customer’s Revolving Credit Facility Limit and PCUL’s continued approval of the Customer’s Requests for access to the Revolving Credit Facility funds will be determined by the Customer’s credit score or by any other means as PCUL deems fit from time to time at its sole discretion.
9.2 The Customer’s credit score will be assessed based on various metrics including the Customer’s Mobile Money Statement, the Customer’s bank account statement, the Credit Reference Bureau Statement, the Customer’s credit score and repayment history on the Customer’s existing Revolving Credit Facility Limit and other facilities.
10. REPAYING THE REVOLVING CREDIT FACILITY
10.1 The Revolving Credit Facility shall operate on a revolving credit principle and shall therefore run until an Event of Default occurs or the Customer requests for the termination of the Revolving Credit Facility, whichever occurs first.
10.2 Provided that no Event of Default (as outlined in these Terms and Conditions) or request for termination of the facility has occurred, it is agreed that the Revolving Credit Facility shall be available, on an continuous basis, every thirty (30) days from the first date of availability of the Revolving Credit Facility, until it expires.
10.3 The Customer’s Vehicle will be revalued once every six (6) months at the customer’s expense and the Vehicle’s tracking history and the Customer’s repayment history shall be assessed, and subsequently, the Customer’s Revolving Credit Facility Limit reviewed. This Revolving Credit Facility Limit may be reviewed upwards, downwards or may remain the same purely based on PCUL’s sole discretion after the assessment.
10.4 PCUL reserves the right to review, to terminate and/or renew the Revolving Credit Facility at its sole discretion, at any time.
10.5 PCUL reserves the right to terminate its relationship with the Customer and/or suspend the Customer’s access to the Service and the Revolving Credit Facility if the Customer fails to repay the Outstanding Amounts inclusive of the outstanding Fees within the repayment period(s) in accordance with these Terms and Conditions.
10.6 Subject to PCUL’s periodic review of the Customer’s Revolving Credit Facility Limit, renewal, or termination of the Revolving Credit Facility will be under these Terms and Conditions and at PCUL’s sole discretion.
10.7 The Customer will be notified of each instance of updating of the Revolving Credit Facility Limit and any suspension, declining or termination of the Revolving Credit Facility by PCUL.
10.8 The Customer irrevocably instructs PCUL to recover any Outstanding Amounts in full inclusive of the applicable Fees by repossessing and disposing off the Vehicle in the event the Customer defaults as well as to freeze any unutilized amount in the Revolving Credit Facility Account until the outstanding Monthly Repayments, Fees and costs are settled in full.
10.9 Any funds available in the Customer’s Revolving Credit Facility Account shall be frozen on the third (3rd) day of arrears in case of default of any Monthly Repayment.
10.10 All Monthly Repayments made by the Customer in respect to the Revolving Credit Facility shall be applied in the following order of priority: (a) the interest and costs payable under this Agreement; and
(b) the Outstanding Principal under this Agreement.
“Costs” shall include any and all fees and costs incurred by PCUL in connection with the negotiation and preparation of the Revolving Credit Facility Documents, including legal fees, and closing of the Revolving Credit Facility as herein provided, and further including, without limitation to other fees incurred.
11. MINIMUM PAYMENT OPTIONS
11.1 The Monthly Payment amount due by the Customer to PCUL shall be paid by the agreed payment due date as follows: (a) by a part payment equal to or greater than ten per cent (10%) of the total monthly due amount which shall be inclusive of: the Outstanding Principal for the month, the interest charged or accrued for the month and monthly Vehicle tracking fees; and
(b) such other payment notified to the Customer from time to time by PCUL.
11.2 No cash should be handed to an employee of PCUL or third party. PCUL shall not take ANY responsibility for money paid to any of its employees or third parties. All payments to PCUL shall be made via PCUL’s Airtel Money/Mtn Mobile Money pay bill, cash deposit or transfer to PCUL’s bank account specified by PCUL as per the details set out in Appendix 2 hereunder.
11.3 The Customer expressly accepts that if he/she fails to pay any Outstanding Amounts when due, or which may be declared due prior to, on or past the date when it would have become due, or commits any Event of Default, then, PCUL shall, at its sole discretion, without prejudice, exercise all or any of PCUL’s rights and remedies available in these Terms and Conditions and applicable laws.
11.4 The Customer accepts that, PCUL or its appointed representatives and agents, may at any time follow up with the Customer for payment against amounts due on the Customer’s account. The Customer also agrees to pay all costs (including legal costs) of collection of all outstanding Monthly Payments, all charges incurred by PCUL for related and incidental matters including, collection charges for amounts due, penalty fees for returned payments and similar expenses, and in the event of legal action initiated, any legal charges including, advocate costs incurred by PCUL in obtaining legal advice in connection with the Revolving Credit Facility and the Customer’s dealings with PCUL or incurred by PCUL in any legal, arbitration or other proceedings arising out of any dealings in respect the Revolving Credit Facility and all other Fees, expenses and taxes, duties, impositions and expenses incurred in complying with the Customer’s Requests.
12. INTEREST AND OTHER CHARGES
12.1 The Customer is responsible for the payment of all applicable interest charges and Fees for the utilization of the Revolving Credit Facility.
12.2 The Fees payable under this Service will be availed to the Customer upon request by PCUL’s sales agents or relationship officers. PCUL’s relationship officers shall assist the Customer with the statements of the Revolving Credit Facility and to clarify to the Customer about the applicable Fees, charges or costs.
12.3 Some of the Fees will be deducted at source while others will be spread throughout the Customer’s repayment period.
12.4 All Fees and charges are subject to change at any time at PCUL’s sole discretion.
12.5 The Fees charged shall be inclusive of any Transaction Fees payable in respect of third-party services including to Mobile Network Providers and Mobile Money Services Providers.
12.6 Except as may otherwise be notified, fees are inclusive of all applicable taxes including VAT at the prevailing rate. The Customer hereby irrevocably grants to PCUL permission to revise the Fees upon any changes to applicable taxes including VAT.
12.7 Interest Charges:
(a) Interest shall be charged on the Outstanding Principal balance on a daily basis until the balance is fully repaid.
(b) The total interest chargeable on the Revolving Credit Facility shall be calculated at a flat rate of five (5%) per month on the base of the principal loan amount plus capitalized fees (where applicable).
  13 EVENTS OF DEFAULT
 
An Event of Default occurs;
 
13.1 When the Customer fails to remit one of any Monthly Payments or Minimum Payments on their due date;
13.2 Where there is an outstanding balance after the Revolving Credit Facility expires.
13.3 the Customer fails to insure the Vehicle as specified hereunder;
13.4 there is any misrepresentation of facts regarding the ownership of the Vehicle at the onset of the Revolving Credit Facility;
13.5 the Vehicle or accessory(ies) to the Vehicle are changed or modified or removed in a substantial way, which change or modification or removal is likely to prejudice PCUL’s financial interest without PCUL being notified by the Customer and its prior consent obtained;
13.6 the identification and/or registration number, trademark or other identification mark upon the Vehicle is changed, modified or removed without PCUL being notified by the Customer and its prior consent obtained;
13.7 a third-party claims ownership of the Vehicle by virtue of a sale agreement, a logbook or trust arrangement and/or alleges fraud; PCUL receives a letter, a court order or any notification that is likely to prejudice PCUL’s interest in the Vehicle from any Government agency.
13.8 when there is perennial inconsistency in meeting the Customer’s obligations under these Terms and Conditions or in making the Monthly Payments;
13.9 if any representations, documents, statements or particulars made by the Customer are found to be fraudulent;
13.10 if the Customer commits any breach or fails to observe, keep or perform any of the terms, conditions, covenants or provisions of any other agreement between PCUL and the Customer in respect of
the Revolving Credit Facility;
13.11 if there is reasonable apprehension that the Customer is unable to pay his/her debts, or PCUL receives any notice that the Customer has admitted any inability to pay his/her debts as they become due (bankruptcy); or
13.12 If the Customer is convicted under any criminal law in force related to the Revolving Credit Facility or the use of the Services or any other related services.
14 CONSEQUENCES OF DEFAULT
14.1 At any time if an Event of Default has occurred, PCUL may;
(a) terminate or suspend the Revolving Credit Facility and the Services according to these Terms and Conditions, and at its sole discretion;
(b) declare that the amounts outstanding under the Revolving Credit Facility (inclusive of the fees, other charges) and all other amounts outstanding under these Terms and Conditions are immediately due and payable, whereupon the Customer shall be required to settle the Revolving Credit Facility with immediate effect;
(c) freeze any of the funds that remain unutilized under the Customer’s Revolving Credit Facility Account and deny the Customer access to the Revolving Credit Facility funds until such outstanding amounts are dully settled by the Customer;
(d) submit information concerning the Customer’s default to Credit Reference Bureaus;
(e) take reasonable measures available under the law to PCUL including litigation, repossession and subsequent sale of the collateral without recourse to court, engaging an independent debt collection agency, auctioneers, advocates to recover the amounts in default.
  14.2 Cross-Default: If a Customer defaults on any of the facilities issued to him/her alongside the Revolving Credit Facility or a material event of default occurs under any such other facilities, PCUL is entitled to exercise the rights to offset and to consolidate the amounts outstanding in respect of all such facilities with the amount outstanding in respect of the Revolving Credit Facility, and repossess and dispose any collateral including the Vehicle, held by PCUL under such facilities during such default.
  14.3 In a circumstance where the Customer has an existing LBF facility running concurrently with the Revolving Credit Facility and fails to remit any monthly instalments on their due date for the LBF facility, on the eighth (8th) day after the due date, a repayment shall be initiated by PCUL in the LBF facility and the same amount added to the Revolving Credit Facility account.
  14.4 The Customer expressly accepts that if he/she fails to pay the  monthly payment amount when due, or which may be declared due prior to, on or past the date or when it would have become due, PCUL shall automatically charge the owed amounts from the existing Revolving Credit Facility loan limit.
  14.5 PCUL’s Power of Sale: Where PCUL, at its own discretion, decides to terminate the Customer’s access to the Revolving Credit Facility as a result of any of the foregoing Events of Default and there is still an Outstanding Amounts to be cleared by the Customer:
(a) the security constituted by this Agreement, that is, the Vehicle shall become immediately enforceable and PCUL in its absolute discretion or its agents may immediately thereupon or at any time thereafter dispose off the collateral to recover any outstanding sum together with any incidental costs, without any previous or further notice or demand or concurrence on the part of the Customer and notwithstanding any subsequent acceptance of any payment of the principal sum or interest due:
(b) the power of PCUL to sell or dispose of the Vehicle by private sale or public auction shall be subject to such stipulations as PCUL may deem fit including without prejudice to the generality of the foregoing power to allow time for payment of any purchase money or to buy in the Vehicle at such auction and to rescind or vary the terms of any contract or sale and to resell without being answerable or liable for any loss or expenses occasioned thereby including the loss of any valuables and property of the Customer or any other person left or present in the Vehicle at the time of seizure and to execute all such assurances and do all such things for giving effect to any such sale as may be necessary or proper; and
(i) enter (either personally or agents) upon the land or premises whereof the Vehicle may for the time being be upon, without incurring any liability to the Customer for, or by any reason of, that entry and the Customer shall use its all endeavors to allow PCUL or its servants or agents access (including obtaining any necessary consents or permits of other persons);
(ii) take possession or collect and remove the Vehicle;
(iii) sell or dispose of the same by private sale or public auction or let or concur in the selling or letting of the Vehicle in such a manner and generally on such terms and conditions as it shall think fit and to carry out any such sale or letting into effect in the name of the Customer or otherwise; and
(iv) do all such other acts and things, and to exercise all its rights, powers and remedies, as may be incidental or conducive to any of the matters and powers aforesaid;
(c) the receipt of PCUL shall be a conclusive discharge to any purchaser at such sale for any of the purchase money and upon any sale purporting to be made in exercise of the power herein expressed or implied and no purchaser shall be bound to inquire as to the propriety or regularity of any such sale or be effected by notice express or constructive that any such sale is improper or irregular. Any deficiency between the aforesaid purchase price and the sum due to PCUL, hereunder at the time of such sale together with all expenses pertaining to the same shall be made good by the Customer and be recoverable by PCUL as liquidated damages but any increase to the aforesaid shall belong to the Customer.
14.6 During the currency of this Agreement, PCUL shall be entitled to the exclusive possession of the invoices, deeds, documents of title and logbooks and other registration books relating to the Vehicle but nevertheless all the liabilities attending ownership of the Vehicle shall be borne by and be the responsibility of the Customer.
14.7 No relaxation, forbearance, delay or indulgence by PCUL in enforcing any of the terms and conditions of this Agreement nor the granting of time by PCUL to the Customer shall prejudice, affect or restrict the rights or the powers of PCUL hereunder nor shall any waiver of any breach thereof operate as a waiver of any subsequent breach thereof.
  15 PROVIDED ALWAYS AND IT IS HEREBY AGREED AND DECLARED that the terms and conditions contained in this Agreement shall be in addition to and not in substitution to the laws of the Republic of Uganda.
15.1 Termination of this Agreement for any cause shall not release either Party from any liability which at the time of termination has already accrued to the other Party or which thereafter may accrue in respect of any act or omission prior to such termination.
16 LIEN AND SECURITY RIGHTS
16.1 The Customer acknowledges and accepts that PCUL shall have a general lien over (right to retain) the entire Customer’s property in PCUL’s possession. Such property and assets may include but are not restricted to: the Vehicle, cheques presented, bills and any other movable or immovable property charged to secure repayment of any money, whether or not that money has been repaid, and also over all property in respect of which, by the general law PCUL has right of lien over. Property held under lien in these Terms and Conditions shall be deemed to be held as security for the Revolving Credit Facility, up to an amount equivalent to the aggregate of the Outstanding Principal on the Customer’s Revolving Credit Facility and the Recovery Expenses.
16.2 The Customer hereby also constitutes PCUL as the Customer’s attorney for the purposes of completing and perfecting any transactions in relation to the Customer’s Revolving Credit Facility Account or any other of the Customer’s property held by PCUL in lien for purposes of discharging the Customer’s Revolving Credit Facility, including the Recovery Expenses and unpaid Fees.
16.3 Any payments received after lapse of the notice of the intention to dispose off the collateral will be accepted strictly on account and without prejudice to PCUL’s rights.
17 STATEMENTS
17.1 Upon receiving a request for a full statement or mini-statement(s) from the Customer in respect of the Customer’s Revolving Credit Facility Account, PCUL shall from time to time, provide the Customer with statement(s) or activity report(s) in respect of the Customer’s Revolving Credit Facility Account’s activity through PCUL’s mobile application, or email, or a phone call or in person if the Customer visits one of PCUL’s branches closest to the Customer.
17.2 A mini-statement issued by PCUL will provide details of the Customer’s latest five (5) transactions on the Revolving Credit Facility Account or such other number of transactions as PCUL may determine, whereas the full statement will show all transactions carried out on the Customer’s Revolving Credit Facility Account during the period requested and/or since the previous statement issued to the Customer.
17.3 The mini-statement will not be issued to the Customer in a physical format but in electronic printable format via PCUL’s mobile application, or by SMS to the mobile phone number associated with the Customer’s account or such other electronic means as PCUL may determine.
17.4 The Customer may obtain his/her full statement in printed form from the PCUL’s branch nearest to the Customer.
17.5 The Customer shall check the Customer’s statement(s) carefully and inform PCUL as soon as possible, of any errors or anomalies or fraudulent transactions.
17.6 The Customer will be deemed to have accepted all entries in the Customer’s mini-statement or full statement, as the case may be, if the Customer fails to raise any queries or objections on the entries therein within fifteen (15) calendar days from the statement date.
17.7 PCUL reserves the right to rectify discrepancies, add and or alter the entries in the Customer’s full statements or mini-statement, without prior notice to the Customer.
18 THE CUSTOMER’S DEVICE AND RESPONSIBILITIES 18.1 The Customer shall at his/her own expense provide and maintain in safe and efficient operating order such Device necessary for the purpose of accessing the Services.
18.2 The Customer shall be responsible for ensuring the proper performance of his Device. PCUL shall neither be responsible for any errors or failures caused by any malfunction of the Customer’s Device,  nor shall PCUL be responsible for any Virus or related problems that may be associated with the Customer’s access and use of the Services and Device. The Customer shall be responsible for charges due to any service provider providing him with connection to the Network and PCUL shall not be responsible for any losses or delays caused by any such service provider.
18.3 The Customer shall follow all instructions, procedures and these Terms and Conditions and any other documents PCUL may provide the Customer concerning access to the Revolving Credit Facility and use of the Services and Device.
18.4 The Customer agrees and acknowledges that they shall be solely responsible for the safekeeping and proper use of his/her Device and for keeping his/her PINs related to the Customer’s Device, Revolving Credit Facility Account, the Services or mobile application, secret and secure. The Customer shall ensure that the Customer’s PIN does not become known or come into possession of any unauthorized person. PCUL shall not be liable for any disclosure of the Customer’s PIN to any third party and the Customer hereby agree to indemnify and hold PCUL harmless from any loss and damage PCUL may incur as a result of the Customer’s intentional, negligent or reckless disclosure of the PIN or account details.
19 THE CUSTOMER’S PERSONAL INFORMATION
19.1 The Customer hereby expressly consents and authorizes PCUL to disclose, receive, record, store, share or utilize the Customer’s personal information, or information or data relating to the Customer’s Revolving Credit Facility Account with respect to the funds granted under the Service and any details of the Customer’s use of the Services:
(a) to and from PCUL’s service providers, dealers, agents or any other company that may be or become PCUL’s affiliate or subsidiary or holding company for reasonable commercial purposes relating to the Services;
(b) to a Credit Reference Bureau and it is hereby understood and agreed that by signing this contract the Customer authorizes PCUL to access any information available to assess his/her application and also gives PCUL permission to register details of the conduct of the Customer’s account with any Credit Rating Bureau, and the Customer waives any claim he or she may have against PCUL in respect of such disclosure.
(c) to independent debt-collection agencies;
(d) to PCUL’s lawyers, auditors or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings;
(e) for reasonable commercial purposes connected to the Customer’s use of the Services, such as marketing and research related activities; and
(f) in business practices including but not limited to quality control, training and ensuring effective system operation.
19.2 The Customer authorizes PCUL to disclose any information relating to the Customer’s Revolving Credit Facility Account or any other related facility account to any local, foreign or international law enforcement or governmental agencies so as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud or to any other institution or third party as required by the laws of any country and as PCUL may deem necessary.
19.3 The Customer authorizes PCUL to disclose, respond, advise exchange and communicate the details or information pertaining to the Customer’s Revolving Credit Facility Account to third parties involved in the administration of the Customer’s Revolving Credit Facility Account, underwriting of insurance policies, updating of databases, or provision of user support.
19.4 The Customer shall notify PCUL of any changes to the Customer’s personal information including but not restricted to the Customer’s name and address by:
(a) updating the changes through the Device on PCUL’s USSD app, mobile application, and website;
(b) by sending an email to [email protected];
(c) or calling +256414342847; or
(d) or any other means that PCUL may deem necessary. Until such notice is received, the Customer’s personal information shall be deemed to be that which the Customer provided in the Customer’s application to register for the Service.
20 INTELLECTUAL PROPERTY RIGHTS
The Customer acknowledges that the intellectual property rights in the Revolving Credit Facility and the Service (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCUL provide to the Customer are vested in PCUL. The Customer shall not infringe any such intellectual property rights. The Customer shall not duplicate, reproduce, or in any way tamper with any documentation or functionality on the Device, USSD, website, mobile application or any other of PCUL’s medium without PCUL’s prior written consent.
21 INDEMNITY
21.1 In consideration of PCUL complying with the Customer’s instructions or Requests in relation the Revolving Credit Account, the Customer undertakes to indemnify PCUL and hold PCUL harmless against any loss, charge, damage, expense, fee or claim which PCUL may suffer or incur or sustain thereby and the Customer absolves PCUL from all liability for loss or damage which PCUL may sustain from acting on the Customer’s instructions or requests or in accordance with these Terms and Conditions.
21.2 The indemnity in clause 21.1 shall also cover all demands, claims, actions, losses and damages of whatever nature which may be brought against any of PCUL’s directors, employees, agents or which PCUL may suffer or incur arising from its acting or not acting on any Request or arising from the malfunction or failure or unavailability of Device, and any hardware, software, or equipment, Virus, fraud perpetuated by third parties relying on vulnerabilities of the Device or Virus introduced by the Customer on the Device, the loss or destruction of any data, power failures, corruption of storage media, natural phenomena, riots, acts of vandalism, sabotage, terrorism, any other event beyond PCUL’s control, interruption or distortion of communication links or arising from reliance on any person or any incorrect, illegible, incomplete or inaccurate information or data contained in any Request received by us.
21.3 The Indemnity in clause 21.1 shall also cover any loss or damage that may arise from the Customer’s use, misuse, abuse or possession of any third-party software, including without limitation, any operating system, browser software or any other software packages or programs, any unauthorized access to the Customer’s Revolving Credit Facility Account or any breach of security or any destruction or accessing of the Customer’s data or any destruction or theft of or damage to any of the Customer’s Device, any loss or damage occasioned by the failure by the Customer to adhere to these Terms and Conditions and/or by supplying of incorrect information or loss or damage occasioned by the failure or unavailability of third-party facilities or systems or the inability of a third party to process a transaction or any loss which may be incurred by PCUL as a consequence of any breach by these Terms and Conditions by the Customer.
22 VARIATION, SUSPENSION AND TERMINATION OF THE SERVICE AND THE REVOLVING CREDIT FACILITY
22.1 PCUL may at any time, upon notice to the Customer, terminate or vary the business relationship with the Customer and suspend or discontinue his/her registration and/or access to the Service and the Revolving Credit Facility:
(a) if it reasonably suspects or believed that the Customer is in breach of these Terms and Conditions (including non-payment of any amount due from the Customer where applicable);
(b) if the Customer uses the Service or Revolving Credit Facility for unauthorized purposes or where PCUL detects any abuse/misuse, breach of content, fraud or attempted fraud relating to the use of the Services;
(c) if PCUL is required or requested to comply with an order or instruction of or a recommendation from the government, court, regulator or other competent authority to that effect or necessitating it;
(d) where such a suspension or variation is necessary as a consequence of technical problems or for reasons of the Customer’s safety or public access fees;
(e) to facilitate, update or upgrade the contents or functionality of the Services from time to time; or
(f) if the PCUL decides to suspend or cease provision of the Services for commercial reasons or for any other reason as PCUL may determine.
22.2 In the event of the Customer failing to comply or failing to procure compliance with the terms of a notice consequently served on the Customer, PCUL may require immediate repayment in full of the Revolving Credit Facility amounts outstanding and/or forthwith terminate the contractual relationship with the Customer without any consequential liability to the Customer or any other person.
23 FACILITY CANCELATION
23.1 The Customer may request PCUL to cancel his/her application to the Service or his/her registration for the Service at any time through the Customer’s Device or by contacting PCUL as stipulated in this clause 23 hereafter.
23.2 The Customer shall not cancel his/her registration for the Service or the Revolving Credit Facility if he/she has an outstanding and unpaid Monthly Payment, Overdue Amount or unpaid Fees.
23.3 Where the Facility is cancelled at any stage of processing before activation of the limit, the Customer shall be obligated to pay any loan origination costs incurred including but not limited to tracking device removal costs.
23.4 Cancellation of the Revolving Credit Facility before availment of the Revolving Credit Facility Limit and access of the Revolving Credit Facility funds by the Customer shall be communicated in writing through email to [email protected] or by an official letter to PCUL and shall not attract any charges or costs.
23.5 If the Revolving Credit Facility is cancelled by the Customer after access of the Revolving Credit Facility funds by the Customer, the Customer shall notify PCUL via the email given in clause 23.4 above and reimburse the loan origination costs in clause 23.3 within (forty-eight) 48 hours of such notification with the proof of refund, failing which clause 14 and clause 15 of these Terms and Conditions shall take effect.
24 DISPUTE RESOLUTION AND GOVERNING LAW
24.1 You may contact the Call Centre through 0200300500 to report any disputes, claims or complaints; Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through PCUL’s email on [email protected]
24.2 Unless this Agreement has already been repudiated or terminated, the parties shall, (notwithstanding that any dispute is subject to the dispute resolution procedure set out in this Agreement), continue to carry out their obligations in accordance with this Agreement. This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda
24.3 This Agreement arising out of the Customer’s acceptance of the Revolving Credit Facility on the Terms and Conditions set out herein shall be governed by and construed in all respects in accordance with laws of Uganda.
25 NOTICES
25.1 All waivers, elections, options, notices, demands, and consents which either Party may be required or may desire to give under this Agreement (“Notice”) shall be in writing and may be served personally or by registered post or recorded delivery or by facsimile transmission or electronic mail with confirmed delivery.
25.2 Each Party’s address for the service of notice or communication shall be the one mentioned in the Revolving Credit Facility Application Form (for the Customer) and this in the Agreement (for PCUL), or such other address as one Party may specify by written notice to the other.
25.3 Notice shall be deemed to have been served:
(a) if it was served in person at the time of service;
(b) if it was served by post, forty-eight (48) hours after it was posted; and
(c) if it was served by facsimile transmission or electronic mail, at the time of transmission provided an error transmission report is not received by the sender.
26 OFFER PERIOD
The offer contained herein is available to the Customer for acceptance for a period of no less than one (1) month from the date of this Agreement after which date the Customer should have read understood the Terms and Conditions set out hereunder, the offer will lapse on expiry of this period unless extended in writing. The Customer is at liberty to consult independently on any term or condition in this Agreement.
27 REPRESENTATIONS & WARRANTIES
Where a Vehicle has been provided as collateral, the Customer undertakes to:
27.1 guarantee that the Customer is the registered owner of the vehicle which shall be used to secure the Revolving Credit Facility and any other PCUL facility with the subject Vehicle;
27.2 causes the Vehicle to be and remain with a PCUL caveat endorsement during the duration of the Revolving Credit Facility and to deposit the logbook relating to the Vehicle with PCUL;
27.3 keep and maintain the Vehicle in good order and condition (fair wear and tear only expected) and will be fully responsible for any loss thereof or damage thereto however occasioned;
27.4 not use the Vehicle nor permit it to be used for any purpose not permitted by the terms and conditions of the Vehicle’s insurance policy nor permit to be done any act or thing by reason of which such insurance policy may be invalidated;
27.5 not take, or permit to be taken, the Vehicle out of the Republic of Uganda without the prior written consent of PCUL;
27.6 punctually pay all licenses, duties, fees and registration charges as and when they fall due;
27.7 ensure that he/she has taken due care to enable the tracking of the Vehicle, but not limited to the following obligations: permit PCUL’s tracking services’ service providers to access the Vehicle for checking the GPS tracking device, repair it or replace a faulty device with a functional device;
27.8 should a GPS tracking device develop a technical fault, PCUL and the tracking services’ service provider will contact the Customer. It’s the Customer’s responsibility to cooperate with PCUL and the service provider to ensure that the vehicle is submitted to the service provider for resolution of the technical fault, and restoration of the device’s to functional status. For avoidance of doubt, if the Customer fails to co-operate with PCUL and/or PCUL’s tracking services’ service providers, PCUL will institute repossession procedures of the affected Vehicle, twenty four (24) hours from the time of notification of the technical fault by PCUL to the Customer, and take the repossessed Vehicle for storage at one of the PCUL’s storage yard, at the Customer’s cost.
28 INSURANCE
28.1 The Customer shall ensure that the Vehicle is insured comprehensively while this Agreement is still in force.
28.2 If the Customer fails or neglects to take up and maintain a comprehensive insurance cover for the Vehicle at least seven (7) days to expiry, PCUL shall take up such insurance cover and charge the associated costs on the Customer’s Revolving Credit Facility Account, three (3) days to the expiry of the existing insurance cover and the insurance cover taken by PCUL shall be communicated to the Customer.
28.3 If the Customer expressly allows PCUL to charge the said insurance cover on the Customer’s Revolving Credit Facility Account, there will be no refunds whatsoever made to the Customer.
28.4 Where the Customer notifies PCUL of his/her intention to cancel the insurance cover taken up by PCUL over the Vehicle and PCUL proceeds to cancel the insurance cover on the Customer’s express instructions, there will be no refunds whatsoever made to the Customer.
28.5 The Customer undertakes to endorse PCUL as the principal beneficiary of any compensation and dues arising from an insurance claim relating to the Vehicle.
28.6 PCUL shall be entitled to the full benefit of the insurance policy thereof including claims that might at any time be outstanding. Any monies received by virtue of such insurance shall at the discretion of PCUL be applied in replacing or restoring any loss or damage in respect of which the same shall be received in or towards liquidation of the amount for the time being due by the Customer to PCUL under this Agreement.
29 DATA PROTECTION POLICY
29.1 It is hereby understood and agreed that the data herein has been directly obtained from the Customer who has provided this data to PCUL to facilitate the processing of the Revolving Credit Facility sought by the Customer.
29.2 It is hereby understood and agreed that by signing this Agreement the Customer:
(a) shall provide personal data which is required for facilitating the processing of the Revolving Credit Facility, the establishing and maintenance of business and for the fulfilment of PCUL’s contractual and legal obligation;
(b) consents to PCUL processing the data as per its internal company policy and the Data Protection and Privacy Act, No. 24 of 2019 of the laws of Uganda (“Data Protection and Privacy Act”);
(c) has given consent to PCUL to continue holding and processing the data provided even after all obligations under the Revolving Credit Facility has been settled for a variety of purposes including but not limited to cross selling, research, product development, analysis of market trends, operation of PCUL’s regulations and procedures;
(d) is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act;
(e) consents to the use of their personal data from time to time by PCUL to market PCUL’s products. The Customer may opt out of receiving marketing communication at any time within the duration of the Revolving Credit Facility by officially communicating to PCUL through the prescribed channels of communication.
29.3 PCUL undertakes to ensure the personal data provided by the Customer is processed in accordance with the Data Protection and Privacy Act.
29.4 For queries and more information on PCUL’s data protection policy, the Customer may contact PCUL’s data protection personnel at [email protected]
30 FURTHER ASSURANCE
When required by PCUL, the Customer will execute such further legal or other charges or assignments in favor of PCUL over the Vehicle including but not limited to all rights and remedies relating thereto both present and future to secure all moneys, obligations and liabilities hereby covenanted to be paid or otherwise hereby secured or to facilitate the realization of PCUL’s security or the exercise of the powers conferred on PCUL or a receiver appointed by it such further charges or assignments to be prepared by or on behalf of PCUL at the cost of the Customer in such form as PCUL requires.
31 RESTRICTION ON DEALING
The Customer covenants that he/she will not without notifying PCUL and obtaining the prior consent in writing of PCUL;
31.1 create or attempt to create or permit to subsist any mortgage, debenture, charge or pledge upon or permit any lien or other encumbrance to arise or affect the Vehicle;
31.2 assign, discount, factor, pledge, or charge the Vehicle; or
31.3 part with possession of, transfer, sell, lease or otherwise dispose the Vehicle or any part thereof or attempt or agree to do so.
32 WITHDRAWAL FROM AGREEMENTS
PCUL may, at any time withdraw from this Agreement and the Customer will have no claim against PCUL if PCUL does so.
33 INDEPENDENT CONTRACTOR
The relationship of Customer to PCUL is that of an independent contractor, and nothing in this Agreement shall be construed as creating any other relationship including without limitation, joint venture, agency, partnership or employer-employee relationship.
34 COUNTERPARTS AND ELECTRONIC SIGNATURES
34.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same Agreement. The counterparts of this Agreement and all ancillary documents may be executed by hand or electronic signature and delivered by facsimile, electronic mail or other means as may be mutually agreed by any of the parties to any other Party and the receiving Party may rely on the receipt of such document so executed and delivered as if the original had been received.
34.2 The Parties agree that if this Agreement is executed and/or transmitted electronically neither Party shall contest the validity of this Agreement or any electronic signature or acknowledgement thereof, on the basis that this Agreement or acknowledgement contains an electronic signature.
35 ENTIRE AGREEMENT
This Agreement constitute the entire agreement between Parties, with respect to its subject matter and supersedes all prior oral and written agreements, understandings, negotiations, promises, representations of any kind and there are no conditions to this Agreement which are not expressed therein.
36 ASSIGNMENT
36.1 The Customer shall not be entitled to assign all or any part of his/her rights, obligations or benefits hereunder without the prior written consent of PCUL.
36.2 The Customer hereby waives any notice of the transfer, factoring, delegation, ceding, novation or assignment of all or any part of PCUL’s rights and/or obligations under this Agreement or other agreement to which the Customer and PCUL are parties, to any person, and agrees to remain bound by the terms of this Agreement, that other agreement subsequent to any such action by PCUL.
  37 AMENDMENT, MODIFICATION AND WAIVER
  No amendment, modification or waiver of any provision of this Agreement or consent to departure therefrom shall be effective unless by written agreement signed by both Parties.
38 NO WAIVER
No breach of any provision of this Agreement shall be deemed waived unless it is waived in writing by PCUL. No course of dealing and no delay on the part of PCUL in exercising any right will operate as a waiver thereof or otherwise prejudice PCUL’s rights, powers, or remedies. No right, power, or remedy conferred by this Agreement upon PCUL will be exclusive of any other rights, power or remedy referred to this Agreement or now or hereafter available at law, in equity, by statute, or otherwise.
39 SEVERABILITY
If any provision of this Agreement, or the application of it to any Party or circumstance, is held void, invalid, or unenforceable by a court of competent jurisdiction, the remainder of this Agreement, and the application of such provision to other Parties or circumstances, shall not be affected thereby, the provisions of this Agreement being severable in any such instance.
40 VOLUNTARY SUBMISSION
Both Parties acknowledge that they have entered into this Agreement voluntarily without duress or coercion.
41 JURISDICTION
By executing this Agreement, both Parties consent to the exclusive jurisdiction of the courts of law of the Republic of Uganda to settle any issue, dispute, claim, controversy, difference, question or claims for compensation or otherwise, between them and waive any right to challenge jurisdiction or venue in such courts with regard to any suit, action, or proceeding under or in connection with this Agreement.
 
Appendix 1: Facility Repayments of the USSD Credit Card Facility can be done:
Part 1. By bank transfer or cash deposit at PCUL’s bank account provided below:

    1. i) Bank Name: Stanbic, Account Name: Platinum Credit (U) Limited, Branch: Forest Mall, Account Number: 9030005697890 or,

 

  1. ii) Bank Name: ABSA, Account Name: Platnum Credit (U) Ltd, Branch: Hannington Road, Account Number: 6006726893


Part 2.
By PCUL i) MTN mobile money: *165#, Select Payments (4), Select Goods and Services (4), Enter Merchant code: PCUL, Reference: Client I.D | Airtel Money: *185*4*9#, Business Number: 230011, Amount: XXXX, Reason: Client I.D,
  No cash should be handed to an employee of PCUL or third party. PCUL shall not take ANY responsibility for money paid to any of its employees or third parties.

Appendix 2: Additional Terms and Conditions for the USSD Credit Card Facility

    1. All Revolving Credit facilities will be linked to a pre-existing charged Vehicle used as collateral for the original facility that will be converted to the Revolving Credit Facility.

 

    1. To qualify for the Revolving Credit Facility, the Customer must be pre-qualified. The Customer will thereafter receive a pre-qualification SMS on his/her device. If the Customer needs a credit limit beyond the pre-qualified amount, he/she should contact PCUL for further advice via phone through +256200300500 or sending an email to [email protected]. To qualify for the Revolving Credit Facility, the Customer must have made regular payments for at least three (3) months.

 

    1. Pre-qualification will be valid for thirty (30) days after which the Customer needs to be pre-qualified again before accessing the Revolving Credit Facility.

 

    1. As long as the Facility to be converted to Revolving Credit Facility is running, the Vehicle used as Collateral will be subject to a 1% depreciation factor every month. A new valuation of the secured vehicle will be done every six (6) months following the initial valuation.

 

    1. Upon application for the Revolving Credit Facility, Platinum Credit Uganda reserves the exclusive right of approving, revising or rejecting the initial pre-qualified amount.

 

    1. The Customer has read and familiarized themselves with the general Terms and Conditions of the Revolving Credit Facility as stipulated hereinabove and has been informed of their right to seek independent advice on the same.

 

  1. The Processing Fees for this facility shall be applicable upon the first withdrawal by the client and will be treated as a further withdrawal of four percent (4%) of the limit given to the client


  Keeping track
Each month, you will receive a statement detailing your transaction for that month. This statement offers a clear picture of what you spend each month, helping you budget. In order to have a record of what you have spent, please keep all the slips and receipts you received for at least six months.
  Payment options
The most important aspect of responsible Revolving Credit usage is to ensure that you make your monthly repayment on time. In doing so, you will reduce the chance of incurring late payment fees and have more balance available i.e. the more you pay each month, the more you can access credit.
 
Making a payment
Direct payments. You are required to make to payments to your PCUL loan account regularly. The regular payments will reduce the chance of failed/late payment. Please make sure that there are sufficient funds in your loan account to cover your payment on the due date of each month.
If you do not have sufficient funds in your account on the payment due date, your payment will be rejected and you will be liable for late payment fees.
Please note: A minimum mandatory payment of 10% of the balance is required each month. If you wish to change the amount you want to pay this can be done up to 15 days before the payment due date on your statement. To do this please visits our nearest branch.
Please make your cash payments to the Platinum Credit Uganda Limited Account number using the payment methods shared in appendix 1.
  Financial difficulties
If your financial circumstances should change at any time, and you wish to adjust your repayment, please do not hesitate to contact our Customer Service on +256200300500.

 

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INSURANCE PREMIUM FINANCE (IPF)

TERMS AND CONDITIONS

 

THIS INSURANCE PREMIUM FINANCE AGREEMENT witnesseth as follows:                                 

In consideration of Platinum Credit Uganda Limited (hereafter referred to as “PCUL”) paying the premium amount to the Insurer (as defined in the schedule hereto) on behalf of the Borrower being the amount payable by the Borrower to the Insurer under the policy (as defined in the schedule here to in respect to motor vehicles (hereafter referred to as “motor vehicle”):                                                              

  1. The Borrower Hereby Covenants and Agrees:
    • To pay to PCUL, punctually the monthly instalments specified in the schedule contained in the confirmation letter and in the manner specified.
    • To pay to PCUL Uganda Shillings One Hundred Thousand Only (UShs.100,000) for any dishonored cheque in addition to the any other applicable costs that PCUL may incur thereon;
    • To pay to PCUL a penalty fee of 0.33% per day on the outstanding instalment.
    • The total interest chargeable on the facility is calculated at a flat rate of 4% per month on the base of the principal loan amount plus capitalized fees (where applicable) subject to the applied loan term. In accordance with globally accepted International Financial Reporting Standards (IFRS), principal and interest repayments on the loan amortization schedule shall be calculated on the basis of an equivalent reducing balance interest rate of up to a maximum of 6.64% subject to the loan term, which shall form the basis of calculating the outstanding amount due in the event of a pre- payment.
    • Warrants that the policy is valid and shall remain valid throughout the course of the Borrower’s indebtedness with PCUL. The Borrower shall not cancel the policy without PCUL’s consent or do any act or commit any default thereby. The provisions of this sub-clause shall be without prejudice to PCUL’s rights set out hereunder.
    • To procure a valuation within fourteen (14) days of receiving a valuation request note from PCUL, failure of which PCUL shall downgrade the particular policy or cancel it absolutely.
    • Where the actual value of the vehicle is found to be lower than that previously issued by the Insurer, then the difference realized will be appropriated by PCUL to offset the loan amount payable.
    • It shall be the sole responsibility of the Borrower to ensure that the valuation of the vehicle is done timeously and that PCUL shall bear no liability on any eventuality resulting from the Borrower’s failure to fulfil this obligation.
    • In the event of any default under clause 10, PCUL may cancel the policy, and terminate this Agreement within fourteen (14) calendar days after issuance of notice to cancel the policy.
    • To service the loan and settle it fully.
    • Where a claim arises, before the Borrower has fully serviced the loan, the Borrower undertakes to service the loan and settle it fully.
    • The termination of this Agreement shall not absolve the Borrower from liability to the PCUL for any outstanding amounts due on the account.
    • That the outstanding balance on this loan shall be payable by the Borrower on demand, with a penalty fee of 0.33% per day on the outstanding installment accruing from the date of demand if the Borrower makes default. PCUL shall be at liberty, upon making the formal demand to terminate the policy and to receive refundable premium (if any) from the Insurer. PCUL shall also be entitled to recover the outstanding balance (if any), interest and charges from the Borrower. A certificate/statement of PCUL as to the amount outstanding shall be binding and conclusive as against the Borrower.
    • Authorizes the insurer hereby to register PCUL’s right to terminate the policy as well make any refund on the premium amount to PCUL as the financier. The Borrower shall ensure that the insurer complies with the aforesaid authorization. This obligation shall subsist until PCUL confirms in writing that the loan has been redeemed in full.
    • Appoints PCUL to be his attorney and in his name and on his behalf to execute and do any assurances, acts and things which the Borrower ought to execute and do under the policy including without limitation the power to terminate the policy.
    • Authorizes PCUL to execute, conduct any assurances, terminate the policy, to give receipt and discharge amount or any part received by the Borrower upon termination or settlement paid under the policy on his behalf. The Borrower further agrees that any premium or part of premium refunded or any settlement paid to PCUL will first be applied towards repaying the loan and the balance [if any) thereafter released to the Borrower.
    • To execute in favour of PCUL a legal assignment or mortgage or cede the policy upon request by PCUL at the Borrower’s cost.
    • Confirms that no failure or delay by PCUL in exercising any right power or privilege under this Agreement shall operate as a waiver for the same nor shall any single or partial exercise of any right preclude any further exercise of the same or of any other right, power or privilege.
    • That the Borrower has the power to enter into this Agreement and that neither the execution nor performance of the Borrower’s obligations hereunder will result in any breach of any law.
    • Commits to provide information that PCUL will find necessary for the purposes of this agreement.
    • Agrees that it shall be the sole responsibility of the Borrower to undertake a logbook transfer to himself/herself if need be and that PCUL shall bear no liability on any eventuality resulting from the borrower’s failure to fulfil this obligation.
    • At his/her own expense provide and maintain in safe and efficient operating order his/her mobile phone handset, computer, SIM Card and/or other equipment (“Equipment”) which when used together enables him/her to apply for the insurance premium finance facility (“Facility”) from PCUL and pay the specified monthly instalments.
    • Shall be responsible for ensuring the proper performance of the Equipment. PCUL shall neither be responsible for any errors or failures caused by any malfunction of the Equipment, and nor shall PCUL be responsible for any computer virus, malicious code, program or related problems that may be associated with the use of the Equipment. Any charges due to any mobile money services provider, providing money transfer services for payment of the monthly installments shall be on his/her account.
  1. a) Agrees that he/she shall be solely responsible for the safekeeping and proper use of the Equipment and for keeping his/her login credentials including PINs and passwords (“Credentials”) secret and secure. PCUL shall not be liable for any disclosure of the Credentials to any third party and the Borrower hereby agrees to indemnify and hold PCUL harmless from any losses resulting from any such disclosure.
  2. b) Shall take all reasonable precautions to detect any unauthorized use of the Equipment and immediately inform PCUL in the event that:
  3. i) he/she has reason to believe that the Credentials have been compromised; and/or
  4. ii) he/she has reason to believe that unauthorized or fraudulent use of the Equipment or the Facility account has or may have occurred or could occur;

and

iii) he/she has reason to believe that fraud has or may have occurred or could occur.

  1. c) The Borrower shall not at any time operate or use the Facility in any manner that may be prejudicial to PCUL.

     

  1. Refund of Premiums and Claims:
    • In the event of a claim, the Borrower shall continue servicing the loan.
    • If the insurance cover is terminated, either by PCUL or the Borrower, PCUL will take possession of any refund of premiums either from the Insurer or the insurance broker (“Broker”) and apply such refund in the first instance in paying the balance of the loan then account for the surplus (if any) to the Borrower.
    • If the Borrower or the Broker acting on behalf of the borrower makes a claim in respect of the policy (ies) herein, then PCUL shall at any time before the loan has been repaid in full, take possession from the Insurer or of the proceeds for payment of the claim and apply it towards repayment of the balance of the loan together with any interest due and costs incurred and thereafter account to the Borrower in respect of any available surplus.
    • In the event of a total loss of the asset insured, PCUL shall receive the final settlement (discharge amount) and deduct any amounts due to PCUL including the full credit charge and/or late payment charges and thereafter account to the Borrower in respect of any available surplus.
    • The Borrower hereby authorizes the Broker to:
  2. forward to PCUL the original policy(ies) herein held by it;
  3. instruct the Insurer referred herein to cancel the said policy(ies) and to remit to PCUL any part of the premium(s) payable thereunder refunded by the Insurer.
  • inform PCUL of any claims pending under the said policy(ies), the progress and outcome of such claims and remit to it such portion of these claims as PCUL may require; and
  1. inform PCUL of the intention to cancel or avoid the said policy(ies) and to remit to PCUL any part of the premium(s) payable by the Insurer.

The authorization to the Broker in terms of this clause is irrevocable and shall to apply until the Broker receives a notification from PCUL that all sums due to it in respect of the policy have been paid in full.

 

  1. Disclosure

The Borrower agrees and consents that PCUL may:

  • disclose information in its possession relating to this Agreement to its authorized agents for purposes of managing the Borrower’s account;
  • disclose any information in its possession of PCUL relating to this Agreement and the Borrower’s account to authorized third parties including but not limited to credit reference agencies pursuant to the laws of Uganda;
  • disclose any information relating to this Agreement including details of the Borrower to authorized third parties for the purpose of evaluating the applicant(s)’ creditworthiness or for any other lawful purpose;
  • obtain any information relating to the Borrower from any third party including licensed credit reference agencies for purposes of evaluating the Borrower’s application;
  • disclose any information in its possession relating to this application including account details of the Borrower to authorized parties or institutions under the laws of Uganda in compliance with its obligations and;
  • use the Borrower’s personal data to market PCUL’s products.

 

  1. Communication:
    • Any notice from PCUL shall be sent to the last postal or email address provided by the Borrower. Any written communication from PCUL to the Borrower shall be deemed to have been received if delivered personally to the Borrower or sent by post to the address provided by the Borrower and be deemed to have been received if it was properly stamped and addressed.

 

 

  • PCUL shall not be liable for:
  1. i) damage resulting from losses, delays, or any other irregularities due to transmission of any communication whether to or from the Borrower, PCUL or any third party; and
  2. ii) the failure receipt of communication by the Borrower or unauthorized exposure of such communication to third parties where the Borrower fails to provide accurate details of their email and or postal address.
  • Any communication transmitted electronically shall be deemed to have been received upon delivery.
  1. Joint and Several Liability:

Where there is more than one Borrower, they shall be jointly and severally liable for the payment of all dues payable under this Agreement.

 

  1. Validity of Documents:

The Borrower shall ensure that all documents submitted to PCUL are authentic and valid.

 

  1. No Waiver:

No relaxations, delays or indulgence on the part of PCUL in exercise of any of its rights under this Agreement shall operate as a waiver of such rights.

 

  1. Governing Law and Jurisdiction

This Agreement shall be governed and construed in accordance with the laws of Uganda. Both Parties consent to the exclusive jurisdiction of the courts of Uganda.

 

  1. Variation, Renewal and Termination of Relationship:

9.1      PCUL may upon notice to the Borrower and Insurer, terminate or vary its relationship with the Borrower and Insurer. PCUL may cancel advances which it has granted and require the repayment of outstanding debts resulting therefrom, upon issuance of a fourteen (14) days’ notice.

9.2      Upon the expiry of any insurance cover, the Borrower shall within seven (7) days of such expiry deliver to PCUL the relevant renewal advice, failure of which PCUL shall renew such insurance through its insurance brokers at the Borrower’s cost and further credit the Borrower’s account with the amount paid by PCUL.

 

  1. Specific events of Default

10.1      Default will occur if:

  1. i) the Borrower fails to remit one of any monthly installments on the due date;
  2. ii) the Borrower uses the Facility for unauthorized or unlawful purposes or where PCUL detect any abuse/misuse breach, fraud or attempted fraud relating to the Facility.

10.2      the Borrower has an existing Logbook loan (LBL) facility and or USSD Credit Card facility running simultaneously with the IPF Facility and fails to remit one of any monthly installments on their due date for the IPF Facility. In the following circumstances, on the fifteenth (15th) day after the due date, a repayment shall be initiated by PCUL in the IPF Facility and the same amount added as fees to the LBL facility account or USSD Credit Card facility.

10.3      In addition to the other grounds of termination provided in this Agreement, PCUL may terminate this Agreement if:

  1. i) PCUL is required to comply with an order or instruction of or a recommendation from the government, court, regulator or other competent authority; or
  2. ii) PCUL reasonably suspects or believes that the Borrower is in breach of the terms of this Agreement (including non-payment of any loan installment due from the Borrower where applicable) which he/she fails to remedy (if remediable) within seven (7) days after the service of notice by email, SMS or other electronic means requiring him/her to do so.

 

  1. Exclusion of Liability

11.1    PCUL shall not be responsible for any loss suffered by the Borrower should the Facility be unavailable or be delayed by reason of the failure of any of the Borrower’s Equipment, or any other circumstances whatsoever not within PCUL’s control including, without limitation, Force Majeure or error, interruption, system downtime, delay or non-availability of the PCUL’s system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.

PCUL will not be liable for any losses or damages suffered by the Borrower;

  1. i) as a result of or in connection with:
  2. the Borrower’s failure to give proper or complete instructions or information relating to the Facility;
  3. any negligent act, fraud, recklessness, carelessness, default, misconduct or breach of the law or breach of the terms of this Agreement by the Borrower;
  4. any fraudulent or illegal use of his/her Equipment; or
  5. the Borrower’s failure to comply with the terms of this Agreement and information provided by us concerning the Facility,
  6. ii) during the upgrade or downgrade of the insurance cover financed;

iii)      as a result of a change of usage or policy of the motor vehicle by the Borrower without prior written consent of PCUL;

  1. iv) as a result of the Borrower rescinding instructions that have already been transmitted to the Insurer by PCUL;
  2. v) as a result of suspension of the policy by PCUL and/or Insurer where the Borrower requests PCUL and/or the Insurer to suspend the policy, including any claim that arises immediately following the receipt of the request to suspend by PCUL and/or the Insurer;
  3. vi) as a consequence of prolonged investigations into the authenticity and validity of a claim or prolonged processing of a claim by the Insurer or the denial of a claim by the Insurer for whatever reason; and

vii)     as a result of the termination of the insurance policy either by the Insurer for whatever reason, the regulator or an order of the court.

11.2   Under no circumstances shall PCUL be liable to the Borrower for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with the Facility even where the possibility of such loss or damage is notified to PCUL.

11.3   All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by law.

 

  1. Indemnity

12.1   In consideration of PCUL complying with the Borrower’s instructions or requests or offers in relation the Facility, the Borrower undertakes to indemnify PCUL and hold it harmless against any loss, charge, damage, expense, fee or claim which PCUL suffers or incurs or sustains thereby and the Borrower absolves PCUL from all liability for loss or damage which he/she may sustain from PCUL acting on the Borrower’s instructions or requests or offers or information provided by him/her or in accordance with the terms of this Agreement.

12.2   The indemnity in clause 12.1 shall also cover the following:

  1. i) all demands, claims, actions, losses and damages of whatever nature which may be brought against PCUL or which it may suffer or incur arising from its acting or not acting on the information provided by the Borrower or arising from the malfunction or failure or unavailability of any hardware, software, or equipment, the loss or destruction of any data, power failures, corruption of storage media, natural phenomena, riots, acts of vandalism, sabotage, terrorism, any other event beyond PCUL’s control, interruption or distortion of communication links or arising from reliance on any person or any incorrect, illegible, incomplete or inaccurate information or data contained in the application received by PCUL;
  2. ii) any loss or damage that may arise from the Borrower’s use, misuse, abuse or possession of any third-party software, including without limitation, any operating system, browser software or any other software packages or programs;

iii) any unauthorized access to the Borrower’s Equipment or any breach of security or any destruction or accessing of his/her data or any destruction or theft of or damage to any of the Equipment;

  1. iv) any loss or damage occasioned by the failure by the Borrower to adhere to the terms of this Agreement and/or by supplying of incorrect information or loss or damage occasioned by the failure or unavailability of third party facilities or systems or the inability of a third party to process a transaction or any loss which may be incurred by PCUL as a consequence of any breach by the terms of this Agreement; and
  2. any damages and costs payable by PCUL in respect of any claims against PCUL for recompense for loss

where the particular circumstance is within the Borrower’s control.

 

  1. Data Protection Policy

13.1    It is hereby understood and agreed that the data herein has been directly obtained from the Customer who has provided this data to PCUL to facilitate the processing of the Revolving Credit Facility sought by the Customer.

13.2    It is hereby understood and agreed that by signing this Agreement the Customer:

(a)       Shall provide personal data which is required for facilitating the processing of the Revolving Credit Facility, the establishing and maintenance of business and for the fulfilment of PCUL’s contractual and legal obligation;

(b)      Consents to PCUL processing the data as per its internal company policy and the Data Protection and Privacy Act, No. 24 of 2019 of the laws of Uganda (“Data Protection and Privacy Act”);

(c)       has given consent to PCUL to continue holding and processing the data provided even after all obligations under the Revolving Credit Facility has been settled for a variety of purposes including but not limited to cross selling, research, product development, analysis of market trends, operation of PCUL’s regulations and procedures;

(d)      Is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act;

(e)       Consents to the use of their personal data from time to time by PCUL to market PCUL’s products. The Customer may opt out of receiving marketing communication at any time within the duration of the Revolving Credit Facility by officially communicating to PCUL through the prescribed channels of communication.

13.3    PCUL undertakes to ensure the personal data provided by the Customer is processed in accordance with the Data Protection and Privacy Act.

13.4    For queries and more information on PCUL’s data protection policy, the Customer may contact PCUL’s data protection personnel at [email protected]

 

  1. Binding and Dispute Resolution

14.1   This Agreement shall be binding upon execution by all the parties herein.

14.2 The Borrower may contact the Call Centre through 0200300500 to report any disputes, claims or complaints;

14.3   Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our email on [email protected].

14.4   This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda.

 

Acceptance:

I/we have read and understood the terms of the Agreement governing the Insurance Premium Financing Facility offered by PCUL.I/we agree that the Facility shall be granted solely at the discretion of PCUL and shall indemnify PCUL at my/our cost against any loss or claim arising in relation to this Facility. I/we confirm that the above information is correct and true. I/we hereby accept the terms and conditions herein and will abide by them. I/we further confirm that I/we have received all the information pertaining to the Facility. I/we have independently verified the terms of the Agreement noted above and where necessary I/we have consulted other persons independent from PCUL’s officials. I/we understand that PCUL reserves the right to decline this application without giving reasons.

 

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