DISCLOSURE STATEMENT FOR CONSUMER CREDIT CONTRACT

IMPORTANT The Creditor, Dolbak Finance Limited, is required to provide you with this Disclosure Statement under Section 17 of the Credit Contracts & Consumer Finance Act 2003. This disclosure sets out key information about this Credit Contract. You should read the document thoroughly and IF YOU DO NOT UNDERSTAND ANYTHING IN THIS DOCUMENT, YOU SHOULD SEEK INDEPENDENT ADVICE. A copy of the contract which includes the disclosure of this key information must be provided to you on the date of signing this contract and should be kept in a safe place.

The law gives you a limited right to cancel the consumer credit contract and you should refer to the Statement of Right to Cancel below. NOTE THAT STRICT TIME LIMITS APPLY

Method of Charging Interest:  Interest charges are calculated and charged at the end of each month by multiplying the  unpaid daily balance for the preceding month by  the daily interest rate. The daily interest rate is calculated by dividing  the annual interest rate by 365.

Credit fees & Charges: This contract does not provide for Credit fees and Charges as defined in the

Credit Contracts & Consumer Finance Act 2003. Default fees are set out below.

Credit agencies: In respect of us providing a credit facility and undertaking periodic reviews or for the requirements of the Anti-Money Laundering and Countering Financing Terrorism Act 2009, you authorise us to make credit references and other enquiries within our normal procedures. For this purpose, we may seek from any such source information concerning you.

You also authorise the collection and disclosure of all information relevant to your accounts including repayment history information from/to any credit reporting agency. Credit reporting agencies may use information disclosed by us to update their credit reporting database, and disclose any information that they hold about you to their own customers as permitted under the Credit Reporting Privacy Code. In addition, we may use any service provided by our credit reporting agencies to receive updates of the information it holds about you.

In the event that you are in default under any credit facility from us, we are authorised to disclose all relevant information about you, to and for the use by, credit reporting agencies, debt collection agencies and law firms.

Please note the provision of providing your drivers license information for the above checks is voluntary.

Continuing Disclosure. Statements giving information regarding your account are available upon request. Phone (09) 5801000, fax (09) 5251011, e-mail Dolbak@callplus.net.nz and sent sixth month Statement Cycle.

What could happen if you fail to meet your commitments.

Security Interest. The creditor has an interest in the property described on the front page of this contract to secure performance of your obligations under the contract. If you fail to meet your commitments under the contract then, to the extent of the security interest, the creditor may be entitled to repossess and sell this property.

Default interest & Charges: This contract does not provide for the payment of default interest. You will only pay interest calculated by the method described above under Method of Charging Interest.

Default charges. In the event of a breach of the contract or on the enforcement of the contract. Dolbak Finance Ltd does not charge default fees. The only default fee charged is $20 for a dishonoured payment.

Dishonoured payment fee $20

Repossession fees within Auckland from $264.50

Repossession outside of Auckland charges may vary

Repossession Visit fee from $92.00

In terms of clauses 10 & 11 of the contract the actual cost of repossession paid to third parties will be added to the unpaid balance of the contract.

The Creditor does not charge fees in relation to repossession over and above this amount.

Full Prepayment

If you pay the unpaid balance in full before the final payment is due (full prepayment), you will not be required to pay a fee or charge to compensate the creditor for any loss resulting from the full prepayment. The creditor may have suffered a loss if the creditor’s current interest rate is lower than the interest rate applying to your original consumer credit contract.

Right to Cancel

You are entitled to cancel the consumer credit contract by giving notice to the creditor

Time limits for cancellation

If the disclosure documents are handed to you directly you must give notice that you intend to cancel within 5 working days after you receive the documents.

If the disclosure documents are sent to you by electronic means (for example, email) you must give notice that you intend to cancel within 7 working days after the electronic communication is sent.

If the documents are mailed to you, you must give the notice within 9 working days after they were posted.

Saturdays, Sundays, and national public holidays are not counted as working days.

How to cancel

To cancel, you must give the creditor written notice that you intend to cancel the contract by:

• giving notice to the creditor or an employee or agent of the creditor; or
• posting the notice to the creditor or an agent of the creditor; or
• emailing the notice to the creditor’s email address (if specified on the front of this disclosure statement); or
• sending the notice to the creditor’s fax number (if specified on the front of this disclosure statement).

You must also, within the same time, return to the creditor any advance and any other property received by you under the contract.

What you may have to pay if you cancel

If you cancel the contract, the creditor can charge you the amount of any reasonable expenses the creditor had to pay in connection with the contract and its cancellation (including legal fees and fees for credit reports, etc).

If you cancel the contract, the creditor can also charge you:

• interest for the period from the day you received the property or services until the day you either pay the cash price for the property or services or return the property to the creditor; and
• if any returned property has been damaged while in your possession, the costs of repairing the damage.

“The Debtor, by signing this agreement entered into a loan contract with the Creditor and

• The Debtor grants the Creditor a security interest in the collateral;
• The Debtor acknowledges that the Debtor has received valuable consideration from the Creditor”

The Debtor and /or Guarantor agree with the Creditor:-

• To pay the instalments to the Creditor on the specified dates referred to in the clause E including interest in respect of the monthly period ending on that date calculated by multiplying the unpaid balance at the end of the day for the proceeding month by the daily interest rate.
• To insure the collateral and keep insured against loss or damage (and in the case of a motor vehicle the policy to be a comprehensive policy) in the name of the Debtor and the Creditor for their respective interest for the full insurable value with an insurance company acceptable to the Creditor.
• To pay to the Creditor all costs incurred by the Creditor for the exercise or attempted exercise of any powers rights or remedies provided in the agreement as a consequence of any breach of this agreement by the Debtor.
• The Debtor shall be entitled to retain possession and use of the collateral but only until any of the events mentioned in Clause 5 below happen.
• That if the Debtor fails to pay to the Creditor any and all costs incurred by the Creditor, the Creditor will collect/recover any outstanding debts and listing defaults with a credit reporting agency.
• That if the Debtor fails to pay on time or perform any of the conditions in this agreement or becomes bankrupt or be convicted of any offence punishable by imprisonment then the unpaid balance shall become immediately due and payable and the Creditor either personally or by its agent or servants may Repossess the collateral, sell it and apply the proceeds to the unpaid balance in terms of the Credit Contracts & Consumer Finance Act 2003
• Any notice in writing may be signed on behalf of the Creditor by its General Manager employee or agent and served upon the Debtor either personally or by post addressed to the Debtor at the Debtor’s usual or last known address.
• The Debtor acknowledges that in entering into the Contract, has not requested, nor been provided, any financial advice from the Creditor.
• The Debtor shall not attempt to sell or pledge mortgage charge or hire out or otherwise deal with the goods.
• If the Debtor changes there address they shall immediately give notice to the Creditor of the new address.
• Until all funds due to the creditor by the Debtor have been paid in full, the Creditor has a security interest in the goods and the Debtor authorises the Creditor to register a financing statement or financing change statement under the Personal Property Security Act 1999 (“PPSA”) against the Debtor. The Creditor waives their rights under S148 of the PPSA.

If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the creditor for a hardship variation.

To apply for a hardship variation, you need to:

• make an application in writing; and
• explain your reason(s) for the application; and
• request one of the following:

• an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
• a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
• both of the above; and

• give the application to the creditor.

Do this as soon as possible.  If you leave it for too long, the creditor may not have to consider your application.

Name of dispute resolution scheme:

The Insurance & Financial Services Ombudsman Scheme Inc  (IFSO Scheme)

It is free to make a complaint to this independent dispute resolution scheme. This scheme can help you to resolve any disagreements you have with the creditor.

Contact details of dispute resolution scheme:

Phone:

0800 888 202

Website:

www.ifso.nz

Business Address:

Level 8, Shamrock House, 81 Molesworth St, Wellington 6011

Creditor Registration Name:

Dolbak Finance Ltd

Registration Number:

2000170

Minimum Deposit                                      New Customer – $500.00

Maximum Interest                                      Up to 35%

Maximum Term                                          36 Months

Maximum Document Fee                          $25.00 – $350.00