Pay Longer Terms & Conditions and Disclosure Statement

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Please ensure you read these terms and conditions carefully. By clicking to accept the terms and conditions you have agreed to be bound by these terms and conditions and our Disclosure Statement which together form our agreement (“Agreement”). These terms and conditions may change from time to time. However, the version provided to you on the date of your Disclosure Statement will apply to your Payment Schedule.
These terms and conditions and your Disclosure Statement (including your Payment Schedule) form your contract with us. Any future Payment Schedule we agree to give you will relate to a new contract with us.
When we do anything under this Agreement, including when you ask us to do something, we will always act in accordance with our lender responsibilities under the Credit Contracts and Consumer Finance Act 2003.



This Agreement is between Zip Co NZ Finance Limited (referred to as Zip, us, we or our) and you (referred to as you or your).



2.1 In this Agreement, unless the context otherwise requires:
“Business Day” means any day other than a Saturday or Sunday on which registered banks are open for ordinary banking business in Auckland, New Zealand.
“Card” means a validly issued New Zealand credit or debit card that you have used or added to your account on our Platform.
“Disclosure Statement” means the disclosure statement we have provided to you together with these terms and conditions containing important information about your contract including your Payment Schedule.
“Goods” means the goods or services you are buying from the Retailer, .
“GST” means goods and services tax chargeable under the Goods and Services Tax Act 1985.
“Late Fee” has the meaning given to it in the Disclosure Statement.
“Payment Date” has the meaning given to it in the Disclosure Statement.
“Payment Schedule” means the fortnightly payment plan set out in the Disclosure Statement and on the Platform, showing the amounts you owe us, and the date on which such amounts are due.
“Privacy Policy” means our privacy policy, available here.
“Platform” means the Zip platform available in both web and app form.
“Retailer” means a partner retailer who has integrated their systems with our Platform.
“Spending Limit” means the amount specified in the Platform as your spending limit from time to time.
“Transaction Value” means the full amount of the Goods as charged by the Retailer, including any GST and shipping costs (if any).



If you comply with the terms of this Agreement, we will pay the Transaction Value to the Retailer for the Goods on your behalf.



4.1 You agree to pay us in accordance with the Payment Schedule. The Payment Schedule includes payments of the credit fees described in section 6 below. You also agree to pay Late Fees in the circumstances described in section 7.
4.2 You agree that we can charge your Card in accordance with the Payment Schedule and any Late Fees payable. You agree to have available funds on your Card at the time we charge it.
4.3 You are responsible for any fees or costs that your bank may charge you because of us taking any payment or attempting to take any payment from your Card in accordance with the Payment Schedule.
4.4 You agree to pay all amounts without any set off or other deduction under this Agreement whether or not you have any issue or dispute with respect to the Goods or the Retailer and whether or not you currently own or have the Goods in your possession.
4.5 You can make a partial prepayment of one or more payments (but not part of a payment) under your Payment Schedule. We will decline a part prepayment of a part of a payment. You can make a full prepayment of any amounts you owe under your Payment Schedule at any time. For the avoidance of doubt, your payment processing fee on any full prepayment will be on the full amount you owe.
4.6 If the Retailer has paid a refund to us, we will apply any refund as a partial or full prepayment of your Payment Schedule by reducing future instalment amounts equally.
4.7 If the refund referred to at 4.6 above is greater than the total of all amounts owing under your Payment Schedule, we will promptly transfer the greater amount to your Card. When the refund will appear on your Card depends on your bank and can take up to 7 Business Days.
4.8 You acknowledge that we collect merchant service fees from Retailers.



5.1 We will charge your Card the initial 15% instalment of your Payment Schedule at checkout. We refer to this initial payment in this Agreement as “the deposit”. We will take payment of the remainder of your instalments in accordance with the Payment Schedule.
5.2 If the Transaction Value is above your Spending Limit, you have the option to pay for the difference upfront by paying that amount to us.



6.1 You must pay us a payment processing fee which is calculated as 1.6% of the principal amount you are repaying in each payment you make under your Payment Schedule. The payment processing fee is not payable on your deposit. The payment processing fee covers the cost of processing your payments to us. It is due and payable on each Payment Date after the initial payment date described in your Payment Schedule and is included in those payments.
6.2 If this is the first time you have used Zip Pay Longer, you must pay us an establishment fee of $15. The establishment fee is split evenly across the 12 Payment Dates after your deposit and is included in those payments.
6.3 Zip reserves the right to reduce or remove any fees pursuant to any promotional activity, change in terms in conditions or otherwise at its discretion.



7.1 We will attempt to take a payment of any amount due to us on a Payment Date from your Card on each Payment Date. If we cannot take payment from your Card on a Payment Date, you authorise us to attempt to take payment of both the payment under your Payment Schedule and any Late Fees from your Card:
(a) three days after the original Payment Date;
(b) if that is not successful, seven days after the original Payment Date; and
(c) if neither of those are successful, ten days after the original Payment Date.
7.2 If we have not received a payment due to us by 11:59PM on the relevant Payment Date:
(a) your right to use the Platform will automatically be frozen, meaning you will no longer be able to make purchases with Retailers using the Platform until we say you can, and
(b) we will immediately add a Late Fee to your account on our Platform unless you have notified us of a genuine dispute under clause 12.
7.3 Your bank may charge you fees for any failed payment.
7.4 We can at reasonable intervals also try and take any overdue payment and any Late Fee from any Card you have used or added to your account on our Platform.
7.5 We can choose to waive or defer any Late Fee (acting in accordance with our responsible lending obligations under the Credit Contracts and Consumer Finance Act 2003). The total of all Late Fees we charge you in relation to this Agreement is capped at $40.
7.6 You agree that if you do not pay us an amount you have agreed to pay under this Agreement on time, we may appoint a third party collection agency to collect any amounts owing and this does not require your consent or agreement. You will pay us any reasonable costs we incur as a result of appointing a third party collection agency to collect any amounts owing, at the time we incur them.



8.1 Your relationship in relation to the Goods you have purchased is with the Retailer. Where you purchase Goods which are paid for through our Platform, your consumer rights in relation to those Goods are governed by the Consumer Guarantees Act 1993 and that Retailer’s terms and conditions and policies.
8.2 You acknowledge and confirm that we are not responsible or liable for Goods purchased from Retailers which are paid for through our Platform.
8.3 You are responsible for verifying the suitability, reliability and identity of any Retailers you purchase Goods with or from. We do not make any warranty or guarantee in relation to Retailers or any Goods that they supply.
8.4 We do not guarantee or have any responsibility for:
(a) the suitability, quality or merchantability of any Goods purchased by you;
(b) the availability or delivery of any Goods; or
(c) any other responsibilities of the Retailer.
8.5 You agree to contact the Retailer if you have any issue with the Goods or if you wish to return any Goods.
8.6 Any full or partial return of the Goods is subject to the Retailer’s returns policy. All communications with respect to any return must be made with the Retailer. We cannot deal with any of these matters.
8.7 Nothing in this Agreement limits or restricts your rights under New Zealand consumer protection legislation, including the Credit Contracts and Consumer Finance Act 2003, the Consumer Guarantees Act 1993 (where you are a “consumer”), and the Fair Trading Act 1986.



9.1 You agree that if we need to get in touch with you (including for the purposes of any disclosure) we can text the mobile number you have provided to us on the Platform or use the email address that you have provided to us on the Platform.
9.2 We consent to receiving notices or other communications from you in electronic form.
9.3 You agree to receive statements, notices and any documents (including disclosure statements) that we are required to give you in relation to your Payment Schedule and your Agreement by electronic communication through our Website.



10.1 You may not assign, novate or otherwise transfer any part of this Agreement without our consent.
10.2 We may assign this Agreement, any rights we have under this Agreement, or any Payment Schedule or any payment under an Payment Schedule without your consent. Any person we transfer our rights to will have the same rights that we do. This will not affect our obligations to you.



11.1 If you have any concerns or dispute with us or our Service, please contact us here.
Phone: 09 489 8144
Address: Zip Co NZ Finance Limited, Level 13, 5-7 Byron Avenue, Takapuna, Auckland
11.2 We are registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008, registration number: FSP598969.
11.3 If we cannot resolve your complaint to your satisfaction, you may contact Financial Services Complaints Limited (“FSCL”), an external, independent scheme provider approved by the Minister for Consumer Affairs. There is no charge to you for this service.
11.4 The contact details of FSCL are as follows:
Telephone: 0800 347 257
Email: [email protected]
Post: Financial Services Complaints Limited, Level 4, Sybase House, 101 Lambton Quay, Wellington 6011



12.1 You agree that if any of these terms and conditions are unlawful or does not meet any duty that we need to comply with at law, that term will be changed to be lawful or to comply with the law. That term will only be changed as needed and will not affect the rest of these terms and conditions.
12.2 Our agreement shall be governed by and interpreted in accordance with the laws of New Zealand. We and you agree that the courts of New Zealand shall have non-exclusive jurisdiction.


Loan Contract and Disclosure Statement for your Zip Pay Longer consumer credit contract

Date: [●]
Initial disclosure statement under section 17 of Credit Contracts and Consumer Finance Act 2003 for consumer credit contracts
IMPORTANT – This document sets out key information about your consumer credit contract. You should read it thoroughly. If you do not understand anything in this document you should seek independent advice. You will receive a copy of your Agreement (which includes this Disclosure Statement and the terms and conditions set out below) in your Zip Pay Longer confirmation email and you should keep your Agreement in a safe place. The law gives you a limited right to cancel your Agreement (see below for further details). Note that strict time limits apply.
Any capitalised terms in this Disclosure Statement have the meaning given to them in the Zip Pay Longer terms and conditions attached to this Disclosure Statement.


Full Name and Address
Lender Borrower
Zip Co NZ Finance Limited [●]
Level 13
5-7 Byron Avenue
Takapuna, Auckland


Credit Details

Initial unpaid balance
This is the amount you’ll owe as at the date of this statement (including any fees charged by us) once you confirm your purchase:
$[●] made up of: Transaction Value $[●]
establishment fee $[●] (split evenly across each payment except the initial payment)
You will also pay $[●] as payment processing fees over the course of the Agreement (see more details below). This is calculated as 1.6% of any payment amount.
You will pay $[●] as a deposit payment on the date of this statement once you confirm your purchase, at which time you will owe us: $[●] and any payment processing fee.
Subsequent Advances: Nil under this Agreement. Subject to approval criteria you may be able to enter an entirely separate instalment arrangement contract with us.
Total advances: [$ insert amount equal to Transaction Value]



You agree to make the following 13 fortnightly payments (made up of your Transaction Value, establishment fee and the payment processing fees) in accordance with your Payment Schedule, on the Payment Dates set out below:

Made up of:
Payment no. Payment Date: Total Payment Amount Principal Establishment fee Payment processing fee
1st payment:
2nd payment:
3rd payment:
4th payment:
5th payment:
6th payment:
7th payment:
8th payment:
9th payment:
10th payment:
11th payment:
12th payment:
Last Payment:
Total amount of payments:

We will automatically take payment from your specified Card (or any updated card details you may have provided). It is your responsibility to ensure the Card has sufficient funds to enable us to take the relevant instalment.



No interest is payable under this Agreement.


Credit Fees and Charges

A payment processing fee is payable under or in connection with the Agreement (in addition to the establishment fee). The payment processing fee is charged to cover the cost of processing any payment you make to us. This fee is calculated as 1.6% of the principal component of any payment amount you make to us and is due and payable whenever you make a payment to us (except the deposit payment), including on each Payment Date after the first payment date and any date you prepay.


Default Fees

If you have not paid the amount you owe us by 11:59pm on a Payment Date a fee of $8 (“Late Fee”) will be immediately payable and charged to your Card 3 working days after the original Payment Date. The total amount of Late Fees we would ever charge you under this Agreement is $40; and
You must pay any reasonable cost we incur as a result of appointing a third-party collection agency to collect any amount owing, payable at the time we incur the cost.


Continuing Disclosure

We maintain (at all reasonable times) the Zip Platform at including on the Zip Pay Longer mobile app that allows you to access information about your Agreement for any payment period specified by you.


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 any additional fee or charge for a full prepayment, but you will be charged the remaining balance of the establishment fee and to pay the payment processing fee for your payment.
In the event of partial repayment or a valid refund processed by the Retailer, we will reduce your future instalments accordingly.
For the avoidance of doubt, you will be charged the payment processing fee for any prepayment, but not a refund by the Retailer.


Right to Cancel

You are entitled to cancel the Agreement by giving notice to us.
Time limits for cancellation
You must give notice that you intend to cancel the Agreement within 7 working days of the date of this Disclosure Statement. Saturdays, Sundays, and national public holidays are not counted as working days.
How to cancel
To cancel, you must give the Lender written notice that you intend to cancel the Agreement by––
giving notice to us or our employee or agent; or
posting the notice to us or our agent; or
emailing the notice to our email address (if specified on the front of this disclosure statement).
You must also repay to us any payments received by you under the Agreement, unless you have returned the goods to the Retailer.

What to do if you suffer Unforeseen Hardship
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 us 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 Agreement (which will reduce the amount of each payment due under the Agreement); or
a postponement of the dates on which payments are due under the Agreement (specify the period for which you want this to apply); or
both of the above; and
give the application to us.
Do this as soon as possible. If you leave it for too long, we may not have to consider your application.


Dispute Resolution

Name of dispute resolution scheme: Financial Services Complaints Limited
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 us.
Contact details of dispute resolution scheme:
Phone: 0800 347 257
Business address: Level 4, Sybase House, 101 Lambton Quay, Wellington 6011

Registration on Financial Service Provider Register
Creditor registration name: Zip Co NZ Finance Limited Registration number: FSP598969
Consent to Electronic Communications
We consent to receiving notices or other communications from you in electronic form.

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