General terms of the consumer credit contract

General terms of the consumer credit contract

Standartinė admin » 27 Bal 2015, 11:58

GENERAL TERMS
OF THE CONSUMER CREDIT CONTRACT
OF http://WWW.SAVY.LT

This Consumer Credit Contract (“the Contract”) is concluded on the day specified in the Special Terms between:

(i) the Issuers of the Credit stipulated in the Special Terms (the Issuers of the Credit); and

(ii) the Recipient of the Credit stipulated in the Special Terms; and

(iii) the Organizer.

1. Definitions

1.1. The concepts used in these General Terms are defined as presented below. Other definitions of the concepts used are presented in the Contract for Usage, the Application or the Proposal and are applicable in these General Terms mutatis mutandis. The concepts defined in LCC have the same meanings in the General Terms unless clearly stipulated otherwise herein.

Administration fee shall mean the monthly administration fee stipulated in the Special Terms which the Recipient of the Credit shall pay to the Organizer for administration of the Credit and the Website under this Contract and the Contract for Usage;

General rate shall mean the general annual rate of the cost of the Credit which shall be calculated following the procedure and terms established in the Decree No. 03-245 of 29 November 2012 of the Bank of Lithuania “On the approval of the rules for calculation of the general annual rate of the cost of the consumer credit” (Official Gazette “VŽ”, 2012, No. 140-7230). General rate shall include the Administration fee;

General Terms shall mean these General Terms of Credit, including all supplements or amendments thereto;

CC shall mean the Civil Code of the Republic of Lithuania, including all supplements or amendments thereto (Official Gazette “Žin.”, 2000, No. 74-2262);

Credit shall mean the special and general terms which constitute the consumer credit contract , including all supplements or amendments thereto, the parties to which shall be the Issuer of the Credit and the Recipient of the Credit stipulated in the Special Terms and under which the parties shall agree on the procedure and terms of provision of the consumer credit;

Recipient of the Credit shall mean the recipient of the consumer credit stipulated in the Special Terms of this Contract;
Contract for Usage shall mean the document which stipulates the terms of the Website with which the person who wishes to use the Website https://savy.lt/ and the Organizer’s services must agree. This Contract for Usage is designed to regulate the rules for the usage of the Website and the legal relationship established in the Website as well as between the Organizer and the Consumers;
Organizer shall mean “Bendras finansavimas” UAB, company code: 303259527, registered office address: Vokiečių str. 20, Vilnius, 01130, Lithuania;
Application – a public proposal to conclude a consumer credit contract submitted by the Recipient of the Credit in the Website, drawn up in line with the form completed by the Recipient of the Credit in the Website and based on written documents and the consumer’s personal information; the application shall be confirmed electronically by the Recipient of the Credit and the Organizer;
Website shall mean the mutual lending system operating at the address https://savy.lt/ supervised and administered by the Organizer with the help of which the Recipients of the Credit, having completed the Applications properly and received the confirmation from the Organizer, may borrow or invest in loans by taking part in auctions. The activities of the Website shall be administered by the Organizer;
Right of claim shall mean the right of claim (credit claim) of the Issuer of the Credit to the Recipient of the Credit under the consumer credit contract the amount of which shall be stated in the Proposal (in the Special Part), including all rights related to or arising from it;
Standard Information shall mean the information which the Organizer presents to the Recipient of the Credit in the form of a standard table established in appendix 1 to LCC in order for the Recipient of the Credit to be able to compare different proposals aiming to make a reasonable decision regarding conclusion of the consumer credit contract;
Special Terms shall mean the Application (Offer) submitted by the Recipient of the Credit and approved by the Organizer as well as the Proposal (Acceptance) of the Issuer of the Credit;

Fee for conclusion of the contract shall mean the fee for conclusion of this Contract stipulated in the Special Terms payable to the Organizer;
Rules shall mean the Organizer’s rules for assessment of solvency and responsible lending, including the supplements or amendments thereto;
Consumer – a member of the Website – a natural person or a legal entity – who is either an Issuer of the Credit or a Recipient of a Consumer Credit who has agreed with the Contract for Usage, registered in the Website in line with the terms thereof and has been appropriately confirmed by the Organizer;
Consumer’s self-service system shall mean the Consumer’s individual account protected by a unique password designed for the Consumer to perform various actions in the Website, i.e. submit Applications, lend money, sign Contracts, view the whole history of the actions performed by the Consumer, receive various notifications and manage one’s account in any other manner;
Consumer’s Paysera account shall mean the Consumer’s unique account opened in the system administered by “EVP International” UAB, company code: 300060819, at the address: http://www.mokejimai.lt; a specific person is identified at the moment of opening the account. This account shall be used by the Website to transfer Credit funds, credit or debit payments. “EVP International” UAB is a financial institution in charge for proper functioning of the account supervised by the Bank of Lithuania;
LCC shall mean the Law on Consumer Credit of the Republic of Lithuania (Official Gazette “Žin.”, 2011, No. 1-1; 2011, No. 146-6830).
2. Statements and confirmations of the Recipient of the Credit

2.1. The Recipient of the Credit states and confirms that:
2.1.1. the data and confirmations submitted by the Recipient of the Credit are correct, accurate and comprehensive;
2.1.2. the Recipient of the Credit has carefully read the received Standard Information published on https://savy.lt/ before the moment of conclusion of this Contract;
2.1.3. the Recipient of the Credit has carefully familiarized himself/herself and agreed with the Contract for Usage published on https://savy.lt/ before the moment of conclusion of this Contract;
2.1.4. the Recipient of the Credit agrees to pay the fee for conclusion of the Contract and the Administration fee to the Organizer under the Special Terms until complete fulfillment of the liability under this Contract;
2.1.5. the Recipient of the Credit confirms that he/she agrees to pay all other fees to the Organizer as stipulated in the Organizer’s rates published in the Website (fines, penalties for delay, a fee for inspection of the person in “Creditinfo Lietuva” UAB, etc.);
2.1.6. the Recipient of the Credit confirms that he/she consents and permits the Organizer to handle his/her personal data in line with the procedure and terms established in the Contract for Usage;
2.1.7. the Recipient of the Credit has familiarized himself/herself with the terms of the Contract, understands them and, by performing the actions stipulated in this Contract, he/she clearly states that he/she agrees with the terms of the Contract on his/her free will, understands his/her duties and undertakes to fulfill them;
2.1.8. the Recipient of the Credit has made the decision to conclude the Contract in a calm, considerate and responsible manner and states that he/she had and could use the consultations of independent legal and financial advisors regarding conclusion of the Contract and fulfillment of the obligations stated therein;
2.1.9. the Recipient of the Credit is able to accept a specific financial obligation established in this contract which the Recipient of the Credit is able to fulfill together with his/her already existing financial obligations;
2.1.10. the Recipient of the Credit is solvent and he/she is not aware of any other circumstances which could affect his/her solvency negatively so that he/she would not be able to fulfill the obligations assumed under this Contract;
2.1.11. at the time of conclusion of this contract, the Recipient of the Credit is an able and legally capable natural person permanently residing in the Republic of Lithuania who understands the consequences of his/her actions;
2.1.12. the obligations accepted by the Recipient of the Credit under the Contract do not infringe the rights or legitimate interests of any third parties, do not contradict the law, the terms of the transaction, a party to which the Recipient of the Credit is, or any judgment of any court, arbitrage or any other competent body which is applicable to the Recipient of the Credit, whereas this contract is concluded having received the consents or permissions of the spouse or other consents or permissions required by the legislation;
2.1.13. the Recipient of the Credit undertakes to notify the Organizer in writing about the following within 5 calendar days: (i) any changes of contact information and personal information; (ii) sudden worsening of the economic status and each circumstance due to which solvency of the Recipient of the Credit is or can be reduced; (iii) usage of the amount of the Credit for the purpose other than stated in the Application by the Recipient of the Credit; (iv) each circumstance due to which the possibilities of the Recipient of the Credit to fulfill the assumed obligations properly worsen or may worsen; each circumstance due to which the financial status of the Recipient of the Credit worsens or may worsen in the future (e.g. newly assumed debt liabilities (new consumer contracts, leasing, etc.)); (v) about any arbitrage, court and / or other proceedings (execution, etc.) which is initiated against the Recipient of the Credit if that could worsen the status of the Recipient of the Credit.
2.2. When granting the credit, the Issuer of the Credit and, when approving the Application, the Organizer reasonably invoked the confirmations and statements of the Recipient of the Credit presented in this term and considered them a material term of this Contract. In such a case, the Organizer shall have the right to terminate this Contract, suspend the Recipient of the Credit and / or eliminate him/her from the Website in case of a material violation of the Contract.
2.3. The issues that are not discussed in this Contract shall be settled following the Contract for Usage.

3. Auction and conclusion of the Consumer Credit Contract

3.1. This Contract consists of the Application, the Proposals submitted by the Issuers of the Credit during the Auction (Special Terms) and these General Terms and it shall be considered a multilateral loan transaction if more than one Issuer of the Credit lends funds to the Recipient of the Credit under this Application.
3.2. AUCTION: This contract shall be concluded by way of an Auction and shall be considered automatically concluded between the Recipient of the Credit and the Lender(s) who has (have) won the Auction from the moment of the end of the Auction. The Auction shall be successfully completed when the Proposals comply with the Application (coincide with the term of the Credit, the Interest and the amount of the Credit) or when the Recipient of the Credit agrees with a smaller amount of the Credit on the Organizer’s proposal. The Organizer shall have the right to cancel, amend or terminate the Auction at any time. In such a case, the reserved funds shall be returned to the Issuers of the Credit. The Auction shall not take place if there are not enough Proposals submitted under the Application within 30 days. In such a case, the Application for the Loan shall cease to be valid.
3.3. Any person who is the Consumer of the Website shall have the right to submit an Application. The Application shall be mandatory and binding for the Recipient of the Credit; however, the Recipient of the Credit shall have the right to withdraw the Application before the moment when the first Proposal is submitted during the Auction. The Application may be withdrawn later with the permission of the Organizer only.
3.4. In order to obtain the Credit, the Recipient of the Credit must submit the Application (request) to receive the Credit in line with the procedure and terms stipulated in this Contract and the Contract for Usage, whereas the Organizer may approve or reject the Application when assessing solvency of the Recipient of the Credit. Having approved the Application, the Organizer shall transfer it to the Auction.
3.5. Based on the provisions for responsible lending, the Organizer may approve the Application only if the average payments of the Recipient of the Credit calculated by dividing the amount of the repayment and interest of all Credits by the duration of the credits in respect of all liabilities to any financial institutions amounts to not more than 40 percent of sustainable income of the Recipient of the Credit when concluding the consumer credit contract.
3.6. The Recipient of the Credit may submit the Application only having familiarized himself/herself with the Standard Information in the Website prior to the submission. By submitting the Application, the Recipient of the Credit confirms that he/she has attentively and carefully read the Standard Information and understood it before submission of the Application. The Application may be submitted electronically by completing and submitting the Application presented in the Website.
3.7. The Parties agree that the actions performed and the data provided by the Recipient of the Credit when submitting the Application (confirmed by the breakdown of SMS texts, the Consumer’s number, the data available in the self-service system of the Recipient of the Credit, the statement of the Paysera account of the Recipient of the Credit, the Consumer’s or the Website’s e-mails or voice recording of a telephone conversation, or an extract of the Website concerning the Recipient’s of the Credit actions in the Consumer’s self-service system in his/her account in the Website) shall be considered the Recipient’s of the Credit signature having the legal power established in article 8(1) of the Law on Electronic Signature, whereas the Application on the basis of which the Consumer Credit contract was concluded under which the amount of the Credit is transferred to the Recipient of the Credit and the very Consumer Credit Contract shall be equal to a document drawn up in a written form and shall entail the same legal consequences as a document confirmed by the Recipient’s of the Credit signature on each page.
3.8. Having received the Application, the Organizer shall assess solvency of the Recipient of the Credit and other relevant circumstances following the Rules and shall either (i) approve the Application and transfer it to the Auction, or (ii) reject the Application. If the Application is rejected because of the results obtained during the inspection of solvency, the Organizer shall notify the Recipient of the Credit about that. If needed, on the Organizer’s request, the Recipient of the Credit must submit all data and documents necessary in order to properly assess solvency of the Recipient of the Credit or to check the information submitted by the Recipient of the Credit.
3.9. The amount and period of the Credit shall be determined in line with the wishes of the Recipient of the Credit set out in the Application, the Organizer’s Rules, the minimum and maximum limits published in the Website and other sources as well as taking into account the results of assessment of solvency and of the Auction.
3.10. The Recipient of the Credit may turn to the Organizer regarding extension of the Credit. If the Organizer satisfies the request of the Recipient of the Credit regarding extension of the Credit, the amended special terms of the Contract and the schedule of repayment of the Credit contained therein shall be submitted to the Recipient of the Credit.
3.11. The Recipient of the Credit may submit an additional Application for the Auction and an additional Credit may be granted to him/her using the Website; however, this shall be considered a separate Credit Contract and the Organizer shall perform a separate assessment of solvency. Extension of the period in line with the procedure and time limits established in this Contract shall not be considered a additional Credit.
3.12. The Issuer of the Credit shall have the right to refuse to consider the additional Application or the request regarding extension of the Period submitted by the Recipient of the Credit if the Recipient of the Credit has violated the terms of this Contract or of other transactions concluded with the Issuers of the Credit or the Organizer.
3.13. After the Auction takes place, the automatically concluded Loan Contract shall be bindingand mandatory to the Issuers of the Credit, the Recipient of the Credit and the Organizer.The Organizer shall assign a unique identification number to the Consumer Credit Contractand shall send it at the e-mail address of the Recipient of the Credit registered in theOrganizer’s data base. The Organizer shall pay the funds of the Credit to the bank accountof the Recipient of the Credit immediately (not later than within 12 hours) after the Auctiontakes place. Having transferred the funds, the Organizer shall set off the first paymentaccording the schedule as fee for conclusion of the Contract and/or for inspection of theRecipient of the Credit in “Creditinfo Lietuva” UAB and/or other fee or installment as is statedin the schedule or the Portal . In times when the Loan is issued with specific usagerestriction, Organizer has a right to transfer the funds directly to accounts of receivers, list ofwhich is agreed with Recipient of the Credit before the issuance of the Loan. In such casesRecipient of the Credit agrees, that Organizer fulfilled the obligation to transfer the money correctly according loan agreement.

3.14. The Organizer shall notify the Recipient of the Credit about the decisions made to approve / not to approve the Application or the decision to extend the period of repayment of the Credit by sending a short textual message (SMS), by e-mail, by calling the mobile telephone number of the Recipient of the Credit registered in the Organizer’s data base and / or by submitting a notification in the individual account of the Recipient of the Credit.
3.15. The Recipient of the Credit shall pay the commission and other type of fees (if any) to the Credit institution for crediting the amount of the Credit to the bank account of the Recipient of the Credit.
3.16. The Parties may amend or supplement this Contract by an individual agreement. The Organizer may also amend this Contract unilaterally if (i) that is necessary in line with the instructions of the supervising institution; (ii) when the technological solutions of the Website are changed; or (iii) in case of any other sufficient basis if such amendments do not aggravate the legal status of the Recipient of the Credit. In any case, the Recipient of the Credit who disagrees with the amendments shall have the right to cancel this Contract.

4. Repayment of the Credit

4.1. The Recipient of the Credit shall repay the amount of the Credit and pay the Interest in line with the schedule of repayment of the Credit established in the Special Terms following the instructions presented in the Organizer’s payment order. The Recipient of the Credit shall have the right to receive the schedule of the payments free of charge at any time during the period of this Contract.
4.2. The schedule of repayment of the Credit shall constitute an integral part of this Contract; the Organizer shall generate the schedule after the end of the Auction and the payments and periods of the Recipient of the Credit shall be stated therein. Any individual agreements concluded with the Organizer to secure performance of the Contract and to represent the interests of the Issuer(s) of the Credit, including but not limited to a new schedule of repayment of the Credit, the increased Interest or a peaceful settlement agreement, shall also constitute an integral part of the Contract.
4.3. The Organizer shall issue an Invoice to the Recipient of the Credit on the first day of each month and shall submit it by uploading it to the account of the Website as well as shall send it at the e-mail address of the Recipient of the Credit registered in the data base of the Website. The Recipient of the Credit must pay the calculated payment until the fifteenth day of the current month.
4.4. The Recipient of the Credit shall have the right to fulfill all his/her obligations under the Contract at any time. The Recipient of the Credit shall fulfill the liability in line with the procedure established in clause 4.6 of the Contract by repaying the amount of the Credit received and the Interest under the Contract having notified the Organizer and received the amount payable before that.
4.5. The Recipient of the Credit may implement the right stipulated in clause 4.4 of this Contract by submitting a written notification specifying the number of the Credit Contract, the date stipulated in the Special Terms of the Contract as well as the date of repayment of the whole Credit and the Interest at the Organizer’s e-mail address. The Organizer and the Issuers of the Credit state that they shall not request any compensation for premature repayment of the Credit from the Recipient of the Credit, unless they shall have such a right under the Law on Consumer Credit and the fees related to that shall be published in the Website.
4.6. The payment liability of the Recipient of the Credit shall be considered fulfilled at the moment when the payable amount is credited to the Consumer’s Paysera account of the Issuer of the Credit. The Organizer’s system of the Website shall automatically debit the funds from the account to which the Recipient of the Credit has to transfer the monthly payment and shall distribute them to the Issuers of the Credit on the day of the payment schedule.
4.7. The amounts deducted from the Recipient of the Credit shall be distributed in the following order: first of all, monthly administration fee; secondly, the Interest and the amount of repayment of the Loan. In case the Recipient of the Credit delays any payments, the liabilities of the Recipient of the Credit shall be set off in the following order when monetary funds are received from the Recipient of the Credit: (i) first line: a penalty for delay owed to the Issuers of the Credit, a penalty for delay owed to the Organizer from the administration fee and the Interest owed to the Issuers of the Credit from the unpaid amount; (ii) second line: the fines owed to the Organizer due to the failure of the Recipient of the Credit to fulfill his/her obligations; (iii) third line: the administration fee owed to the Organizer; (iv) fourth line: the amount of the Loan and the Interest owed to the Issuers of the Credit. In the cases when exaction of the obligations has been transferred forcedly, the first line of compensation deals with the costs related to such exaction incurred by the Organizer (stamp duty, costs of the executive letter, court, correspondence, costs of debt exaction companies, the Organizer’s fee, etc.).

4.8. All payments under this Contract shall be made in Euros.
4.9. With the Organizer’s consent, the Recipient of the Credit may secure repayment of the Credit, the Interest and other amounts payable under this Contract by issuing an ordinary unprotested bill of exchange in a simple written form or in line with the following procedure and terms:
4.9.1. the Organizer shall form an ordinary unprotested bill of exchange in the account of the Recipient of the Credit in the Website which shall be submitted to the Recipient of the Credit for verification and shall send a textual message (SMS) containing a unique confirmation code of the bill of exchange at the mobile telephone number of the Recipient of the Credit registered in the data base of the Website.
4.9.2. After the Recipient of the Credit verifies the ordinary unprotested bill of exchange formed by “eVekselis.lt” UAB and agrees with the terms thereof, the Recipient of the Credit may confirm this bill of exchange by entering the confirmation code, which was received in line with the procedure established in clause 4.9.1, into the special field and clicking the “Confirm bill of exchange” button.
4.9.3. The ordinary unprotested bill of exchange duly confirmed by the Recipient of the Credit shall be sent at the e-mail address of the Recipient of the Credit registered in the data base of the Website and the amounts payable by the Recipient of the Credit under this Contract shall be considered paid by the amount of the bill of exchange.
4.10. The Parties agree that the actions performed by the Recipient of the Credit under the clauses 4(9)(1) and 4(9)(3) (confirmed by the extract of the Organizer and of “eVekselis.lt” UAB from the data base regarding the actions of the Recipient of the Credit in his/her account in the Website as well as in the website https://www.evekselis.lt/) shall be considered the signature of the Recipient of the Credit having the legal power established in article 8(1) of the Law on Electronic Signature, whereas the ordinary unprotested bill of exchange confirmed by these actions and kept in the data base of “eVekselis.lt” UAB shall be considered the original document drawn up in a written form and shall entail the same legal consequences as an ordinary unprotested bill of exchange confirmed by the signature of the Recipient of the Credit.
4.11. The Parties confirm that the bill of exchange issued in line with the procedure established in the clauses 4(9)(1)–4(9)(3) of this Contract shall be kept by the Organizer as other person’s property for the purpose of security, i.e. the bill of exchange and the payments received under it may be used only as a security of the liabilities under this Contract.
4.12. Total amount of the liabilities of the Recipient of the Credit under this Contract and under the bill of exchange issued may not be higher than the amount of the received and unpaid Credit (including the calculated interest and / or forfeit) in any cases.
4.13. The Organizer shall have the right to submit the bill of exchange of the Recipient of the Credit for payment only in such a case where the Recipient of the Credit does not fulfill his/her obligations under this Contract. The Organizer shall have the right to request payment under the bill of exchange only within a scope at which the Recipient of the Credit has not fulfilled his/her liabilities under this Contract.
4.14. A payment of the Recipient of the Credit under the bill of exchange submitted shall be considered a payment under this Contract and vice versa – a payment under this Contract shall also mean a payment under the bill of exchange submitted for execution.

5. Interest rate

5.1. The Recipient of the Credit must pay the interest expressed in the General Rate which shall be calculated and presented in percent in the Special Terms of this Contract by the Organizer for using the Credit.
5.2. If the Recipient of the Credit misses a period of payment of the Interest, the Organizer may calculate an increased interest in line with the values stipulated in the Website or in the Special Terms of the Contract;
5.3. The Organizer shall calculate the Interest and state it in the Special Terms of the Contract assuming that the Recipient of the Credit shall repay the Credit and the Interest as well as shall pay the Administration fee in line with the schedule of repayment of the Credit established in the Special Part of this Contract.
5.4. The Interest shall be calculated from the day of payment of the Credit to the Recipient of the Credit (inclusive) to the day when the whole credit is actually repaid to the Issuers of the Credit and the administration fees are paid.

6. Calculation of the General Rate and the amount

6.1. Total amount payable by the Recipient of the Credit (hereinafter – “Total Amount”) shall be calculated by adding total cost of the Consumer Credit (General Rate) and the amount of the Credit stipulated in the Application of the Recipient of the Credit and in the Special Terms of the Contract.
6.2. The Organizer’s costs incurred by it while aiming to defend, preserve and / or implement one’s and / or the Issuers’ of the Credit infringed rights under the Contract (including but not limited to the costs of sending reminder messages and letters to the Recipient of the Credit, the costs of the services of any third parties, litigation and exaction costs) which are unknown to the Issuer of the Credit in advance shall not be included into the General Rate and, if the Issuer of the Credit incurs such costs, they must be compensated in line with the procedure established in the legislation. The Organizer shall have the right to transfer exaction from the Recipient of the Credit to any debt exaction companies and, in such a case, the Recipient of the Credit shall have to pay the applicable exaction fee and / or cover all other costs of the Organizer or of the debt exaction company related to such exaction. The Recipient of the Credit confirms that he/she is aware of the fact that such a sum may amount to approximately 20 (twenty) percent of the existing amount of his/her debt.
6.3. The costs of the Recipient of the Credit incurred by him/her due to the fees applicable by Paysera or other credit institutions accepting and / or performing respective payments of the Recipient of the Credit under this Contract shall not be included in the General Rate.
6.4. The Organizer shall calculate the General Rate and the Total Amount from the amount of the Credit stipulated in the Application of the Recipient of the Credit and the period of repayment of the Credit as well as assuming that the Recipient of the Credit shall repay the Credit and the Interest in line with the schedule of repayment of the Credit established in the Special Part of this Contract.

7. Cancellation and termination of the Contract

7.1. The Recipient of the Credit may cancel the Contract without specifying the cause within 14 calendar days from the day of conclusion of the Contract or from the day stipulated in 15(1)(2) of LCC if such a day is later than the day of conclusion of the Contract. The Recipient of the Credit may send a signed notification about cancellation of the Contract at the Organizer’s e-mail address specified in the Special Terms or send a letter at the address of the Organizer’s registered office.
7.2. The Recipient of the Credit shall also have the right to cancel the Contract in line with the conditions of 11(7) of LCC.
7.3. Having used the right of cancellation, the Recipient of the Credit undertakes to repay the whole Credit to the Issuers of the Credit as well as to pay the Interest and the Administration fee to the Organizer as well as other payments (fines, penalties for delay) accumulated before the day of repayment of the Consumer Credit not later than within 30 (thirty) calendar days from the day of sending the e-mail concerning cancellation of the Contract to the Organizer.
7.4. The Organizer shall have the right to terminate this Contract unilaterally and immediately and to request to pay the whole amount of the Credit, the Interest, the Administration fee and other delayed payments (fines, penalties for delay) on the grounds stipulated in the Civil Code of the Republic of Lithuania and in article 19 of the Law on Consumer Credit as well as if the Recipient of the Credit declares that he/she shall not fulfill the obligations or if the Recipient of the Credit maliciously avoids payment as well as in the cases when there are any signs of deception or fraud in the Recipient’s of the Credit behaviour and the Organizer may state that the Recipient of the Credit has severely violated the Credit Contract (a material violation of the Contract), and the Organizer shall have the right to terminate the Credit Contract and take over the Rights of claim. The Organizer shall send a notification to the Recipient of the Credit regarding (i) the delayed payment and (ii) termination of the Contract by an e-mail or registered mail at the Recipient’s of the Credit e-mail or the address of the residential location specified in the Special Terms of the Contract not later than 14 days before the planned day of termination of the Contract. The notification shall be considered duly delivered after five days from sending it.
7.5. Termination of the Contract shall not stop the calculation of the Credit and / or the Interest, the Administration fee, fines, penalties for delay or other payments stipulated in the Contract as well as shall not revoke the liability of the Recipient of the Credit to pay the amounts payable under the Contract to the Issuer of the Credit until the Recipient of the Credit repays the whole Credit, the Interest, the Administration fee, fines and penalties for delay.
7.6. The Recipient of the Credit may cancel the Contract without specifying the cause within 2 calendar days from the day of receiving a payment without paying any penalties, fees, compensation or interest. The Recipient of the Credit may send a signed notification about cancellation of the Contract at the Organizer’s e-mail address specified in the Special Terms or send a letter at the address of the Organizer’s registered office.

8. Violation of the Contract

8.1. In case the Recipient of the Credit fails to transfer the funds to payment account informed by the Organizer on time following the schedule of repayment of the Credit and the payment order, the Recipient of the Credit shall be considered as fulfilling his/her obligations improperly and shall have to additionally pay the following:
8.1.1. from the first day of delay of the payment: a penalty for delay from the delayed Credit and the Interest – for each day delayed – it shall be considered the funds of the Issuers of the Credit;
8.1.2. from the first day of delay of the payment: a penalty for delay from the delayed Administration fee – for each day delayed – it shall be considered the funds of the Organizer;
8.1.3. in case the payment is delayed for one day: pay a one-off fine which shall be considered the ownership of the Organizer. A penalty for delay shall not be calculated from the unpaid fine;
8.1.4. in case the payment is delayed for 16 days: pay a one-off fine which shall be considered the ownership of the Organizer. A penalty for delay shall not be calculated from the unpaid fine;
8.1.5. in case the payment is delayed for 40 days and / or the Credit Contract is terminated: pay a one-off fine which shall be considered the ownership of the Organizer. A penalty for delay shall not be calculated from the unpaid fine.
8.2. The Recipient of the Credit agrees that if he/she is late to pay under this Contract for 35 days, the Organizer shall have the right to submit the personal data of the Recipient of the Credit to “Creditinfo Lietuva” UAB, code: 111689163, other data managers handling joint files of debtors’ data and all other third parties who have a legitimate interest having duly notified the Recipient of the Credit about that at the e-mail address of the Recipient of the Credit registered in the Website’s data base;
8.3. If the Recipient of the Credit misses the period of payment of the Credit and / or the Interest, the General Rate (including the Administration fee) shall be calculated from the whole amount payment of which is delayed for the whole duration of the delay in line with the rules established in 6.874(1) of the Civil Code of the Republic of Lithuania, LCC and this Contract.
8.4. The Organizer and the Issuer of the Credit shall not be liable for any failure to fulfill the obligations under this Contract as well as shall not be liable for any losses if they were caused due to force majeure circumstances, including the actions of any third parties as well as failures of communication transmission, electronic data exchange and payment systems, including the Paysera and online banking systems that were caused through no fault of the Organizer or of the Issuer of the Credit, whereas the third parties due to the actions of which the violation of the Contract took place are not related to the Issuer of the Credit whatsoever and the Issuer of the Credit could not foresee or control their actions.

9. Jurisdiction and settlement of disputes

9.1. The law of the Republic of Lithuania shall be applicable to the Credit Contract and a competent district court of city of Vilnius shall have exclusive jurisdiction to settle the disputes of the parties arising from this Contract or related to it. This Contract is concluded in Lithuanian and English. In a conflict of Lithuanian and English versions, Lithuanian version shall prevail.
9.2. Any disputes of the Recipients of the Credit and the Organizer shall be settled in line with the rules for settling the complaints of the Recipients of the Consumer Credit, including the amendments and supplements thereto which the Organizer shall publish in the Website.

10. Confidentiality

10.1. The Organizer confirms that any information concerning the Recipient of the Credit related to this Contract shall be considered confidential. The Organizer undertakes to properly and carefully supervise that the confidential information of the Recipient of the Credit does not become known to any third parties. The Recipient of the Credit must use safe electronic communication and data transmission measures and devices only.

11. Transfer of the Right of claim

11.1. The Issuers of the Credit may freely dispose of their Rights of claim under the contracts and trade in them in line with the procedure and terms established in the Terms of Usage.

11.2. The Recipient of the Credit agrees that the Issuer of the Credit may transfer the Right of claim to the credit debt of the Recipient of the Credit under this Consumer Credit Contract to another Consumer (6.109 of the Civil Code (CC)). After the transfer of the Right of claim takes place, the Organizer shall notify the Recipient of the Credit that the owner of the Right of claim thereof has changed at the e-mail registered in the data base of the Website or by a notification in the Website’s Consumer self-service system and that shall be considered a proper notification of the transfer of the Right of claim under article 6.109 of CC.
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