Debt Recovery Practices

CashnGo Australia Debt Recovery Practices

How do I make repayments to CashnGo

When you take a loan with Venture 5 Group Pty Ltd trading as CashnGo (Australian Credit Licence Number 431627) (CashnGo, we, us, our), you may be required to pay amounts that are disclosed in your credit contract and pre-contractual disclosure documents. There are two main kinds of ongoing payments that you may have to make to us.

The first kind is a scheduled repayment, which is one that is generally made on dates or at intervals that are usually based upon the repayment schedule provided for in your credit contract with us or as subsequently changed and agreed to with us. The second kind is an unscheduled payment, which is not scheduled and occurs when a scheduled repayment has been missed and is overdue.

How do scheduled repayments work?

On a day that a repayment is due, we may check your bank account using the bank credentials and authority you have provided to us as part of your loan application with us for the purpose of assessing whether there are sufficient funds to make the repayment.

Where we check your bank account we will try to work out, where practical, whether the funds you have in your account are sufficient to:

• make the repayment;
• avoid a dishonour fee with your financial institution; and
• mitigate, as far as we can, the chance that you will be left with less than $5.00 in your account after the repayment is made.

What happens if a scheduled repayment fails?

If a scheduled repayment is not made, then you may be in default under your agreement with us. If your agreement with us permits, and unless you have revoked your authority, we may use the debt recovery practices described below. Those practices do not change your rights under the National Credit Code, including any rights you have to hardship assistance or to revoke authority to our making unscheduled repayments.

As part of the loan application process and by entering into the loan agreement with us, you may be required to agree to authorise these debt recovery practices. Where permitted, as part of our debt recovery practices, we may monitor your bank account for the purpose of arranging for repayments to be made from that account at times outside of the agreed repayment schedule until the overdue amount is paid to us in full.

What are our debt recovery practices?

Once we become aware that a scheduled repayment has failed (including due to there being insufficient funds in your account to make the scheduled repayment), we will let you know by issuing a notice by email and text message to the most recent contact information you have provided to us (if any). That notice will identify the value of the scheduled repayment which failed, that you have previously agreed to our debt recovery practices and those practices are intended to commence in 72 hours, information regarding potential impacts of our debt recovery practices which you may experience, information in respect of financial hardship and how you may revoke your authority to us undertaking these debt recovery practices.

After the period set out in that notice has expired, we may begin monitoring your bank account using the credentials and authority you have provided at all times to determine whether there are sufficient funds in the bank account to pay all or part of an overdue repayment. Where we identify that there are sufficient funds available to make a repayment towards the overdue amount, then we may attempt to debit or make a repayment from your bank account in a similar manner as we would for a scheduled repayment, but we will not attempt to recover more than the amount then overdue and permitted by your credit contract and applicable law.

We will not seek to withdraw more than one overdue scheduled repayment between two scheduled repayment dates. For example, if your repayment schedule requires you to make fortnightly repayments, then in any fortnight, we will not try to withdraw more than one overdue scheduled repayment, and we will not seek to recover more than the total overdue amount that is legally recoverable.

How may our debt recovery practices impact you?

You may not know when we make repayments to recover amounts owed to us. As a result, when you are in default and such a repayment is made, that repayment may occur at a time that you did not plan for, which could mean that an amount of money is unavailable for you to meet other important expenses including groceries, rent, medicine, petrol or other essential living expenses.

This means that you may experience situations where you go to pay for expenses but do not have the money to do this. For example, you may seek to pay for food, rent, medicine or petrol and find that at the time of repayment, you do not have sufficient funds.

Can I withdraw my authority to our debt recovery practices?

During the loan application process, you provide us with your authority to use these debt recovery practices. You can withdraw this authority at any time through your account in our customer portal. This means that we will no longer be authorised to make unscheduled repayments from your bank account except as identified below.

What will happen if I revoke my authority to the debt recovery practices?

Where you withdraw your authority, we will not monitor your account on days other than days on which a scheduled repayment is due and will not attempt to recover any overdue amounts during your agreed repayment schedule. Instead, if you do not repay all overdue amounts during your agreed repayment schedule, then your agreement with us will extend and you will likely incur further fees, your repayment schedule will be extended on the same terms until such time as overdue amounts have been recovered.

Withdrawing your authority does not affect any scheduled repayment authority, waive any amount that is already due, or limit any rights you have under the National Credit Code. If you do not repay all overdue amounts during your agreed repayment schedule, then your agreement with us will extend and you will likely incur further fees.

What can you do if you are in default?

You can avoid or reduce the likelihood and the impact of this situation should it occur by:

• seeking to reschedule your repayments in advance using the customer portal or by contacting the CashnGo team;
• manually arranging upon default, for the missed repayment to be made; or
• if you are experiencing financial hardship, by contacting us or by making a hardship application in accordance with our hardship policy (available here).

If you do not do any of these things, then you may experience financial difficulty as a result of our debt recovery practices.