Deferred Payments are in accordance with Nova Energy’s General Terms and Conditions for Residential Energy Customers and/or General Terms and Conditions for Residential Internet and/or Phone Customers (“General Terms”). These are available at www.novaenergy.co.nz/residential-general-terms and are varied in accordance with the following special terms (“Special Terms”):
- The option to spread the purchase price of selected products supplied by Nova over an agreed term (“Deferred Payment”) may be made available, at Nova’s absolute discretion in each case, to eligible residential customers. In addition to the purchase price, Deferred Payments may include any applicable costs of installation and any other costs or charges associated with the selected product (“Total Price”), as agreed with you at the time of purchase. For the avoidance of doubt, no “interest charges” or “credit fees” (as defined in the Credit Contracts and Consumer Finance Act 2003) will be payable by you under any Deferred Payment arrangement.
- To be eligible for Deferred Payment, you must meet our pre-acceptance checks and criteria.
- Deferred Payments will be invoiced monthly on your Nova Energy account in equal instalments of an amount, and for a deferral period, as agreed with you at the time of purchase.
- You must pay each Deferred Payment instalment by the due date of the relevant invoice.
- There is no prompt payment discount available on any Deferred Payment instalment.
- You are not entitled to withhold payment or make any deduction from the Total Price or from any Deferred Payment instalment or from any other payment due to Nova (including relevant service charges).
- You may elect to repay the entire outstanding Total Price (in one lump-sum payment) at any time prior to the date on which the final Deferred Payment instalment is due, by giving Nova notice of such lump-sum payment.
- Once the relevant product is delivered, you are responsible for protecting the product (including against loss, damage or deterioration) during the Deferred Payment period. However, we retain ownership of and legal title to the product until you have repaid the Total Price.
- If, at any time, we reasonably deem your creditworthiness to be unsatisfactory, we may request additional security for payments which are or will become payable by you (“Additional Security”).
- By entering into a Deferred Payment arrangement with us in relation to any product or Additional Security, you agree:
a) to grant both a “purchase money security interest” and a general “security interest” – each as defined in the Personal Property Securities Act 1999 (“PPSA”) – to Nova Energy over the relevant product as security for payment of the Total Price, and for payment of all other amounts (including relevant service charges) owing by you to us from time to time;
b) that we are authorised to use the services of a credit reporting agency on an ongoing basis, in order to check, exchange or provide information (including default information) in relation to you for the purpose of assessing your application for Deferred Payment and your credit worthiness (on an on-going basis). Credit agencies may retain information about you that is provided by us and provide that information to other customers who use their credit reporting services;
c) to comply with our reasonable requests to ensure we have an effective security interest in each and every part of the product and assist us in exercising any of our rights under these Special Terms;
d) to keep the product and any Additional Security in good condition and protect it from loss or damage until the Total Price is paid for in full;
e) to waive the right to receive a copy of any verification statement confirming registration of a financing statement or financing change statement relating to any security interest under these Special Terms; and
f) that nothing in sections 114(1)(a), 133 and 134 of the PPSA shall apply to any contract between you and us, or the security under any contract, and you agree to waive your rights under sections 116, 120(2), 121, 125, 129 and 131 of the PPSA.
- If you are unable, because of illness, injury, loss of employment, or other reasonable cause, to meet your repayment obligations under these Special Terms, and you reasonably expect to be able to discharge your obligations if the terms of your agreement with us were changed (for example, by extending the deferral period and/or reducing the amount of each monthly Deferred Payment):
a) you may apply to us for such changes; and
b) we will review your request and may, at our absolute discretion, approve any reasonable changes. If you wish to make an unforeseen hardship application, please contact us on 0800 668 236.
- If you default in the performance of your repayment obligations under these Special Terms, we may, without prejudice to any other rights or remedies:
a) require any outstanding amount to be immediately due and payable and enforce the security interest created by clause 10 above; or
b) enter your premises where the relevant product and/or Additional Security (if applicable) is situated and take possession of it (we will take all reasonable steps to ensure that property is not damaged during this process, but we are not responsible for any damage caused). We may then resell it and apply the proceeds in satisfaction or reduction of amounts owing by you.
In the event we take possession of the relevant product or Additional Security (if applicable) in accordance with this clause, you will remain liable to us for any shortfall in the proceeds of the resale of the product and/or Additional Security.
- You agree to pay all reasonable costs incurred by us (including costs on a solicitor/client basis and debt collection costs) in the recovery or attempted recovery of outstanding moneys and the enforcement or attempted enforcement of these Special Terms.
- You may not assign your rights or obligations under these Special Terms without our prior written consent.