Baycorp - In the event that you fail to repay your loan as your contract sets out, and if you do not make suitable arrangements with us about this, we may load your debt with Baycorp, a debt collection company who will chase the debt for us. The cost of this is added to your account balance, so please contact us rather than letting your loan account head in this direction!
Centrix - We use Centrix, an emerging leader in providing comprehensive credit information in New Zealand to assist us in making good lending decisions for both our clients and ourselves. We also use Centrix to upload and download comprehensive credit reporting data.
Credit Contracts and Consumer Finance Act - The main legislation governing credit contracts (loans) between consumers and Real Finance Limited. This does not govern lending for investment or business purposes. The act can be found here (opens in a new window)
Collateral - In our lending agreements, collateral is your pledge of specific property to us to secure repayment of your loan. Collateral serves as protection against you defaulting - that is, it can be used to offset the loan balance if you fail to pay the balance owing under the terms and conditions of your contract. If you default on your loan, you may have the property pledged as collateral repossessed, with the lender then becoming the owner of that property to sell and recover part or all of the loan balance.
Current Balance - This is the exact balance on the date you received the figure. It is made up of the amount you borrowed, any fees, charges, interest or default fees/interest which have been added to your account, minus any repayments which you have made against the account up until that date.
It does NOT include any fees, charges, interest or default fees/interest yet to be accrued and added to your account, and it is NOT the amount needed to settle (or finish) the loan.
Draw Down - When you complete the Loan Contract Documentation, and funds are transferred from our bank account to yours (or the third-person or company who you have requested we disburse funds to), or paid out to you in cash or cheque.
Guarantor - A person who guarantees to pay for someone else's debt if he or she should default on their loan obligations with us. A guarantor acts as a co-signor of sorts, in that they pledge their own Collateral if a situation arises in which the original debtor cannot perform their obligations.
Personal Property Security Register - The Personal Property Security Register (PPSR) is the NZ Governments register where details of all New Zealand security interests in personal property can be registered and searched.
Equifax Limited (formally Veda Advantage) - Equifax is a leading provider of credit information and analysis in Australia and New Zealand, and we use Equifax to assist us in making good lending decisions in regards to both individuals and business clients alike.