Terms and Condition Instalment Payment Plan
IMPORTANT: Please read these Terms and Conditions carefully before you make any purchase of goods under the Instalment Plan. You will be deemed to have accepted these Terms and Conditions when you make a purchase, or convert any balance, under the Instalment Plan.
Definition
a. The following expressions shall have the following meanings in these Terms and Conditions, unless the context otherwise requires:
"Cardholder Agreement" means the Terms and Conditions governing the use of the Card issued by National Commercial Bank Jamaica Limited ('the Bank') and applicable to the Card Account under which the Cardholder makes an Instalment Purchase.
"Instalment" means each Instalment amount reflected on your statement on a monthly basis during the Instalment Period, as calculated in accordance with Clause 4.
"Instalment Period" in relation to an Instalment Purchase means, the period designated within which the entire Instalment Purchase Amount is to be paid.
"Plan" means the Instalment Plan made available by the Bank to you as a credit card cardholder of the Bank to enable Instalment Purchases to be paid for wholly or partly by Instalments subject to these Terms and Conditions.
"Instalment Purchase" means any purchase of Merchandise by you from a Merchant under the Plan.
"Instalment Purchase Amount” means the whole or part of the Instalment Purchase that is to be paid by Instalments under the Plan.
"Merchandise" means goods and/or services which are the subject of an Instalment Purchase.
b. Definitions of words and expressions in the Cardholder Agreement shall apply equally to these Instalment Plan Terms and Conditions, except where there is an express variation of a definition or a different meaning is assigned in these Instalment Plan Terms and Conditions for the purpose of the Plan.
2. Applicable Terms
a. In relation to your participation in the Plan:
i. The Cardholder Agreement shall apply in conjunction with these Instalment Plan Terms and Conditions.
ii. In the event of any inconsistency between the Cardholder Terms and Conditions and these Instalment Plan Terms and Conditions, these Instalment Plan Terms and Conditions shall prevail in so far as they apply to the Plan.
iii. The minimum and maximum Instalment Purchase Amount to qualify for the Plan shall be determined by the Bank and subject to change.
iv. The interest rate and/or fees applicable to the Plan is as determined by the Bank and subject to change.
v. The Instalment Purchase Amount shall be taken into account when computing your available credit limit. Your credit limit shall be reduced by the amount of Instalment Purchase Amount and shall be restored as each Instalment paid by you.
3. Instalment Purchase
a. The eligible purchase transaction must be posted to the Cardholder’s account when verification is being conducted that an Instalment arrangement for the Cardholder meets Plan requirements.
b. Subject to these Instalment Plan Terms and Conditions, you choose an instalment plan if:
i. Primary account holders contact the bank by phone or online and request an instalment Plan at any time during the period commencing three (3) business days after (but excluding) the transaction date of the purchase and ending on at least seven (7) business days preceding the Payment Due Date specified in the Statement on which particulars of the Transaction appears .
ii. the Bank accepts your request to participate in the Plan;
iii. any other condition(s) as may be stipulated by the Bank from time to time in relation to the Plan has been met; and
iv. there has been no breach of the Cardholder Agreement or these Instalment Plan Terms and Conditions herein.
c. The Bank reserves the right to reject your request to participate in the Plan without giving any reason thereof. The Bank is not and shall not be held liable or responsible in any manner for direct, indirect, special or consequential damages arising out of any such rejection.
d. A handling fee, at a rate to be determined by the Bank at its sole discretion from time to time, may be charged to your Card Account upon your request to participate in the Plan.
4. Instalment Principal & Interest
b. a. Eligible Cardholders will enjoy a flat interest rate on each Instalment. The instalment interest that will be charged will be the interest rate applicable from time to time on the repayment period applicable to the Plan tenure.
c. The Instalment interest will be charged on the Instalment Amount and will be computed based on an Amortized repayment method basis where the monthly instalment is fixed for the period. Example:
Instalment Purchase Amount: $500,000
Tenure : 12 months
Effective Interest Rate: 24% p.a
Interest Amount: $120,000
Total Instalment Plan Amount: $620,000
Monthly Instalment Principal: $41,666,67
Monthly Instalment Interest: $10,000
d. Once approved, the number of Instalments, the amount of each Instalment and the Instalment Period cannot be altered without the Bank's consent.
5. Payment
a. The Instalment Purchase Amount will be charged to your Card Account and the first instalment will be reflected in the minimum payment on the statement following the Bank's acceptance of your request to participate in the Plan and the subsequent instalments shall be reflected on your statement on a monthly basis thereafter.
a. Eligible Cardholders are responsible to service the monthly instalments which will be reflected in the eligible Cardholder’s NCB credit card account and will be reflected in the eligible Cardholder’s statement of account for the NCB credit card as part of the monthly minimum payment therein.
b. If the eligible Cardholder fails to honour his/her monthly minimum payment requirement for one statement cycle (Delinquent 30 days) then the instalment plan will be accelerated and revert to the normal credit card account interest rate and governed by the Cardholder Agreement.
c. For the avoidance of doubt the terms of the Cardholder Agreement continue to apply generally in relation to payments.
6. Termination and Acceleration of Payment
I. The Bank
i. The Bank may at any time at its sole discretion terminate the Plan in respect of a Card Account.
ii. The Bank may exercise its right under sub-clause(a) if:
i. The Card Account is cancelled or terminated (or notice of cancellation or termination of Card Account has been given) by you or the Bank for whatever reason;
ii. You default in the payment of any amount due under the Cardholder Agreement or any Instalment due under these Instalment Plan Terms and Conditions;
iii. You breach any of the provisions of the Cardholder Agreement or these Instalment Plan Terms and Conditions; or
iv. In the event of your death or a bankruptcy petition is presented against you, or you are unable to pay your debts as they fall due.
Notwithstanding anything contained in the Cardholder Agreement, and these Instalment Plan Terms and Conditions, or any other document, the Bank shall at all times have the right at its sole discretion to demand from you or your personal representative(s), immediate payment of all Instalments and any other amounts payable under these Instalment Plan Terms and Conditions, whether or not the same have already been reflected in the Monthly Statements or due and payable at the date of such demand.
The Cardholder
iii. You may at any time terminate or accelerate the Instalment Plan by contacting the bank by phone or online and requesting termination.
iv. Termination will be effective after 14 days. The termination shall be irrevocable.
v. Where the Plan is terminated the balance of the Instalment Purchase Amount shall be payable as a normal charge on the Card Account.
vi. An acceleration fee at a rate to be determined plus any outstanding interest accrued on the transaction by the Bank at its sole discretion from time to time may be charged to your Card Account where either termination or acceleration is requested.
7. Exclusion of Liability
The provisions of the Cardholder Agreement regarding the purchase of Merchandise by use of a Card shall apply equally to each Instalment Purchase. You shall resolve all disputes or differences on the quality or quantity of the Merchandise with the Merchant directly. In particular, the Bank shall not be held liable for any inadequate, defective or damaged Merchandise or other disputes between you and a Merchant relating to any Instalment Purchase.
You hereby expressly authorise the Bank to continue to reflect the Instalment Amounts on the Card Account in accordance with the request to participate in the Instalment Plan regardless of any such dispute.
8. REFUNDS
Where a Merchant refunds or reverses to the Card Account the full or part of an Instalment Purchase Amount , the instalment will continue to be reflected on your monthly statement for the duration of the Instalment Period and you will continue to be responsible to service the monthly instalment as part of the monthly minimum payment therein unless you contact the bank by phone or online and request that the Instalment Plan is terminated in which event the above termination provisions will apply.
9. GOVERNING LAW AND JURISDICTION
These Terms and Conditions shall be governed by and construed in accordance with the laws of Jamaica and directives of regulatory bodies/agencies.
Any dispute or difference arising in relation to or in connection with these Terms and Conditions shall be subject to the jurisdiction of the Courts of Jamaica.