Terms & conditions for Part payments
This is an English translation. The Swedish original version can be found on www.getpfc.com. Should there be any discrepancies between the Swedish version and the English translation, the Swedish version shall prevail.
These terms and conditions govern the overdraft facility used when one or more purchases are financed with the overdraft facility called Part Payments.
You/your: the User (debtor) who has applied for, or been granted, a credit limit and has entered into an agreement with us
We/us: PFC Technology AB, 556851-3112, Box 55983, 102 16 Stockholm (creditor)
General Terms and Conditions: the terms and conditions applicable for the Service (the P.F.C.-app)
Part Payments: the service in which you use an overdraft facility with a credit limit to convert transactions to part pay them during a number of months
Credit Agreement: these terms and conditions, the SECCI and the summary of the credit
Credit Limit: the maximal credit amount that you may use
Used Credit Limit: the used part of your Credit Limit
Terms and Conditions Part Payments: these terms and conditions
Repayment amount/Part payment amount: the fixed amount that you shall pay every month (amortization and monthly fee)
Unless otherwise stated, defined concepts and definitions shall have the same meaning as they have in the General Terms and Conditions.
PFC Technology AB, 556851-3112 is the creditor. Debtor is the natural person that has entered into an agreement with us covering the credit, Part Payments.
The summary of the credit, the form "Standardized European Consumer Credit Information" (SECCI) and these terms constitute the Credit Agreement. The General Terms and Conditions apply together with these terms and conditions and the General Terms and Conditions take precedence over these terms and conditions. Transactions, language and etc. is governed in the General Terms and Conditions.
Part Payments is an overdraft facility without any required security that gives you the right to use the credit limit granted to you. You apply for Part Payments by following the steps in the App. After your application, we make controls to see if you meet the basic requirement for Part Payments. If you meet the requirements and the credit is approved, you will receive information about the Credit Limit granted. The Credit Limit that you have been granted can be used for both Part Payments and Flex, provided that you accept the terms and conditions for Flex. On our web page or in the App, you’ll find more information about Flex. You use the Credit Limit for Part Payments when you choose to convert a purchase made from you P.F.C. account to part pay it. When you convert a purchase, we deposit funds to your account. Before you convert an individual transaction, you’ll see how much you need to repay each month, and the annual percentage rate for the specific conversion. The transactions you can convert to part pay are clearly displaced in the App. We do not guarantee what kind of transactions you can convert to part pay and the repayment period that we will offer you. When you convert a transaction top part pay it, you will see the repayment period available on that individual conversion. Invoice of the repayment amount is made monthly in the App.
We want to highlight that this credit agreement and other credit agreements can cause stress on your economy, which means that you should carefully consider and plan how you use the credit.
The basic requirement for accessing Part Payments is that you are at least 20 years old, have a Swedish personal identity number and have your registered address in Sweden. In addition, you need to have a P.F.C account and a P.F.C.-card and thus have accepted the General Terms and Conditions and the terms and conditions for the P.F.C.-card. We may from time to time set other basic requirements which are not mentioned in these terms and conditions in order for you to be able to apply or be granted Part Payments.
If you meet the basic requirements set out above, we will conduct a credit check to ensure that you have the financial ability to repay the credit. If an application for credit is denied, you have the right to receive information about why your application has been denied. As part of the credit assessment, we collect a credit report on you and thereby collect information about you from an external database.
In order for you to be able to use the credit, you need to have transactions on your P.F.C. account.
The credit agreement is valid until further notice. The term of each transaction that you convert to a part payment is displayed when you convert a transaction.
The level of the fees that we charge you with when you use Part Payment is dependent on the level of the transaction that you choose to convert. Applicable fees are:
If we want to change the monthly fee, the regulation about changing terms and conditions in section 22, applies.
There are no fees associated with the service or credit, provided that you pay the installments according to the payment plan. Instead, we charge you a fixed monthly fee, see above.
In the case of unpaid and overdue installments, default interest is charged on the capital amount, including fees that have been capitalized from the due date until payment is made. The default interest rate amounts to the reference rate (Sw. referensräntan) with a surcharge of 24 percentage points. We also have the right to charge a reminder fee in accordance with law, currently SEK 60, statutory collection costs and other costs so that we can reasonably exercise our right and get paid.
At the calculation of the annual percentage rate, P.F.C. has assumed that you have converted one purchase of SEK 10,000 and that the credit is repaid during 12 months. The calculation also assumes that interest and repayments are made on time so that no additional costs or interests are added. If the credit amount is SEK 10,000 used for one transaction the annual percentage rate is 18,71% and the total amount to pay back is SEK 10,960. Other ways of using the credit and the APR are exemplified below:
Example of annual percentage rates, based on the transaction converted to part payment and the number of months of which you choose to repay the transaction:
At the time of a conversion of a transaction to Part Payments, we will send you the first invoice in the App. We will thereafter monthly send you and invoice ("Monthly Invoice") in the App. We are always entitled but not obligated to send the invoice to your registered home address. Each converted transaction to installments generates its own Monthly Invoice, if you have several transactions converted to installments, you will receive multiple Monthly Invoices. The Monthly invoice shows the month's installment, including fees and the date on which the payment must be received by us. Payment of the Monthly Invoice is made through the options that we offer in the App when you pay. We may also offer other options in special cases. You need to be an User during the entire repayment period in order for you to receive the invoices.
If you have overdue and unpaid amortization, costs or interests for Part Payments or other credits you have with us, we have the right to block you for further use of the credit. That means that you will not be able to convert additional transactions to part payments, see section 17 below. We also have the possibility to terminate the credit in advance, read more about it in section 16 below.
If you wish to terminate the Credit Agreement, you have to notify us of that. When you terminate, you have one month's notice period. When the notice period has expired, the Used Credit Limit, any fees and interest, will be due immediately.
When you convert a transaction to part payments, you’ll get a payment plan with a fixed end date for that specific plan. We may terminate the credit for payment in advance if:
If we want to receive payment in advance according to point a)-c) above, a notice of termination period of four weeks is applicable, counting from the time of when we sent the notice of termination to you.
If we have sent you a notice of termination according to a)-c) above, you are however not required to pay in advance if you before the termination day have paid everything that is due, including default interest. The same applies if we have requested payment in advance according to point d) and you immediately after the termination or within the notice period provide security for the debt. If you have previously been released from the obligation to pay the credit in advance, the exemption in this section is not applicable.
We have the right to terminate the agreement and block the overdraft facility for further conversion of transaction if:
For the Used Credit Limit the notice period is two months. For the unused Credit Limit, we have the right to immediate termination.
You are responsible for the repayment payment of the credit and undertake to pay interest and costs in accordance with these terms and conditions. The total amount to be paid is the Used Credit Limit and your total costs for the credit.
You have the right to repay the credit at any time. Payment of the full amount of the Used Credit Limit does not mean that the Credit Agreement is terminated.
We have the right to transfer and pawn our rights and obligations under the Credit Agreement to another party. You may not transfer your rights and obligations under the Credit Agreement.
We are not responsible for the performance of our obligations under the Credit Agreement or damage resulting from our fulfilment of the obligations being prevented as a result of new mandatory legislation, new mandatory government regulations, war or threats of war, rebellion, terror, sabotage, natural disasters or equivalent or by union actions not caused by us or other events beyond our control. Damage caused in other cases will only be compensated to the extent that the damage has been caused due to the negligent or gross negligence of us or others for whom we are responsible.
Should any provision of the Credit Agreement or part thereof be found invalid, it shall not mean that the Credit Agreement as a whole is to be considered invalid. To the extent that an invalid contract term is of material importance to any of us, the agreement shall be reasonably adjusted. Should any part of the Credit Agreement be contrary to the provisions of the legislature on the payment terms that creditors are to apply when buying/withdrawing on credit for goods, services or other goods, those provisions shall instead apply.
We have the right to change these terms without your consent. Such a change will take effect two months after we have notified you of the change. If you do not approve the change, you may immediately terminate the agreement before the date on which the change takes effect, which also means that the Used Credit Limit and any fees and interest shall be paid to us. In the event of such termination, you are not obliged to pay any additional fees in connection with the termination. If you do not terminate the Credit Agreement before the new terms are applicable, you are deemed to have accepted the changes and the new terms and conditions. If you accept our changed terms and conditions, the new terms will take effect immediately from the time you accept the new terms.
You have the right to obtain, on your request and free of charge during the period of credit, a summary of when capital, interest and fees are to be paid. For Part Payments you will always see the payment plan when you convert a transaction to Part Payments.
Complaints are made either via chat or via an email to hello@getpfc. com with "Complaints" in the subject line. If you are not satisfied with how your complaint is handled by us you can contact the Swedish National Board for Consumer Complaints (Sw. Allmänna reklamationsnämnden "ARN"), Box 174, 101 23 Stockholm, http://www.arn.se. The notification to ARN must be made in writing. In order for ARN to examine the case, there are, among other things, certain value and time limits. You can also get guidance on financial issues from the Swedish Consumers’ Banking and Finance Bureau tel. +46 (0)200 - 22 58 00, and through the municipal consumer guidance.
As a financial company, we are under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen). They can be contacted at the visiting address Brunnsgatan 3 in Stockholm and postal address Box 7821, SE-103 97 Stockholm. The phone number is 08-787 80 00 and the email address is: firstname.lastname@example.org. Our business with credits to consumers is under the supervision of the Swedish Consumer Agency with address Konsumentverket/KO, Box 48, SE-651 02 Karlstad. The phone number is +46 (0)771-42 33 00.
Swedish is used for the contractual relationship and communication between the parties. Written messages and invoices from us to you are sent primarily by notice to you in the App and shall be deemed to have been received by you no later than the following day. It is therefore important that you ensure that you have enabled the notification features via the App for notifications to your e-mail address, mobile phone, and user account in the App. Messages that are not considered urgent may be sent to you by email or text message to the e-mail address or phone number registered by you in the contact information in the App. We are not liable for notifications that have not been obtained by you because you have entered incorrect or outdated contact information. You are responsible for keeping the contact information updated. We may from time to time also correspond with you to your officially registered mail address.
If we suspect unauthorized use of the Service or security risks have been identified, we will contact you in other ways than the ones mentioned above, provided that we find it suitable in the specific case. You may then be notified by phone or encrypted message in the App. We may in such instances ask you if a specific transaction has been executed by you or when it has been made. We will never ask you to provide security information such as codes or card numbers.
28. Information to credit- and abuse register or to authorities
Information on credit, defaults or credit abuse may be provided to credit report companies in accordance with the Act of Credit Information (Sw. Kreditupplysningslagen) (1973:1173). Furthermore, in accordance with applicable law, data may be reported to relevant authorities such as money laundering data. We also reserve the right to disclose information to the authorities of other countries in accordance with the applicable laws of the individual country.
You have a right to withdraw from a credit agreement. The period of withdrawal is 14 days from the day of the conclusion of the credit agreement, however not until you have received the agreement and the terms and conditions. The right of withdrawals can be used by you sending us a message about that, preferably by contact with our customer support.
If you do not use the right of withdrawal within the period stated above, you lose the right to withdraw from the credit agreement. If you use your right to withdrawal, you shall within 30 days of the message about withdrawal to us, pay the amount you have received from us and interest and fees for the period of which you have had the credit. For avoidance of doubt, the right to withdrawal refers to the credit agreement and not the service or product that you have used the credit for. If the credit is not fully repaid within 30 days, you will be obligated to pay default interest and possible extra costs/fees. We shall immediately or at least within 30 days from the day that we received your message about using your right to withdrawal, repay any fees that you have paid us in connection to the credit, except public expenses that we may have had.
The Credit Agreement shall be governed by the substantive law of Sweden. Any dispute arising in connection to the Credit Agreement shall be settled in Swedish general court