Privacy Policy

GENERAL TERMS OF IUTE CREDIT MACEDONIA DOOEL SKOPJE

Effective from 08.10.2024

1. INTRODUCTION

1.1. Iute Credit Macedonia DOOEL Skopje, with registered office at ul.1732 no.4, Lamela A/DP no.1, 1000 Skopje, Republic of North Macedonia, with company registration number 7221290 and VAT number 4080017567436, email: , tel: +3892 3149 999 (hereinafter referred to as the “Credit Provider”) is a financial company licensed by the Ministry of Finance of the Republic of North Macedonia.
1.2. These General Terms and Conditions, the Tariff, and the principles of personal data processing as described in the Privacy Policy, form an integral part of and apply to each and every agreement concluded between the Credit Provider and the Client, and are available to all interested parties at the business premises of the Credit Provider and on the Credit Provider’s website.
1.3. The Credit Provider has the right to unilaterally amend these General Terms and Conditions, the Tariff, and the Privacy Policy, and will inform clients at least 10 (ten) calendar days before the changes take effect.
1.3.1. If the Client does not agree with the amendment(s), they have the right to terminate the Agreement by submitting written notice to the Credit Provider or via another agreed communication method, within the period stated in clause 1.3, and by fulfilling all obligations arising from the Agreement(s).
1.4. If the Client does not exercise the right under clause 1.3.1 to terminate the Agreement(s), it shall be deemed that they accept the changes and will have no claims against the Credit Provider regarding the amendments to the General Terms and Conditions, Privacy Policy, or Tariff.
1.5. The notification period under clause 1.3 shall not apply in cases where the amendment(s) are in favor of the Client (e.g., reduction of fees or costs) or when new products or services are introduced.
1.6. The applicable laws of the Republic of North Macedonia shall apply to these General Terms and Conditions and to all agreements concluded based on these General Terms and Conditions.
1.7. The Client may at any time request a copy of the applicable General Terms and Conditions at the business premises of the Credit Provider or find them on the Credit Provider’s website.

2. DEFINITIONS

For the purposes of these General Terms and Conditions, the following terms, when used throughout these General Terms and Conditions with capital letters, shall have the following meanings:

2.1. Agreement – a binding agreement between the Parties under which the Credit Provider has agreed to consider the possibility of granting consumer credit(s) to the Client. It consists of: the Credit Provider’s General Terms and Conditions, the Framework Agreement for Consumer Credit, the Individual Credit Agreement, the Tariff, the Privacy Policy, and all other agreements or amendments concluded between the Parties (including all amendments and annexes).
2.2. Consumer Credit – Credit granted to the Client.
2.3. Personal Credit Limit (PCL) – the maximum amount for which the Client may apply with the Credit Provider.
2.4. User Account – an account opened for the Client based on the Framework Agreement.
2.5. Additional Fees – All other fees not included in the Credit Agreement or secured credit agreement and which the Credit Provider charges additionally. Additional services are listed in the Tariff available on the Credit Provider’s website.
2.6. Applicable Laws – Law on Obligations; Law on Consumer Protection in Consumer Credit Agreements; Law on Contractual Pledge; Law on Electronic Data and Electronic Signature; Law on Providing Financial Services at a Distance, and other applicable laws and bylaws regulating this matter.
2.7. Application – Application for Credit submitted by the Client in written, electronic, or verbal form to the Credit Provider.
2.8. APR – Annual Percentage Rate of total costs in accordance with the Law on Consumer Protection in Consumer Credit Agreements, calculated according to the Decision on the methodology for calculating the annual percentage rate of total costs adopted by the National Bank of the Republic of North Macedonia (“NBRNM”). For clarification, all Additional Fees are not included in the APR calculation.
2.9. Creditworthiness Assessment – The process of assessing the creditworthiness of the Credit User and verifying the ability to repay the Credit.
2.10. ATM – cash withdrawal machine, exclusively owned by the Credit Provider.
2.11. Business Premises – Any business location used by the Credit Provider where the Credit User may perform one or more of the following activities: obtain information and/or consultation on the conditions for applying, obtaining, and using credit; apply for credit; conclude a Credit Agreement; perform other activities under these General Terms and Conditions explicitly stated to be performed at the respective business premises. The location, working hours, and the respective organization managing the Business Premises are listed on the Credit Provider’s website.
2.12. Credit Bureau – Macedonian Credit Bureau AD Skopje, operating under the Law on Credit Bureau.
2.13. Credit Intermediary – a person authorized by the Credit Provider to conclude credit agreements on its behalf and for its account.
2.14. Electronic Signature – signature of the Parties using mobile devices, equivalent to a handwritten signature.
2.15. Fees – All fees charged by the Credit Provider in connection with the Credit under the Consumer Credit or secured credit agreement.
2.16. General Terms and Conditions – these General Terms and Conditions.
2.17. Interest – Amount payable to the Credit Provider as compensation for the use of funds provided by the Credit Provider.
2.18. Personal Data Protection Law – Law on Personal Data Protection (Official Gazette no. 42/2020), including all amendments and supplements.
2.19. Credit – The amount of credit as defined in the Credit Agreement.
2.20. Credit Agreement – Consumer Credit Agreement with all annexes thereto, as well as Secured Credit Agreement with all annexes thereto.
2.21. Client – a natural person who submits a Credit Application to the Credit Provider or has concluded a Credit Agreement with the Credit Provider.
2.22. MKD – Macedonian Denar. Credits granted under these General Terms and Conditions and credit agreements are granted and disbursed by the Credit Provider in Macedonian Denars and are repaid by the Credit User in MKD.
2.23. MyIute – online application providing clients with a tool for applying for credits, viewing credit status through a combined overview, and assisting clients in regular repayment of credits.
2.24. Parties – as stated in the Credit Agreement.
2.25. Pledge Agreement – Agreement with the status of an enforceable document for pledge, in case of concluding a Credit Agreement with pledge or a designated credit agreement with pledge, with all annexes thereto.
2.26. Repayment Date – The date on which the Credit User is obliged to repay the Credit along with all Fees.
2.27. Suspension Fee – Amount payable by the Credit User if they wish to temporarily postpone the repayment date of the monthly installment. The amount of the suspension fee is determined by the Credit Provider’s Tariff. This right may be exercised once for each monthly installment.
2.28. Tariff – Price list for services at the Credit Provider, published in the Business Premises and on the Credit Provider’s website.
2.29. Term – All terms for the purposes of these General Terms and Conditions, credit approval requests, and concluded agreements, calculated using a calendar year of 365 days.
2.30. Website – the Credit Provider’s website, www.iutecredit.mk

3. GENERAL TERMS FOR CONTRACT CONCLUSION

3.1. The credit provider has the right to decide with whom to conclude a contract, i.e., to establish a business relationship.
3.2. The credit provider may approve the conclusion of a contract if the following conditions are met:
3.2.1. The client is a natural person and a citizen of the Republic of North Macedonia, at least 18 years old, and has legal capacity to enter into a contract;
3.2.2. The client’s identity is properly verified;
3.2.3. The client has regular income and can afford the credit, and may be required to submit proof of income;
3.2.4. The client has requested a consumer loan from the credit provider and it has been approved;
3.2.5. The client has accepted and signed the Framework Agreement;
3.2.6. The client accepts and signs the Individual Credit Agreement and its annexes and/or any other agreement that may be required (e.g., Pledge Agreement, etc.);
3.2.6.1. In the case of a Pledge Agreement, at the moment the pledge is registered in the Pledge Register at the Central Registry of the Republic of North Macedonia (applicable for secured credit agreements and designated secured credit agreements).
3.3. Credit approval depends on the Credit Risk Assessment (hereinafter: the Assessment). The credit provider may also refuse to approve credit based on information contained in its own database. In case of refusal due to a negative Assessment based on data from external databases, the credit provider will inform the client of the reason for the refusal.
3.4. The credit provider will not conclude contracts with persons who are not citizens of North Macedonia or with clients who do not submit the data/documents requested by the credit provider for the purposes of identification and verification of identity and/or for assessing their creditworthiness, in accordance with the credit provider’s requirements, or if the client fails to provide sufficient data or documents regarding the origin of assets, or in case of suspicion of money laundering or terrorist financing.
3.5. The credit provider will not conclude contracts with clients who have caused direct or indirect damage to the credit provider or pose a threat or have harmed the reputation of the credit provider, or if the client has obligations to other creditors or credit institutions.

4. SUBMISSION OF A CREDIT APPLICATION

4.1. The client personally applies for credit by submitting an application to the credit provider. The application can be submitted via the credit provider’s website, by phone, mobile application (MyIute), at the credit provider’s business premises, through a credit intermediary, or through any other channel enabled by the credit provider.
4.1.1. To submit a credit request via certain electronic channels, the client may be asked to grant the credit provider access to their phone’s camera and microphone. For this purpose, the client may need to be connected to the internet and have appropriate hardware and software, and their device may need to support fingerprint and/or facial recognition.
4.2. In the application, the client provides their personal data, email address, phone number, etc., as well as the requested loan amount and repayment term.
4.3. The credit provider is not responsible for any errors in the data submitted by the client, and all consequences arising from such errors will be borne by the client.
4.4. By submitting the application, the client must give consent to the credit provider to obtain a report or reports from the Macedonian Credit Bureau AD Skopje (MKB). The client agrees that the given consent for obtaining a report from MKB applies to each and all requests submitted by the client to the credit provider within the validity of the Framework Agreement, as amended from time to time, and in accordance with the procedure for using data from MKB.
4.5. Before the credit is approved, the client must declare whether they are a politically exposed person (hereinafter: PEP).
4.6. Before signing the agreement, the credit provider will deliver to the client the pre-contractual documentation for the requested credit and the credit terms.

5. CLIENT IDENTIFICATION AND KNOW YOUR CUSTOMER PRINCIPLES

5.1. The Client, or in exceptional cases their representative, shall submit the data and documents requested by the Credit Provider for the purpose of Client identification.
5.1.1. The Client shall be identified based on an identification document in accordance with the law and acceptable to the Credit Provider (e.g., ID card or passport).
5.2. The Client or their representative may be identified through communication channels acceptable to the Credit Provider or via electronic identification means.
5.3. The Credit Provider shall consider the documents submitted by the Client to be authentic, valid, and accurate.
5.4. The Credit Provider shall make copies of the documents submitted by the Client and store them, physically or electronically, in accordance with the law and the Privacy Policy.
5.5. The Credit Provider applies domestic and international measures for the prevention of money laundering and terrorism financing. Therefore, the Credit Provider has the right to request information about the Client’s financial activities and the origin of the Client’s assets. Based on this, the Credit Provider has the right to:
5.5.1. regularly update the Client’s or their representative’s data during the business relationship and request and obtain additional documents and data from the Client (including citizenship, paid taxes, residence);
5.5.2. regularly or at its own discretion request information and evidence regarding the Client’s activities, including the purpose of transactions with the Credit Provider and the origin of the Client’s funds in such transactions;
5.5.3. monitor and evaluate the services used by the Client from the Credit Provider.
5.6. When applying measures for the prevention of money laundering and terrorism financing, the Credit Provider shall apply a risk-based approach and implement appropriate measures based on the nature of the transactions and the risk assessment that the Client or a related party may be involved in money laundering or terrorism financing.

6. CREDITWORTHINESS ASSESSMENT

6.1. The Credit Provider shall assess the Client’s creditworthiness based on available information, including data provided by the Client and, at its discretion, based on data from external databases relevant to the creditworthiness assessment and to which the Credit Provider has authorized access. If the Credit Provider rejects the Credit application based on data from external databases, the Client shall be informed of the reason for rejection.
6.2. The Client is obliged to submit to the Credit Provider samples of documents required for the Assessment, as requested by the Credit Provider, such as:
6.2.1. employment confirmation; and/or
6.2.2. bank account statement; and/or
6.2.3. pension document, in case of a retired Client, etc.
6.3. In case of a Secured Credit Application, the Client is obliged to submit a valid document for the pledged item, for the purpose of securing the Credit.
6.4. As part of the Assessment, the Credit Provider may, at its discretion, conduct an interview with the Client through its employees, during which additional information or documents may be requested. All such interviews shall be recorded and stored in accordance with the Privacy Policy and shall be part of the Client’s file.
6.5. For the purpose of Credit approval, in accordance with these General Terms, the Client declares that on the day of submitting the application:
6.5.1. They have no obligations as a guarantor, nor any outstanding obligations to the state, financial institutions, current or former employer, or any individual or legal entity, or obligations that must be settled before the maturity of the Credit being applied for, except those disclosed to the Credit Provider upon signing the Credit Agreement;
6.5.2. No payment order or lawsuit has been filed against them, and they are not aware of any objectively justified reasons that could lead to such actions;
6.5.3. They are not in a state of insolvency, nor involved in agreements whose execution would conflict with the obligations under the Agreement;
6.5.4. All information provided in the Application is complete and accurate.
6.6. If the Client provides inaccurate data in the Application, depending on when this fact is discovered, the Credit Provider has the right to reject the conclusion of the Agreement and/or the granting of the Credit, or to terminate the Agreement (if concluded) and any other contractual relationship with the Client without prior notice and demand early repayment of the Credit, including all fees, costs, and accrued interest or those to be accrued until the termination date. The Credit shall be declared immediately due through a unilateral statement by the Credit Provider, which may be sent via SMS to the phone number provided by the Client in the Application, in person, or via email.
6.7. If the Credit Provider approves the Application, the Client shall be notified via email and/or phone (SMS or call), in person at the Business Premises or the premises of the Credit Intermediary, or via MyIute.
6.7.1. The Credit Provider has the right to offer the Client terms different from those requested, including a shorter repayment period or a lower credit amount. If the Client accepts the offer by signing the Agreement, the Credit Provider shall not require a new Application.
6.8. The approval period for the Application is 72 (seventy-two) hours from its submission. If the Application is not approved within this period, it shall be considered rejected.
6.9. The Credit Provider has the right to reject the Application without explanation, by sending written notice to the Credit User, including via email, SMS to the provided phone number, via MyIute, or by silent rejection. Silent rejection shall be considered when the Credit Provider does not send an approval notice within the review period.
6.10. The Client shall owe the Credit Provider a one-time processing fee (hereinafter: Fee). The Fee is due on the day of signing the Individual Credit Agreement and shall be repaid by the Client within the monthly installments in accordance with the Amortization Plan, which is an integral part of the Individual Credit Agreement. The Fee amount is stated in the Individual Credit Agreement. To avoid any misunderstanding, the Fee is due in full even in case of early repayment or termination of the Agreement for any reason.

7. CONCLUSION OF THE AGREEMENT

7.1. The Agreement is concluded in the manner provided in these General Terms and in accordance with the provisions of the Applicable Laws.
7.2. Each Client is required to conclude a Framework Agreement with the Credit Provider.
7.3. The Agreement is considered concluded and enters into force from the moment the Client signs the Agreement, either manually or electronically.
7.4. The Agreement and any Request may be signed manually at the business premises or at the premises of the Credit Intermediary. Electronic signing may take place in MyIute or another online environment. The Parties agree and declare that all statements related to the Application, conclusion, execution, and termination of the Agreement signed with a simple or advanced electronic signature shall be considered equivalent to a handwritten signature.
7.5. For electronic signing in the MyIute environment, the Client’s electronic certificate is stored on the Client’s device (phone) to be used. By giving the command “Sign,” the device will request, if enabled, biometric data (fingerprint or face); otherwise, and in the case of an iPhone, it will request the device PIN. The biometric data or PIN will be used to verify the secure folder on the device (on iPhone – Secure Enclave), and using the certificate stored there, a signature for the PDF document is created and sent to the Credit Provider’s server where it will be added to the PDF document. No biometric data of the Credit User is sent to or reaches the Credit Provider’s servers, nor can biometric data be reverse engineered from the created signature. If biometric data is not configured on the device and no PIN is set on the iPhone device, the Credit Agreement will be signed electronically using a one-time code (OTP code) sent to the phone number provided by the Credit User, which must be entered on the designated page within three minutes. If the entered OTP code matches the one sent by the Credit Provider, the Credit Agreement shall be considered signed.
7.6. For electronic signing outside of MyIute, the Credit Provider sends a link to the email address provided by the Client, and upon opening the link, a one-time code (OTP code) will be sent to the phone number provided by the Client, which the Client must enter on the designated page within three minutes. If the entered OTP code matches the one sent by the Credit Provider, the Credit Agreement shall be considered signed.
7.7. A secured Credit Agreement is considered signed and concluded from the moment the Client personally signs the Agreement and its annexes and is informed of all rights and obligations arising from it. The secured Credit Agreement enters into force once the Client signs the Pledge Agreement with the Credit Provider and the pledge is registered in the Central Registry of the Republic of North Macedonia.
7.8. Any amount approved and disbursed by the Credit Provider to the Client constitutes Credit granted by the Credit Provider under the terms of the Agreement.

8. DISBURSEMENT OF THE CREDIT

8.1. The Credit Provider disburses the Credit in full or in part to the Client in accordance with the Framework Agreement or the Individual Credit Agreement and/or based on instructions provided by the Client.
8.2. Credits may be disbursed either to the Client’s payment account, via ATM, or in the case of purchasing products and services through a Credit Intermediary, to the account of the Credit Intermediary. Each method of disbursement may be subject to additional fees according to the Tariff. The Client agrees that any such additional fee will be deducted from the Credit amount.
8.2.1. The Client is responsible for the accuracy of the payment account to which the Credit is requested to be disbursed.
8.2.2. When withdrawing funds via ATM, the Client must enter the credit number at the ATM, after which the Client is informed of the cash withdrawal fee, which will be deducted from the credit amount in accordance with the signed Agreement. If the Client agrees with the displayed fee, they confirm by giving the command “YES,” after which a one-time code (OTP code) will be sent to the phone number provided to the Credit Provider. The Client must enter the received OTP code at the ATM, after which they may select the amount of cash they wish to withdraw.
8.2.3. In the case of an Agreement concluded through a Credit Intermediary for the purpose of purchasing products or services, the Parties agree that the Credit Provider will transfer the credit amount directly to the account of the Credit Intermediary, and the Client is obliged to repay the Credit to the Credit Provider in accordance with the Agreement. The Credit Provider bears no responsibility if the Credit Intermediary is undergoing liquidation, bankruptcy, or any other circumstance that may hinder the transfer of the credit amount.
8.3. If the Client has provided false information to the Credit Provider or the basis for the decision to approve the Credit has changed (including deterioration of the Client’s financial condition, existence of encumbrances on the pledged item unknown to the Credit Provider), the Credit Provider shall have the right to refuse to disburse the Credit under the Agreement.

9. INTEREST, FEES, AND APR

9.1. The Credit Provider is entitled to interest and other fees and charges in accordance with the Agreement.
9.2. The Client shall pay the interest and other agreed fees and charges according to the terms set out in the Agreement and in accordance with the Amortization Plan. The Credit Provider begins calculating interest from the date of signing the Individual Credit Agreement.
9.3. Interest is calculated monthly using the simple interest calculation method, applied to the outstanding amount of the Credit.
9.4. The Fee is paid by the Client to the Credit Provider for the analysis of the credit request, provision of funds, conclusion of the Agreement, or amendments to the Agreement in accordance with clause 6.10 of these General Terms.
9.5. The Credit Provider is entitled to the Fee even in cases where the Client does not use the Credit or the Credit Provider does not disburse the Credit if it determines that the Client has provided inaccurate information in the credit request or in other documents submitted to the Credit Provider (including notices and confirmations).
9.6. The total cost of the Credit shall include all costs, including interest, fees, and any other charges related to the Individual Consumer Credit Agreement that the Client is required to pay and that are known to the Credit Provider. The total cost rate of the Credit is expressed as a percentage in the form of an annual rate (APR). The Credit Provider shall calculate the APR in accordance with the methodology for calculating the annual percentage rate of total costs prescribed by the Council of the National Bank of the Republic of North Macedonia (NBRNM). The APR calculation shall be carried out in the manner and under the conditions provided in the Agreement, and shall be valid upon the entry into force of the Individual Credit Agreement and any amendments and supplements (including the applicable interest rate at that time). Upon calculation of the total cost rate, it shall be considered that the Credit has been fully taken by the Client, the Agreement is in force until the repayment date as agreed in the Individual Credit Agreement, and the Parties shall fulfill the obligations arising from the Agreement.

10. AMORTIZATION PLAN

10.1. During the validity of the Agreement, the Credit Provider shall provide the Amortization Plan to the Client free of charge.
10.2. The Amortization Plan contains information about the installments and their due dates, the conditions related to the payment of those amounts, an overview of each payment with details on the principal, interest calculated based on the interest rate, and, if applicable, additional costs.
10.3. The Client has access to the Amortization Plan in their Account, but upon request, the Credit Provider shall deliver the Amortization Plan by mail or electronically to the Client’s email address.

11. REPAYMENT OF THE CREDIT AND EARLY REPAYMENT

11.1. The Client undertakes to repay the Credit in accordance with the provisions set forth herein and in the amounts specified in the Amortization Plan.
11.2. The Client shall repay the Credit to the account of the Credit Provider as indicated either in the Individual Credit Agreement, on the Credit Provider’s website, or in MyIute. If enabled by the Credit Provider, the Client may also repay the Credit via an ATM with a cash deposit function.
11.3. The Client shall bear, at their own expense, all related costs that may arise from fulfilling the Agreement (e.g., bank fees).
11.4. When repaying the Credit, the Client shall refer to their Client Number or Credit Number. If the Credit Number is used, it shall be considered an explicit instruction to repay the obligations under that specific credit. If the Client Number is used, and the Client has multiple due obligations, the Credit Provider shall allocate the payment at its own discretion.
11.5. If the Client has more than one active Credit with the Credit Provider and has not provided specific instructions for the allocation of funds, the received funds shall be used to settle claims in the following order:

1. judicial and extrajudicial costs, costs for written notices, messages;
2. fees;
3. overdue penalty interest;
4. overdue unpaid contractual interest;
5. principal.
   11.6. All payments via credit transfer shall be considered executed from the moment they are credited to the Credit Provider’s transaction account. If the Credit Provider determines that a payment cannot be identified, it shall not be considered valid until identified, and the Client shall bear all consequences of late payment.
   11.7. If the Client pays an amount insufficient to cover all due obligations, the costs for non-fulfillment and late fulfillment shall be settled in the order specified in clause 11.5.
   11.8. The Client has the right to repay the Credit early, in full or in part, by submitting a written request for early repayment to the Credit Provider at least three days in advance. In the case of partial early repayment, the Client may choose the payment date, which must not be later than the due date of the next scheduled installment.
   11.9. In the case of early repayment, the Client is obliged to pay the outstanding principal, remaining Fee, accrued interest, and other charges up to the date of early repayment.
   11.10. In the case of early repayment, the Credit Provider is entitled to a fair compensation for costs in the amount of 1% of the early repaid Credit if the period between early repayment and the maturity date of the Individual Credit Agreement exceeds one year, or 0.5% if the early repayment occurs within one year of the maturity date. If the Credit Provider suffers damage from early repayment exceeding the agreed compensation, it may claim damages in accordance with the law. The Client shall not owe such compensation if the Credit is canceled based on the right of withdrawal.
   11.11. The Client shall pay the compensation for early repayment to the Credit Provider on the day of full or partial early repayment.
   11.12. If the Client does not repay the Credit, in full or in part, in accordance with the conditions set by the Credit Provider, it shall be considered that the Client has withdrawn the request for early repayment.
   11.13. If the Client does not sign the documentation related to partial early repayment before the date of such repayment, it shall be considered that the Client has withdrawn the request, and the request shall be canceled.
   11.14. If the Client makes a payment exceeding the due amount without notifying the Credit Provider in writing of the intention for early repayment, it shall not be considered early repayment. The amount shall be treated as a prepayment and used to settle the Client’s obligations. The Credit Provider reserves the right to use the amount to settle any claim against the Client arising from the Agreement(s) or approved requests, if such claims are due.
   11.15. If, after full repayment of obligations, the Client still has available funds, the Credit Provider shall refund the amount to the Client’s known payment account or by another method requested by the Client.
   11.16. Early repayment may also be made through the approval of a new Credit by the Credit Provider to the Client (“Refinancing Credit”). The Refinancing Credit may only be approved for full (not partial) repayment of the Client’s current Credit, provided the Client has no due obligations to the Credit Provider. The Credit Provider is not obliged to approve a Refinancing Credit.

12. RIGHT OF WITHDRAWAL

12.1. The Client has the right, without obligation to pay fees or penalties and without stating a reason, to withdraw from the Agreement within 14 days from the date of conclusion of the Agreement or from the date the Client received the Individual Credit Agreement.
12.2. The right of withdrawal from the Agreement shall be deemed exercised if the Client sends written notice to the Credit Provider before the expiration of the 14-day period. If the Client makes a payment toward the Credit within the 14-day period without notifying the Credit Provider of the intention to withdraw, such payment shall be considered a prepayment in accordance with clause 11.14 of these General Terms.
12.3. If the Client exercises the right to withdraw from the Individual Credit Agreement, they must repay the principal and interest to the Credit Provider according to the agreed interest rate for the period from the use of the Credit until the date of repayment of the principal, immediately but no later than 30 days from the date of notification of withdrawal from the Credit. Interest shall be calculated based on the agreed interest rate from the Individual Credit Agreement.
12.4. If the Client sends timely notice to the Credit Provider to exercise the right of withdrawal but fails to make payment to the Credit Provider within the 30-day period, the Agreement shall continue to be valid under the terms on which it was concluded, including the Amortization Plan, which is an integral part of the Individual Credit Agreement, with all consequences of late payment for the Client.

13. SUSPENSION OF MONTHLY INSTALLMENT

13.1. The Client has the right to request a postponement of the monthly installment of the Credit, for which they are obliged to pay a Suspension Fee. The Suspension Fee is non-refundable, and by paying the amount stated in the Tariff, the Client:
• agrees to postpone the due date of the monthly installment;
• stops the calculation of penalties;
• halts collection activities that would increase the total debt of the Credit User; and
• avoids being registered as a debtor in the Credit Bureau or other database.
13.2. The Client confirms and agrees that in the case of partial payment of the due amounts, including the Suspension Fee, by the agreed deadline, the Credit Provider is authorized to calculate penalty interest starting from the due date of the monthly installment. To avoid any misunderstanding, the Suspension Fee is non-refundable and cannot be converted into payment of the monthly installment, interest, fees, or other charges owed by the Client.

14. CONSEQUENCES OF LATE PAYMENT

14.1. If the Client does not fulfill the obligations under the Agreement in full and on time, the Credit Provider shall have the following rights:
14.1.1. to calculate penalty interest on the unpaid amount from the due date of the claim until the date of payment. Penalty interest is calculated in accordance with the Law on Obligations and for each half-year period at the rate of the reference interest rate as published by the NBRNM on January 2 and July 1, increased by eight percentage points. When the amount of accrued but unpaid penalty interest reaches the amount of the principal, interest shall cease to accrue.
14.1.2. to undertake all necessary actions in accordance with the Applicable Laws, including early termination of the Agreement and any other agreements concluded between the Parties, and to carry out all necessary actions for the collection of its claims before all competent authorities and institutions, including but not limited to courts, notaries, enforcement agents, and others.
14.1.3. to submit information regarding the Client’s obligations to the Credit Bureau, which may affect the creditworthiness of the Credit User. Data about the Credit User is submitted to the Credit Bureau based on a written agreement concluded between the Credit Provider and the Credit Bureau and in accordance with the Law on Credit Bureau.

15. TERMINATION OF THE AGREEMENT

15.1. The Credit Provider has the right to terminate this and all Agreements and request early repayment of the Client’s Credit(s), accrued interest, fees, penalty interest, penalties, and other claims arising from the Agreements within 3 (three) business days from the date of receipt of the termination notice from the Credit Provider, if:
15.1.1. it is discovered that the Client submitted false documents or statements in the credit application or other documents provided to the Credit Provider (including notices, confirmations, etc.);
15.1.2. the Client fails to fulfill payment obligations under the Agreement(s) on time;
15.1.3. the Client delays or fails to fulfill any other obligation(s) under the Agreement(s) on time;
15.1.4. in the case of a secured credit, the market value of the pledged item decreases to a level insufficient to cover the Credit Provider’s claims under the Agreement, or a legal obstacle arises affecting the validity of the pledge, and the Credit Provider and the Client do not agree to establish additional collateral;
15.1.5. circumstances arise that jeopardize the regular fulfillment of the Agreement by the Client.
15.2. In the event of termination, the Credit together with all fees and accrued interest up to the date of termination shall become due for payment. The final amount the Client must pay due to termination of the Agreement will be specified by the Credit Provider in the termination notice.

16. COMPLAINT PROCEDURE

16.1. The Client may submit a complaint by sending a letter to the address of the Credit Provider stated above.
16.2. Complaints will be answered as soon as possible, and the Credit Provider will strive to respond within 30 business days.

17. TRANSFER OF PERSONAL DATA

17.1. The Client agrees that their personal data may be transferred to a debt collection agency and processed for the purposes of the Assessment.
17.2. The Credit Provider shall process the personal data of the Credit User and may transfer personal data to other countries – EU or EEA member states or other countries that are not EU or EEA members, subject to prior approval for the transfer of personal data from the Personal Data Protection Agency, for the purpose of fulfilling a legal or contractual obligation.

18. FORCE MAJEURE

18.1. The Credit Provider shall not be liable to the Credit User for any delay or failure to perform obligations due to force majeure (as defined below).
18.2. “Force Majeure” shall mean any event that cannot be prevented or foreseen, occurring after the signing of the Credit Agreement between the Credit Provider and the Credit User, and which results in the inability to fulfill obligations undertaken by the Credit Provider under the Credit Agreement and/or these General Terms, including but not limited to: legal, administrative or governmental restrictions, natural disasters, pandemics, riots, uprisings, clashes or unrest, war, terrorist attacks, earthquakes or other destructive acts of nature, nationwide strikes, embargoes.
18.3. In the event of Force Majeure, the Credit Provider shall take all reasonable actions and measures to limit potential losses and damages and shall notify the Credit User within one week from the end of the force majeure event.
18.4. Lack of financial resources shall not be considered force majeure, neither for the Credit Provider nor for the Credit User.

19. TRANSITIONAL AND FINAL PROVISIONS

19.1. All notifications between the Parties regarding the Agreement shall be made in accordance with the Agreement.
19.2. If any provision or part of a provision of these General Terms is declared invalid, the remaining provisions shall remain in force, and the invalid provisions shall be replaced with valid ones that most closely reflect the original intentions of the Parties.
19.3. By signing the Agreement, the Client confirms that they have read and understood these General Terms and fully accept them.

FD Iute Credit Macedonia DOOEL Skopje