Privacy Policy

GENERAL TERMS OF IUTE CREDIT MACEDONIA DOOEL SKOPJE

Applicable from 01.02.2024

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 EMBS 7221290 and EDB 4080017567436, email:, phone: +3892 3149 999 (hereinafter: Credit Provider) is a financial company licensed by the Ministry of Finance of the Republic of North Macedonia.
1.2. These General Conditions, the Tariff and the principles of processing the personal data of customers, as described in the Privacy Policy, constitute an integral part of and apply to each and all contracts concluded between the Credit Provider and the Customer and are available to all interested parties in the business premises of the Credit Provider and on the website of the Credit Provider.
1.3. The credit provider has the right to unilaterally change these General Terms and Conditions, the Tariff and the Privacy Policy, for which it will inform the customers at least 10 (ten) calendar days before applying the changes.
1.3.1. In the event that the Client does not agree with the change(s), he has the right to terminate the Agreement by submitting a written notice to the Credit Provider or in another agreed way of communication, within the period of point 1.3. and by fulfilling all obligations arising from the Agreement(s).
1.4. In case the Customer does not use the right from point 1.3.1. for termination of the Agreement(s), will be deemed to accept the changes and thus will have no claims from the Credit Provider regarding the changes to the General Conditions, the Privacy Policy or the Tariff.
1.5. The reporting deadline from point 1.3. will not apply in cases where the change(s) are for the benefit of the Customer (eg reduction of commissions or costs) or when new products or services are introduced.
1.6. The applicable laws of the Republic of North Macedonia apply to these General Terms and Conditions and any and all agreements concluded on the basis of these General Terms and Conditions.
1.7. The customer can at any time request a copy of the applicable General Terms and Conditions at the Credit Provider’s business premises or find them on the Credit Provider’s website.

2. DEFINITIONS
For the purposes of these General Conditions, the following terms, when used throughout these General Conditions with a capital letter, shall have the following meaning:
2.1. Agreement – ​​a binding agreement between the Parties according to which the Credit Provider has accepted to consider the possibility of approving consumer credit(s) to the Client. It consists of: the General Terms and Conditions of the Credit Provider, the Framework Agreement for Consumer Credit, the Individual Credit Agreement, the Tariff, the Privacy Policy, as well as all other agreements or amendments to agreements concluded between the Parties (including all amendments and attachments).
2.2. Consumer credit – Credit approved to the Customer
2.3. Personal Credit Limit (PLC) – maximum amount for which the Client can apply to the Credit Provider.
2.4. User Account – account, opened for the client on the basis of the Framework Agreement.
2.5. Additional commissions – All other commissions that are not included in the Credit Agreement or the secured credit agreement and which are charged additionally by the Credit Provider. Additional services are listed in the Tariff, which is available on the website of the Credit Provider.
2.6. Applicable Laws – Law on Obligations; Law on Consumer Protection in Consumer Credit Agreements; Contractual Pledge Law; Law on data in electronic form and electronic signature; Law on providing financial services at a distance as well as other applicable laws and by-laws that regulate this matter
2.7. Application – Application for approval of Credit which the Customer submits in written or electronic or oral form to the Credit Provider
2.8. SVT – The annual rate of total costs according to the Law on consumer protection when approving consumer loans, which is calculated according to the Decision on the methodology for calculating the annual rate of total costs adopted by the National Bank of the Republic of North Macedonia (“NBRSM”). For clarification, all Additional Commissions are not included in the SVT calculation.
2.9. Assessment of creditworthiness – Process of assessing the creditworthiness of the Credit User and checking the possibility of repaying the Loan.
2.10. ATM – cash withdrawal machine, which is the exclusive property of the Credit Provider.
2.11. business offices– Any business space, used by the Credit Provider, in which the Credit User can perform one or more of the following activities: get information and/or consultation about the conditions for applying, obtaining and using credit; to apply for credit; to conclude a Credit Agreement; to carry out other activities in accordance with these General Terms and Conditions which are explicitly stated to be carried out in the relevant business premises. The location, working hours and the respective organization, which manages the Business Premises, are listed on the website of the Credit Provider.
2.12. Credit Bureau – Macedonian Credit Bureau AD Skopje, which operates on the basis of the Law on Credit Bureaus.
2.13. Credit intermediary – a person authorized by the Credit Provider to enter into credit agreements in his name and on his account.
2.14. Electronic signature – signature of the Parties using mobile devices and equal to a handwritten signature.
2.15. Commissions – All commissions charged by the Credit Provider in connection with the Credit according to the Consumer Credit or the secured credit agreement
2.16. General Terms and Conditions – these General Terms and Conditions.
2.17. Interest – Amount to be paid to the Credit Provider as compensation for the use of funds provided by the Credit Provider.
2.18. Personal Data Protection Law – Personal Data Protection Law (Official Gazette No. 42/2020), including all amendments and additions.
2.19. Credit – The amount of the credit as defined in the Credit Agreement
2.20. Credit agreement – ​​Consumer credit agreement with all attachments to it as well as secured credit agreement with all attachments to the same.
2.21. Customer – a natural person who submits an Application for credit approval to the Credit Provider or has concluded a Credit Agreement with the Credit Provider.
2.22. MKD – Macedonian denar. Loans approved in accordance with these General Terms and Conditions and loan agreements are approved and disbursed by the Loan Provider in Macedonian Denars and repaid by the Loan Beneficiary in MKD.
2.23. MyIute – an online application that provides customers with a tool for applying for loans, insight into the state of loans through a combined review, and helps customers with regular repayment of loans.
2.24. Parties – as specified in the Credit Agreement
2.25. Pledge agreement– An agreement with the capacity of an enforceable document for a pledge, in case of concluding a loan agreement with a pledge or an agreement for a dedicated loan with a pledge, with all attachments thereto.
2.26. Repayment date – The date on which the Credit User is obliged to return the Credit together with all Fees
2.27. Fee for suspension – Amount of fee that the Credit User has to pay if he wants to temporarily postpone the repayment date of the monthly installment. The amount of the suspension fee is determined by the Credit Provider’s Tariff. The user can use this right once for each monthly installment.
2.28. Tariff – Price list for the services of the Credit Provider, which is published in the Business premises and on the website of the Credit Provider.
2.29. Deadline – All deadlines for the purposes of these General Terms and Conditions, credit approval requests and concluded contracts, as they are calculated using a calendar year with a duration of 365 days.
2.30. Website – the website of the Credit Provider, www.iutecredit.mk

3. GENERAL CONDITIONS FOR CONCLUSION OF CONTRACT
3.1. The credit provider has the right to decide with whom he will conclude a contract, that is, establish a business relationship.
3.2. The credit provider can approve the conclusion of an Agreement, 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 the business ability to enter into a contract;
3.2.2. The identity of the Client has been duly verified;
3.2.3. The Client has regular income and can afford the Credit, and the Client may be asked to submit proof of income;
3.2.4. The customer requested a consumer loan from the credit provider and it was approved;
3.2.5. The client has accepted and signed the Framework Agreement;
3.2.6. The customer 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 when the pledge is recorded in the Pledge Register at the Central Registry of the Republic of North Macedonia (applicable to secured credit agreements and dedicated secured credit agreements).
3.3. The approval of the Loan depends on the Credit Risk Assessment (hereinafter: the Assessment). The Credit Provider may also refuse to grant Credit based on the information contained in its database. In case of refusal of credit approval due to the negative Rating based on data from external databases, the Credit Provider will inform the Customer of the reason for refusal.
3.4. The credit provider will not enter into agreements with persons who are not citizens of Macedonia and with clients who will not submit the data/documents requested by the credit provider for the purposes of identifying and verifying the identity and/or for the purpose of evaluating their creditworthiness. in accordance with the requirements of the Credit Provider and if, on the basis of a request from the Credit Provider, he does not provide sufficient data or documents on the origin of property or in case of suspicion of money laundering or terrorist financing.
3.5. The Credit Provider will not enter into agreements with customers who have caused direct or indirect damage to the Credit Provider or represent a threat or caused damage to the Credit Provider’s reputation or the Customer has obligations towards other creditors or credit institutions.

4. SUBMISSION OF A LOAN APPLICATION
4.1. The customer personally applies for credit, by submitting an Application to the Credit Provider. Submission of an Application is possible through the website of the Credit Provider, by phone, mobile application (MyIute), in the Business Premises of the Credit Provider or through a Credit Intermediary or through any other channel provided by the Credit Provider.
4.1.1. In order to apply for Credit through some electronic channels, the Customer may be required to grant the Credit Provider access to his/her camera and microphone on the telephone device. For this purpose, the Customer may need to be connected to the Internet and have the appropriate hardware and software, and the Customer’s telephone device may be required to support fingerprint and/or facial recognition.
4.2. In the Application, the Client states his personal data, email address, phone number, etc., as well as the requested amount of credit and repayment period.
4.3. The credit provider will not be responsible for any errors in data submission by the Client, and all consequences that could arise 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 receive a report or reports from Macedonian Credit Bureau AD Skopje (MKB). The Client agrees that the given consent to receive a report from the ICD will apply to any and all requests submitted by the Client to the Credit Provider within the validity of the Framework Agreement, amended from time to time and in accordance with the method and procedure for using the data from the ICD.
4.5. Before the Loan is approved, the Client must declare whether he is a public office holder (hereinafter: Public Office).
4.6. Before signing the Agreement, the Credit Provider delivers to the Customer the pre-contractual documentation for the requested Credit and the terms of the Credit.

5. IDENTIFICATION OF THE CLIENT AND PRINCIPLES OF KNOW YOUR CLIENT
5.1. The Client or in exceptional situations his representative submits the data and documents requested by the Credit Provider for the purposes of identifying the Client.
5.1.1. The Customer is identified on the basis of an identification document in accordance with the law and acceptable to the Credit Provider (eg ID card or travel document).
5.2. The Customer or his representative may be identified by means of communication acceptable to the Credit Provider or by means of electronic identification.
5.3. The credit provider will consider that the documents submitted by the Client are authentic, valid and correct.
5.4. The credit provider will make a copy of the documents submitted by the Customer and will keep them, physically or electronically, in accordance with the law and the Privacy Policy.
5.5. The credit provider applies domestic and international measures to prevent money laundering and terrorist financing. Hence, the Credit Provider has the right to request data on the Client’s financial activities, as well as the origin of the Client’s property. Based on this, the Credit Provider has the right:
5.5.1. for the duration of the business relationship, to update the data of the Client or his representative on a regular basis and for this purpose request and receive additional documents and data from the Client (including data on citizenship, taxes paid, place of residence).
5.5.2. on a regular basis or at its own discretion, request information and evidence about the Client’s activities, including the purpose of the transactions with the Credit Provider, as well as the origin of the Client’s funds in the Client’s transactions;
5.5.3. to monitor and evaluate the services that the Customer uses from the Credit Provider.
5.6. When applying the measures to prevent money laundering and terrorist financing, the Credit Provider will apply a risk-based approach and based on that implement appropriate measures starting from the nature of the transactions, as well as an assessment of the risk that the Client or another person related to him could to be involved in the process of money laundering or terrorist financing.

6. CREDIT ASSESSMENT
6.1. The Credit Provider evaluates the Customer’s creditworthiness on the basis of available information, including information obtained from the Customer and at its own discretion, and if necessary, based on data from external databases, relevant to the assessment of creditworthiness and to which the Credit Provider has authorized access. In the event that the Credit Provider rejects the request for Credit based on data from external databases, the Credit Provider will notify the Customer of the reason for rejection.
6.2. The Client is obliged to provide the Credit Provider with copies of the documents required for the Evaluation, and as requested by the Credit Provider, such as:
6.2.1. employment certificate; and/or
6.2.2. a copy of a transaction account statement; and/or
6.2.3. pension document, in the case of a retired client, etc.
6.3. In the case of a Secured Credit Application, the Client is obliged to submit to the Credit Provider a valid document for the subject of pledge, for the purpose of securing the Credit.
6.4. As part of the Evaluation, the Credit Provider, at its own discretion, may, through its employees, conduct a conversation with the Customer, during which it may request to receive additional information or additional documents. All such conversations are recorded and stored in accordance with the Privacy Policy and are part of the Client’s file.
6.5. For the purposes of credit approval, in accordance with these General Terms and Conditions, the Customer declares that on the day of submission of the request:
6.5.1. There are no obligations as a guarantor, nor unfulfilled obligations to the state, financial institutions, to the current and previous employer, to a natural or legal person, or obligations that have to be paid before the maturity of the Loan applied for, except those for which at the conclusion of the Agreement notified the Credit Provider about the credit;
6.5.2. no notarial payment order or lawsuit has been filed against him and he is not aware of any objectively justified reasons that could lead to this;
6.5.3. is not in a state of insolvency, does not participate in contracts, the performance of which would be in conflict with the fulfillment of obligations under the Agreement;
6.5.4. all information provided in the Application is complete and accurate.
6.6. If, when filling out the Application, the Client submits incorrect data, depending on the moment of learning this fact, the Credit Provider has the right to either refuse to conclude the Agreement and/or grant the Loan, or to terminate the Agreement (if such was concluded ) and any other contractual relationship with the Client, without prior notice and to request an early return of the Credit, together with all fees, costs and calculated interest or such that will be calculated until the date of termination of the Agreement. The loan is declared to be pre-collected by a unilateral statement of the Credit Provider, which can also be sent via the phone number (via SMS) specified by the Customer in the Application, in person or via e-mail.
6.7. In the event that the Credit Provider approves the Application, the Client will be notified of the same via e-mail and/or telephone (via SMS or call), in person at the Business Premises or the Credit Intermediary’s business premises or via MyIute.
6.7.1. The credit provider has the right to offer the Customer different terms for concluding a contract than requested, including a shorter repayment period or a lower loan amount. If the Client accepts the offer by signing the Agreement, the Credit Provider will not ask the Client to submit a new Application.
6.8. The deadline for approving the Application is 72 (seventy-two) hours from its submission. If the Application is not approved by the end of this period, it will be considered that it has not been approved.
6.9. The credit provider has the right, without reasons, to reject the Application, by sending a written notification to the Credit User, including by e-mail, by SMS to the specified phone number, by MyIute or by silent rejection. The cases in which the Credit Provider did not send a notification of credit approval to the Credit User within the deadlines provided for consideration of the Application will be considered as rejection of the Application by silence.
6.10. The Client owes the Credit Provider a one-time fee for processing the application (hereinafter: Commission). The commission is due for payment on the day of signing the Individual Credit Agreement, and is repaid by the Customer in monthly installments in accordance with the Amortization Plan, an integral part of the Individual Credit Agreement. The amount of the Commission is specified in the Individual Credit Agreement. In order to avoid any misunderstanding, the Commission is due for payment in full in case of early repayment of the Credit or termination of the Agreement for any reason.

7. CONCLUSION OF THE AGREEMENT
7.1. The contract is concluded in the manner provided for in these General Terms and Conditions and in accordance with the provisions of the Applicable Laws.
7.2. Each Client is obliged to conclude a Framework Agreement with the Credit Provider.
7.3. The Agreement is considered concluded and enters into force from the moment the Customer signs the Agreement, manually or electronically.
7.4. The Agreement and any Request may be signed in person at the business premises or at the Credit Intermediary’s business premises. Electronic signing can take place in MyIute or another online environment. The parties agree and declare that all statements regarding the Application, the conclusion, fulfillment and termination of the Agreement signed with a simple or advanced electronic signature will be considered as a handwritten signature.
7.5. For electronic signing in the MyIute environment, the Client’s electronic certificate is stored in the Client’s device (phone) that will be used. By giving the “Sign” command, the device will request, if enabled, biometric data (print or face); otherwise and in case of iPhone, it will ask for the PIN of the device. The biometric data or PIN will be used for verification of the secure folder in the device (in the case of the iPhone – Secure Enclave) and using the certificate stored there, a signature is created for the PDF document 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 and does not reach the servers of the Credit Provider, nor can reverse engineer the biometric data from the thus credited signature. If no biometric data has been configured on the device and in the event that a PIN has not been established on the iPhone device, the Credit Agreement will be signed electronically, with a one-time code (OTP code) which is sent to the phone number specified by the Credit User, which must be inserted to the designated party within three minutes. If the entered one-time code (OTP code) is identical to the one sent by the Credit Provider, it will be considered that the Credit Agreement has been signed.
7.6. For electronic signing outside of My Iute, the Credit Provider sends a link to the email address specified by the Customer and by opening the link, a one-time code (OTP code) will be sent to the phone number specified by the Customer, which the Customer must enter to the designated party within three minutes. If the entered one-time code (OTP code) is identical to the one sent by the Credit Provider, it will be considered that the Credit Agreement has been signed.
7.7. The secured credit agreement is considered signed and concluded from the moment the Customer personally signs the Agreement and the annexes to the Agreement and is informed of all the rights and obligations arising from it. The loan agreement with security comes into force after the Customer signs a Pledge Agreement with the Credit Provider and the pledge is recorded in the Central Registry of the Republic of North Macedonia.
7.8. Each amount approved and paid by the Credit Provider to the Client constitutes a Credit given by the Credit Provider under the terms of the Agreement.

8. LOAN PAYMENT
8.1. The Credit Provider pays the Credit in whole or in part to the Customer in accordance with the Framework Agreement or the Individual Credit Agreement and/or in accordance with the instructions given by the Customer.
8.2. Credits can be paid either to the Customer’s payment account or to an ATM, or in the case of purchasing products and services through a Credit Intermediary, to the account of the Credit Intermediary. Each method of payment may be subject to additional fees according to the Tariff. The Customer agrees that any such additional fee will be charged against the amount of the Credit.
8.2.1. The customer is responsible for the accuracy of the payment account to which he requests payment of the Credit.
8.2.2. When withdrawing funds through an ATM, the Customer must enter the credit number of the ATM, as the Customer is informed about the cash withdrawal fee, which will be deducted from the credit amount in accordance with the signed Agreement. If the Client agrees with the fee shown, he confirms by giving the command “YES”, after which he will receive a one-time code (OTP code) on the phone number provided to the Credit Provider. The customer must enter the received OTP code at the ATM, after which he can choose the amount of cash he wants 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 amount of the credit directly to the account of the Credit Intermediary, and the Customer is obliged to repay the Credit to the Credit Provider in accordance with the Agreement. The credit provider has no responsibility if the Credit Intermediary is in the process of liquidation, bankruptcy or any other reason that may hinder the transfer of the credit amount.
8.3. If the Customer has provided the Credit Provider with untrue information or the basis for making the decision to approve the Credit has changed (including deterioration of the Customer’s financial situation, the existence of burdens on the subject of security that were not known to the Credit Provider), the Provider of credit shall have the right to refuse to pay the Credit based on the Agreement.

9. INTEREST, COMMISSION AND VAT
9.1. The credit provider has the right to interest and other commissions and fees according to the Agreement.
9.2. The client pays the interest and other agreed commissions and fees in accordance with the terms agreed in the Agreement and in accordance with the Amortization Plan. The credit provider starts calculating the interest from the day of signing the Individual Credit Agreement.
9.3. The interest is calculated monthly by applying the simple method for calculating the interest on the rest of the loan amount.
9.4. The commission is paid by the Client to the Credit Provider for analyzing the request for credit, providing funds, concluding the Agreement or amending the Agreement in accordance with Article 6.10. of these General Terms and Conditions.
9.5. The Credit Provider is entitled to the Commission even in cases where the Customer does not use the Credit or the Credit Provider does not pay the credit if it determines that the Customer has submitted incorrect information in the credit application or in other documents submitted to the Credit Provider (including notices and confirm).
9.6. The total costs of the Credit shall be all costs, including interest, commissions and any other fees related to the Individual Consumer Credit Agreement, which the Customer has to pay and which are known to the Credit Provider. The rate of total costs of the Credit is expressed in percentages as an annual rate (APR). The credit provider will calculate the SVT in accordance with the methodology for calculating the annual rate of total costs prescribed by the NBRSM Council. The calculation of SVT is performed in the manner and under the conditions stipulated by the Agreement, and valid upon entry into force of the Individual Credit Agreement and any amendments and additions (including the interest rate valid at that time). After the calculation of the rate of total costs, it is considered that the Credit has been taken in full by the Customer, the Agreement is in force until the repayment date as agreed in the Individual Credit Agreement and the Parties will fulfill the obligations arising from the Agreement.

10. AMORTIZATION PLAN
10.1. During the validity of the Agreement, the Credit Provider provides the Amortization Plan to the Client, without additional compensation.
10.2. The amortization plan contains data on the installments and their due date and the conditions regarding the payment of those amounts, an overview of each payment with data on the principal, the interest calculated based on the interest rate, if applicable, and additional costs.
10.3. The Customer has an overview of the Amortization Plan in the Account, but at the Customer’s request, the Credit Provider will deliver the Amortization Plan, by post or electronically to the email.

11. LOAN REPAYMENT AND EARLY REPAYMENT
11.1. The Customer undertakes to repay the Loan in accordance with the provisions provided herein and in amounts provided for in the Amortization Plan.
11.2. The Customer repays the Credit to the account of the Credit Provider as indicated either in the Individual Credit Agreement or on the website of the Credit Provider or in MyIute. If enabled by the Credit Provider, the Customer can also repay the credit at an ATM with a cash deposit function.
11.3. The customer, in particular, bears at his expense all related costs that could arise for him from the fulfillment of the Agreement (eg bank commissions).
11.4. When repaying the Credit, the Client undertakes to refer to his or her Client Number or Credit Number, since if the Credit Number is referred to, it will be considered that the Client has given explicit instructions to repay the obligations from that loan, while by referring to his Customer Number, the Customer confirms that if there is more than one overdue loan or other overdue obligations towards the Credit Provider, the repayment of the overdue obligations will be carried out by the Credit Provider, at its own discretion.
11.5. In the event that the Client has more than one active Credit with the Credit Provider and the Client has not given specific instructions for the distribution of funds, the distribution of the funds received by the Client will be used to settle the claims, in the following order:
1) court and extrajudicial costs, costs for written reminders, messages;
2) allowances;
3) due penalty interest;
4) due and unpaid contractual interest;
5) principal.
11.6. All payments by credit transfer are considered to have been made from the moment of payment to the transaction account of the Credit Provider. In case, if the Credit Provider determines that a payment has been made, which is impossible to be identified, that payment is not considered valid until the moment of its identification, and the Customer bears all the consequences of late payment.
11.7. In the event that the Client pays an amount that is not sufficient to repay all due obligations, the costs of non-fulfillment and untimely fulfillment of the obligations of the Client are settled in the order specified in Article 11.5.
11.8. The Customer has the right to prematurely repay the Loan, in whole or in part, by submitting a written request for early repayment to the Credit Provider.
11.9. In the case of early repayment of the Loan, the Client is obliged to pay the missing principal of the Loan, the remaining Commission and the due interest and other fees until the day of early repayment.
11.10. In case of early repayment of the Loan, the Credit Provider has the right to a fair compensation for the costs in the amount of 1% of the amount of the early repaid Loan, if the period between the early repayment and the Term of the Individual Loan Agreement occurs in a period longer than one year from the Term of Duration of the Individual Credit Agreement, i.e. in the amount of 0.5%, if early repayment occurs in a period not longer than one year from the Term of Duration of the Individual Credit Agreement. In the event that the Credit Provider has suffered damage from early repayment, in an amount greater than the compensation agreed here, the Credit Provider may claim damages, in accordance with the law. The Customer does not owe such compensation for early repayment of the Loan when the Loan is canceled based on the right of cancellation.
11.11. The Customer pays the fee for early repayment of the loan to the Credit Provider on the day of full or partial early repayment of the Loan.
11.12. If the Client has not repaid the Loan, in whole or in part, in accordance with the conditions established by the Credit Provider, it will be considered that the Client has waived the request for early repayment.
11.13. In the event that the Customer makes a payment that exceeds the amount due for payment, and has not notified the Credit Provider in writing of the intention for full or partial early repayment, the same will not be considered as early repayment and the amount will be considered as prepayment and will be used for settlement of the Client’s obligations. The credit provider reserves the right to use the amount for the collection of any claim from the Client, arising from the Agreement(s) or approved requests of the Client, if they are due.
11.14. If, after full repayment of the obligations, the Client still has available funds, the Credit Provider will make a refund to the Client’s payment account, if it is known to him, or otherwise requested by the Client.
11.15. Premature repayment of the Loan can also be carried out through the approval of a new Loan by the Customer’s Credit Provider (“Refinancing Loan”). The refinancing loan can only be approved for full (and not partial) repayment of the current loan of the Client, while the Client must not have any overdue obligations towards the Credit Provider. The credit provider is not obliged to approve a refinancing loan.

12. RIGHT OF CANCELLATION
12.1. The Customer has the right, without obligation to pay fees or fines and without stating a reason, to cancel the Agreement within 14 days from the day of conclusion of the Agreement or from the day the Customer received the Individual Credit Agreement.
12.2. It will be considered that the right to cancel the Agreement is exercised if the Customer sends a written notification to the Credit Provider before the expiration of the 14-day period. If the Customer makes a payment for the Credit within 14 days, and does not notify the Credit Provider of the intention to cancel, such payment will be considered a prepayment in accordance with Article 11.13. of these General Terms and Conditions.
12.3. If the Customer uses the right to cancel the Individual Credit Agreement, he should pay the Credit Provider the principal and the interest according to the agreed interest rate for the period from the utilization of the credit to the day of payment of the principal, immediately but not later than 30 days from the date of the notification of the cancellation of the Credit. The interest is calculated based on the agreed interest rate from the Individual Credit Agreement.
12.4. In the event that the Client sends a timely notice to the Credit Provider to exercise the right to cancel, but does not make a payment to the Credit Provider within 30 days, the Agreement continues to be valid according to the conditions under which it was concluded, including the Amortization Plan, compiled part of the Individual Credit Agreement, with all the consequences of late payment for the Customer.

13. SUSPENSION OF THE MONTHLY INSTALLMENT
13.1. The customer has the right to request a postponement of the monthly installment of the Credit, for which he is obliged to pay a Suspension Fee. The compensation for suspension is non-refundable and with the payment of the amount specified in the Tariff by the Customer:
• agreement is reached to postpone the deadline for payment of the monthly installment;
• stops the calculation of penalties;
• stop debt collection activities that would increase the total debt of the Credit User, and
• avoid registering as a debtor in a Credit Bureau or other database.
13.2. The Client confirms and agrees that in case of partial repayment of the due amounts, including the Suspension Fee, by the agreed term, the Credit Provider is authorized to calculate penalty interest starting from the day the monthly installment is due. For the avoidance of any misunderstanding, the Suspension Fee is non-refundable and shall not be converted into payment of any monthly installment, interest, fees or other fees owed by the Customer.

14. CONSEQUENCES OF LATE PAYMENT
14.1. If the Client does not fulfill the obligations of the Agreement in full and in a timely manner, the Credit Provider has the following rights:
14.1.1. to calculate penalty interest on the unpaid amount from the day the claim is due until the day of collection. Penal interest is calculated in accordance with the law on bond relations, and for each half-year in the amount of the reference rate, as announced by the NBRSM on January 2 and July 1, increased by eight percentage points. When the amount of the due and unpaid penalty interest reaches the amount of the principal, the interest ceases to flow
14.1.2. to take all the 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 the necessary actions for the collection of its claims before all competent authorities and institutions, including but not limited to of courts, notaries, executors and others.
14.1.3. to submit information about the Customer’s obligations to the Credit Bureau, which may affect the creditworthiness of the Credit User. Data on the Credit User are submitted to the Credit Bureau on the basis of a written agreement concluded between the Credit Provider and the Credit Bureau and on the basis of the Credit Bureau Law.

15. TERMINATION OF THE AGREEMENT
15.1. The Credit Provider has the right to terminate this and all Agreements and to demand early repayment of the Customer’s Loan(s), due interest, fees, penalty interest, penalties and other claims arising from the Agreements within 3 (three) working days from the day of receipt of the notification from the Credit Provider, if:
15.1.1. it is discovered that the Customer has submitted to the Credit Provider false documents or statements in the credit application or other documents submitted to the Credit Provider (including notices, confirmations, etc.);
15.1.2. The customer does not timely fulfill payment obligations according to the Agreement(s);
15.1.3. The Customer is late or fails to timely fulfill any other obligation(s) under the Agreement(s);
15.1.4. in the case of a secured credit, the market value of the pledged object has decreased to the extent that it is insufficient to settle the claims of the Credit Provider arising from the Agreement or a legal obstacle has arisen for the validity of the pledge, and the Credit Provider and the Customer do not agree on establishing of additional security;
15.1.5. cases have arisen that threaten the regular fulfillment of the Agreement by the Client;
15.2. In the event of termination, the Loan together with all fees and interest due until the date of termination shall become due for payment. The final amount that the Customer has to pay for termination of the Agreement will be specified by the Credit Provider in the termination notice.

16. APPEAL PROCEDURE
16.1. The customer can submit an objection by writing to the address of the Credit Provider indicated above.
16.2. Objections will be answered in the shortest possible time, and the Credit Provider will try to answer within 30 working days.

17. TRANSFER OF PERSONAL DATA
17.1. The Client agrees that his/her personal data may be transferred to a debt collection agency and processed for the purposes of the Assessment.
17.2. The credit provider will process the personal data of the Credit User and may transfer the personal data to other countries – EU or EEA member countries or other countries that are not EU or EEA member countries, after prior approval for the transfer of personal data from the Agency for the Protection of Personal Data 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 leads to the impossibility of fulfilling the obligations undertaken by the Credit Provider under the Credit Agreement credit and/or these General Conditions, including but not limited to: legal, administrative or governmental restrictions, natural disasters, pandemics, riots, uprisings, clashes or riots, war, terrorist attacks, earthquakes or other destructive acts of natural forces, general strikes, embargo…
18.3. In the event of Force Majeure, the Credit Provider will take all reasonable actions and measures to limit possible losses and damages, and will notify the Credit User within one week of the end of the Force Majeure.
18.4. The lack of financial resources will not be considered force majeure, both in relation to the Credit Provider and in relation to the Credit User.

19. TRANSITIONAL AND FINAL PROVISIONS
19.1. All notices between the Parties regarding the Agreement shall be made in accordance with the Agreement.
19.2. If any provision or part of the provisions of these General Terms and Conditions are declared invalid, the remaining provisions will remain in force, and the invalid provisions will be replaced by valid ones that are in accordance with the initial intentions of the Parties, as much as possible.
19.3. By signing the Agreement, the Customer confirms that he has read and understood these General Terms and Conditions and fully accepts them.

FD Iute Credit Macedonia DOOEL Skopje