I hereby authorize the Lender, its holding company, or any of their designated agent, to draw against the above-mentioned bank (or any other bank or branch to which I may transfer my account) the amount necessary for the payment of the monthly/quarterly/annual commitment due in respect of loan repayments/deductions or any future indebtedness I many incur with the Lender. All such withdrawals from my bank account by the Lender shall be treated as though they had been authorized/signed by me personally. Should my loan account fall into arrears or any periodical installment be returned by my bank on the basis of insufficient funds in my account, then, I at this moment authorize the Lender to increase my monthly installment to recover the arrears within the contract period or to collect this amount in partial amounts which amounts may be deducted from my account at any time. I agree that the Lender shall be entitled to change the date that deductions are made, to coincide with my salary payment date and I need not be notified of such, I understand that the withdrawals at this moment authorized will be processed by computer through any electronic means and I also understand that details of each withdrawal will be printed on my bank statement or on an accompanying voucher. I agree to pay any bank charges relating to this debit order instruction.
I agree to pay any and all bank charges that relate to this debit order including, without derogating from the generality hereof, all lodgement, failure, and other costs that the Lender may incur. I understand that I shall not be entitled to any refund of amounts that may have been withdrawn by the Lender while was in force if such amounts were legally owing to the lender. Issuance of this instruction by the Lender shall be regarded as receipt thereof by my bank (whichever it is or will be). I hereby authorize the Lender to use debit order instruction as a stop order when so required. I hereby confirm that I also understand that the Lender may apply set-off in this matter and any other current or future matter where I am in debited to the Lender, including debts ceded to the Lender. This set-off hall includes but is not limited to actions where certain monies in excess of the original amount of the debt have been collected by the Lender but I am not in a position to claim a refund for such monies if I am still indebted to the Lender. Furthermore, I agree to let the Lender know when I change/move my account.
l, the undersigned, request and authorize my Employer named above to deduct from my monthly salary the amounts due and payable by me at any particular time, and pay the amounts so deducted to Pre-eminence Financial (Closed) Corporation (PF). I further understand and undertake that this is an irrevocable instruction and cannot be cancelled by me until all amounts due have been paid to PF. Should my Employer for any reason, not deduct any of the amounts in terms of this request, I shall consider the amounts unpaid, and if due, I undertake to pay PF such sums. I further understand and undertake that PF will receive all payments in terms of this request without prejudice to its right, and I shall regard the receipt of this request by PF as receipt of the same by my said Employer.
*NB: The first instalment deduction date may be a month earlier or later than the denoted due dates depending on whether the final loan application and supporting documents are given to the Lender before or after the payroll cut-off dates.
All loan payments shall be made to PF free of any deductions at an address or into such bank account, as PF may from time to time direct. I acknowledge and agree that in the event of my loan(s) being rescheduled or my taking of an additional loan, the terms of the Loan Agreement and this Salary Deduction Authorization Form shall operate in favor of PF in respect of the rescheduled loan and additional loan, Together with any amendments, as if the Salary Deduction Authorization Form had been signed and executed by me in respect of the rescheduled or additional loan.