Standard Fees & Charges Applicable to Consumer Contracts
|Default interest charge|
|Default interest is calculated at the rate of 5% per annum plus the annual interest rate referred to in your contract. If you fail to make any payment on the due date default interest is payable on the overdue amount from the due date until the date UDC receives full payment of that overdue amount.
||5% p.a. plus the annual interest rate stipulated in your contract
|Charged when a scheduled loan payment is dishonoured by your bank or when an automatic payment fails. The fee is payable and will be debited to your account at the time the relevant payment was due.
|Late payment fee|
|Charged when a scheduled loan payment is not made on time and remains unpaid for seven days. The fee is payable and will be debited to your account at the time the relevant payment was due.
|Repossession action fee|
|Payable in the event UDC commences repossession of the asset(s) taken as security. This fee will be debited to your account at the time repossession action is commenced.
|Post repossession fee|
|This fee is payable and will be debited to your account after realisation of the assets or abandonment of realisation.
These fees are effective from 20 January 2020 for loan applications received on or after this date.