UPDATED AND EFFECTIVE AS OF 30 SEPTEMBER 2021
Welcome to the FAVE website https://myfave.com/ (“Site”) and/or FAVE mobile apps (“App”) (collectively, the “Platform”).
(a) We may permit you to make payments via FavePay on a deferred basis such that you shall be obliged to pay a part of the FINAL PRICE, interest free, on a later date in accordance to the terms of this Section 16C (“FavePay Later”). For avoidance of doubt, the Specific T&C – FavePay shall continue to govern your utilization of FavePay to make payments to Merchants.
(b) For avoidance of doubt, FavePay Later does not constitute a money lending or credit facility to you and if offered, is merely to facilitate your FavePay transactions.
(c) Your selection and usage of FavePay Later are additionally governed by these Specific T&C - FavePay Later.
16C.2 DEFINITION & INTERPRETATION
(a) In this Section 16C, unless the subject or context otherwise requires the following words and expressions shall have the following meanings:
“Due Date(s)” means the date(s) on which an Instalment is due to be paid.
“FavePay Later Transaction” means a transaction wherein you select and we accept your request to make payments via FavePay Later and upon which you have made payment for the first Instalment.
“Instalment” means each of the 3 EQUAL MONTHLY INSTALMENTS that is created upon a FavePay Later Transaction arising wherein:
(a) each Instalment shall be a sum equivalent to the FINAL PRICE divided by 3; and
(b) the first Instalment shall be immediately due and payable upon your selection and our acceptance of a FavePay Later Transaction.
“Late Payment Charge” means a fixed charge of 1.5% on such part of the FINAL PRICE which is outstanding imposed on you in the event you fail to pay an Instalment on the Due Date.
“Other Payment Method” means your other Payment Method (as defined in Section 16B.2(d) above) other than the selected payment mode for FavePay Later Transaction.
“Purchase Limit” means the maximum amount (in the currency of the jurisdiction where you are domiciled or logging in to the Platform) under FavePay Later Transaction(s) which you are permitted to accumulate as may be determined by us in our sole discretion.
(b) Notwithstanding the above and for avoidance of doubt, we reserve the right to alter, remove, reverse and/or waive the Late Payment Charge by amending this Section 16C accordingly or by notifying you of such changes in accordance to Section 1.6 above.
(c) For avoidance of doubt, any existing and ongoing FavePay Later Transaction remains subject to the Late Payment Charge as it stood at the time of the creation of the FavePay Later Transaction.
(a) In deciding if we would make available FavePay Later to you, we would assess your eligibility based on criteria including but not limited to the following:
(i) whether or not you are of Legal Age;
(ii) your registration, maintenance and status (whether active or suspended) of the Account with us;
(iii) your utilization of FavePay for the FavePay Later;
(iv) your Purchase Limit;
(v) a Credit / Debit Card acceptable to us (or such other payment manner that we permit from time to time), is linked to your Account and FavePay;
(vi) the Credit / Debit card selected must have at least remaining 4 months’ validity;
(vii) your transaction histories on the Platform; and
(b) Notwithstanding all of the above, we reserve the sole discretion to determine if FavePay Later shall be offered to you. We also reserve the right to deny, suspend or terminate the provision of FavePay Later to you at any time, and you shall have no right of recourse or appeal against such decision.
16C.4 FAVEPAY LATER TERMS
(a) All transactions carried out through FavePay Later are directed and initiated by you and is in no way, controlled by Fave. In particular, the FINAL PRICE shall be the amount specified and input by you onto our Platform. WE SHALL NOT BEAR ANY LIABILITY OR RESPONSIBILITY FOR LOSSES OF ANY KIND THAT YOU MAY INCUR AS A RESULT OF YOUR FAILING TO INPUT THE CORRECT FINAL PRICE.
(b) Upon your selection of FavePay Later, we will provide you with information pertaining to the Instalment(s) and Due Date(s) on the Platform. You must review, confirm and accept the Instalment(s) and Due Date(s). The FavePay Later Transaction shall be deemed created upon your acceptance of the Instalment(s) and Due Date(s), our acceptance of your selection and your successful payment of the first Instalment.
(c) For each and every selection of FavePay Later, we will remit the FINAL PRICE to the Merchant and you agree to pay us the FINAL PRICE, interest free, in accordance to your Instalments on the Due Date(s).
(d) All Instalments will be automatically charged to your selected payment mode in accordance to the Due Date(s). Upon selection of FavePay Later, you are deemed to have expressly consented to, authorize and instruct us to carry out recurring direct debit of the Instalment from your selected Credit / Debit Card (or such other payment manner that we permit from time to time) on the Due Date(s) and direct debit of Late Payment Charge (if applicable). In the event of failure to obtain funds from your Credit / Debit Card or rejection of the same by the applicable financial institution from your selected payment mode due to any reason whatsoever, we shall be authorized, without further consent from you, to make an automatic deduction of the equivalent sum from any of your Other Payment Method made available to us on the Platform.
(e) For the time being, we do not permit early payment of Instalment(s) or revised Due Date(s) or other repayment plans.
You may be issued with Cashback upon a successful FavePay Later Transaction on the terms and conditions specified accompanying the FavePay Later Transaction. However, the Cashback to be awarded to you shall be calculated in accordance to the price of the FINAL PRICE only and shall exclude any Late Payment Charge (if applicable).
16C.5 LATE PAYMENT CHARGES
(a) In the event of late payment of any Instalment(s), whether due to a failure to obtain funds from your Credit / Debit Card or rejection of the same by the applicable financial institution, we may opt to carry out any one(s) or all of the following measures:
(i) we shall be entitled to the Late Payment Charges. An illustration of how the Late Payment Charges are charged may be found below under Section 16C.8 below;
(ii) in the event of late payment within a week from the Due Date, suspend your ability to select FavePay Later;
(iii) in the event of late payment beyond (ii) above, suspend all other benefits / offerings by us including but not limited to Cashback or credits;
(iv) engage third party agency for collection of such outstanding sums;
(v) suspend and/or terminate your Account;
(vi) in the event your Account is suspended or terminated, prohibit you to open another Account for a duration as may be determined by us in our sole discretion;
(vii) notify credit reporting agencies or bureau located in your domicile jurisdiction;
(viii) notify any other statutory or governmental authority; and/ or
(ix) take all such legal action as we deem fit.
(b) In the event we exercise any of our rights under Section 10 above or this Section 16C.5 including suspension of your Account and/ or our Services to you, all Instalment(s) and Late Payment Charges (if applicable) shall become immediately due and payable notwithstanding the earlier agreed Due Date(s).
16C.6 CANCELLATION OR TERMINATION OF FAVEPAY LATER TRANSACTION AND REFUND
(a) No cancellation by you is permitted for FavePay Later Transaction. However, you may communicate with the Merchant to request for a cancellation or termination. In the event of cancellation by the Merchant, we shall refund FINAL PRICE (less any handling fee or administrative charge chargeable at FAVE’s discretion) made by you through the original payment method from which the FINAL PRICE was deducted and may take up to 14 business days to process. To facilitate the refund process, you shall ensure that the payment information and/or details are accurate as the default refund method depends on your original payment method from which the FINAL PRICE was deducted. In the event of permitted cancellation or termination of FavePay Later Transaction resulting in a refund, any applicable Late Payment Charges may be waived / removed.
(b) In the event of a partial cancellation of a FavePay Later Transaction by the Merchant:
(i) and based on the amount so cancelled by the Merchant, there remains Instalment(s) to be paid, part of the FINAL PRICE (less any handling fee or administrative charge chargeable at FAVE’s discretion), such part of the amount so cancelled shall be utilized to off-set the next Instalment(s). Any remaining sum thereafter will be refunded to you;
(ii) in the event there are no Instalment(s) to be paid or based on the amount so cancelled by the Merchant, there no longer remains any Instalment(s) to be paid, such amount so cancelled shall be refunded to you in full (less any handling fee or administrative charge chargeable at FAVE’s discretion).
All such refund shall be made in a manner deem fit by us. To facilitate the refund process, you shall provide us with such information as we may reasonably require. For avoidance of doubt, any applicable Late Payment Charges shall not be waived / removed.
(c) Any Cashback previously issued for a cancelled or terminated FavePay Later Transaction shall be refunded to us or if already utilized by you, shall be deducted from your Account in a manner we deem fit.
16C.7 YOUR ACKNOWLEDGEMENT
You hereby irrevocably acknowledge and agree that:
(a) to ensure that your Credit / Debit Card or such Other Payment Method has sufficient funds to pay the Instalment(s) on their respective Due Date(s).
(b) you shall be solely responsible for any matters relating to tax arising from your selection of FavePay Later.
(c) in relation to your Payment Method, you represent and warrant to be an authorised holder of the selected and eligible Credit / Debit card, online banking, selected electronic wallet (e-wallet) or such other payment method as may be accepted by us from time to time.
(d) You authorize us to conduct checks, validations and risk assessments, and to make, directly or through third parties, any inquiries necessary to verify your identity, to assess your capability to make payments under the Instalments, and as required by applicable laws or regulatory requirements. You further agree and authorise us to share such information with the Merchant, our affiliates and/or any other third party as may be relevant and/or necessary for the provision of the FavePay Later Transaction.
(e) You agree to execute all consent form(s) or to provide additional document(s) necessary for such credit check(s) if so required by us.
CC and his friends dine in at a restaurant with the FINAL PRICE being RM240.00. CC opts to pay via FavePay and at the confirmation page notices an option for FavePay Later. CC selects the FavePay Later option. This creates 3 EQUAL MONTHLY INSTALMENTS of RM80.00 each (being RM240.00 divided by 3) with the first Instalment for RM80.00 being due and payable immediately and the subsequent instalments payable on the same date of the subsequent 2 months (or the date prior in the event there is no same date for the subsequent months).
FavePay Later Transaction shall not be deemed created until and unless the first Instalment is paid.
In the event we are unable to deduct the 2nd Instalment from CC’s selected Credit / Debit card on the Due Date, a Late Payment Charge of RM1.20 would be imposed (1.5% multiplied by RM80).
In the event we are unable to deduct the 2nd and 3rd Instalment from CC’s selected Credit / Debit card on the Due Date, a Late Payment Charge of RM2.40 (1.5% multiplied by (RM80 x 2)).
If you have any questions or concerns about these Specific T&C – FavePay Later, please contact us via email at email@example.com or through the communication channel(s) made available on the Platform.