Common use of Payment Upon Default Clause in Contracts

Payment Upon Default. The Agreement at p.6 provides the following rights in a situation of default: “At any time, we can require you to immediately pay the total outstanding balance on your account (including if you do not make your Minimum Payment by the Due Date or you otherwise do not comply with this Agreement).” In the context of this section, you should be informed of the following: “Clause required under the Consumer Protection Act. (Clause of forfeiture of benefit of the term) Before availing himself of this clause, the merchant must forward the consumer a notice in writing and unless he is exempted in accordance with section 69 of the General Regulation, he must forward him a statement of account. Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may:

Payment Upon Default. The Agreement at p.6 provides the following rights in a situation of default: “At any time, we can require you to immediately pay the total outstanding balance on your account (including if you do not make your Minimum Payment by the Due Date or you otherwise do not comply with this Agreement).” In the context of this section, you should be informed of the following: • “Clause required under the Consumer Protection Act. • (Clause of forfeiture of benefit of the term) • Before availing himself of this clause, the merchant must forward the consumer a notice in writing and unless he is exempted in accordance with section 69 of the General Regulation, he must forward him a statement of account. Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may:

Payment Upon Default. The Agreement at p.6 provides the following rights in a situation of default: “”At any time, we can require you to immediately pay the total outstanding balance on your account (including if you do not make your Minimum Payment by the Due Date or you otherwise do not comply with this Agreement).” In the context of this section, you should be informed of the following: “Clause required under the Consumer Protection Act. (Clause of forfeiture of benefit of the term) Before availing himself of this clause, the merchant must forward the consumer a notice in writing and unless he is exempted in accordance with section 69 of the General Regulation, he must forward him a statement of account. Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may: