ADDITIONAL TERMS FOR ‘BASIC’ PLAN

These terms and conditions (“Additional Terms”) are in addition to and not in derogation with CreditMantri’s terms and conditions available at www.creditmantri.com/terms-and-conditions(“Primary Terms”), which Primary Terms are incorporated by reference, and deemed a part of these Additional Terms and shall apply in the event you subscribe to the ‘Basic’ Plan offered by CreditMantri. Therefore, please read the Primary Terms along with these Additional Terms (collectively “the Terms”) for a Basic understanding of all the terms and conditions subject to which CreditMantri offers its services under the ‘Basic’ Plan.

By submitting this Order document and clicking the box indicating acceptance of the Terms, you acknowledge and agree that you have read and understood the Terms as a whole and that the Primary Terms together with these Additional Terms form a legal and binding agreement between us. If you do not accept the Terms as a whole, do not click the box indicating your acceptance hereof. However, please note that you will not be able to submit this Order and we will not be able to provide you with the services under the ‘Basic’ Plan unless you agree to accept and be bound by the Terms.

All capitalized terms used in these Additional Terms but not defined herein shall have the same meaning as defined under the Primary Terms.

1. SCOPE OF SERVICES

  1. 1.1. The details and scope of the services that will be provided to you under the ‘Basic’ Plan (referred to as “this Plan” in these Additional Terms) are available here.

2. ORDERS:

  1. 2.1. All orders submitted by you are subject to acceptance by CreditMantri.
  2. you will use the User ID only for yourself and will not use your User ID for the benefit of/detriment of any third party;
  3. 2.2. Acceptance of your order is subject to (i) you completing the Order document completely, with true and correct details; (ii) submission of all required documents and authorizations as requested by CreditMantri; and (iii) receipt of payment of all charges due for this Plan.
  4. 2.3. Acceptance of your order will be signified by or commencement of the provision of the Services by CreditMantri, whichever is earlier.

3.CHARGES:

  1. 3.1. The charges payable for this Plan are as dispalyed.
  2. you will use the User ID only for yourself and will not use your User ID for the benefit of/detriment of any third party;
  3. 3.2. Receipt of the entire charges, in advance, is a condition for the acceptance of your order. The charges paid are non-refundable.
  4. 3.3.CreditMantri may change the mode of payment that is acceptable to it from time to time.

4. TIMELINES:

  1. 4.1. The timelines for delivery of service under this Plan as mentioned on the website are non-binding estimates based on CreditMantri’s prior experience. Factors beyond our control may affect the actual date of delivery of the services to you
  2. you will use the User ID only for yourself and will not use your User ID for the benefit of/detriment of any third party;
  3. 4.2.In the course of provision of the service under this Plan, CreditMantri may require you to submit additional documents or details. Your prompt and accurate response to such requests will also affect the timelines for delivery.

5.AUTHORISATION:

  1. 5.1.To provide you with the services under this Plan, you understand that CreditMantri requires your credit report and credit score maintained by CIC(s) in India. You therefore hereby agree to irrevocably authorize CreditMantri to apply for / request and receive your credit information report and credit rating from CICs in India. You agree to execute this authorization in such format as may be requested CreditMantri. You understand that the request for your credit report and credit score from CIC(s) will be recorded as an inquiry by the relevant CIC(s) and could impact your credit score.
  2. 5.2.You further hereby authorize CreditMantri to interface with, liaise and co-ordinate on your behalf with various lenders / creditors to facilitate the plan approved by you for the closure of your identified credit accounts (“Closure Plan”). Any credit account(s) may be added to the Closure Plan only with the express agreement between you and CreditMantri and will entail additional fees.
  3. 5.3. You hereby authorize CreditMantri to use the information obtained from the applicable CIC(s) and any other information that you may provide to CreditMantri to provide you with CreditMantri’s services in accordance with the Terms. You understand and consent to the use and disclosure of the said information in accordance with CreditMantri’s Privacy Policy available here.

6. ADDITIONAL OBLIGATIONS AND LIMITATIONS:

  1. 6.1. As part of the services under this Plan, CreditMantri will interface with, liaise and co-ordinate on your behalf with various lenders / creditors to facilitate the Closure Plan. CreditMantri does not however make any guarantees with respect to the outcome of its efforts with the lenders / creditors. You also understand and acknowledge that the time needed to procure an offer for closure of the credit accounts identified in the Closure Plan from a bank or credit institution and for closure of the said credit accounts is unpredictable and is affected by several factors beyond CreditMantri’s control including but not limited to the age and balance that you owe your creditor(s), the willingness of individual creditors / lenders to negotiate, your financial position and availability of funds and you fulfilling your payment obligations as per the Closure Plan in a timely manner. CreditMantri’s service is limited to making commercially reasonable efforts, during the term/tenure of this Plan, to interface with, liaise and co-ordinate on your behalf with the lenders / creditors identified in the Closure Plan to procure an offer for closure of the credit accounts identified in the Closure Plan and to facilitate implementation of the Closure Plan.
  2. 6.2. CreditMantri will provide you with the details of any offer for closure of your credit accounts identified in the Closure Plan that may be made by the relevant lenders / creditors. CreditMantri will not accept any such offer for closure of your credit accounts without your approval. You have the absolute discretion to accept or reject any such offer. You are required to respond to the offer communicated to you by CreditMantri within forty-eight (48) hours of receiving such communication. Failure or delay to do so may result in the offer being withdrawn or rescinded and CreditMantri shall not be responsible for the same.
  3. 6.3. Any agreement for closure of your credit account(s) shall be between you and the respective lenders / creditors. CreditMantri will not be a party to such agreement and you understand that CreditMantri merely facilitates the same. Accordingly, you shall be solely responsible for ensuring that you honour the terms of your agreement with the respective bank or financial institution, including but not limited to making timely payments, and all costs and consequence of failing to do so shall be solely to your account. Further, if you fail to honour the terms of your agreement with a bank or financial institution or you make any payment to a creditor / lender other than as per the terms of the agreement, you shall be in breach of this agreement and CreditMantri may terminate this agreement by notice to you. On such termination, CreditMantri shall be deemed to have successfully completed delivery of the service to you under this Plan on the date of such dishonor and you shall not be entitled to any refund of fees paid. Further, you understand and acknowledge that failure to make scheduled payments as per your agreement with a creditor / lender will also be a breach of your agreement with the said creditor/lender and your actions may be reported to credit agencies as late, delinquent, charged-off or past due. Your creditors/lenders may also raise the interest rate on your credit account and impose other penalties / late charges and accordingly, your account balance may continue to grow as the creditor(s) add accrued interest, late fees, over-limit fees and penalties to your account. CreditMantri shall not be responsible for any of these or other outcomes of your failure to comply with the terms of your credit account closure agreement with any of your creditors/lenders.
  4. 6.4. During the term/tenure of this Plan, you agree and undertake to:
  5. 6.4.1. notify CreditMantri promptly of any additional creditor, co-signer or guarantor arrangement that is entered into in addition to any of the credit accounts included in the Closure Plan;
  6. 6.4.2. forward all correspondence (including by email) received from your lenders / creditors to CreditMantri, including but not limited collection letters;
  7. 6.4.3. promptly refer any telephonic enquiries received from creditors/lenders to CreditMantri and provide CreditMantri with details of the creditor’s name, telephone number, name of the contact person and any further details that may be reasonably required by CreditMantri;
  8. 6.4.4. not create any new charges or encumbrance whatsoever to any account listed in the Closure Plan;
  9. 6.4.5. not take any action that may adversely affect your credit worthiness or credit rating, including incur new debts, avail of fresh credit or open new credit card accounts. You may however retain and use one or more credit cards for emergency purposes, which shall not come under the purview of the Closure Plan; and
  10. 6.4.6. promptly inform CreditMantri of any change to your financial position that could materially impact CreditMantri’s ability to negotiate the Closure Plan with the creditors/lenders.Your failure to comply with any of the above could adversely impact the provision of services by CreditMantri under this Plan and CreditMantri shall not be responsible for the same. If you fail to comply with any of the above, CreditMantri may terminate this agreement by written notice to you and on such termination, it shall be deemed to have completed performance of its services under this Plan.
  11. 6.5. CreditMantri may recommend you to appropriate third party lenders to provide loan facility. The grant of any loan facility to you will however be at the sole discretion of the third party lender and will be subject to you fulfilling such third party lender’s credit criteria and documentation requirements. CreditMantri merely recommends third party lenders and shall not be responsible for the grant of / rejection of any loan facility and for any obligation you may undertake as per the terms your agreement with such third party lender(s).
  12. 6.6. Creditors/ lenders are likely to continue collection efforts for amounts owed to them during the term / tenure of this Plan and CreditMantri is not responsible for any such independent action by your creditors / lenders.
  13. 6.7 In the event a creditor / lender pursues legal remedies against you for collection of credits owed to them, the service provided by CreditMantri under this Plan does not include legal representation. You should seek independent legal advice as appropriate.
  14. 6.8 You understand that CreditMantri may receive a referral / facilitation / collection fee from third party banks / other credit institutions for (a) assisting with the settlement of outstanding amounts dues owed to them by you and / or (b) for referring their products / services to you and by accepting these Terms you confirm and agree that you have no objection to the same.

7. TENURE

  1. 7.1. Unless otherwise terminated prior thereto in accordance with the Terms, the services under this Plan shall commence on acceptance of your Order as mentioned above and shall be deemed completed at the end of 90 days therefrom or on successful implementation of the Closure Plan, whichever is earlier.

8. CANCELLATION

  1. 8.1. You shall be eligible for any cancellation or refund only if CreditMantri has not commenced any service under this plan. In such cases, you shall raise a request in writing within first 7 days of making such payment for respective services under these Terms, providing the reason for cancelation and CreditMantri shall review the request and at its sole discretion approve a refund which shall not be more than 50% of such fees paid by you to this plan.

9. MODIFICATION

  1. 9.1. CreditMantri may modify these Terms from time to time and any changes will be notified to you through your registered email or upon such other forms of notification as may be deemed appropriate. Once you have received notice of any change in these Terms, any subsequent use of the Website or the Service will be deemed to constitute your acceptance of such modified / changed Terms.