NZ CCCFA Loan Contract; updated Interest and Default Interest sections to make the Interest Rate clearer

Updated the Interest and Default Interest sections in the NZ CCCFA Loan Contract to make the Interest Rate clearer and to incorporate the new Account Type interest option "Charge all Interest as Default Interest post Maturity?".

Interest section changes:

1. Added "whole" before "term, eg "20.0000% fixed for the whole of the contract being 12 months." becomes "20.0000% fixed for the whole term of the contract being 12 months.".

2. If "Charge all Interest as Default Interest post Maturity?" is unchecked, added text "and thereafter until the balance is fully repaid". Eg, "20.0000% fixed for the whole term of the contract being 12 months and thereafter until the balance is fully repaid."

Default Interest section changes:

1. Annual Default Interest Rate now states the actual rate used. Previously it may have included the Annual Interest Rate, ie be the total Rate charged for Interest and Default Interest.

2. If the Account includes a Startup Interest period and the Default Interest rate is different in this period from the ongoing rate this is shown as a separate line.

3. If "Charge all Interest as Default Interest post Maturity?" is checked, an extra line will be included noting the post maturity Annual Default Interest Rate, eg "Annual Default Interest rate after the term of the contract (5/09/2012) is 30.0000%."

Word VBA Document "Loan_Contract_NZCCCFA.dot" updated on 31/07/2012 to version 1.22.

Note, you should not use any standard document included with finPOWER Connect without checking it is fit for your purpose. This is extremely important with documents like the Loan Contract. Not only do you need to add your own Terms and Conditions to the Loan Contract, but you should also check it covers all the characteristics of your Account Type correctly.