Direct debit
Terms and conditions for direct debit payments to Madox Finance Limited.
Direct debits with Madox Finance
These terms explain how direct debits work on a Madox Finance loan — how you set one up, what notice you will get before money leaves your account, and what to do if something is wrong.
They apply alongside your loan agreement and the direct debit authority you give us. If your loan agreement and these terms differ on anything, your loan agreement applies.
Your bank's own terms and conditions for your account also apply to every direct debit.
Setting up a direct debit
You can authorise a direct debit in two ways.
Online. We will email you a secure link to our sign-up form. The link is sent to the email address we hold for you on your loan. It is not published on this website. You complete the form, tick the acknowledgement, and submit it — you do not need to print or sign anything.
On paper. If you would prefer to sign a paper form, or if your account needs more than one person to authorise payments, ask us and we will send you one.
You can only set up a direct debit online if you alone can authorise payments from the account. If your account requires two or more signatures, everyone who has to sign must sign the paper form.
When we receive your authority we will send you a written confirmation within five business days. It records the account you nominated, our name and authorisation code, the conditions you agreed to, and how to contact us to change or cancel the authority. Keep it — it is your record of what you agreed.
The account you nominate
You must be able to operate the account you nominate, and you must make sure it can accept direct debits. Some accounts — certain savings, term and credit card accounts — cannot. Your bank can tell you.
Tell us before the next payment is due if you change bank or account. A direct debit cannot follow you to a new account by itself.
Notice before we debit your account
We will give you at least 10 days' notice before we debit your account.
Where your payments are a regular series — for example a fortnightly or monthly loan repayment — we only have to give that 10 days' notice once, before the first payment in the series. We do not send a fresh notice before every payment in a series that is running as notified.
Where we change the amount we debit or the date we debit it, we will give you at least 2 business days' notice before the change takes effect. A notice about a change to your interest rate also serves as your direct debit change notice, and will tell you the new repayment amount and the date it will first be debited.
If you specifically ask us to take a payment, we can agree with you to debit it on the same day, without notice.
All notices will be in writing. We will send them by email if you have agreed to that, which you do when you sign up online.
The specific conditions you agree to
These are the conditions on the direct debit authority itself.
Madox Finance Limited must give you at least 10 days' notice prior to each direct debit, provided that where the direct debit is in a series, Madox Finance Limited is only required to provide 10 days' notice prior to the first direct debit in the series.
Changes to the amounts or dates of a series of direct debits require 2 business days' prior notice to you.
You can also agree with Madox Finance Limited to receive a same day notice for direct debits specifically requested by you.
All notices must be in writing, but can be delivered electronically, if you have agreed that with Madox Finance Limited.
You can also ask us to reverse a direct debit up to 120 days after the direct debit if: you didn't receive proper notice of the amount and date of the direct debit, or you received notice but the amount or date of the direct debit is different from the amount or date on the notice.
If your bank dishonours a direct debit but Madox Finance Limited retries it within 5 business days of the original direct debit, Madox Finance Limited doesn't need to notify you again about that direct debit.
The direct debit is also subject to your bank's standard terms and conditions that relate to your account.
If a payment is dishonoured
If there is not enough money in your account, or the account cannot accept the debit, your bank will return the payment unpaid. Your bank may charge you for this, and your loan agreement may allow us to charge a dishonour fee.
Where the payment failed because of insufficient funds, we may retry it once, within 5 business days of the original date. If we do, we do not have to notify you again about that payment. We will not retry a payment that was returned for any other reason — we will contact you instead.
A dishonoured payment does not change what you owe. Interest continues to accrue and the payment remains due.
Changing or cancelling your direct debit
You can change or cancel your direct debit authority at any time by contacting us, or by contacting your bank. Please give us at least 2 business days' notice so the change takes effect before the next payment.
Cancelling a direct debit does not cancel what you owe under your loan. If you cancel, you must arrange another way to pay us by the due date. Please talk to us first.
We may cancel a direct debit authority that has not been used for a period, or where your loan has been repaid in full. Your authority ends when your loan is discharged.
If something is wrong
Contact us first. Most problems — a wrong amount, a payment on the wrong day, a payment you did not expect — are fixed fastest by calling us.
You can also ask your bank to reverse a direct debit up to 120 days after it was taken if you did not receive proper notice of the amount and date, or the amount or date differed from the notice you were given.
Where you authorised the direct debit online, you can query the authority with your bank for up to 9 months after it was set up. Your bank may reverse the direct debits taken under it.
If you think a payment was taken in error, tell us and we will investigate and correct it.
Who takes the payment
Payments are taken by Madox Finance Limited under its own direct debit authorisation code. Your bank statement will show Madox Finance Limited.
From time to time the administration of your loan may transfer to another party — for example a replacement servicer. If that happens your direct debit authority can transfer with it. We will tell you before it takes effect, and you do not need to sign a new authority.
Your information
We collect your bank account details, name and contact details so we can take your payments, confirm your authority to us and to your bank, and keep the records we are required to keep.
Your details are held securely and are not used for anything else or given to anyone who does not need them. We are required to keep a record of your direct debit authority for seven years after the last payment taken under it, and to produce it to your bank on request.
Our privacy policy explains how we handle your information and your rights to see and correct it.
Business use only
Madox lends for business and investment purposes. Direct debits under these terms relate to loans that are not consumer credit contracts under the Credit Contracts and Consumer Finance Act 2003.
Changes to these terms
We may change these terms from time to time. We will publish the updated terms on this page with a new version reference and effective date, and we will tell you before a change takes effect if it affects the amount or timing of your payments or the conditions on your authority.
Any change to the conditions in section 4 also requires our bank's approval before it takes effect. The conditions that applied when you signed your authority continue to apply to you until we give you notice of the change.
Terms version DD-T&C-1.1-12Sep26 Effective
Contact us
Call us about anything to do with your direct debit — setting one up, changing the amount or date, changing accounts, or cancelling.
Madox Finance Limited
Phone: +64 21 415 744
Email: payments@madox.co.nz
