The Zero Plan

Universal Lenders maintains the following refund policy with regard to payments that we actually receive and deposit into our operating account maintained with our bank.  Universal Lenders is not responsible for amounts not remitted to us by you or on your behalf, nor deposited on account with our bank, and in no event will Universal Lenders be responsible for issuing refund(s) that amount to more than we have actually received or collected from deposit with respect to a particular account receivable.

UNIVERSAL LENDERS ONLY ISSUES REFUNDS WHEN APPLICABLE TO EITHER:

1. OVERPAYMENT OF AN ACCOUNT RECEIVABLE BALANCE THAT RESULTS IN A CREDIT BALANCE TO THE ACCOUNT

2. ACTUAL OR BONA FIDE ERROR MADE BY UNIVERSAL LENDERS OR ITS AGENTS OR REPRESENTATIVES
   

1. OVERPAYMENT OF AN ACCOUNT RECEIVABLE BALANCE THAT RESULTS IN A CREDIT BALANCE TO THE ACCOUNT

At any time that you have a positive (debit) balance due on account to Universal Lenders, any and all payment(s) that we receive from you or on your behalf will be credited to reduce your outstanding balance remaining from time to time unpaid.  Unless a bona fide error exists for the payment received (as described in further detail below), we will not refund individual or particular payments made on your account, unless and until your entire account balance has been satisfied as "paid-in-full".

Your account will be considered paid-in-full when it has a zero (0.00) balance.  A "paid-in-full" status presumes that (1) all payments due under the terms of the contract have been paid, together with (2) any applicable delinquency charges or account maintenance fees added to the account; or that, if cancelled, (3) the cancellation refund and proceeds thereof, calculated upon the unused portion of cancelled product(s), have been received by Universal on your behalf and applied to items (1) and (2) in satisfaction of any balance due thereon.  When an account has been paid beyond a zero (0.00) accounting ledger balance, any corresponding overpayments will result in negative (credit) balance on account.

If your account has an overpayment or credit balance, we will refund it as follows:

• If the overpayment resulted from payment(s) that YOU made or that we received directly from either YOU, YOUR financial institution, or other third parties on YOUR behalf, then YOU are entitled to a refund for the overpayment.
  • A maintenance fee of up to $15 will be deducted from and retained from the overpayment in accordance with our customary fee policy.
  • Any credit balance still remaining on account will be issued by a company check, payable to the primary account holder, and mailed to the last known address we have on file.
  • Refunds are generally processed and mailed out within 30 days following the overpayment, excepting that:
    
    • Overpayments for which any portion results from a payment by personal or business check may be refunded no sooner than 14 days from the deposit for collection of that payment(s); or
    • Overpayments for which any portion results from a payment by electronic debit (ACH) or a charge to a credit or debit card, that has been made within the preceding 90 days, may be refunded no sooner than 90 days from the settlement date of the ACH or payment card transaction.
• If the overpayment resulted from payment(s) that we received from either the dealer that cancelled your warranty policy, or directly from the warranty company or service contract administrator as a result of cancellation, then any refund for overpayment may be held or withheld for verification of entitlement or release.
  • Once we have performed and/or received verification that YOU are entitled to the overpayment, we will process and issue a refund for any remaining credit balance on the account, using the same procedures outlined above as if YOU had made the overpayment.

2. ACTUAL OR BONA FIDE ERROR MADE BY UNIVERSAL LENDERS OR ITS AGENTS OR REPRESENTATIVES

Actual or Bona Fide Error, defined: If Universal or its' agents or representatives make an error or ommission that causes or results in debit to a customers bank account or credit/debit card that is either 1) contrary to the terms of any agreement between the parties, or 2) otherwise deemed to be unauthorized, then we will remedy the error promptly upon discovery or notice that an error was made, and after diligent investigation and finding that an error was in fact made by Universal or its' agents or representatives.  Examples of bona fide errors include: us running more than 1 automatic payment at a time when only 1 payment is due; us running an automatic payment for more than the payment amount due or past-due; or us running an automatic payment after due notice is received from a customer that requests us not to run an automatic payment(s).

Upon discovery and finding that an error was made, Universal will make a good faith effort to remedy the error as necessary to ensure a fair, equitable, and efficient resolution in order to avoid further disruption and inconvenience to the customer.  In most cases, errors will be remedied the same day as discovered, but no longer than 3 business days.  Payments debited in error will generally be refunded electronically in the same manner/method as which the errant payment was withdrawn, unless instructed and agreed upon otherwise (ie refunded to the same credit/debit card, or credited bank to the originating bank account via ACH).  If antecedant to our error, the customer is charged any fees (NSF, Overdraft, etc) by their own financial institution or creditors, which directly result from our error, then Universal will reimburse and pay to the customer such specified and liquidated damages in consideration of its' other and further relief necessary to make the customer "whole" again.  Proof of specified damages may be required before reimbursement of those amounts will be made, namely an itemized ledger or statement from the customer's financial source which enumerates the errant payment withdrawal(s) made by Universal, any corresponding fee(s) charged, and if more than 1 resulting fee is being sought for reimbursement, such listing should include a running balance and/or sufficient information to determine the actual balance in the customer's depository account prior to and after the error was made.  In no event will Universal Lenders make reimbursement or restitution to a customer for any greater amount of the errant payment amount plus actual damages.

Circumstances that do not constitute an actual or bona fide error, specifically:

• • Checks or other negotiable instruments made payable to Universal Lenders and signed or authorized by the drawer or payor of the instrument, and tendered to Universal Lenders in consideration of the payment on account which it contemplates (or did contemplate at the time of execution). 
  • Any payment mailed to, delivered to, or made in our officeis explicitly and expressly deemed as authorized -- as of the time of occurrence, execution, tender or presentment -- and cannot be later deemed as unauthorized purely by virtue of its non-negotiation at present or in the future.  Accordingly, our negotiation of any previously authorized instrument will not and cannot be deemed to be an actual or bona fide error.
    • Due to the volume of payments we receive in our office and post on a daily basis, we cannot intercept, prevent, or stop any particular check or payment from being cashed or deposited for collection at our own bank.  While we do our best to prevent our negotiation of payments made on paid, closed, or cancelled accounts, any check sent to our office may be cashed, and will only be refunded as described in Item #1 above, regarding overpayment on account.
  • Automatic payments that are not cancelled with advance, due, or timely notice from the customer.  Both the payment agreement (Note & Contract) and the Automatic Payment Terms & Conditions (if executed separately from the Note & Contract) require the customers participation in both the cancelling of the account/warranty and in cancelling the automatic payments.  Customer's lack of participation and failure to request or provide notice of cancellation prior to our presentment of any automatic payment(s) shall not constitute an error on Universal or it's representatives part.  Automatic payment(s) withdrawn from, charged to, or debited against a customer's financial account where prior notice of cancellation has not been made to or received by Universal Lenders will only be refunded as described in Item #1 above, regarding overpayment on account.