1 We agree to advance the Loan to you in the amount stated in the Financial Particulars. At your request and with your authority, we will seek the consent of a guarantor to this agreement to pay the loan into the guarantor's bank account. If such consent is obtained, we will pay the loan into that guarantor's bank account.
2 You agree to pay to us the Total Amount Payable by the repayments by their due dates stated in the Financial Particulars. Prompt payment is essential (see clauses 3 and 4 below).
3 If you fail to pay any repayment by its due date we may, in addition to our rights under clause 4 below, require you to pay us default interest for each day of your default, at the interest rate stated in the Financial Particulars on the overdue instalment, from its due date until its receipt by us, after as well as before any judgement.
4 If you fail to pay any instalment within seven days of its due date or if we become aware that any information provided by you before entering into this agreement was false in a material respect or if you commit persistent breaches of this agreement we may, after giving you a default notice in writing, end this agreement and require you immediately to pay to us the outstanding balance under this agreement less any rebate to which you may be entitled. In this agreement "the outstanding balance" means all sums payable under this agreement including, without limitation, our reasonable legal and other costs and expenses for enforcing our rights under this agreement.
5 If two or more of you entered into this agreement as the Borrower, you shall be jointly and severally liable for the Borrower's obligations under this agreement. That means that each of you can be held fully liable for the Borrower's obligations, including payment, under this agreement.
6 Use of Your Information: Before entering into this agreement we may search your records at credit reference agencies. They will add to their record about you, details of our search which will be seen by other organisations making searches. Details about you and your payment record under this agreement will be used to help make credit and insurance related decisions about you and members of your household and occasionally for fraud prevention or to trace debtors. You can contact us for details of the credit reference agencies used by us. You have a legal right to these details and can receive a copy of the information held about you on payment of a fee. Information held about you by credit reference agencies may be linked to records relating to any person with whom you are linked financially and other members of your household. We may give information about you and your payment record under this agreement to credit reference agencies, debt collecting agents and any proposed assignee, transferee or charge of this agreement or of our interest in this agreement, their insurers or advisers.
We may use a credit scoring or other automated decision-making system. We may monitor and record telephone calls for the purpose of security and training.
If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies to prevent fraud and money laundering. Further details explaining how the information held by fraud prevention agencies may be used can be obtained by telephoning 0330 1200 313** or visiting www.1plus1loans.co.uk/fraud
7 Before we enter into this agreement, we may require your obligations under it to be guaranteed by a third party acceptable to us, in which event we shall invite you to suggest someone suitable. We will not look to any security from you personally to cover this agreement.
8 You agree that documents may be served by us upon you by email sent to you at the email address shown overleaf.
9 All agreements shall be governed by English law.
10 When you initially apply for a loan or a guarantee you agree to provide your debit card details for us to collect repayments in the event that repayments are not made when they are due.
When you provide us with your debit card details you give us continuous authority to take such overdue payments by way of a Continuous Payment Authority (CPA). If you experience any repayment difficulties, we urge you to contact us as soon as possible to avoid incurring unnecessary default charges.
You may cancel the CPA that you have provided us with at any time by contacting your bank directly or by contacting us. If you do cancel the CPA you will still owe any outstanding amounts due under the agreement and will need to provide us with an alternative method of repayment.
We charge for each repayment not paid by its due date: £15.00 .
Duplicate payments made via debit card will be refunded within five working days maximum to the card used or account the funds came from. If we receive a request to refund a card after due payment dates we will retain the £5 administration fee.
Missing payments could have severe consequences, including legal proceedings, the possibility that your home may be repossessed and the possibility that missing payments may make it more difficult to obtain credit.
Periodic Statements of Account
You are entitled, under S77B of the Consumer Credit Act 1974 ("the Act") to receive, on request and free of charge at any time during the period of this agreement, a statement of account in table form showing: the details of each instalment owing under the agreement; the date on which each instalment is due, the amount and any conditions relating to its payment; a breakdown of each instalment showing how much comprises capital, interest and any other charges.
Your Right of Withdrawal
You are entitled, under S66A of the Act, to withdraw from this agreement without having to give any reason within 14 days beginning with the day after the day on which you receive a copy of the executed agreement. You may give us notice of withdrawal orally, by telephoning 0844 800 6690 or in writing to 1plus1 Loans Limited of The Old Tannery, Eastgate, Accrington, Lancashire BB5 6PW or by email to email@example.com. If you withdraw from this agreement you must repay, without delay and no later than 30 calendar days beginning with the day after the day you gave us notice of withdrawal, the credit amount together with interest at the above interest rate, from the date the credit was provided until the date of repayment. Interest accrues at 3.85% per day. The credit amount and interest are payable by cheque/BACS to us at 1plus1 Loans Limited of The Old Tannery, Eastgate, Accrington, Lancashire BB5 6PW (including our successors and assigns).
Your Right to Repay Early
You are entitled, under S94 of the Act, to repay your indebtedness under this agreement early, in whole or in part. In order to do so, you should write to 1plus1 Loans Limited at our above address. We may claim compensation under S95A of the Act for the cost incurred by us as a result of your early repayment, if your early repayment exceeds £8,000 or where you made more than one early repayment, the total of early repayments in any 12 month period exceeds £8,000. The compensation will not exceed the lower of 1% of the early repayment where the outstanding period of this agreement exceeds one year, 0.5% where it is equal to or less than one year, or the total amount of interest that would have been payable under the agreement if you had not repaid early.
If you are not a business debtor, you have the right to complain to the Financial Ombudsman Service at Exchange Tower, London E14 9SR. If you are a business debtor you may have a right to complain to the Financial Ombudsman Service. http://www.financial-ombudsman.org.uk
The Financial Conduct Authority, of 25 The North Colonnade, Canary Wharf, London, E14 5HS, is our supervisory authority.