[EXAMPLE TERMS FOR £100.00 ADVANCE] PRE-CONTRACT CREDIT INFORMATION
(Standard European Consumer Credit Information)
1. Contact details
| Creditor | Capital Finance One Ltd |
| Address | Copper House, 88 Snakes Lane East, Woodford Green, Essex, IG8 7HX |
| Telephone Number(s) E-mail Address | 0208 166 1470 customer.services@capitalfinanceone.co.uk |
| Web Address | www.capitalfinanceone.co.uk |
| If applicable | |
| Credit intermediary | |
| Address |
2. Key features of the credit product
| The type of credit. | Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974–Payday Loan |
| The total amount of credit.This means the amount of credit to be provided under the proposed credit agreement or credit limit. | The total amount of credit is £100.00 |
| How and when credit would be provided. | The above credit amount will be transferred to your nominated bank account once your credit agreement has been executed, that is, signed by both you and us. |
| The duration of the credit agreement. | The agreement duration is the period from the execution of your agreement until your next pay day (“the Payment Date”). |
| Repayments. | The full amount of £139.00 (that is, the credit amount plus the total charge for credit (interest) is repayable by a single lump sum payment on the Payment Date. Please note-there is a possibility that other taxes or costs may exist that are not payable by Us or imposed by Us. |
| The total amount you will have to pay. This means the amount you have borrowed plus interest and other costs. | The total amount payable under the agreement is £139.00 |
3. Costs of the credit
| The rates of interest which apply to the credit agreement | Interest is charged on the amount of credit (the amount borrowed) at a fixed rate of 39% per £100, which is a fixed annual interest rate of 468% |
| Annual Percentage Rate of Charge (APR). This is the total cost expressed as an annual percentage of the total amount of credit. The APR is there to help you compare different offers. | 5410.7%APRThe APR is calculated on the assumption that payment of the total amount payable under the agreement is made on the Payment Date. |
| Related costs Costs in the case of late payments. | If you default in making payment, we may charge you default interest on any overdue payment, both before and after judgment, at the rate set out above, until payment is received by us. |
| Consequences of missing payments. | You must pay us any reasonable expenses and costs that we may incur in tracing you or in taking steps to enforce, or attempt to enforce, our rights against you under the agreement. Missing payments under the agreement could make it more difficult to obtain credit in the future and may lead to legal proceedings being taken against you, which may include bankruptcy proceedings. |
4. Other important legal aspects
| Right of Withdrawal | You have the right to withdraw from this agreement before the end of 14 days beginning with the day after the day on which you are notified that the agreement has been made. |
| Early repayment | You are entitled, under s94 of the Act, at any time prior to the Payment Date, to repay in full or in part the outstanding balance under the agreement. |
| Consultation with a Credit Reference Agency | If we decide not to proceed with a prospective regulated consumer credit agreement on the basis of information from a Credit Reference Agency, we will inform you (free of charge) of this decision and which Credit Reference Agency we used and of the particulars of that agency. |
| Right to a draft credit agreement | You have the right, upon request, to obtain a copy of the draft credit agreement free of charge, unless we are unwilling at the time of the request to proceed to the conclusion of the credit agreement. |
| The period of time during which the creditor is bound by the pre-contractual information | This information is valid for 7 days from the date of receipt of this document. |
5. Additional information in the case of distance marketing of financial services
| (a) concerning the creditor Registration number. | Our Consumer Credit Licence Number is 0623671. Our Information Commissioner notification number is: Z1577394. We are registered at Companies House under number 06736553. |
| The supervisory authority | The Office of Fair Trading |
| (b) concerning the credit agreement The law taken by the creditor as a basis for the establishment of relations with you before the conclusion of the credit agreement. | The law of England and Wales |
| The law applicable to the credit agreement and/or the competent court. | The law of England and Wales. |
| Language to be used in connection with the credit agreement. | English |
| (c) concerning redress Access to out-of-court complaint and redress mechanism. | If you have a complaint which remains unsatisfied after you contacted us (by telephone on 0208 166 1470 or email at customer.services@capitalfinanceone.co.uk or mail to Customer Services, Capital Finance One Limited, Copper House, 88 Snakes Lane East, Woodford Green, Essex, IG8 7HX), as we are a member of the British Cheque & Credit Association, you may wish to contact them. If you are not happy with our final response, you have a right to refer your complaint to the Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 08000 234 567 . To do so you would need to notify FOS in writing within 6 months of our final response. |
[EXAMPLE LOAN AGREEMENT FOR £100.00 ADVANCE]
Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974
This Agreement is made on the terms, including the Terms and Conditions below, between: - Us, Capital Finance One Limited of Copper House, 88 Snakes Lane East, Woodford Green, Essex, IG8 7HX ("the Creditor") and You, ("the Debtor"):
Name: {example customer .first name} {example customer. surname} Address: {example[address]}
Credit intermediary (if any) (name and address)
Financial Particulars
Amount of Credit: {example[£100.00]} We will pay this amount, on the date of this Agreement, into the bank account nominated by You when applying for this Agreement.
Duration of Agreement: {example[30]} days
Total Charge For Credit: {example[£39.00]} comprising interest for the Duration of Agreement at the rate of 39% fixed, pre-computed and applied to the Amount of Credit on the date of this Agreement, and equal to a fixed annual interest rate of 468%.
Total Amount Payable: {example[£139.00]}(comprising the Amount of Credit and the Total Charge for Credit) payable by a single payment on the {example[due date]} (the "Payment Date").
APR: 5410.7% The APR is calculated on the assumption that the Total Amount Payable will be paid in full on the Payment Date.
You must pay us any reasonable costs and expenses that we may incur in tracing You if You move address without first notifying Us. In addition, You must pay us any reasonable costs and expenses we may incur in taking steps to enforce, or attempt to enforce, our rights against You under this Agreement.
We may charge You default interest at the rate stated under Total Charge for Credit on any sum not paid by its due date, from the due date of payment until its receipt by us, after as well as before any court judgment which we may obtain against You.
Right of Withdrawal
You have the right, under s66A of the Consumer Credit Act 1974 (“the Act”), to withdraw from this Agreement without giving any reason, before the end of 14 days beginning with the day after the day on which You are notified that the agreement has been made.
You may exercise this right by oral or written notice to Us. You must then repay to Us the Amount of Credit together with interest at the at the rate stated under Total Charge for Credit from the date of the Agreement until the date of payment to us, at £1.30 per day. Please see clause 2 of the Terms and Conditions for more information on your right to withdraw and the consequences of withdrawal.
Early repayment
You have the right to make early payment of the whole or part of the Total Amount Payable before the Payment Date. See clause 3.
Important: Use of Your Information
You have a right to know how we will use your personal information. It is important that You read clause 8 of the Terms and Conditions before You sign.
We may send You information about products of ours and others which may be of interest to You. We may also pass your details to other selected businesses to enable them to send You information about their products.
You have a right at any time to stop us from contacting you or giving your details to others for these purposes. If You wish us to stop, please enter your surname here: _or write to us at any time.
Terms and Conditions
1.1 We will pay the Amount of Credit into a bank account nominated by You. You confirm that your salary was paid last month and will be paid on the Payment Date, into the bank account notified by You to Us when applying for this Agreement (the” Account”).You will ensure that sufficient funds are available in the Account to repay Us the Total Amount Payable on the Payment Date.
1.2 You agree to pay Us the Total Amount Payable by a single payment promptly on the Payment Date . You grant us permission to debit the Total Amount Payable to the Account on the Payment Date, using either a cheque or debit card details provided by yourself, or a standing order set up by yourself, at our option. You are responsible for ensuring that any payment sent to Us by post reaches Us in time for the funds to be paid into the Account and to be cleared on the Account by the Payment Date. Prompt payment is essential.
Without limiting our rights under clause 1.3, if you fail to pay the Total Amount Payable by the Payment Date, by providing Us with a debit card number You authorise Us until further notice by You and provided we have given You appropriate notice, to take a payment by debiting the Account at any time after the Payment Date, for the payment of the Total Amount Payable together with any default interest. If during this period your payment fails, we may seek to collect a lower payment from You although You will continue to owe Us the remaining balance.
1.3 All sums owed under this Agreement shall become due and payable immediately upon our giving notice to You if: (a) any sum due is overdue by more than one day;
or
(b) You have provided Us with any false information when You entered into this Agreement;
or
(c) a statutory demand is served on You or any other steps are taken by You or any other person to make You bankrupt.
2.1 You will have a right to withdraw from this Agreement as set out above. . You may exercise this right by giving Us oral or written notice by: (i) a letter to Us at Capital Finance One Limited at Copper House, 88 Snakes Lane East, Woodford Green, Essex, IG8 7HX
(ii) a fax to Us. Our fax number is 08443970015; or
(iii) an email to Us. Our email address is info@capitalfinanceone.co.uk;
or(iv) telephoning us on 0208 166 1470. If You withdraw from this Agreement after we have advanced the loan to You, You will still be required to repay to Us the Amount of Credit plus interest as stated in clause 2.3 below.
2.2 By signing this Agreement You request Us to advance the Amount of Credit to You prior to the expiry of the withdrawal period, although You acknowledge that we are not under an obligation to do so.
2.3 If You withdraw from this Agreement: You must repay to Us without delay and no later than 30 days after the day of giving notice of withdrawal, by cheque, to our address stated in clause 2.1(i):
(i) the Amount of Credit;
(ii) interest accrued on the Amount of Credit from the date it was provided to the date of repayment by You, at the rate and in the daily sum stated in the Financial Particulars.
3. You are entitled, under s94 of the Act, by notice to Us by any means described in clause 2.1, at any time prior to the Payment Date, to repay in full or in part the outstanding balance under this Agreement, less any rebate to which you may be entitled under the Act. We will notify You of the sum due on request.
4.1 This Agreement is unsecured.
4.2 If we do not enforce our rights under this Agreement at any time, we will not be prevented from doing so later.
4.3 Any notice or demand we give will be assumed to have been properly given if served on You personally, or left or sent by prepaid envelope addressed to You at your current address or last known business or private address. If sent by first class post it will be assumed to have been received by You 48 hours after posting. You may at any time request us to communicate with you by email by providing us with your email address.
4.4 You grant Us permission to contact your employer named in your Employment Details, as may be permitted by law and at any time as may be reasonably required by Us.
4.5 We may transfer all or any of our rights under this Agreement provided that this does not adversely affect Your rights. You may not transfer your rights or obligations under this Agreement.
5. We are registered at Companies House under number 06736553. Our main business is consumer lending and we provide short term credit facilities to debtors in return for the repayment of the credit and the payment of interest. We are authorised by the Office of Fair Trading, which is our supervisory authority under the Act. Our Consumer Credit Licence Number on its register is 623671.
6. If You have a complaint, please either call 0208 166 1470 or email customer.services@capitalfinanceone.co.uk or alternatively write to Customer Services, Capital Finance One Limited, Copper House, 88 Snakes Lane East, Woodford Green, Essex, IG8 7HXand we will investigate it and give any redress to which we feel You are entitled. We will write to you with our final response. As we are a member of the British Cheque & Credit Association You may wish to contact them if you are unhappy with the result of discussions with Us. If You are not happy with our final response, You have a right to refer your complain to the Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 08000 234 567. To do so You would need to notify FOS in writing within 6 months of our final response.
7. Words and expressions to which meanings have been given in the Financial Particulars, shall bear those meanings in these Terms and Conditions. This Agreement shall be governed by and construed in accordance with the law of England and Wales.
8. Use of Your Information
1) When You apply to Us to open an account, we will check the following records about You and others (see 2 below)a) Our own;
b) those at credit reference agencies (CRAs). When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. They supply to us both public (including the electoral register) and shared credit and fraud prevention information.
c) those at fraud prevention agencies (FPAs). We will make checks, such as assessing this application for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage your account with us.
2) If You are making a joint application or tell us that you have a spouse or financial associate, we will link your records together so You must be sure that You have their agreement to disclose information about them. CRAs also link your records together and these links will remain on your and their files until such time as You or your partner successfully files for a disassociation with the CRAs to break that link.
3) Information on applications will be sent to CRAs and will be recorded by them. Where You borrow from us, we will give details of your accounts and how You manage it/them to CRAs. If You borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debts that You owe. Records remain on file for 6 years after they are closed, whether settled by u or defaulted.
4) If You give Us false or inaccurate information and we suspect or identify fraud we will record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention.
5) If You have borrowed from us and do not make payments that You owe us, we will trace your whereabouts and recover debts.
6) We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
7) Your data may also be used for other purposes for which You give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.
How to find out more
This is a condensed version of the "Use of Your Information" and if You would like to read the full details of how your data may be used please visit our website at www.capitalfinanceone.co.uk Please write to Us at our address stated above or email info@capitalfinanceone.co.uk , or telephone Us if you require details of the credit reference agencies or any other agencies from whom we obtain, and to whom we pass information about You. You have a legal right to these details. You have a right to receive a copy of the information we hold about You if You apply to Us in writing. A fee of £10.00 will be payable.
Signature by you:
Please complete the form below to digitally sign and accept your loan agreement. By entering your surname and the code that was sent to You by email and SMS You are entering into a legally binding agreement. This is a Credit Agreement regulated by the Consumer credit Act 1974. Sign it only if you want to be bound by its terms.
Signature of the Debtor Surname:...................................... Code:........................................... Acceptance by us:
Signed for and on behalf of Capital Finance One Limited
.........................................duly authorised
Date ................................which is the date of this Agreement