It is important that you read the Standard European Consumer Credit Information (SECCI) and the credit agreement carefully before you sign your so that you are in a better position to assess whether the credit agreement meets your requirements and financial circumstances.
Missed payments may affect your Credit File, future borrowing and incur fees.
This document explains:
- Key features of the agreement and Suitability
- How much you have to pay
- The likely consequences where you do not make payments on time
- Your right to withdraw from the agreement
A – The Parties
- You are entering into the fixed sum loan agreement with Social Money Ltd t/a as payl8r consumer credit license 659384.
- The retailer is a credit intermediary who has introduced the finance on your behalf.
Key Features and Suitability:
- Is the Loan Suitable? You should consider why you wish to take the loan and whether the product is suitable for its intended purpose before entering into the agreement.
- The credit is only suitable for the purchase of goods and services that you have selected from the retailer and is not suitable for any other purpose.
- Certain events may occur that may require you to pay charges. Please familiarise yourself with the events and charges.
- Please understand how much credit Social Money Ltd is providing, the period over which the credit has to be repaid and the details of the payments you must make.
- Please take into consideration the importance of your affordability to make the payments of this agreement now and in the future in the potential event that your circumstances change.
How Much You Have To Pay:
- The rate of interest that applies to this agreement is fixed
- The interest rate charged will not change or vary for the duration of this agreement subject to the Honesty clause below.
- The fixed interest rate is expressed in the following formats so that you receive a true knowledge of the rate being charged and can compare different offers and options:
- DPR – Daily Interest Rate
- MPR – Monthly Interest Rate
- APR – Annual Interest Rate
- There may be other related costs under the agreement. It is important that you familiarise yourself with the charges. For example, late payment costs, missed payment costs, communication costs, recovery costs and change of payment costs. On some charges, additional interest may be charged.
- We will be honest with you in all our dealings and we expect the same commitment from yourself. If you have committed fraud or knowingly or negligently misrepresented information on your application or any information that your provide to us then we may at our discretion vary the interest rate charged to suit your credit profile and or charge additional fees and or you may be liable for any economic loss or recovery costs incurred on your behalf.
The likely consequences where payments are not made on time:
- It is important that you are aware of the further consequences that may result from missing payments or your inability to maintain repayments. For example, we may take legal action or recovery action against you and or we may also seek to obtain a county court judgment against you and or we may apply for a charging order over your home which could lead to your home being repossessed and or if you miss payments we will let credit reference agencies know. Please note that any additional charges or interest will lead to an increase in the total cost of debt due.
- Missing payments can affect your credit rating and may make it harder for you to obtain credit in the future.
Your right to withdraw from the agreement:
- If you wish to withdraw from the agreement you must have to advise us directly, by giving written or oral notice, within 14 days beginning with the day after the day on which the agreement is made or, if later, the date on which we will tell you that we have signed the agreement.
- You will then have to repay the balance in full within 14 days without delay. Exercising your right to withdraw does not give you the right to cancel the purchase of the goods. If you wish to cancel or return your goods you should also inform the retailer. We may charge a daily interest charge for the period from the advance until full repayment is received depending on the finance facility that you take out.
- Failure to repay will result in us taking legal action against you, which may have the additional consequences.
- If there is anything you do not understand or if you require any further information regarding this product please contact payl8r on 0161 425 6363.
- If you are unclear and require free, independent advice please contact Citizens Advice or go to www.moneymadeclear.org.uk.
Standard European Consumer Credit Information
IMPORTANT INFORMATION ABOUT YOUR CREDIT AGREEMENT WITH PAYL8R
This document sets out important information about your credit agreement. It is important that you read it, the Standard European Consumer Credit Information (SECCI) and the credit agreement carefully before you sign your agreement so that you are in a better position to assess whether the credit agreement meets your requirements and financial circumstances. If you have been given this document, the SECCI and/or the agreement in person then you are free to take them away with you.
You are entering into a fixed sum loan agreement with Social Money Ltd trading as as payl8r (we / us). We are authorised and regulated by the Financial Conduct Authority with reference number 675283.
You are entering into this agreement to purchase goods or services from a retailer.
The credit is only suitable for the purchase of goods and services that you have selected from the retailer and is not suitable for any other purpose.
Please understand how much credit Social Money Ltd is providing, the period over which the credit has to be repaid and the details of the payments you must make.
Please take into consideration the importance of your ability to make the payments under this agreement. You should consider whether your circumstances are likely to change in the future which might impact on your ability to make repayments. If you think that they may do so then you should not enter into the agreement.
How much you have to pay
Your agreement has an interest free period. If you repay in that period then you will not pay any interest. The total amount you must pay will be the total of the amount of credit, the deposit, and the application fee of £4.95.
If you do not repay the credit in interest free period then you must pay interest on the amount of credit for the full duration of the agreement, including for the interest free period. The amount and date of your repayments is set out in your credit agreement. The total amount payable will be the sum of the credit, the deposit, the application fee of £4.95 and the interest.
The exact figures are all set out in the agreement and the SECCI.
[If you repay in the first [enter interest free period] then you will not need to pay any interest. The total amount you must pay is [enter figure], being the total of the amount of credit, the deposit, and the application fee of £4.95.
If you do not repay the credit during the first interest free period then you must pay interest on the amount of credit for the full duration of the agreement, including for the initial interest free period. You must repay the credit and interest by making a set number of monthly payments of the amount.
What you should be aware of
You should be aware of the following:
- If you repay the loan during the interest free period then you will not have to pay any interest. However, if you do not do so we will charge you interest for the entire period of the loan, including the interest free period. This interest will be charged on the full amount of credit for the duration of the loan, at the rate of 0.13150684931507% per day
- The interest rate can vary, but only in the event of your fraud or misrepresentation.
- If you wish to cancel the agreement after the withdrawal period (see below) but before the credit has been provided you can do so, but we will make a £20 charge for this.
- If you enter into this agreement but do not use the credit within 2 months we will charge you £10.
- If you do not keep us informed about any changes in your address or email address or phone number we may charge you £50.
- We may assign our rights and obligations under this agreement to a third party, or transfer the agreement to a third party, in whole or in part. We shall only do this, however, if it does not cause you any material prejudice. You may not assign or transfer this agreement.
- You must tell us immediately if your employment is at risk, if you are at risk of losing your place in University, or at risk of losing any benefits entitlement.
- If you miss payments we will apply charges. See below for more information.
The consequences of missing payments
If you miss a payment:
- You will incur costs. See below for details of the charges that you might incur.
- The total amount you pay will increase, because of these charges and also because you will pay more interest.
- Your credit rating may be affected. This may make it harder to borrow again from us or another lender.
- We may also take legal action against you and, if we are successful, we may apply to have bailiffs repossess your goods or apply for a charging order which secures any court judgement against your home. If we apply to enforce that charging order and the court grants our application we may repossess your home.
The following charges are imposed in the following circumstances:
- For each SMS or email reminder that we send you as a result of you going into arrears (3 per occasion on which you go into arrears) - £2.50.
- If we attempt to take a payment from you which fails (3 per month) - £5.
- If you miss a scheduled payment - £15.
We will waive any of the above 3 charges if you bring your account up to date within 28 days of the first fee being imposed.
We may also charge you the following standard charges in the following circumstances:
- For each further SMS or email reminder that we send you as a result of you going into arrears (over and above the 3 referred to above) - £2.50.
- If we attempt to take a further payment from you which fails (over and above the 3 referred to above) - £5.
- If you miss a further scheduled payment - £15.
- For each outbound call that we make to discuss your account with you after you go into arrears - £10.
- If any Cheque or Direct Debt is stopped or cancelled - £30.
- If we prepare to send your account to debt collectors - £45.
- For any payment not made by CPA or direct debit - £10 .
- If you make a claim for a chargeback of any payment through your payment services provider that is not justified (for example you claim that you did not authorise a payment, whereas in fact you had authorised the payment) - £150.
We may charge you default interest and you agree to pay our reasonable costs of enforcing this agreement and/or recovering any sums owing under this agreement (including any legal costs or costs that a debt collection agency may add to your account).
If there is fraud or misrepresentation we may charge up to 20% of the total of the entire credit facility and vary your interest rate.
Your right to withdraw
You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from the agreement without giving any reason before the end of 14 days beginning with the day after the day on which the agreement is made or, if later, the day after the day on which we will tell you that we have signed the agreement.
If you wish to withdraw you must give us notice by one of the following methods. Oral notice may be given to us by telephoning us on 0161 425 6363 or you may write to us by email to firstname.lastname@example.org or you may post notice to or deliver notice by hand to Payl8r Social Money Ltd, St Johns House, Barrington Road Altrincham WA14 1JY.
If you do give us notice of withdrawal and we have paid out the credit, you must repay to us the whole of the credit without delay and in any event by no later than 30 calendar days after giving notice of withdrawal. We charge interest at the daily rate set out on the first page of this agreement on any credit that is repaid after the interest free period.
If you wish to pay by debit card please telephone us on 0161 425 6363. If you wish to pay by cheque please send it by first class post to us with the cheque addressed to Social Money Ltd t/a Payl8r and allow 10 working days from the day you post the cheque to us to allow us to process the payment. If you withdraw from the agreement leaving sums outstanding we will notify credit reference agencies and, if you do not pay, we will take legal action to recover the amount due.
Continuous payment authority (CPA)
You agree to make your payment by continuous payment authority, or CPA. A CPA is an authority that you grant us to take your payments by debiting a debit or credit card, the details for which you give us at the time of your application (or other debit or credit card details which you must supply us if the original supplied card has ceased to function).
You grant Payl8r the authority to collect the repayments via a CPA automatically from your debit or credit card for the instalment amount on the date of each monthly instalment as detailed in the credit agreement. You agree to ensure that there are sufficient funds in your account linked to the debit or credit card(s) provided to cover payment by 0030 hrs on the repayment date. Where there are insufficient funds in your account on the repayment date to cover full payment, we will attempt one further CPA for the full payment from your account 2 days later. If that is also unsuccessful we will attempt to take a partial payment for half the amount 3 days after that. If that is successful we will then attempt to take the remaining half payment. For any CPA attempt that is not on your scheduled date of repayment we will make you aware of the time and amount of the attempt before it is taken.
We will only undertake a maximum of two CPA attempts for the full amount and two CPA attempts for the half amount with regards to a scheduled repayment. You will be notified if these are unsuccessful and an oral or written agreement will be entered into with you before any further CPA attempts are made for each missed instalment.
We will only undertake a maximum of two CPA attempts for the full amount and two CPA attempts for the half amount with regards to a cost or charge that may have accrued since your last scheduled payment was due. We will notify you of the amount and date of each attempt before we make it. You will be notified if there is a failed attempt and an oral or written agreement will be entered into with you before any further CPA attempts are made for each missed cost or charge.
If we cannot take a scheduled repayment under the CPAs set out above and we have reason to believe that this is because you are in financial difficulties we will not attempt to use a CPA to take any other instalment payment (or any charge) until we have first tried to contact you. If we cannot communicate with you or if you fail to communicate with us we may recommence using the CPA and it is therefore important that you communicate with us if you are missing payments.
You may cancel the CPA at any time by contacting us at Payl8r, St John House, Barrington Road, Altrincham WA14 1JY or telephoning us on 0161 425 6363. If you do so we shall take your payment by direct debit.
We may impose charges for missed CPA payments. Please see “the consequences of missing payments” section above.
If you have any questions, there is anything you do not understand or if you require any further information regarding this product please contact payl8r on 020 3287 2268.
If you are unclear and require free, independent advice please contact Citizens' Advice or go to www.moneyadviceservice.org.uk.