We agree to lend and you agree to borrow the Amount of Credit.
2. Payment by you
2.1 You agree to pay us the total amount payable by the repayments and at the times shown.
2.2 It is essential that you make all payments in full and on time. If you pay by post, you will be responsible for any payment lost in the post.
2.3 You will make all payments by direct debit, standing order or such other means as we may require.
2.4 If any amount paid by you is insufficient to discharge the full balance then outstanding, the amount received shall be applied: first towards repayment of interest; second towards payment of charges; and third towards repayment of the credit to be provided under this agreement.
2.5 If you fail to make two consecutive payments in full and on time we reserve the right to reduce the amount collected. This will increase the term and the total cost of the loan.
2.6 If after the variation in the repayment amount described in clause 2.5 you fail to make the reduced payment on the due date we reserve the right to further vary the amount collected and change the collection day or date and frequency having first advised you of these changes in line with our obligations under the Direct Debit Guarantee.
3. Change of address
You must let us know, in writing, within seven days about any change of your address.
4. Right to demand earlier payment
We will assume that you refuse to comply with the terms and conditions of this agreement if any of the events set out below happens. We will then be entitled to demand that you pay us the outstanding balance under this agreement (together with interest) by sending you a ‘default notice’. The events are:
4.1 If you do not pay us any amount you owe us within 14 days of its due date.
4.2 If any statement you provided when entering into this agreement proves to be untrue.
4.3 If you have done something which would allow any of your belongings, property, income, savings to be legally removed to pay off any of your debts.
4.4 If you die or have an interim or bankruptcy order made against you, or petition for your own bankruptcy or are served with a creditors demand.
4.5 If the landlord of the premises at your address threatens, or takes steps, to seize or in any other way control any of your goods.
4.6 If, in our reasonable opinion, your financial state has deteriorated to such an extent that your ability to repay amounts due under this agreement is in doubt.
5. Default interest and other enforcement rights
5.1 If you fail to pay us any amount you owe under this agreement by the date it is due, we may charge you default interest, at the rate shown overleaf, on that amount until you pay it. We may charge this interest even after we have received a court judgement against you.
5.2 You agree to pay us any charges or costs which may become payable by you, including our reasonable legal costs for enforcing this agreement.
5.3 By signing this agreement you agree that if you fail to make the repayments in accordance with the terms of this agreement by direct debit Quidmaster Loans and its associated companies may collect overdue payments by Debit or Credit Card using the card details you provided in your application for the loan. You further agree that Quidmaster Loans and its associated companies will not be liable for any charges or fees incurred by you in the event of a Debit or Credit Card transaction relating to overdue payments being rejected.
6. General conditions
6.1 References to any Act or regulation includes any amendments to that Act or regulation.
6.2 If at any time we allow you to do something which is against any of the terms and conditions of this agreement, this will not prevent us from insisting that you strictly follow the terms and conditions at any later time.
6.3 We may transfer our rights and responsibilities under this agreement to another person but this will not reduce any guarantees to which you may be entitled. You may not transfer any of your rights or responsibilities under this agreement to another person.
6.4 At any time when there is a balance outstanding under this agreement, you have the right to ask for a statement showing the repayments still outstanding, when these are payable and a breakdown of the repayments showing how much comprise capital, interest or any other charges, which we will provide free of charge.
6.5 If you are more than one person then you are all jointly and severally liable which means either of you may be required to fulfill all your obligations under this agreement.
6.6 If you withdraw from this agreement it does not affect your contract for the purchase of any goods to be financed by it.
6.7 If you have a complaint about our service which we cannot resolve then you may ask the Financial Ombudsman Service to consider it. You can write to the Ombudsman at South Quay Plaza, 183 Marsh Wall, London E14 9SR.
6.8 The supervisory authority for this agreement is the Financial Conduct Authority, 25 The North Colonnade, London E14 5HS. This agreement consists of the terms above and the terms and conditions set out overleaf.
7. When this agreement comes into force
This agreement will only come into force when we or our authorised representative have signed it.
8. Use of Information
By signing this agreement you provide your consent to the following uses by us of your information:
8.1 You agree that we may carry out searches against you at credit references agencies as follows: Details of our search against you will be added to the credit reference agencies’ records about you, which will be seen by other organisations making searches. 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
8.2 We may give information about you and your payment record under this agreement to our insurers and advisers, credit reference agencies, debt collecting agents and any proposed assignee, transferee or chargee and their insurers and advisers.
8.3 We may give information about you and your payment record under this agreement to your landlord and you may be contacted by members of their staff.
8.4 If you default on any repayments due, we may also provide information regarding your account to the Department for Work and Pensions so that they may consider making deductions to the benefits due to you.