What is a fixed sum loan agreement
Fixed-Sum Loan Agreement regulated by the Consumer Credit Act 1974
This Agreement is made between: - Us, MEM Consumer Finance Limited of 4 Minton Place, Victoria Road, Bicester, Oxfordshire, OX26 6QB ("the Creditor")
and You, ("the Debtor")
KEY FINANCIAL INFORMATION
Amount of Credit: £
Duration of Agreement:
Total Amount Payable: to be repaid in a single payment on (the "Payment Date")
OTHER FINANCIAL INFORMATION
Total Charge For Credit:
Interest is charged at the rate of % per annum, pre-computed and applied to the balance outstanding on the date of this Agreement.
If You default, our tariff charges are as follows: We will charge You the sum of £10 per letter for the second, third, fourth and fifth letter that we send to You in respect of the collection of any outstanding sums on your account. You must pay us any reasonable expenses and costs that We may incur in tracing You if You move address without first notifying Us. In addition, You must pay us any reasonable expenses and costs we may incur in taking other steps to enforce, or attempt to enforce, our rights against You under this Agreement, and You will be charged simple interest, both before and after judgment, at the rate set out above from the date payment falls due until payment is made.
IMPORTANT - READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, the creditor cannot enforce this agreement without getting a court order.
The Act also gives you a number of rights. You can settle this agreement at any time by giving notice in writing and paying off the amount you owe under the agreement.
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens' Advice Bureau.
Missing payments could have severe consequences and make obtaining credit more difficult.
By signing this Agreement, you agree to its terms which are set out above and in the terms and conditions sent with the Agreement.
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 4 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 tick this box
Terms and Conditions
1.1 We will pay the Amount of Credit (as set out in the section headed "Key Financial Information") 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 ('the Account'), identified in your application to Us and in the Bank Details sent to You with these terms. You will ensure that sufficient funds are available in the Account to repay us the Total Amount Payable.
1.2 You agree to pay Us the Total Amount Payable, or such other amount available up to the Total Amount Payable on the Payment Date. You grant us permission to debit that sum from the Account using either a cheque or debit card provided by yourself, or a standing order set up by yourself at our option. You are responsible for ensuring that any Payments sent to Us by post reach us in time for the funds to be paid into your account and clear on Your account by the Repayment Date. Please note - there is a possibility that taxes or costs may exist that are not payable by Us or imposed by Us.
2.1 You will have a right
to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by Us. You may exercise this right by giving us notice in writing by sending:
(i) a letter to Us at MEM Consumer Finance Limited at PO Box 255, Bicester, Oxfordshire OX26 4ZY
(ii) a fax to Us. Our fax number is 0845 127 4365; or
(iii) an email to Us. Our email address is firstname.lastname@example.org.
If You cancel the Agreement after we have made the advance, You will still be required to repay the Amount of Credit. If You do not exercise this right to cancel, You will still be able to settle this loan at any time prior to the Payment Date. You can settle this loan by paying the outstanding balance that is due and payable in full less any rebate which may apply under the Consumer Credit Act 1974.
2.2 By signing this Agreement You request us to make the advance prior to the expiry of the cancellation period, although You acknowledge that we are not under an obligation to do so.
2.3 If You cancel this Agreement:
(a) As soon as possible and in any event within 30 calendar days from the date on which You notified Us of the cancellation, we will refund any sum paid by or on behalf of You.
(b) You must refund any sum paid by or on behalf of Us under or in relation to this Agreement.
(c) However, we can charge You for services actually provided by Us in accordance with the terms of this Agreement.
3.1 This Agreement is unsecured.
3.2 If we do not enforce our rights under this Agreement at any time we will not be prevented from doing so later.
3.3 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.
3.4 You grant us permission to contact your employer named in your Employment Details at anytime as may be reasonably required by Us.
3.5 We may transfer all or any of our rights under this Agreement.
3.6 We are registered at Companies House under number 04786727. 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, and our Consumer Credit Licence Number on its register is 334154.
3.7 If You have a complaint, we will investigate it and give any redress to which we feel you are entitled. If You are not happy with our final response, You may have a right to have your complaint dealt with under the Financial Services Ombudsman Scheme, South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 0845 080 1800 or 020 7964 0500. To do so, You would need to notify the Scheme in writing within 6 months of our final response.
3.8 The law of England and Wales is taken by us as a basis for the establishment of relations with You prior to the conclusion of the Agreement, and governs the Agreement. The contractual terms and conditions, and the prior information, are in English. We undertake, with your agreement, to communicate with You in English during the duration of this Agreement. This Agreement shall be construed according to the laws of England and Wales whose courts shall be the exclusive courts of jurisdiction.
4. How we use your information