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.
This document explains:
A – The Parties
Key Features and Suitability:
How Much You Have To Pay:
The likely consequences where payments are not made on time:
Your right to withdraw from the agreement:
Social Money Ltd t/a as Payl8r company number 08054296 Boulton House, Chorlton Street, Manchester, M1 3HY
0161 425 6363
Key Features of the credit product
The type of credit:
Fixed Sum Loan Agreement with Early Repayment Available (to finance the purchase of goods and services).
How and when credit would be provided:
You will obtain the credit when both you and we have signed the credit agreement. We will pay supplier of the goods and/or services.
The duration of the credit agreement:
Minimum duration of 1 day Maximum duration of 6 months. Customers can choose a repayment period that is less than 6 months that will be agreed upon.
The proposed credit will be linked to the supply of specific goods or the provision of a service.
You can choose a period to suit you, maximum 6 months.
Continuous Payment Authority (CPA):
You grant Payl8r the authority to collect the funds via a Continuous Payment Authority (CPA) form your debit or credit card for the installment amount on the scheduled date as detailed in the agreement.
We will only undertake a maximum of two CPA attempts with regards to a scheduled repayment. You will be notified if there is a failed attempt and an oral or written agreement will be entered into with you before any new CPA attempts are made for each missed installment.
Costs of the Credit
This is detailed when an application is complete. We do not compound interest, and the rate is none variable. We only offer Fixed interest rate loans over a period agreed.
Administration Charge for Early Repayment in the interest free period:
If you repay the funds during the interest free period there will be a one off charge of £10 and interest for underwriting your application.
Fraud or Misrepresentation:
If you commit fraud or knowingly or negligently misrepresent information on your application form at later communications with us, we may add at our discretion an additional fee of 20% of the total of the entire credit facility and related costs combined (not withstanding our right to pursue legal and collection costs as detailed below). We may also at our discretion amend the interest rate that you are being charged up to a maximum of 25% per month to reflect the credit category that you should be in.
A failed CPA Payment:
If there is an attempt to collect funds via the CPA (continuous payment authority) you will be charged £2 for each CPA attempt that fails
Failure to make a scheduled or agreed payment on time:
There will be a £15 charge if you fail to make an agreed scheduled payment on time.
We may charge you £2 for an SMS or Email payment reminder and £20 for a Letter or Telephone Call arrears reminder.
We may charge you £5 for a repeated SMS or repeated Email payment reminder and We may charge and £30 for a repeated Letter or repeated Telephone Call arrears reminder.
Alternative Payment Methods:
If you repay by a method other than the agreed repayment method (CPA) there will be a £10 charge.
Dishonored, Stopped or Unpaid Payment Methods:
For each cheque, standing order, CPA or Direct Debit which is dishonoured, stopped or not paid by you there will be a £10 charge.
We may charge you £30 for tracing you if your address is different to that of the application or changes during this agreement.
Any other costs deriving from the credit agreement:
We may charge you interest at the interest rate shown in the Daily Interest of Section 3 of this form on any amount or related cost that you fail to pay us on time. We will charge interest for each day you still owe the payment.
Recovery and Enforcement:
You will pay our reasonable costs (including legal costs) of enforcing the agreement and recovering interest and all other related costs.
Consequences of missing payments:
If you miss a payment you will incur extra charges, your credit record may be affected and you may find it harder to borrow again from us or another lender. We may also take legal action against you and we may apply for a charging order over your home.
Voluntary Fairness Cap in the event of missed or late repayments:
If you do no repay the credit under the terms of this agreement, we will voluntarily agree to cap the related costs that arise to 120% of the initial loan advance provided that you repay the total balance due within 6 months from the date at which we agree to cap the cost. Where the balance is not settled within 6 months, the related costs will stand for the entire period from the loan stat date. This voluntary fairness cap does not apply if there fraud or misrepresentation on your behalf.
If you fail to repay the credit agreement, we may at our discretion offer a roll over. We will only offer a maximum of two roll overs.
Other important legal aspects
Right of withdrawal.:
You have the right to withdraw from this 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 date on which we will tell you that we have signed the agreement.
Consultation with a Credit Reference Agency:
In considering whether to enter into this agreement we will search your record at credit reference agencies. If we decide not to proceed with this agreement on the basis of information from a credit reference agency we will we will inform you of the contact details and name of the agency.
Right to a draft credit agreement.:
Upon request, you have the right to a free copy of the draft credit agreement, unless we are unwilling at the time of request to proceed to the conclusion of the credit agreement with you.
The period of time during which the creditor is
bound by the pre-contractual information.:
The information on this form is valid for 30 days from the date we provide it to you.
Additional information in the case of distance marketing of financial services and Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013
Concerning the creditor:
Consumer Credit Licence number 659384
Company registration number 08054296
Company Registered Address (see below)
The supervisory authority:
Financial Conduct Authority
Concerning the credit agreement:
The terms of the agreement and our dealings with you are governed by English Law and subject to the jurisdiction of the English courts. We will only communicate with you in English.
Concerning the goods or service and retailer:
Nothing in this explanation or the credit agreement prohibits or restricts your rights under Consumer regulations and distance selling between you and the retailer of the goods or services. The cost of delivery and details of who pays for the cost of returning items and your right to cancel and change your mind and your rights to return faulty good or services remain the same. You should notify both the retailer and Payl8r if you wish to cancel, change or vary your agreement.
A copy of our complaints procedure is available on request. Should you need to write to us, please address your complaint to:
Payl8r / Social Money Ltd.
2ND FLOOR, BOULTON HOUSE
17-21 CHORLTON STREET
The invalidity or unenforceability of any provisions of this information or the Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.
Access to out-of-court compliant and redress mechanism:
Complaints which Payl8r / Social Money Ltd cannot settle may be referred to the Financial Ombudsman Service at
South Quay Plaza,
183 Marsh Wall,
London E14 9SR.
Tel: 0161 425 6363.
E-mail: [email protected]