FIXED SUM LOAN AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974
1. These are the terms of an agreement between:
US – RABH Money Limited a company registered in England, whose registered number is 12289659 and whose registered address is 6 Westry Close, Wisbech, OE14 7BU trading as “Even Loans”
Amount of Loan: £
Number of Repayments:
Duration of the Loan:
Daily Interest rate: %
Your first Monthly payment date:
1.1 Once We have agreed a first repayment date your subsequent repayment dates should be on the same day on a Monthly basis, thereafter, until the loan is repaid.
1.2 Payments are collected through the Continuous Payment Authority (CPA) which means that we will automatically collect your payment from your nominated debit card as set out in these terms.
2. MISSING PAYMENTS
2.1 Missed payments will have serious consequences these could be; –
2.1.1 Fees charged against the account; and/or
2.1.2 legal proceeding against you; – and/or
2.1.3 difficulty in obtaining credit in the future; and/or
2.1.4 a request for the full sum owed to be repaid early; and/or
2.1.5 a visit from a collection agent; and/or
2.1.6 in extreme cases a charging order against you which could result in the settlement of the account by way of funds from the sale of your home.
2.2 We charge a daily interest rate on any amounts outstanding on your loan, this means that if you miss a repayment, we charge interest on the amount unpaid and on the interest included in that amount.
2.3 In the event that you are 3 days late on your full repayment due date, we charge a late payment fee of £15.00.
2.4 In the event of late payment we may transfer your account and details to our collections department. The collection department may charge late collection fees which will be added to your loan account balance.
2.5 We may charge a fee if your account must be transferred to an outside collection’s agency. Such fees will add to your outstanding Loan account balance, based on any fees which we are charged by the collections agency in respect of collecting your overdue and outstanding account will be added to your outstanding loan account by us.
2.6 Any fee charged in clause 2.3, 2.4 and 2.5 will be added (without interest) to the outstanding sum owed to us.
WARNING LATE PAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS PLEASE SEE “INDEPENDENT FINANCIAL ADVICE” AT THE BOTTOM OF THIS AGREEMENT.
3. THE RIGHT TO WITHDRAW
3.1 Under Section 66A OF THE CONSUMER CREDIT ACT 1974 you have the right to withdraw from this agreement and there is no requirement for you to give a reason for your withdrawal.
3.2 Your right begins on the date the Agreement is signed and ends fourteen (14) days after that date.
3.3 You must notify us in writing of your intention to withdraw, and once this has been received by us you cannot rescind the notification, should you wish then to proceed you will have to re-apply for a new loan.
3.4 You will be charged the daily interest from the first day the loan was made available, and must repay the whole loan amount plus, any accrued interest without delay.
4.1 Prior to the start of the loan we will have advised you what your re-payment amount will be and when your repayments should begin. It is important that they are paid promptly and on time, see clause below how payments can be made.
4.2 In taking out a ‘Even Loan’ you agree to the collection of your loan repayment by CPA (Continuous Payment Authority) this is where we will take your payment automatically from your nominated account, on the date agreed. You may cancel this authority at any time, but your repayments must continue as agreed and on the agreed date.
4.3 Payment days must be a Monday to Friday and if such a day falls on a public holiday the payment must be made on the weekday prior to the public holiday.
4.4 How we allocate payments; –
4.4.1 when you make a payment, we will first pay any fees owed by you and added to the loan;
4.4.2 once the added fees have been paid, we will then allocate payments to any additional interest accrued due to any late payment;
4.4.3 thereafter payments will be allocated against the remainder of the loan.
4.5 If you wish to change your payment day you must make a request to us in writing, detailing your reasons, i.e. a change in your payment day. We will endeavour to accommodate such requests but if the change of payment day incurs extra interest this will be calculated and added to your account.
4.6 Loan amounts; –
4.6.1 The maximum repayment term for any loan is three (3) months.
4.6.1 The maximum loan amount for a first loan taken out is £100.00 thereafter, subject to full repayment within these terms a second loan of £200.00 may be offered and taken out.
4.6.2 Thereafter any subsequent loans, subject to full repayment within these terms, may be offered and such loan if offered will be up to a further £50.00 more than the previous loan.
4.7 You will be given an identifying loan agreement number to assist you and us identifying you and your loan. Any correspondence to you from us will have this unique identifying number on it.
5. FULL OR PARTIAL SETTLEMENT
5.1 You may repay part or the whole of any loan at any time.
5.2 Any part repayment can be made by changing the agreed weekly repayment sum to a higher figure, this will have the effect of reducing the amount of interest you pay.
5.3 Once you have taken out a loan you will have access to a personal members area. If you wish to repay the loan early you can request an early repayment figure and you will be provided with a current ‘early repayment figure’ which you can then use to make final settlement of your own account.
5.4 Any early part payment cannot be offset against any monthly agreed repayment figure it must be in addition to your monthly repayment figure. So, should you re-pay an extra £20.00 on top of your agreed re-payment sum, the next due payment should still be made in full, you may not use the previous extra payment to set-off any monthly agreed figure.
6. REPAYMENT TABLE
6.1 On application for a loan you will be given a repayment schedule which will include details of fees and interest payable over the term.
6.2 Upon taking out a loan with us these figures will be confirmed.
6.3 Should you require a further copy of the details of your loan, including fees and interest charged one will be provided to you upon request.
7. DEFAULT AND ENFORCEMENT
7.1 We may demand repayment from you of the full amount owed
(or we need not make the loan to you ) if you:-
7.1.1 make repeated late payments;
7.1.2 if we cannot verify what you have told us or you have provided false information in your application, in such a way as our decision to loan you money would have been affected.
7.1.3 breach this agreement persistently;
7.1.4 if we have reasonable grounds to believe you will be unable to continue making payments under this agreement;
7.1.5 become insolvent or bankrupt, or make a voluntary arrangement or IVA or fail to pay (or agree a trust deed for) with people you owe money to;
7.1.6 If we discover things about you, after you have entered to an agreement with us that would have affected our decisions to offer any loan to you; or if we have agreed to loan but have not paid it out to you, we need not pay it to you.
7.2 before making any demand for repayment we will take all steps required by law for your protection.
7.3 if you fail to make payments on time we will;
7.3 1 Contact you to inform you of your late payment and request immediate payment, we will charge a fee for this see clause 2.3. We will follow all and any relevant guidance that applies to us or is required by our regulator or other similar body in respect of any of our collection actions.
8. CHANGES TO YOUR LOAN AGREEMENT
8.1 Subject to clause 8.2 we may change the terms of your loan agreement with us; the amount of the credit (loan) and the annual interest rate.
8.2 We can change a term under clause 8.1 if one of the following reasons applies; –
8.2.1 we believe it is in your best interest for us to do so; or
8.2.2. If we are obliged by law, or there are changes in regulatory codes, decisions, recommendations or practices made, or by a court, ombudsman or similar body; or
8.2.3 to reflect any changes we may make in looking after your loan account, this including any new technology introduced, because of any steps we may make to modernise and improve our systems for managing our loan accounts or any other reasons which may be out of our control; or
8.2.4 we take over the control of a similar organisation offering similar services or we are taken over or our business is acquired by another organisation offering similar services and that change allows us to use the best systems available for managing personal loans generally and so our customers and the customers of the other organisation are treated in a similar way if they are in similar categories.
8.3 If we decide to change a term under clause 8.2, we will inform you in writing giving you seven (7) days’ notice of the change.
8.4 We may at our discretion, vary any fee or charges (but not the interest rate) or introduce new fees or charges under this agreement to reflect any changes in our costs of administration. If we do so we will advise of the changes, in writing giving you thirty (30) days’ notice. If any changes are to your advantage, we will make the changes with immediate effect and give you such notice within thirty (30) days.
9. GDPR (GENERAL DATA PROTECTION REGULATION)
10.1 If on any occasion we do not exercise our rights under this agreement, we may still do so at any time in the future. We can delay enforcing or fail to enforce our rights under this loan agreement without losing them. We can still enforce our rights under this loan agreement even if we have given you a concession or when have waived any breach under this loan agreement. We may also accept part payments made by you or a third party marked as “payment in full” or with any such similar wording whether or not such part payment is made ahead of time without losing our right to claim in full the total amount owing, this unless it is a statutory rebate, unless we confirm in writing that we have accepted any part payment in full and final settlement of the loan account.
11. FORCE MAJEURE
11.1 We are not liable under the terms of this agreement if we are unable to carry out the terms and our duties of this agreement due to any “Force Majeure” event (such as industrial action) or because of data transmission or data processing failures or other events outside of our control
12. THIRD PARTY RIGHTS
12.1 You may not transfer your rights under this agreement to any third Party.
12.2 The Contract (Rights of Third Parties) Act 1999 shall not apply to this Agreement.
13.1 All notices under this agreement must be given in writing unless otherwise indicated.
14. JOINT AND SEVERABLE LIABILITY
14.1If you are more than one person you are jointly and individually responsible for the full repayment of the loan. You may each give us instruction under this loan agreement.
15.1 We may choose to not exercise our rights under this Agreement and give you a notice which expressly refers to this clause (15) and it will detail the right we will not exercise. You can rely on that notice as a variation to the term of this agreement to which we refer.
15.2 If on any occasions we do not exercise any of rights under this agreement and we do not give you notice under this clause, we may still exercise our rights later on please see clause 10 (Waiver).
16. GENERAL TERMS
16.1 Unless we agree otherwise this Agreement will be in writing and in the English language.
16.2 All communications in respect of this agreement, to you, will be made in the English language.
16.3 You confirm that the purposes of this loan is not; –
16.3.1 to acquire or retain property rights in land, or in an existing or projected building.
16.3.2 repay any debt secured on any such property;
16.2 nor that the loan is secured by any mortgage, charge, standard security or any other security which you or any other person has given under any other agreement.
16.4 You acknowledge and agree that once you have taken out the loan, we may transfer our rights and duties or any of them, to any person or business (including outside of the EEA) and we may disclose your personal details to that person (and any persons with whom they associate who has such rights to that information) in advance of any such transfer. We may also allow them to use your personal information in the same way as you gave us permission to use it.
16.5 We may also delegate our rights and duties under this agreement to another person.
16.6 Your rights under the Consumer Credit Act 1974 or any other rights you have will not be affected in respect of any actions we may take under clause 16.4 and 16.5.
16.7 If you have any complaints please write to us at email@example.com, 6 Westry Close, Wisbech, England, PE14 7BU or call us on 020 7193 1141. If we are unable to resolve your complaint you have the rights to complain to the Financial Ombudsman Service you will find the details of this procedure on www.financial-ombudsman.org.uk. Or alternatively if you prefer or live outside of the United Kingdom you may be able to submit a complaint to European online Dispute Service at
17. GOVERNING LAW AND JURISDICTION
This agreement, its terms and your agreement to them are governed by the laws of England and Wales. Any dispute arising from or in relation to this Agreement shall be subject to the exclusive jurisdiction of the Courts of England and Wales.
INDEPENDENT FINANCIAL ADVICE AVAILABLE IF YOU ARE IN FINANCIAL DIFFICULTIES
If you are facing any debt problems and are unable to repay your loan please contact the citizens advice bureau at www.citizensadvice.org.uk/consumer for independent debt advice or the National Debt Help line on www.nationaldebthelpline.org or telephone on 0808 808 4000 who can also offer specific debt advice and assistance.
There are also independent money advice services available if you are experiencing financial difficulties:-
Money advice services – 0800 138 7777 – www.moneyadviceservice.org.uk
Advice UK – 0800 028 1881 – www.adviceuk.org.uk
Are you sure you want to lift the ban?