PRE-CONTRACT CREDIT INFORMATION (Standard European Consumer Credit Information)

Transcription

1 PRE-CONTRACT CREDIT INFORMATION (Standard European Consumer Credit Information) 1. Contact details Creditor Address Telephone number address Web address SafetyNet Credit 32 nd Floor, Euston Tower, 286 Euston Road, LONDON NW1 3DP Credit.com 2. Key features of the credit product The type of credit. The total amount of credit. This means the amount of credit to be provided under the proposed agreement or the credit limit. How and when credit would be provided The duration of the credit agreement. Repayments Running account credit agreement regulated under the Consumer Credit Act Your credit limit will be based on our assessment of what you can afford based on your circumstances and will be notified to you once the agreement is signed. We may change your credit limit from time to time and will notify you of any changes in advance. We may increase your credit limit if you request an increase, subject to our affordability assessment. We may also reduce your credit limit as part of our responsible lending assessment if your risk profile changes. A transfer of credit (Credit Instalment) is provided either in accordance with your request for a specific draw down of credit or, if you have enabled automatic deposits, automatically in an agreed sum when your bank balance falls below a stated level (the SafetyNet Level). Credit is provided up to your credit limit. Credit is provided by bank transfer into a bank account nominated by you from any date after the agreement is executed. The agreement has no fixed or minimum duration. The minimum repayment as set out below is the amount you are required to repay each month in order to avoid falling into arrears. Automatic repayments will be taken above the minimum repayment when you have money coming into your account. If you owe us money under the agreement and we have a connection to your real time banking data, we may take a repayment each time we see money coming into your bank account subject to the following conditions: We will only ever take a repayment when your bank account balance is higher than your SafetyNet Level. We will never take a repayment which reduces your balance to the SafetyNet Level and therefore triggers a Credit Instalment. To make sure this is the case whenever we take a repayment we will always leave you a balance which is at least 30 above your SafetyNet Level. Subject to the above, the repayment amount will be the full amount you owe us in

2 outstanding capital and interest whilst leaving you a balance which is at least 30 above your SafetyNet Level. The minimum amount of money being paid into your bank account which will trigger a repayment to us is 50, unless the balance you owe us is less than 50, in which case we may take the full amount owed on a lesser amount being paid into your bank account subject to the application of the above rules. The minimum repayment for the month is as shown on your statement and will be 5% of the outstanding balance of capital and interest subject to a minimum repayment of 20, or if you owe less than 20, the actual amount outstanding. If we have not collected and you have not otherwise paid the minimum repayment for any month by the due date for payment specified in your statement, we will make an attempt to take the minimum repayment from your account to prevent you going into arrears. However this is always subject to ensuring that in doing so we will leave you a balance which is 30 above your SafetyNet Level. If we are not able to recover the minimum payment by the due date, we will make immediate attempts to contact you by phone, and/or text message to find out why repayment was unsuccessful and arrange an alternative repayment plan. We urge you to communicate with us in the event of default; we will show forbearance if you are experiencing financial hardship and the sooner you contact us the sooner we can make alternative repayment arrangements and minimise your default costs. Repayments are taken via continuous payment authority (CPA). By signing your agreement you are consenting to the use of CPA, although you have the right to cancel it at any time by contacting us by , telephone or post or by contacting your bank directly. However, please be advised that if you do cancel the CPA you will still be liable for the outstanding balance and are required to make alternative arrangements for repayment to avoid going into default. In circumstances where we do not have access to your real time banking data for whatever reason (for example IT failure or if you withdraw our access rights), then the automatic repayment facility will not operate. In these circumstances, repayments will not be made by reference to your account balance as this will not be visible to us; instead we will notify you that we are not connected to your bank account and, unless you have otherwise paid it since the statement date, use CPA to take the full amount you owe us in capital

3 and interest from your account on the date your salary or other regular income is next anticipated by us to be paid into your bank account and when we believe you should have sufficient funds to make the full repayment under our predictive models (the Target Date). We will notify you by , SMS text or telephone call at least 48 hours before attempting to take payments on the Target Date. If we are unsuccessful in our attempts to take payment of the full amount you owe us in outstanding capital and interest on the Target Date, then we will instead seek to take the minimum repayment from your account on the Target Date. If we cannot communicate with you to agree alternative repayment arrangements, we may make a further two attempts to recover the minimum repayment using CPA on the next date after the Target Date your salary or other regular income is anticipated by us to be paid into your bank account and when we believe you should have sufficient funds to make the minimum repayment under our predictive models (the Second Target Date). We will notify you by , SMS text or telephone call at least 48 hours before attempting to take payments on the Second Target Date. In the event that access to your bank account data is restored and provided you have made the minimum repayment by the date specified in your statement, your account operation will revert to the normal operating conditions for repayment as outlined above and you can choose to enable or re-enable the automatic deposit facility if you wish. Every month you will receive a statement detailing Credit Instalments you have received, your credit limit, and any repayments and interest applicable to your SafetyNet facility since your last statement. If you have a balance outstanding at the month end and recovery of this is not possible under the automated process outlined above because your balance does not permit under the rules outlined above, you must pay us the minimum repayment shown on your statement by the billing date specified, or your account will go into arrears. Your repayments will pay off what you owe in the following order: The total amount you will have to pay This means the amount you have borrowed plus interest and other costs All repayments you make will be applied to the capital and interest balances in proportion to the respective balances. This includes any repayments above the minimum repayment. The total amount you have to repay will depend on how much you drawdown as Credit Instalments and how much of the outstanding balance you repay each month. 1, The Total Amount Payable is the sum of the Total Amount of Credit borrowed (as your Credit Limit has not been set this has been assumed to be 1,200) and

4 the Total Charge for Credit (comprising interest only which is calculated as set out below). 3. Costs of the credit The rates of interest which apply to the credit agreement. Annual Percentage rate of Charge (APR). This is the total cost expressed as an annual percentage of the total amount of credit. The APR is there to help you compare different offers Related Costs Costs in the case of late payments Consequences of missing payments Interest will be charged on your credit account at a rate of 0.8% per day (equating to 292% per annum) for each day during which you have a balance outstanding (whether for all or part of that day) on the daily outstanding capital balance of your SafetyNet facility from and including the date of each Credit Instalment for a maximum of 40 days. Interest will be applied to your account daily, which means that your account balance may from time to time temporarily go over your credit limit until you make sufficient repayment. The interest rate is a variable rate. We may change it from time to time but we will always give you at least 30 days notice of any interest rate increase to enable you to repay the balance at the existing rate and to terminate this Agreement if you so request. Interest rate changes may be made up or down as a result of changes applicable to all borrowers or to our assessment of lending risk. 68.7% APR (variable). The assumptions used to calculate the APR are that both parties will fulfil their obligations under the terms and by the dates specified in the agreement and that the rate of interest remains at the initial level of 0.8% per day for each day during which you have a balance outstanding (whether for all or part of that day) and is charged for a maximum of 40 days from and including the date of drawdown on the capital balance outstanding. The credit limit is assumed to be 1,200 and to be drawn down immediately and in full and repaid over a one year period in equal monthly instalments along with interest as provided for in this agreement, with repayments commencing one month after the date of drawdown and the final repayment clearing the balance of capital, interest and charges, if any. If you default in making payment to us as required under the terms of the credit agreement our charges are as follows: 1 You must pay us any expenses and costs that we may incur in tracing you if you change address without first notifying us; 2 In addition, you must pay us any reasonable expenses and costs we may incur in taking other steps to enforce our rights against you under the credit agreement including debt collection costs and all legal costs and charges for issuing court proceedings and pursuing a claim against you. Missing payments could have severe consequences, including the withdrawal of your credit facility and the referral of your account to our collections team who may issue legal proceedings. We also may also refer your debt to an external debt collection agency who may in turn attempt to contact you regarding the

5 outstanding balance or instigate legal proceedings. Missing payments could make obtaining credit more difficult and/or more expensive due to the impact on your credit record. 4. Other important legal aspects Right of Withdrawal Early repayment Consultation with a Credit Reference Agency Right to a draft credit agreement You have the right to withdraw from the credit agreement within 14 days without having to give any reason. The period of withdrawal begins on the day after the day on which you receive an executed copy of the credit agreement (this is usually sent electronically by and is not a hard copy) and ends 14 days after that date. In the event you exercise this right you must make full repayment to us, by an agreed method and no later than 30 calendar days after giving notice of your wish to withdraw, of any credit you have received under the credit agreement and any interest accrued from the date the credit was provided up until the date you repay. You have the right to repay the credit early at any time in full or partially. You can make manual repayments at any time in any sum via your SafetyNet Credit dashboard or by contacting our customer service team on If we decide not to proceed with a prospective regulated consumer credit agreement on the basis of information from a credit reference agency we must, when informing you of the decision, tell you that it has been reached on the basis of information from a credit reference agency and provide the particulars of that agency. You have the right, upon request, to obtain a copy of the draft credit agreement free of charge, unless we are unwilling at the time of the request to proceed to the conclusion of the credit agreement. 5. Additional information to be given in the case of distance marketing of financial services (a) concerning the creditor Registration number. The supervisory authority. (b) concerning the credit agreement The law taken by the creditor as a basis for the establishment of relations with you before the conclusion of the credit contract. The law applicable to the credit agreement and/or the competent court. Language to be used in connection your agreement. (c) concerning redress SafetyNet Credit is a trading name of Indigo Michael Limited, which has company registration number We are regulated and authorised by the Financial Conduct Authority for the conduct of consumer credit business, firm reference number The laws of England and Wales. The laws of England and Wales will apply and you and SafetyNet Credit both submit to the non-exclusive jurisdiction of the courts of England. The contractual terms and conditions, and the prior information, are in English.

6 Access to out-of-court complaint and redress mechanism. If you have a complaint, please contact our customer service team on or complaints@safetynet mail.com If we cannot resolve a complaint to your satisfaction you have the right to complain to the Financial Ombudsman Service in respect of the Credit Agreement or any dealings with the Creditor. You can find out more about the Financial Ombudsman Service in a leaflet available by contacting us. Alternatively you can write to: Financial Ombudsman Service, Exchange Tower, London E14 9SR or complaint.info@financial-ombudsman.org.uk or telephone