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Loan Conditions

Fixed-Sum Loan Agreement regulated by the Consumer Credit Act 1974

This Agreement is made between: - Us, Kesef Limited of Ten Bishops Square, London E1 6EG ("the Creditor") and You, ("the Debtor")

Name: CUSTOMER_NAME
Address: CUSTOMER_ADDRESS1
CUSTOMER_ADDRESS2
CUSTOMER_ADDRESS3
CUSTOMER_ADDRESS4
CUSTOMER_CITY
CUSTOMER_ZIP

KEY FINANCIAL INFORMATION
Amount of Credit: LOAN_AMOUNT
Duration of Agreement: LOAN_DURATION Days
Total Amount Payable: TOTAL_OF_PAYMENTS to be repaid by a 10% administration fee of ORIGINATION_FEE to be deducted from the advance and a single installment of TOTAL_OF_PAYMENTS on LOAN_DUE_DATE (the "Payment Date"). Deduction of the 10% administration fee from the principal sum advance means that the Debtor will only receive 90% of the amount of credit detailed above. (For example, if you borrow £100, you will owe £90.)

APR: CALCULATED_APR%

OTHER FINANCIAL INFORMATION
Total Charge For Credit: FINANCE_CHARGE which comprises interest and an administration fee of 10% of the value of the loan which will be deducted from the Principal sum.
Interest is charged at the rate of CALCULATED_APR% per annum, pre-computed and applied to the balance outstanding on the date of this Agreement.

KEY INFORMATION
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;
  • any reasonable expenses and costs that We may incur in tracing You if You move address without first notifying 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;
  • simple interest, both before and after judgement, at the rate set out above from the date payment falls due until payment is made.

EARLY SETTLEMENT
If the amount of loan was [£100] and all payments have been made on time, the amount that you would have to pay to settle at next payment after the following amounts have been paid.

Quarter £25 Half £50 Three Quarters £75

No account has been taken of any variation which might occur under the agreement that the amounts are accordingly only illustrative.

As stated above the typical example is based upon either £100 or £1000 and the empty spaces are for the rate of repayment that would be due at those repayment dates which must be calculated in accordance with the Early Settlement Regulations referred to above.

MISSING PAYMENTS
Missing payments could have severe consequences and make obtaining credit more difficult.

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.

Terms and Conditions

1. General

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 on the Payment Date, and 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.

1.3 You note that a 10% administration fee is charged on the loan and deducted from the principal at source which means you will only receive 90% of the amount you borrow. This charge is in addition to the interest payment of FINANCE_CHARGE.

1.4 Unless otherwise provided in this Agreement, all payments will be applied first to default fees payable under conditions of default, interest charges due under this Agreement and then to the Loan Amount.

1.5 You grant us permission to contact your employer named in your Employment Details at anytime as may be reasonably required by Us.

1.6 You must inform us immediately of any changes to your bank details or employment details, or of any other changes in circumstances which may affect your ability to make payments under the loan agreement.

1.7 You will receive your loan usually the next working day and the APR is calculated on this basis. However, if you wish you may elect to have the loan transferred by a guaranteed same day payment but you will have to pay an extra £15 in additional banking and administration charges to choose this option and this sum will be deducted directly from your loan amount before transfer (so, for example if you borrow £100 but opt for the same day payment you will only receive £85). This is entirely optional.

1.8 This Agreement is unsecured.

2. Your Right to Cancel

2.1 You have a right to cancel this Agreement within 14 days beginning with the day after this Agreement is signed by us in accordance with the provisions of the Financial Services (Distance Marketing) Regulations 2004.

2.2 In order to exercise your right to cancel, you must give us notice in writing by sending:

2.2.1 a letter to Us at Kesef Limited, 2nd Floor, 145-157 St John Street, London, EC1V 4PY
2.2.2 a fax to Us. Our fax number is 0800 048 8519; or
2.2.3 an email to Us at support@countrywidepayday.co.uk

2.3 You request us to make the advance before the 14 day period expires. Please note that if you exercise your right to cancel, you wil be required to repay;

2.3.1 The amount of the advance in full
2.3.2 Interest up to the date of cancellation at the rate specified in the above loan agreement which will be calculated on a daily rate
2.3.3 A set-up charge of £30.

2.4 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

3. Data Protection

3.1 The following sets out how we will use your personal information. You are also referred to our Privacy Policy which is available at http://www.countrywidepayday.co.uk/privacy.aspx. In signing this agreement you confirm your acceptance of the terms of our Privacy Policy and provide your express consent to the transfer of your personal data outside the EEA.

3.2 In considering whether to enter into this Agreement, we may search your records with credit reference agencies. They will add to their records about you, details of our search and your application and this will be seen by other organisations that make searches.

3.3 We may also add to your record with the credit reference agencies details of your agreement with us, the payments you make under it and any default or failure to keep to its terms. These records will be shared with other organisations and may be used and searched by us and them in order to:

3.3.1 Consider applications for credit and credit related services such as insurance;
3.3.2 Trace debtors, recover debts, prevent or detect money laundering and fraud;
3.3.3 To manage your accounts.

3.4 It is important that you provide us with accurate information. We may check your details with fraud prevention agencies and if you provide false or inaccurate information or we suspect fraud, this information may be recorded. Fraud prevention agency records will be shared with other organisations to help make decisions on credit, motor, household, life and other insurance proposals or claims for you and members of your household.

3.5 Please write to us at our address stated above, or telephone us if you require details of the credit reference agencies or any other agencies from whom we obtain, and to whom we pass, information about you. You have a legal right to these details. You have the right to receive a copy of the information we hold about you if you apply to us in writing. A fee will be payable. We may send you information about products of ours and others which may be of interest to you.

3.6 We may pass your details to other selected businesses to enable them to send you information about their products.

3.6.1 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 not to contact you or pass your details on, please tick this box. [ ]. Alternatively, you can write to us at Kesef Limited, 2nd Floor, 145-157 St John Street, London, EC1V 4PY

4. Deferrals

4.1 We have the power to defer the Payment Date and we may, at our absolute discretion, exercise that power to allow you further time to make repayment. If we do so, interest will continue to accrue at the contractual rate until repayment.

4.2 As a responsible lender we consider all customers individually and the power to exercise deferments will only be exercised by us if we are satisfied that you will be able to meet your repayment obligations and that it is otherwise responsible to do so.

4.3 Deferments are not permitted beyond a maximum of 4.

5. Complaints

5.1 If You have a complaint, please contact us and we will investigate it and give any redress to which we feel you are entitled.

5.2 If You are not happy with our final response, and if eight weeks have elapsed since your inital complaint was made to us, You have the right to have your complaint dealt with under the Financial Services Ombudsman Scheme.

5.3 Please write to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 0845 080 180. To do so, You would need to notify the Scheme in writing within 6 months of our final response.

6. Miscellaneous under the Consumer Credit Act 1974.

6.1 If we do not enforce our rights under this Agreement at any time we will not be prevented from doing so later.

6.2 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.

6.3 We may transfer all or any of our rights under this Agreement.

6.4 We are registered at Companies House as Kesef Ltd, under company number 6483051. 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 615154/1. We are registered as Data Controllers with the Office of the Information Commissioner. Our registration number is 615154.

6.5 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. This Agreement shall be construed according to the laws of England and Wales whose courts shall be the exclusive courts of jurisdiction.

6.6 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.