Terms of Business
Definition Of Terms
- Agreement
- Means the agreement between You & Us made within these Terms of
Business
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- Cleared Funds
- Means any amount received from, or on behalf of You that,
subject to suitable clearance, have not been returned by the drawing bank and We
can identify as Yours
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- Creditors
- Means all of the unsecured creditors notified to Us by You
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- Fees
- Means the money You agree to pay Us as referred to in clauses 4.1 and
4.2 for the preparation and ongoing maintenance of this Payment Plan
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- Financial Statement
- Means the form or forms agreed by You including any
revisions released by Us to You or Your Creditors outlining Your current financial
position
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- Initial Fee
- Means the fee payable by You for the set up of Our Service
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- Letter Of Authority
- Means the enclosed form that We ask that You sign and
return to Us allowing Us to speak to Your Creditors and act on Your behalf
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- Month
- Means a calendar month
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- Monthly Fee
- means the fee payable by You for Our Service
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- Monthly Repayment
- Means the part of the Monthly Payment that is to be paid
by Us on Your behalf, to Your Creditors
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- Monthly Payment
- Means the total amount sent to Us during or in respect of
a Month whether this is received by instalment or in one amount
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- Payment Plan
- Means the mechanism by which You repay Your Creditors via Our
service which is paid for by You prepared by Us from the information provided by
both You and Your Creditors, and amended on an ad-hoc basis
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- Services
- Means the services We provide to You under this Agreement
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- Term
- Means the expected duration of Your Payment Plan
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- Terms of Business
- Means these Terms of Business
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- Us or We
- means Promise Debt Solutions Limited (Company No 4822702) the registered
office of which is at Promise House, Goodyear, Stafford Road, Wolverhampton, West
Midlands, WV10 6AD and the Promise Solutions Group of Companies, licensed under
the Consumer Credit Act 1974, or anyone to whom We transfer Our obligations and
rights, under this Agreement
-
- Working Day
- Means any day other than a Saturday or Sunday or bank or public
holiday in England
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- You or Your
- Means Our client, the signatory(s) of this Agreement
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1. Appointment & Term
1.1 We agree to act on Your behalf as Your debt counsellors and adjusters from the
time when this agreement begins.
1.2 Our obligations under this Agreement will begin upon receipt by Us of the Terms
of Business and a completed Letter of Authority, both signed by You, and the first
Monthly Payment in Cleared funds.
1.3 This Agreement will continue until the Creditors have been repaid the amount
agreed by Your Creditors to be paid in the Payment Plan or (if earlier) on the date
of termination in accordance with section 7 below.
2. Our commitment
2.1 We will review the financial information provided by You including income and
all outgoings of any nature, and prepare a personal Financial Statement for You.
2.2 We will assess Your unsecured liabilities and prepare an estimated Payment Plan
to repay Your Creditors. This will be based on Your disposable income as calculated
by Us in Your Financial Statement.
2.3 Included with Your estimated Payment Plan will be an estimate of the Term of
the Payment Plan assuming that your circumstances do not alter. The Term is an estimate
only and may change from time to time.
2.4 Once this Agreement begins, We will write to the Creditors that We are to deal
with as listed in Your Payment Plan to attempt to agree revised repayment terms,
suspension of interest, suspension of fee charging and suspension of any debt collection
action they are taking or considering taking. We can not guarantee Your Creditors
will accept the Payment Plan.
2.5 Once the Payment Plan has been confirmed we shall issue a final Payment Plan.
2.6 Subject to Our receiving Your Monthly Payments in Cleared Funds, We will continue
to make Monthly Repayments to Your Creditors in accordance with your Payment Plan
5 working days after receipt of Your Monthly Payment and following clearance, for as long
as Your Payment Plan remains in place or until Your Creditors are repaid.
2.7 We will issue a statement to You each Month during the term of this Agreement
which will confirm the amount paid to each of the Creditors We are dealing with
for You.
2.8 We shall deal appropriately and promptly with any communications from Your Creditors,
or that You forward to Us where You indicate action is required.
2.9 Should Your circumstances alter, We will revise Your Financial Statement and
attempt to re-negotiate with Your Creditors to revise payments under this Plan.
3. Cooling Off
3.1 You have a 7 day 'cooling off' period. During this time we are unable
to act for you and you can change your mind.
3.2 You can cancel this Agreement during the cooling off period and a full refund
will be provided. You may cancel this Agreement in writing or by telephone within
7 days from the date we sent this Agreement to You.
3.3 We can not contact you during this 7 day ‘cooling off’ period, although you
can contact us. However, many customers want Promise Debt Solutions to get involved
straight away. This could be due to Creditor activity by telephone, letter, personal
visit, or impending court action. If this is the case and you want to ‘Opt Out’
of the cooling off period so that we can act for you immediately, please tick the
box.
4. Plan Fees
4.1 The whole of the first Monthly Payment and the whole of your second Monthly
Payment will be made to Us under Your Payment Plan and will be retained by Us as
an Initial Fee. This may mean that you will miss payments to Your Creditors, creating
or increasing any arrears that are currently outstanding.
4.2 A deduction of 11% of the Monthly Payments will be taken by Us from the third
and subsequent Monthly Payments as our ongoing Fee subject to a minimum of £40 and
maximum of £90 per Month.
4.3 The Total Cost of the Service is found on the Payment Plan. This details the
estimated total fees, the estimated total amount of debt to be repaid and the estimated
term.
4.4 Following confirmation of clearance of Your second payment, We will continue
to make Monthly Repayments to Your Creditors within 5 working days of your subsequent
payment Monthly Payment being received. This will continue for as long as Your Payment
Plan remains in place or until Your Creditors are repaid.
4.5 We may change our Fee structure from time to time; You will be notified in writing
prior to the change taking effect.
4.6 We reserve the right to charge an additional Fee of £10.00 per uncleared payment.
4.7 Your Monthly Payments are due on the dates referred to in Your Payment Plan
or as agreed by Us from time to time.
4.8 Payments that fall due on a Saturday, Sunday or English Bank Holiday shall be
due for payment on the preceding Friday or the next working day.
4.9 To maintain your Payment Plan your Monthly Fee will still be charged and payable
by you in the event that you are unable to make your full Monthly payment.
4.10 Repaying the debt owed to Your Creditors over a longer period of time can lead
to an increase in the total amount paid
5. Limitations
5.1 We can allow for utility outgoings within Your Payment Plan, but We will not
enter into negotiations with Your secured lenders or current utility providers.
5.2 We cannot offer You legal advice.
5.3 Although every effort is made to negotiate with Your Creditors, We cannot guarantee
acceptance of Our proposals by Your Creditors.
6. Your Commitment
6.1 You will provide Us (to the best of Your ability), detailed, accurate and up
to date information concerning Your Creditors, Your income, Your outgoings and Your
financial situation.
6.2 You will not enter into a private agreement with any of Your Creditors whilst
this Agreement is in place.
6.3 You will not make any payments to Your Creditors outside the terms of the Payment
Plan.
6.4 Any correspondence that You send to Us to deal with on Your behalf is to be
clearly identified as such.
6.5 You will keep Us informed of any change to Your circumstances that may affect
Your Payment Plan. Should Your Payment Plan require amendment, please allow ten
Working Days prior to any distribution for these changes to take effect.
6.6 Whilst Your Payment Plan is in place no further credit should be obtained by
You. This may adversely effect the agreement with Your Creditors.
6.7 It is important you continue to meet your mortgage, rent and utility service
commitments. A provision is made for these within your Financial Statement. Should
there be any changes to the amounts payable, you must let us know.
6.8 Do not ignore correspondence from your creditors, you may send us a copy to
deal with on your behalf – please refer to your post guide.
7. Termination of Agreement
7.1 You have the right to cancel this agreement under section 3
7.2 You can cancel this Agreement at any time if the total fees payable under the
Payment Plan significantly differ from the Fees estimated in the estimated Payment
Plan. We reserve the right to retain the Initial Fee
7.3 In addition to your right to cancel under sections 7.1 and 7.2 you can also
end this Agreement at any time if you believe we have been in breach of our obligations
under the Agreement. We reserve the right to retain the Initial Fee
7.4 Either party may terminate this agreement by giving one month's written notice
to the other at any time.
7.5 We shall be entitled to terminate this Agreement without notice if any payment
due under sections 4 has not been received by Us within one Month of the due date.
7.6 On Termination, any Fees due to Us will be deducted from funds being processed
on your behalf and any remaining funds will be released to Your Creditors. A final
notice will be sent to Your Creditors.
7.7 On Termination of the agreement you may request the return of your personal
documents and creditor correspondence in writing within 14 days of the Termination
date. After 14 days all documents shall be destroyed securely.
8. Data Protection
8.1 We will keep as Confidential all information supplied by You to Us. We will
not pass on this information to anyone else without Your permission unless we are
required to do so by law, by Government or to a company or organisation to whom
we transfer or subcontract any of Our obligations under this Agreement, or where
it is necessary to protect your vital interests in an extreme emergency.
8.2 By signing the Letter of Authority, You are agreeing that We are able to liaise
with Your Creditors and other parties associated with the management of Your Payment
Plan.
8.3 We may collect personal information about You directly from You at any stage
of Your Payment Plan. In addition personal information may be collected from Your
Creditors as authorised by you in accordance with the Letter of Authority. Further
information about You may be collected as a result of managing Your Payment Plan.
8.4 Your personal information will be used to:
(a) prepare and issue Your Payment Plan and Financial Statement
(b) Communicate with Your Creditors in respect of Your Payment Plan and
(c) Communicate with You.
8.5 We may also use Your personal information to contact You to provide You with
details of other products and services supplied by us or by third parties which
We feel may be of interest to You. If you do not wish to receive such information
please write to our Data Protection Officer at our address or tick the box below.
8.6 You may contact Us at any time by written request for further information about
our Data Protection Policy or to request a copy of the personal information We hold
about You. An administration fee of £10.00 is payable if you request a copy of the
personal information We hold about You. Please include this amount with Your request.
8.7 Telephone calls to Us may be recorded and / or monitored at any time for the
purposes of staff training and security.
9. Additional Terms
9.1 Currently, Our Fees are VAT exempt. If VAT becomes chargeable on our Fees, We
will notify You and amend Your Payment Plan accordingly and You will be liable to
pay any applicable VAT.
9.2 Our rights and obligations under this Agreement may be transferred by Us to
another company, body or organisation at any time in which case We will notify You
in writing that a transfer has taken place.
9.3 This Agreement contains the terms of Our agreement in its entirety. Any prior
agreements, arrangements or understandings (whether written, in any format or oral)
are superseded by these Terms of Business for the Service We will provide to You.
9.4 Any concessions offered or allowed by a representative of Us beyond this Agreement,
will be deemed temporary and will not alter the Terms of Our Agreement unless notice
is provided to You in writing of a change to this Agreement.
9.5 No liability shall be accepted if We are prevented or hindered in the performance
of Our obligations under this Agreement, by any circumstances beyond Our reasonable
control.
9.6 This Agreement is governed by English Law.