Terms of Business
Any decision involving your finances needs to be considered before being entered
into. That’s why at Promise, we always try to give our customers as much information
as possible before they proceed with any course of action. These Terms of Business
are designed to be clear and straightforward, in order that you will be fully aware
of what to expect from us, in addition to what we expect from you.
Please remember that we hope this is the first step in building a relationship that
will last longer than the duration of any Payment Plan. Once your finances have
stabilised, you can look to Promise for other products such as mortgages, secured
loans, personal loans etc, and we want you to be comfortable doing this. Please
take time to read this information carefully.
Definition Of Terms
- You or Your
- Means Our client, the signatory(s) of this Agreement
-
- Agreement
- Means the agreement between You & Us made within these Terms of
Business
-
- 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
-
- Creditors
- Means all of the unsecured creditors notified to Us by You
-
- 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
-
- 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
-
- Fees
- Means the money You agree to pay Us as referred to in clauses 4.1 and
5.1 for the preparation and ongoing maintenance of this Payment Plan
-
- Monthly Fee
- means the fee payable by You for Our Service
-
- 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
-
- 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
-
- Term
- Means the expected duration of Your Payment Plan
-
- Terms of Business
- Means these Terms of Business
-
- Services
- Means the services We provide to You under this Agreement
-
- 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
-
- Monthly Repayment
- Means the part of the Monthly Payment that is to be paid
by Us on Your behalf, to Your Creditors
-
- Month
- Means a calendar month
-
- Working Day
- Means any day other than a Saturday or Sunday or bank or public
holiday in England
-
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 clause 8 below.
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 with a view to preparing a 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 Financial Statement 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.
2.5 A full Financial Statement and proposal for repayment will be forwarded to Your
Creditors along with Your Creditor’s initial payment.
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 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.
Opt Out
3.1.1 After signing and returning Our Terms of Business We allow a 7 day ‘cooling
off’ period during which time We are unable to act for You and You can change Your
mind. 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 let us know.
Plan Fees
4.1 The whole of the first Monthly Payment made to Us under Your Payment Plan will
be retained by Us as an initial Fee and is non-refundable. This may mean that You
will miss a payment to Your Creditors, creating or increasing any arrears that are
currently outstanding.
Standard Plan
5.1 A deduction of 11% of the Monthly Payments will be taken by Us from the second
and subsequent Monthly Payments as our ongoing Fee subject to a minimum of £40 and
maximum of £90 per month.
5.2 Following confirmation of clearance of Your second and subsequent payment, We
will continue to make Monthly Repayments to Your Creditors within 5 working days
of this notification being received. This will continue for as long as Your Payment
Plan remains in place or until Your Creditors are repaid.
5.3 We may change our Fee structure from time to time. You will be notified in writing
prior to the change taking effect.
5.4 We reserve the right to charge an additional Fee of £10.00 per uncleared payment.
5.5 Your Monthly Payments are due on the dates referred to in Your Payment Plan
or as agreed by Us.
Limitations
6.1 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.
6.2 We cannot offer You legal advice.
6.3 Although every effort is made to negotiate with Your Creditors, We cannot guarantee
acceptance of Our proposals by Your Creditors.
Your Commitment
7.1 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.
7.2 You will not enter into a private agreement with any of Your Creditors whilst
this Agreement is in place.
7.3 You will not make any payments to Your Creditors outside the terms of the Payment
Plan.
7.4 Any correspondence that You send to Us to deal with on Your behalf is to be
clearly identified as such.
7.5 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.
7.6 Whilst Your Payment Plan is in place no further credit must be obtained by You.
Termination of Agreement
8.1 We shall be entitled to terminate this Agreement without notice if 3 consecutive
payments due under clauses 4 and 5 have not been received by Us.
8.2 Either party may terminate this agreement by giving one months written notice
to the other at any time.
8.3 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. A final Financial Statement will also be
sent to You.
Data Protection
9.1 We will keep 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. 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.
9.2 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.
9.3 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.
9.4 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 the above address or tick the box
below.
9.5 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.
9.6 Telephone calls to Us may be recorded and / or monitored at any time for the
purposes of staff training and security.
Additional terms
10.1 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 from time to time.
10.2 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.
10.3 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.
10.4 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.
10.5 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.
10.6 This Agreement is governed by English Law.