Terms of Business
Introduction
We want Your decision to Use Promise Debt Solutions to be the best decision You
ever take towards regaining control of Your financial situation. To that end we
aim to be completely transparent in all our dealings with You, hence these Terms
of Business explain our obligations to You and Yours to Us. They will be at the
heart of our relationship, and our contract with You, so please take time to read
them carefully.
Important Note
These Business conditions apply to all Promise Debt Solution’s clients and explain
our obligations to You and Yours to Us. They may be added to or changed by particular
terms for some of our other services. These other terms will be brought to Your
notice at the appropriate time.
- Agreement
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Means the agreement between You & Us made within these Terms of Business
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- Cleared Funds
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Means
(i) any cash, postal orders or banker's drafts made payable to Us which We have
received from You;
(ii) any monies which We have received into our bank account or Client Account from
You by electronic transfer (such as by standing order, bank giro credit transfer
or payment by debit card) and which have not been returned unpaid within four working
days, and/or
(iii) any cheques which We have received from You which have not been returned unpaid
within seven working days
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- Client Account
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Means the account where any monies held on behalf of our clients are kept and which
is not Used for the purpose of our own business.
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- Letter of Authority Form
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Means the form enclosed with these Terms of Business which We ask You to sign to
give Us authority to contact Your Creditors and to act on Your behalf.
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- Creditors
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Means all of the people or businesses You have told Us You owe money to and who
are included in Your Payment Plan.
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- Fees
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Means the Initial Fee and the Monthly Fee. An estimate of the total Fees payable
by You to Us under this Agreement is set out in Your estimate Payment Plan issued
by Us in accordance with clause 2.1 below.
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- Disposable Income
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Means the amount of surplus income available after You have deducted Your income
from Your expenditure as calculated by Us in Your Financial Statement and equal
to Your Monthly Payment.
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- Initial Fee
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Means Your first 2 Monthly Payments, which is paid by You to Us as an initial fee
for our Services, and which is not Used to pay Your Creditors.
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- Monthly Fee
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means the monthly Fee payable for our Services. This is an amount equal to 11% of
Your Monthly Payment, apart from Your first two Monthly Payments which is the Initial
Fee, subject to a minimum of £40.00 and a maximum of £90.00.
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- Monthly Payment
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Means the total amount which is paid every month by You to Us throughout the duration
of Your Payment Plan. Apart from Your first 2 Monthly Payments which is the Initial
Fee, this is made up of the Monthly Repayment to be made to Your Creditors, and
our Monthly Fee and any other payments as instructed or agreed with You.
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- Monthly Repayment
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Means the part of the Monthly Payment to be paid by Us on Your behalf to Your Creditors.
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- Payment Plan
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Means the schedule of Monthly Payments by which You repay Your Creditors through
Us and pay for our Services, prepared by Us based on the information provided by
You, as revised from time to time.
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- Financial Statement
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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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- Services
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Means the services We agree to provide You with under this Agreement.
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- Term
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Means the estimated period running from the start of this Agreement as explained
in section 1.2 until we stop providing You with Services. An estimate of how long
the Term will last is set out in Your estimate Payment Plan issued by Us in accordance
with clause 2.1 below.
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- Terms of Business
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Means these Terms Of Business.
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- Us and We
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Means Promise Debt Solutions Limited (Company No 4822702), whose registered address
is 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG 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.
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- Month
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Means a calendar month.
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- Working Day
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Means any day other than a Saturday or Sunday or public holiday in England.
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- You or Your
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Means Our client.
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1. Appointment & Term
1.1 You appoint Us and We agree to act on Your behalf, as debt counselors’
and debt adjusters and to provide the Services.
1.2 This Agreement will start when You confirm Your acceptance of these Terms
of Business by returning the completed Letter of Authority Form or if earlier, the
day when We receive the Initial Fee from You in Cleared Funds.
1.3 You have a 7 day “cooling off” period. During this time We are unable
to act for You and You can change Your mind.
Cooling Off Period - Pre Contract
1.4 You have a 7 day “cooling off” period. During this time We are unable
to act for You and You can change Your mind.
1.5 You can cancel this Agreement at any time during the “cooling off” period.
Days here include Saturdays, Sundays, and public holidays. You can do this by writing
to Us at the above address or by telephone on 01902 585 017 saying You wish to cancel.
We will then refund to You any Fees already paid to Us that are Cleared Funds or
subsequently become cleared funds.
1.6 A further 7 days “cooling off” period will be given should any revised
Payment Plan is made.
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 call us.
2. What we will do
2.1 Based upon information provided by You to Us, We will review Your income,
outgoings and living expenses and prepare and issue to You an estimate Payment Plan
in respect of those types of debt which do not fall within the exclusions set out
in clause 5.2 below. This will indicate a Monthly Payment which We believe You can
afford based on Your disposable income as calculated by Us in Your Financial Statement.
It will also include an estimate of the total Fees payable by You to Us for the
Services which We provide under this Agreement and an estimate of how long it will
take You to repay Your Creditors.
2.2 Once the Agreement starts We will notify Your Creditors of our involvement
and will attempt to agree with them revised payment terms on Your behalf. We will
in particular attempt to persuade Your Creditors, where appropriate, to accept reduced
monthly repayments from You, not to charge interest and to either suspend or withdraw
any recovery, or similar, proceedings, which they may already have taken against
You or may have threatened to bring against You. We will endeavour to provide as
much assistance to You as We can based on our expertise and experience of dealing
with creditors.
2.3 Following receipt of the Initial Fee in Cleared Funds We will prepare
and issue a Payment Plan, normally within 28 days. This may vary from the earlier
estimated Payment Plan depending on the accuracy of the information You originally
provided to Us and our discussions with Your Creditors.
2.4 If Your circumstances change and You are unable to meet the payments
set out in the Payment Plan, We shall attempt to re-negotiate with Your Creditors
and arrange with You a revised Payment Plan. We will in any event periodically review
Your situation, normally every twelve months or earlier if Your Creditors insist,
and We will prepare and issue a revised Payment Plan to You and Your Creditors if
this is appropriate.
2.5 We shall provide to You a monthly statement listing Your Creditors, the
Monthly Repayments made to them and the Fees which we have charged You.
2.6 We shall keep You informed of all material communications between Your
Creditors and Us, and We shall deal with all communications from Your Creditors
to Us (or to You and provided by You to Us) appropriately and promptly.
2.7 Although every effort is made to negotiate with Your Creditors, We cannot
guarantee acceptance of Our proposals by Your Creditors
3. What you will Pay - Fees
3.1 You will pay Us the Initial Fee, the Monthly Fee and the Monthly Repayments
and any other fees agreed in writing between You and Us for additional services.
Initial Fee
3.2 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.
Monthly Fee
3.3 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
£40.00 and maximum of £90.00 per Month.
3.4 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.
3.5 Following confirmation of clearance of Your third payment, We will make
Monthly Repayments to Your Creditors within 5 working days of Your Monthly Payment
being received. This will continue for as long as Your Payment Plan remains in place
or until Your Creditors are repaid.
3.6 We may change our Fee structure from time to time; You will be notified
in writing prior to the change taking effect.
3.7 For each uncleared payment paid, We reserve the right to charge an additional
Fee of £10.00 per uncleared payment.
3.8 Your Monthly Payments are due on the dates referred to in Your Payment
Plan or as agreed by Us from time to time.
3.9 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.
3.10 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,
Your Monthly Fee will be still be charged and payable by You. If You are unable
to make Your Monthly Payment or pay Your Monthly Fee our services will stop until
You resume Your Monthly Payments.
3.11 Reducing Your monthly payments to Your Creditors will result in repaying
the debt owed to Your Creditors over a longer period of time and can lead to an
increase in the total amount paid
4. How We Handle Your Money
4.1 All payments that We receive from You in Cleared Funds will be paid directly
into our Client Account. The only payments which We will make out of our Client
Account are:
(a) payment of our Fees; and
(b) payment of the Monthly Repayments to Your Creditors in accordance with the Payment
Plan; and.
(c) Any other payments as instructed or agreed with You.
4.2 We will distribute the Monthly Repayments amongst Your Creditors in accordance
with the Payment Plan within five working days of receipt of the Monthly Payment
from You in Cleared Funds. If there is a delay in any payment which is not beyond
our control, We shall take the appropriate action to put You in the position You
would have been in if the payment had been made within five working days in Cleared
Funds and shall make good any additional interest which has accrued and any default
charges that have been applied to the account as a result of the delay.
What We won't Do
5.1 We cannot lend You money or offer You any credit facilities.
5.2 We will not Usually provide the Services in relation to secured credit
(such as hire purchase arrangements, secured loans and mortgages), rent (including
rent arrears), utility bill payments (including arrears), council tax payments (including
arrears) and other similar debts. It is important that You continue to pay these
priority debts Yourself.
5.3 We are not solicitors and cannot give You any legal advice.
5.4 We will not arrange for anybody to attend any court hearing on Your behalf
unless We expressly agree with You to do so, and if so We will charge an additional
fee for such service as agreed with You in advance of the court hearing.
5.5 Whilst We will attempt to agree revised payment terms with Your Creditors
in accordance with section 2, We cannot stop Your Creditors from continuing to charge
You interest and other charges, or from continuing any current, or bringing any
future, recovery proceedings against You if they want to do this.
6. What We will do
6.1 You must provide Us with full, accurate and truthful details on the Financial
Statement We provide to You of Your net income, outgoings, Creditors and dependants
and You must also provide Us with details of any outstanding judgments against You
or any actual or threatened court proceedings. You must, where possible, send to
Us copies or originals of documents to confirm these details.
6.2 You must make the agreed Monthly Payments to Us in accordance with the
Payment Plan.
6.3 You must allow Us to negotiate on Your behalf with Your Creditors.
6.4 You must send Us originals or copies of all correspondence You receive
from Your Creditors so that We can deal with them on Your behalf. Your correspondence
will be scanned and stored by Us as an electronic image and the original paperwork
destroyed. If originals are provided we can only return them to You if You request
this prior to posting.
6.5 You must 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.
6.6 During the Term You must not make any payments directly to Your Creditors
unless You have notified Us in advance that You propose to do so and We have agreed
that such payment can be made. We will not withhold our agreement for You to do
so unless we have good reason to.
6.7 You must tell Us if Your circumstances change so that You are or may
become unable to maintain the level of Monthly Payments or if there has been an
improvement in Your circumstances so that You are able to increase Your level of
Monthly Payments. We will require 10 working days notice from You to make any amendments
to any payment of the Monthly Payments to Us.
6.8 During the Term You must incur no further debts, whether on credit or
otherwise, other than those relating to Your normal living expenses.
6.9 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. How You may end this Agreement
7.1 You have the right to cancel this Agreement under section 1.4.
7.2 You may also cancel this Agreement at any time if the total Fees payable
under the Payment Plan differ significantly from the Fees estimated in the estimated
Payment Plan issued by Us in accordance with clause 2.1 above submitted to You.
In the event of cancellation under this section 7.2, 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 may
also end this Agreement at any time by giving Us one Months prior written notice
which You may serve at any time whether or not You believe We may have been in breach
of our obligations under this Agreement. In the event of cancellation under this
section 7.3, 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 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.
8. How We may end this agreement
8.1 We may end this Agreement at any time by giving You two weeks prior written
notice if any of the following happens:
(a) You fail to make 3 successive Monthly Payments; or
(b) You are otherwise in serious breach of this Agreement or have persistently committed
a series of minor breaches (even if any one individual breach would not necessary
be regarded as a serious breach on its own); or
(c) You become bankrupt, file a bankruptcy petition, make an arrangement or composition
with Your Creditors generally, or make an application to a court of competent jurisdiction
for protection from Your Creditors generally; or
(d) We feel Your debt management plan is no longer the best option for You
9. Effect of ending this Agreement
9.1 When this agreement ends:
(a) our duties and obligations under this Agreement will come to an end;
(b) Your liability to Your Creditors will continue to the extent that any amounts
You owe to Your Creditors remain outstanding over and above the repayments made
to them under the Payment Plan; and
(c) You may within 14 days of the end of this agreement request Us to send You copies
of all paperwork received from You or Your Creditors that has been retained by Us.
10. Personal information
10.1 We agree to keep confidential all information received from or about
You. We will not pass this information to anyone else without Your permission, except
in line with our data protection statement contained in section 11 or to such of
Your Creditors as is necessary in order for Us to negotiate repayments with such
Creditors, including Creditors who may process Your data outside the European Economic
Area (EEA).
10.2 If You have opted to receive information from Us by text messaging (or
email), You are responsible for the security of Your mobile telephone (or personal
computer) - and mUst take all reasonable precautions to prevent anyone else from
accessing Your information, including Using all security features available on Your
mobile telephone (or personal computer) - and for informing Us immediately if Your
mobile (or personal computer) is lost, Your number (or email address) changes or
if You suspect someone may have access to the information we send You.
11. Data Protection statement
11.1 Please read this statement carefully as it explains what personal information
We collect about You and how We Use this information.
11.2 We collect personal information about You both directly from You when
You apply for our Services and from Your Creditors as authorised by Your Letter
of Authority Form. We may also collect further information as a result of managing
Your Payment Plan.
11.3 We will Use Your personal information to provide our Services to You,
and in particular to:
(a) prepare and issue to You Your Payment Plan;
(b) negotiate with Your Creditors on Your behalf; and
(c) keep You informed about Your Payment Plan and our Services.
11.4 Subject to section 11.5 We may also Use Your personal information to
contact You to provide You details of other products and services which We think
may be of interest to You, including those offered by selected third parties. We
may share personal information with these selected third parties and they may contact
You directly to provide You with details of such products and services. If You do
not wish to receive such information please write to our Data Protection Officer
at our address or tick the box below.
11.5 You may let Us know if You do not want Us to Use or disclose Your personal
information as set out in section 11.4 above or if You wish to amend the way we
communicate with You.
11.6 Other than as set out above We will only disclose Your personal information
to the extent required by law, court order or as requested by other government or
law enforcement authority, or to any company or other entity to whom we either transfer
or subcontract any or all of our obligations to You under this Agreement.
11.7 You may contact Us by writing at any time to the Data Protection Officer
at our address given above for further information, or if You want to request a
copy of the personal information which We hold about You or to ask Us to amend any
inaccurate information held by Us. If You request a copy of the personal information
which We hold about You we will charge You a fee of £10.
11.8 Please note that we may record and monitor Your calls to Us to help
Us to improve our service.
12. Other Terms
12.1 All Fees are exclusive of any applicable value added tax (VAT) or other
sales tax. Please note that although the provision of our Services is currently
VAT exempt, this position could change in the future. If it does change We will
notify You and amend Your Payment Plan accordingly.
12.2 We may transfer our rights and obligations under this Agreement by giving
You written notice of such transfer.
12.3 All notices sent under this Agreement, shall be valid if sent by second-class
post.
12.4 This Agreement sets out the entire agreement and understanding between
You and Us and supersedes all prior agreements, understandings or arrangements (whether
oral or written) relating to the provision of the Services.
12.5 You acknowledge that You have entered into this Agreement in reliance
only on the representations, warranties and promises specifically contained or incorporated
in this Agreement and, except as expressly set out in this Agreement, We shall have
no liability in respect of any other representation, warranty or promise made prior
to the start of this Agreement unless it was made fraudulently.
12.6 We shall not be deemed in breach of this Agreement or otherwise liable
to You if We are prevented or hindered from performing our obligations under this
Agreement by reason of any event beyond our reasonable control.
12.7 If any part of these terms and conditions is found to be invalid or
unenforceable, that part shall be deemed severed from our agreement which will otherwise
remain in full force and effect.
12.8 Any failure on our part to insist on strict performance of any part
of these terms and conditions will not be deemed a waiver of our rights and remedies
in respect of any future breach
12.9 We may vary these Business Conditions from time to time and will write
to give You at least 30 days' prior notice of any changes.
13. This Agreement is governed by English Law.