Pre Contract Disclosures for new advances.

(Standard European Consumer Credit Information).

Before offering this agreement please read the information below to place you in a position to assess whether the

agreement is adapted to your needs and financial situation. We would advise you to consider the information

before going ahead. Before the agreement is completed you may ask for additional information and ask

questions by request via email to only. For customers visiting in person we will provide the

information to take away.

 1.     Contact details

Creditor:     The Southampton Cheque Exchange

Address:     54A, Portswood Road, Southampton SO17 2FW


Web site:

 2.     Key features of the product

The type of credit:

A fixed rate revolving unsecured loan over a term of 10 months for denominations of £100. The agreement is regulated under the Consumer Credit Act 1974.

Total Amount of credit:  Per £100 advanced or other amount as agreed -

(a)    For advances repaid on your first pay day following drawdown, the total cost of credit is the amount advanced plus daily interest at 0.8% of the advance.

(b)    For loans of £100 repaid during (and up to) the 10 months, the total cost of credit is £100 (amount advanced) plus daily interest at 0.8% of the advance. Interest is calculated based on the amount of the advance and applicable from the day the advance is made up to a maximum of £100. Total maximum cost is £200

How and when credit is to be provided: Credit is provided via BACS within 14 days of approval.

The duration of the credit limit: From draw down of funds then unlimited in time subject to re-assessment  until cancelled by us or you.

Early settlement: You may settle early by requesting a settlement quotation.

Method of repayment: By banking of cheques, via BACS, or other acceptable medium.

Amount of repayments – Monthly:  The following payments on account are required per £100 advanced – on pay date.

·        On first pay date following drawdown (month 1) you pay according to the number of days the advance has been outstanding, thus – 1 -7 days following drawdown to payday is 0.8% of advance per day (up to £5 - we will advise of the actual amount);  8 - 14 days is £5; 15 – 22 days is £10;  23 – 30 days £15;  31 days is £20. You may opt to pay £20 on account at month 1 thus reducing the final payment in (c) below.

·        Months 2 -9/10 is £20.

·        For the final month (scheduled at month 10), you pay the difference between the sums paid in (a) & (b) and the maximum cost.

Note (1) If you opt to pay £20 at month 1 where the advance was made through the month then an excess will be credited as 'on account'.

Note (2) Excess payments at month 10, creating a credit will be eligible for refund.

Note (3) You may settle the advance at any time by paying the £100 advance plus accrued interest to the settlement date calculated using the daily rate (see below), less payments made on account.

Note (4) Repayments are allocated to the oldest advances first or to repay a combination of the oldest balances including non interest bearing balances to facilitate a possible new advance.

Total amount payable: The maximum payable is £200 for £100 advanced.

Credit Limit: A credit limit will be agreed upon application. Drawdown on different dates is allowed. We may reduce or increase the credit limit or withdraw it at any time during the facility period subject to financial reassessment.

Monthly update form: You must complete the online monthly update form every month to confirm the status of your loan.

Unsuitable use:

This is a high cost short term loan and is expensive as a means of longer term borrowing. This agreement is unsuitable for long term borrowing eg. car purchase or home improvements.

Compare with other products - You may compare our APR and loan type by searching online with a Pay Day loan price comparison site.

 3.     Cost of credit

The rate of interest that will apply

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.

Based on borrowing £100 for one month with daily rate of 0.8%, the representative %APR is 1221.50% fixed. The APR

will be higher if (a) the period from draw down to repayment on the next pay day is shorter than one month; (b) repayment is made after making one or a series of monthly payments after the first pay date and up to month 5; (c) repayment is made in part or in full; (d) the account falls into default and charges are added; (e) change of payment date; (f) the account is subject to rollover, arrangement, or repayment plan.

The daily rate: A daily rate of 0.8% applies on the amount advanced. You will not pay more in interest than the amount you borrow.

Price Cap: We will calculate on a daily basis between the cumulative statutory price cap and the amount you have paid in assessing if money is due or subject to refund at any time.

Related Costs: A capped default charge of £15 will apply in the event of sending you arrears and default letters/emails,

instructing collection agencies, forbearance, instructing MCOL (HM Court Service On-Line),  or instructing any other

agency. This cost will be included within the maximum interest charge.

Cost of a growing debt

In exceptional circumstances the law allows you to request up to two 'rollovers' during the life of the loan.

A 'rollover' means the interest is added to the loan rather than it being paid (subject to cost cap), and will defer the repayment date. We will treat an unpaid request to pay the ‘on account’ monthly fee as a rollover.

No interest will be added to a defaulted account.

 4.     Other important legal aspects

Period of time the creditor is bound by the pre contractual information – 14 days from application.

Consequences of failing to make the repayments

We will inform the credit reference agency of the conduct of the account for as long as we are registered.

A poor account will have an adverse effect on your credit score.

For customers failing to make the monthly payment on account, not honouring cheques or any other debt, we will go through a process of reminders and deadlines for repayment.

Failure to pay could lead to any one or combination of the following - a default notice being issued, court proceedings

(leading to a County Court Judgement), statutory demand, bankruptcy petition, debt collection agency, or the debt

being sold to a third party.

In cases of severe and proved financial difficulty we will exercise forbearance.

Right to cancel

You have the right to withdraw from this credit agreement within 14 days of its inception without reason. In

exercising this right you then have 30 days from the day after giving notice to repay the credit together with interest

accrued. Such notice shall be given in person, by first class post or email. The interest is a daily rate based on the amount advanced and is 0.8%. You may settle the loan at any time within the 30 day period, please request a quotation if you require a settlement figure to be calculated.

Agreement features which could have an unforeseeable adverse effect.

You should consider the affordability of paying monthly fees if you do not settle the loan off.

Delaying repayment significantly increases the cost of the credit and APR.

Non payment will adversely affect your credit score.

A short term high cost loan could affect your ability to raise finance elsewhere.

Effect of impaired credit rating on future access to or cost of credit.

An impaired credit rating could adversely affect your ability to raise future credit and increase the cost. 

Legal proceedings and costs

We use Money Claim Online.

If judgement is obtained, we will follow enforcement action applicable to each case. This could mean applying for

an attachment of earnings order, or a warrant of execution to remove goods from your property.

Cost of exercising right of cancellation and right of withdrawal

The interest is a daily rate of interest and is 0.8% on the amount advanced. The amount owed will be

the net loan granted plus one thirtieth of the fee deduction, 0.8% per day per on the amount advanced.

You may settle the loan at any time within the 30 day period, please request a quotation if you require a settlement

figure to be calculated.   

Warning: Late repayment can cause you serious money problems. For help, go to