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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
info@cashpc.co.uk
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
Email:
info@cashpc.co.uk
Web site:
www.cashpersonalcheques.co.uk
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
www.moneyadviceservice.org.uk |