Terms and Conditions

All customers making an application for a loan from the Southampton Cheque Exchange must accept the terms and conditions as laid out below. The loan is regulated under the Consumer Credit Act 1974 and 2014. Should you have any questions relating to any of the sections, please email to info@cashpc.co.uk. By accepting these terms and conditions, you have confirmed you have read and understood all the sections.


-    This website ('site'), is designed and operated by the Southampton Cheque Exchange ('I', 'We', 'Our').
-    No information or opinions within the site constitutes an offer to sell or give advice or make recommendations.
-    The site is intended for those who access it from England & Wales and are aged 21 and over.
-    The use of the site and the information in it are entirely at your own risk.
-    The Southampton Cheque Exchange is registered under the Data Protection Act and licensed by the Financial Conduct Authority (FCA).

-    The information on this site may be changed at any time without notice.
-    Links to other websites are provided to you as a convenience only.

-    You are not permitted to set up links from your own websites to ours, without prior consent.

-    You are the customer abbreviated as ('you', 'your', 'they', 'Mr.', 'Mrs.', 'Miss.', 'Ms.').

-    You must ensure that the details provided by you are correct and complete.

-    You must inform us of any changes in details prior to any transaction.
-    We are not responsible for any message lost, cheques lost in the post or intercepted or altered by third parties.

-    You must maintain an open personal bank account.

-    We will establish suitable proof of ID.

-    Do not attempt to offer a stolen cheque book, card, suspended or closed bank account. This will be deemed as a criminal fraudulent act.

-    Please ensure you do not recklessly abuse your bank facility.

-    You acknowledge receipt and accept the pre contract disclosures as required by the Consumer Credit Act 2014.

-    The agreement is a continuous credit loan agreement within a pre agreed credit limit.


-    We may hold and process personal information obtained about you for the purposes of fraud prevention and debt collection.

-    We may pass information to agents or if required/obliged by law.

-    Unless you tell us otherwise, you agree we may contact you by post, telephone or other electronic means.

-    You agree that we may conduct such enquiries as we see fit.

-    When the transfer leaves our account it forms a legally binding contract between us.

-    We will make an assessment of affordability based on information requested and provided by you.


-    The default banking date is two days prior to your pay date.

-    In some cases you may request cheques to be banked on any banking day no less than seven days or greater than 30 days after the money transfer date.

-    In the case of multiple cheques, the first banking date is 2 days prior to your pay date. Other cheques will be banked on the same day unless we have advised you otherwise.

     We may vary the default and banking dates at our discretion.

-    We will act in good faith in selecting banking dates.

-    We will act promptly, typically the same day.

-    We will send you details of the transaction by email attachment only.

-    The default method of communication from us is by e-mail.

-    In the case of joint bank accounts the names on the cheques are jointly and severally liable for the loan taken out by either one of the account holders.

-    The terms and conditions accepted in the latest submitted application will apply in the absence of a non-submitted transaction.

-    Do not make an application for this service if you anticipate within the next ten months likely creditor action, bankruptcy, IVA, debt management, or if you anticipate your account being frozen.


-    A credit limit will be agreed upon application.

-    The credit limit has no expiry date or until you or us cancel it.

-    Credit will be advanced on request from time to time up to the agreed credit limit.

-    We may reduce the credit limit or withdraw it an any time.

-    We may consider an increase in the credit limit subject to financial reassessment.


-    The amount outstanding is the net amount advanced (CONC 5A.2.7 Nov 2014).

-    New drawdowns are not treated as separate loan agreements (lenders consent not required) (CONC 5A.2.9 Nov 2014).

-    Interest is charged at the statutory 0.8% per day (or part of a day) on the amount advanced.

-    Repayments are made on account in accordance with the pre contract information.

-    Any excess of payments over interest due under the price cap assessment (CONC 5A.2.3 Nov 2014) will be subject to refund.

-    For early repayment during the first month or repayment during a month prior to the scheduled repayment date, you may apply for a rebate where the cost of 0.8% per day measured from drawdown to repayment is exceeded (CONC 5A.2.5 (1) Nov 2014) and (CONC 5A.2.8 Nov 2014).

-    The total cost of fees, charges and interest will never exceed the amount you borrow (CONC 5A 2.2 Nov 2014).

-    You must keep your bank account open during the delayed period.


-    The calculation of the APR has been based on you taking an advance of £100, payable in a month. This is a 'single payment transaction', using the present value formula thus APR = 100 [ (1 + C/P) to the power of 1/t minus 1] -1]%. Where C = total charge for credit; P = the amount of credit; t = time in years between the credit advance and the repayment. Power function calc http://wmueller.com/precalculus/families/1_41.html Based on borrowing £100 for one month with daily rate of 0.8%, the representative %APR is 1221.50% fixed. Source www.brian-stewart.orpheusweb.co.uk/credit/javascript/equalapr.htm


-    You must complete and submit the monthly update form at least four days prior to your pay date.

-    The monthly fee must be received at our offices by noon on your pay date or other agreed date.

-    We may utilise any cheques (including cheques of higher value than the fee) in lieu of a monthly fee or charge at our discretion, or on your written or oral request. 

-    In the event of a monthly fee being applied for but unpaid, we will (at our discretion) bank in-date cheques or roll up your account with the fee (maximum of 2 months).


-    You may repay the account by applying for a settlement figure, in cash or BACS transfer providing the funds are cleared by mid-day of the next pay date.

-    You may pay amounts from £5 upwards towards repaying the amount outstanding.

-    Additional payments will be allocated in priority with crediting the oldest debt first followed by full or part allocation of the the remaining cheques at our discretion.

-    Residual amounts of unallocated credit remaining, not repaying single cheques in full, will show as a credit.

-    Additional amounts paid will show on your statement.

-    Accumulated credit paid is deemed as a part payment of your balance and is not refundable or will attract interest.


-    We will bank any cheques in advance of the next banking date or in advance of the end of the contract term if -

    (a) We suspect or have been informed of impending IVA, bankruptcy, debt management, or experiencing financial difficulty.

    (b) The bank have, or are about to, withdraw your cheque book or account facility.

    (c) Any other action which may compromise the security of the cheques.

-    At any time (or any time up to six years from the original transaction), we reserve the right to bank any in-date cheque held spare or used in previous transactions, to reduce your indebtedness.

-    We will issue a legal (default) notice prior to making an application for a court order.

-    We may, at our discretion, sell or appoint a third party to recover the debt.

11.0 CHARGES (accounts and new advances from January 2nd 2015).

-    (a)    A capped charge of £15 will apply in total for any default action.


-    We may sell or assign your debt to another provider of credit, debt collecting agency, bank, finance company or private individual by giving you one months notice.

-    The value of the debt will be at a value advised to you in your monthly statement and in accordance with these terms and conditions.

-    We will transfer the value of the debt secured by the cheques or balance on your account including fees, charges, and costs.

-    Any new provider is able to negotiate another form of security or credit contract to that value.

-    Once your debt has been sold or assigned, your liability is transferred to the third party and releases you from the liability with us.

-    After the sale or assignment you are free to negotiate a fresh loan facility with us.


     (a) This section highlights how we and others will use your information now to process your application and following our decision on your application.

     (b) The Southampton Cheque Exchange is the data controller.

     (c) Your information comprises all the details we hold about you and your transactions, and includes information obtained from third parties.

     (d) Credit Reference Agencies. We may obtain information about you from credit reference agencies to check your credit status and identity.

Credit Reference Agency Information Notice (CRAIN) (May 2018)

In order to process your application, we will perform credit and identity checks on you with callcredit, one of the credit reference agencies (“CRA”).

To do this, we will supply your personal information to CRA and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRA will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.

We will use this information to:

·        Assess your creditworthiness and whether you can afford to take the product;

·        Verify the accuracy of the data you have provided to us;

·        Prevent criminal activity, fraud and money laundering;

·        Manage your account(s);

·        Trace and recover debts; and

·        Ensure any offers provided to you are appropriate to your circumstances.

We will continue to exchange information about you with CRA while you have a relationship with us. We will also inform the CRA about your settled accounts. If you borrow and do not repay in full and on time, CRA will record the outstanding debt. This information may be supplied to other organisations by CRA.

When CRA receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. 

If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRA will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRA to break that link.

The identities of the CRA, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRA are explained in more detail at www.callcredit.co.uk/crain. CRAIN is also accessible from each of the three CRAs – clicking on any of these three links will also take you to the same CRAIN document: Callcredit [www.callcredit.co.uk/crain; Equifax [www.equifax.co.uk/crain]; Experian [www.experian.co.uk/crain].

     (e) It is important that you have read and understand the Your information sections above. By affirming you have read these terms and conditions and submitting this application means you agree that we can use your information in this way.


-    Be careful to be accurate when writing out cheques, returned cheques carry bank charges. We will not be held responsible.

-    We reserve the right to present a cheque without notice. We will not be held responsible for any bank charges incurred if cheques are returned unpaid.

-    We reserve the right to re-present a cheque if it has been returned unpaid. If it further remains unpaid we will not be held responsible for bank charges incurred.

-    All personal information and documentation supplied is held securely. We will not be held responsible if such information is stolen or requested by the authorities.

-    Changes to your personal details, bank details, or any other relevant information must be reported to us.

-    Our service is designed to be a temporary solution to cash shortages. We do not recommend using this service as an answer to serious debt problems. If you are in serious financial difficulty we suggest that you seek counselling with an organisation such as the www.cccs.co.uk or www.creditaction.org.uk

15. CONSUMER CREDIT REGULATIONS 2010 - Withdrawal rights.

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 of interest and is £0.8. The amount owed will be the net loan granted plus one thirtieth of the fee deduction,

£0.8 per day per £100. 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.


 - If you have a complaint about any of our financial services products, you should initially complain to us to give us a chance to put things right. If you're not happy with the outcome you may be able to take the complaint to the Financial Ombudsman Service.

- Are you within the complaint time limits?

(a) six years from the event you are complaining about, or (if later), three years from when you knew, or could reasonably have known, you had cause to complain, (b) six months from us sending you a final response (which has to mention the six-month time limit).

You cannot complain about an event -

- from the former dissolved credit business prior to 1st September 2010 (now time expired);

- from any date 2nd September 2010 to 1st January 2015 (now time expired);

- 2nd January 2015 inwards up to a date observing (a) above.


We will request you  validate any complaint by you supplying supporting information as follows -

. Proof of identity in the form of a driving licence or passport;

- Full financial records for the period in question (to include the three months either side), ie. properly printed bank statements (summaries are not acceptable); credit card statements; pay slips; DWP income evidence; plus any other appropriate information. We will match this with the documents and information you gave us at the time and/or declared on the application form and our own credit searches.

Please note - If there are significant differences between declared details and subsequent information then the Cheque Exchange reserves the right to report a possible case of fraud to the authorities or by private prosecution.

You will receive an balanced in-depth final response letter (the Ombudsman Service will require it).


How to settle a the complaint NOW - see below. The Ombudsman will take several months to reach a verdict. 


 Settling NOW -

For errors in the cost cap calculation - full refund offered.

Other claims - We are currently offering £250 as a 'one off' payment. You'll only be asked why you think you qualify and proof of ID. This amount is offered as a quick resolution and full and final settlement.

Complaints taken to FOS will be contested and you do risk losing your case. You will be requested to provide in-depth documentation to support a claim. We reserve the right to engage a professional claims company to defend a case. In the event of you winning a case we will still only pay £250 (or nothing at all), due to the Cheque Exchange being unable to pay due to adverse financial circumstances.


In the unlikely event of a complaint, we will do everything possible to ensure it is dealt with quickly and fairly.

How to complain – You may complain via email to info@cashpc.co.uk

Complaint resolution procedure - We would hope to settle any complaint amicably and promptly.

If we are unable to resolve your complaint immediately we will send you an acknowledgement and then conduct a full investigation. If all reasonable avenues to resolve your complaint have been exhausted, we will send you a "final response" letter within eight weeks. If we have been unable to resolve your complaint, you may refer your complaint to the Financial Ombudsman Service (FOS), who will liaise with us on your behalf. FOS will then inform you directly of their decision. FOS has been set up by our regulator, the Financial Conduct Authority, to provide consumers with a free, independent service for resolving disputes with financial firms. The Financial Ombudsman Service contact details are: The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone enquiries: 0845 080 1800 Fax enquiries: 0207 964 1001 E-mail: enquiries@financial-ombudsman.org.uk

They will not accept your case until you have gone through the complaints process with the credit provider first.