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1. The First Period – during the First Period, your repayments consist of equal monthly instalments of the total of the Advance (less the Deferred Amount), and, if applicable, your Repayment Protection premium, together with the interest payable during the First Period (which is interest payable on the Total Loan Amount).
   
2. The Deferred Period – during the Deferred Period your repayments consist of equal monthly instalments of the total of the Deferred Amount and, if applicable, your Repayment Protection premium, plus the interest payable during the Deferred Period.
   
3. The interest charged forms part of each monthly repayment that you make. In the early part of the loan, when you still owe most of the money borrowed, the proportion of interest with each instalment will be higher and this will reduce as the capital is repaid. During the First Period the interest charged on the Deferred Amount will remain constant as none of the Deferred Amount is paid off during the First Period. In the Deferred Period, again the proportion of interest with each instalment will be higher initially and this will reduce as the Deferred Amount is repaid.
   
4. The first instalment is due one month after the agreement date unless you have agreed with us otherwise
   
5. You agree to make payment of the instalments as shown in the agreement by direct debit.  Punctual payment is essential.  If you fall behind with the payment of instalments, or fail to notify us of a change in your bank/building society account, or if the direct debit instruction is cancelled, we have the right to end the agreement by following the procedure set out in paragraph 4 below.

 

Please advise us within 2 days if you are changing your bank account details. Also, you must notify us within 2 days if you change your name and/or your address.

You have a right to end this agreement at any time. Should you wish to do so, you should telephone or write to tell us. We will then issue an early settlement statement calculated in accordance with Regulations made under the Consumer Credit Act 1974. You will be required to pay the amount shown in the early settlement statement to end the agreement.

The following are events of default. If:

1. you fail to make payment of any of the monthly instalments; or
2. you have given false information in connection with this agreement; or
3. you fail to notify us of a change if your bank or building society within 2 days; or
4. the direct debit set up by you is ineffective or is cancelled; or
5. you become unable to pay your debts within the meaning of Section 268 of the Insolvency Act 1986 or apply for an interim order under Section 252 of the Insolvency Act 1986 or a petition is presented for the making of a bankruptcy order with respect to you or if you become bankrupt; or if any judgement debt against you shall remain unsatisfied for more than 14 days, or in Scotland, if you are sequestrated or a trustee in bankruptcy is appointed over your assets or a decree is obtained against you and shall remain unsatisfied for more than 14 days; or
6. you suffer from any of the conditions defined in Section 1(2) of the Mental Health Act 1983 or you otherwise become incapable of managing your affairs; or
7. you die;

we will send you a default notice as required by the Consumer Credit Act 1974. If you fail to take the action required (if any is specified) in the notice within the time specified in that notice, the whole of the balance remaining unpaid under this agreement, less a rebate calculated in accordance with the Regulations made under the Consumer Credit Act 1974, shall become payable immediately and shall carry interest and charges in the manner set out in paragraph 5 below.

You must repay our legal costs and other expenses if we have to take steps, including court action or using the services of a debt collection agency to obtain payment of any sums due and unpaid. Interest will be charged (at the APR shown in the Financial and Related Particulars) on all overdue amounts. Such interest will be calculated on a daily basis from the date the amount becomes due until it is received and will run both before and after any judgement or decree.

If we temporarily relax the terms of the agreement, we may at any time decide to enforce the original terms again.

We may, after notice to you, nominate another person or company to take on our obligations and responsibilities in our place and take over our rights. The transferee will then replace us as if they had been party to this agreement instead of us.

When you apply for a personal loan, and at any time during the term of the loan, we may take up references including carrying out a credit reference search. We may also register details of this agreement with credit reference agencies and advise them of the state of your account from time to time.

The information which you give us may be used to inform you of other products provided or recommended by our Group.

If you do not wish to receive this information, please let us know.

If the agreement is entered into by two customers jointly, all the obligations under the agreement are binding on both customers. This is known as joint and several liability and means that each customer can be held fully responsible for all sums due under the agreement.

If you have decided to take up our offer of the Repayment Protection Plan, we will pay the premium shown in the agreement to the insurer. The terms governing the insurance are shown in the leaflet, which, by your signature of this agreement, you acknowledge you have received.

Where the customer resides in England or Wales, the agreement will be governed by English law. Where the customer resides in Scotland, the agreement will be governed by Scottish law.