Terms & Conditions
In these Terms and Conditions, the words “you” and “your” refer to the Debtor who has signed the Fixed Sum Agreement. The “Agreement” from here on will be defined to include the Terms and Conditions that follow below, together with the loan particulars set out in any Fixed Sum Loan Agreement between you and us. The words “we”, “us” and “our” refer to the Creditor, Speedy Quid. All other defined terms shall, unless otherwise stated, have the same meaning as the terms used in the Fixed Sum Loan Agreement.
Section 1 Your Obligations under the Fixed Term Credit Agreement
1.1 You confirm that:
- Your salary payment was received on the date you stated as your last payday
- Your last payday was within 1 month prior to the date of your loan application
- You have no reason to believe that your future salary payments will not be paid to you on or before the Due Date in your agreement. The payment will be made into the bank account (”the Account”) specified by you in your loan application
- You grant us permission to contact your employer (as specified by you in the form entitled “Employment Information”) at any time as may be reasonably required by us; and
- You grant us permission to take a pre-authorisation on Your Debit Card for the value of the Interest on Loan two days before the Due Date
- You confirm that if the Account specified in your application is a joint bank account, you have individual, full and unrestricted authority to nominate such Account and Your Debit Card for the purposes of these Terms and Conditions
1.2 You agree that the Account will contain sufficient funds available on the Due Date in order to meet your obligation to pay the amounts you owe us. You must pay us the amounts due on the Due Date.
1.3 You authorise us to debit the amounts payable by you on the Due Date and any other fees that you may incur under this Agreement to any debit card nominated by you in your loan application or any other method (”Debit Card”). Unless otherwise provided in this Agreement, all payments will be applied first to default fees payable under conditions of default, interest charges due under this Agreement and then to the Loan Amount.
1.4 If a debit is returned unpaid for any reason when we first present it for payment, we may represent the debit for payment on Debit Card until we receive the Total Amount Payable under this Agreement. Unless we agree otherwise, if you do not pay the Total Amount Payable in accordance with this Agreement, you will incur default charges and other charges as specified in the loan particulars of this Agreement. You agree that we may also collect any such charges by way of a debit to Debit Card. The authority given by you to debit Debit Card for the purposes of this Agreement is to remain in full force and effect until your obligations to us under this Agreement are fully satisfied.
1.5 If you decide to prepay your obligations partially or in full before the Due Date, you may do so by calling 0800 988 4435 or by emailing firstname.lastname@example.org . Any payments that you make will first be applied to the interest charges, second to any default charges and other charges you incur under this Agreement and then to the Loan Amount.
1.6 Once your Agreement is signed by entering Your name and unique code, we will either approve or deny the advance of the Amount of Credit to you. If the loan is approved, the Agreement will be signed by us and concluded. Your obligations under this Agreement commence on the day that we sign this Agreement. We will send you an email to let you know the Agreement is in force.
1.7 Any delays to payment of the Amount of Credit occurring due to:
- our underwriting process
- our Processing Errors
- your bank
- bank holidays
- “acts of God” and/or
- “acts of terrorism”
We shall notify you by email (”Variation Notice”) advising you of the fact of the delay, of the adjusted Annual Percentage Rate, as well as any other changes to information disclosed in the Fixed Sum Loan Agreement, if we know of it. Following receipt of the Variation Notice, you will have the option to cancel this Agreement, without incurring any additional fees or charges. To do so, you must notify us, no later than 19:00 UK Time on the next business day immediately following the receipt of the Variation Notice, either by email to email@example.com or by fax to 0844 836 0799, that you wish to cancel this Agreement. Failure to notify us in accordance with this clause will deem the revised terms of the Agreement to take effect 7 days after we send you the Variation Notice.
1.8 In the event that we receive notification from you in accordance with the terms of condition 1.8 but prior to the Loan Amount being credited to your nominated bank account, we will not debit your bank account or Debit Card, and both your obligations and our obligations under this Agreement will be terminated.
1.9 In the event that we receive notification from you in accordance with the terms of condition 1.8 but after the Loan Amount has been credited to your nominated bank account, we will debit the Loan Amount from Debit Card. If we receive payment of the Loan Amount when we debit your Debit Card, both our obligations and your obligations under this Agreement will be terminated. Failing this, this Loan Agreement will remain in full force and effect.
1.10 We will, as appropriate, pass on the cost incurred by us to deposit the money into your account using CHAPS (same day payment). This cost will be recovered by deduction from Your Debit Card as soon as the Loan Amount is paid into your account. The CHAPS option will cost £15.
Section 2 Default under the Fixed Sum Agreement
2.1 You will be in default under this Agreement if you do not pay us the Total Amount Payable (the money you owe us) on the Due Date in accordance with this Agreement.
2.2 Subject to our obligations under the Consumer Credit Act 1974, all amounts owed by you under this Agreement, including interest, default charges and the Loan Amount, will become due and payable. Also we may exercise our rights to enforce this Agreement, including by commencing court proceedings in which case you may be liable for our reasonable costs as described in the Fixed Sum Loan Agreement.
2.3 Default interest will be charged at a rate of 1% per day on amounts unpaid on the Due Date.
Section 3 Cancellation of the Fixed Sun Agreement
3.1 You have the right, under the Financial Services (Distance
Marketing) Regulations 2004, to cancel this Agreement, within a period of 14 days beginning with the day after this Agreement is concluded (”Cancellation Period”). To exercise this right You must give us notice in writing or any other durable medium accessible to us, at the following address: Speedy Quid Limited, Cavendish House 369 Burnt Oak Broadway,Edgware, Middlesex HA8 5AW.
Notification by phone must be made by calling 0800 988 4435.
Notifications by email must be made to firstname.lastname@example.org.
3.2 In the event that any such notification is made after the payment by us of the advance to you under this Agreement, you will be required to repay the amount of the advance to us in full, together with an administration fee of £15.
3.3 Your right to cancel this Agreement will be lost if you do not exercise the right within the Cancellation Period specified above.
3.4 By signing this Agreement you request us to advance the Loan Amount to you prior to the expiry of the Cancellation Period.
Section 4 Deferrals
4.1 It is possible to Defer the Repayment of the Loan if You are unable to repay the Loan in full on the Due Date. You can arrange this by either logging onto Your account on the web site or by contacting the customer services department by calling 0800 988 4435, or by e mail to email@example.com.
4.2 If we fail to collect the Total Amount Payable on the Due Date, we shall attempt to collect the interest amount only. Should we manage to collect the Interest Due under the terms of the contract we shall treat the outstanding balance as a loan to the assumed next Pay Date and charge interest on this period as per the Fixed Sum Credit Agreement. You will receive an e mail confirming that we have collected the interest and the new Due Date on which the collection will again be taken including the new interest amount at the APR stated.
4.3 This will be repeated at any Due Date when only the interest is collected, up to the number stated in the Fixed Sum Credit Agreement.
4.4 This does not affect Your rights to repay the loan at any time by contacting us as discussed in section 4.1
Section 5 Miscellaneous
5.1 Your obligations under this Agreement are unsecured.
5.2 You can prepay the loan anytime. If You have no overdue payments, the total amount (to prepay the loan) will just include the remaining principal and the interest fee for that month. There are no early repayment penalties.
5.3 We reserve the right to change these Terms and Conditions at any time. We will communicate to you such changes as per the requirements of any applicable law and will be applied in accordance with the requirements of any such law.
5.4 We are committed to fast response in all our communications with you. To enable us to achieve this we will use electronic means of communication wherever possible.
5.6 Should it become necessary to send any notice or demand, it will be assumed to have been properly given if:
- it is served on you personally
- or left or sent by prepaid envelope addressed to you at your current address or last known business or private address
If sent by first class post it will be assumed to have been received by you 5 business days after posting.
5.7 We may transfer all or any of our rights under this Agreement without your consent.
Section 6 Regulatory Information
We are a registered United States Corporation. Our main business is consumer lending. We are licensed by the Office of Fair Trading in accordance with the Consumer Credit Act 1974 for the conduct of consumer credit business. Our Consumer Credit Licence Number is 0628453.
Section 7 Complaints
If you have a complaint, please contact us at firstname.lastname@example.org and we will investigate your complaint. We will attempt to resolve your complaint in accordance with our internal complaints handling procedures, the details of which may be viewed and downloaded from our website, www.speedyquid.co.uk. These contain details of how to escalate any complains should you not be happy with our final response.
Section 8 Jurisdiction
English law is taken by us as a basis for the establishment of relations with you prior to the conclusion of this Agreement, and governs this Agreement. The contractual terms and conditions, and any prior information, are in English. You agree that we will communicate with you in English during the duration of this Agreement. This Agreement shall be construed according to the laws of England and Wales whose courts shall be the exclusive courts of jurisdiction over any claim or matter arising under or in connection with this Agreement.