Terms and Conditions
1 These terms and conditions form part of and are incorporated into this Agreement.
2 You confirm that the electronic signature which you have used to enter into this Agreement is valid. By using that signature, you agree to be bound by this Agreement (including these terms and conditions). You agree that we may communicate with each other by electronic means in connection with this Agreement (see clause 21 for more details).
3 You confirm that the information you have provided relating to this Agreement is true and accurate. You must notify us as soon as you are able of any change to the details specified in your application form.
4 You confirm that you:
(a) Are 18 years or over;
(b) Live in the UK;
(c) Have a UK bank account with a valid linked debit card. We do not accept prepaid cards;
(d) Are in employed work, or have a regular income, you are not on unpaid leave, sick leave, maternity or paternity leave, and you are not aware of any reason which may cause your employment to be terminated prior to the expiry of the Duration of the Agreement, and
(e) Are not an undischarged bankrupt or aware of any person (including yourself) applying for your bankruptcy, and you have not entered and are not in the process of entering into a debt management plan (DMP), Individual Voluntary Arrangement (IVA) or similar administrative process.
5 We agree to provide you with the Amount of Credit stated in this Agreement. We will transfer the Amount of Credit to you on the date that we enter this Agreement; this may be up to 7 days after the date on which you apply for a loan. Please allow up to 3 working days for this to be paid into your nominated bank account due to delays caused by the banking system which are outside of our control.
6 You agree to pay to us the Total Amount Payable on the Due Date. We do not permit you to "roll over" your loan to your next payday by paying the interest accrued to date. Therefore, you should ensure that you have sufficient funds in your account to cover the full outstanding balance (which includes any interest, fees and charges that are payable) on your Due Date. If you believe you will not be able to pay the full outstanding amount on your Due Date or are otherwise experiencing financial difficulties, contact us to discuss your situation as soon as possible.
7 The Total Amount Payable is based on the Amount of Credit being borrowed for the Duration of the Agreement and the Total Amount Payable being repaid in full at the end of that period. If you do not repay in full at the end of this period, the total amount you will have to repay will be different.
8 We will pay the Amount of Credit into the bank account which you told us about in your application. You confirm that your main source of income is paid into that account and that your main source of income will be paid into that account on the Due Date set out above. If you have notified us that you wish to withdraw from the Agreement, you will ensure that there is enough money available in the account that you have asked us to collect the repayment from to repay the Amount of Credit plus interest as specified above, on the date we have agreed with you.
9.1 When providing us a debit card for the purposes of repayment we may, as part of our validation process, pre-authorise a sum of up to 1p. This is not a request for payment to be made and no funds will leave your account but the amount reserved will not be available to you for a maximum of 30 days from the date of the pre-authorisation. We may repeat this pre-authorisation to test the validity of any of the debit cards we hold for you at any point whilst you remain our customer with an outstanding balance.
9.2 By entering into this Agreement you authorise us to collect your outstanding balance (inclusive of any interest, fees and charges accrued) using the debit card(s) we hold for you under a continuous payment authority (CPA) or by Direct Debit as set out below. Unlike a Direct Debit, a CPA is not covered by a bank guarantee. When using CPA, we will seek to recover the outstanding balance (inclusive of any interest, fees and charges accrued) using any of the cards which you have provided the details of for the purpose of making repayments (the choice of which is at our discretion).
9.3 Before making a collection attempt we will check that:
(a) You have an outstanding balance and that we have not permitted you to repay on a different date(s); and
(b) We have not exceeded the cap of two unsuccessful attempts to collect the outstanding balance (inclusive of any interest, fees and charges accrued).
9.4 On your Due Date, we may, at our discretion, choose the method (CPA or Direct Debit) for a collection attempt of the outstanding balance (inclusive of any interest, fees and charges accrued). If this is unsuccessful, we may make a further attempt to recover the outstanding balance (inclusive of any interest, fees and charges accrued) later on that day using CPA or we may choose to make a collection attempt(s) of the outstanding balance (inclusive of any interest, fees and charges accrued) using CPA or Direct Debit (the choice being at our discretion) at a later date(s) (before which we shall provide you notice).
9.5 We will:
(a) Only attempt to collect the full balance outstanding (inclusive of any interest, fees and charges accrued); and
(b) Immediately stop attempting to collect the outstanding balance (inclusive of any interest, fees and charges accrued) using a CPA or Direct Debit if we make a total of two unsuccessful attempts to collect the outstanding balance.
If we fail to collect the outstanding balance due (inclusive of any interest, fees and charges accrued) using a CPA or Direct Debit as set out above, we will attempt to contact you. We may agree with you separately that we can use Direct Debit or your debit card(s) (or another debit card you provide us) to collect a single payment or specified amount(s) of the outstanding sums. When using your debit card(s) in this manner it will not form part of an existing CPA nor create a new CPA unless specifically agreed at the time.
We will only set up a new CPA with your consent and where it is appropriate to do so, taking into account your financial circumstances. To give you flexibility in how you repay we may offer you the ability to repay using a Direct Debit.
9.6 You can cancel both a Direct Debit and a CPA with your bank. You can cancel a CPA with your card issuer. You can also cancel both repayment methods directly with us. If you ask your bank or card issuer to stop permission for the payments you should also notify us. If you wish to cancel directly with us call 020 7183 8078 and we can discuss alternative ways of paying. If you cancel either a CPA or Direct Debit, you will still be responsible for paying the outstanding balance (inclusive of any interest, fees and charges accrued), including any interest, fees and charges which may accrue in the future. We require at least 3 working days' notice to cancel a Direct Debit instruction and at least 1 working days' notice to cancel a CPA.
9.7 If we want to change the terms of a CPA for any reason, we will:
(a) Contact you first to discuss this,
(b) Provide you with an explanation of the reason for and effect of any proposed change having considered your financial circumstances and
(c) Obtain your consent to the change
9.8 If you request, we may, at our discretion, accept payment on a different date. This will not change the Due Date set out in this Agreement or any other provision of this Agreement unless we expressly tell you we are changing part of this Agreement.
10 If you fail to pay any repayment due under this Agreement in full on the Due Date then we may require you to pay us the interest, fees and charges set out above.
11 This Agreement is unsecured.
12 If any of the following occurs then we may, after giving you 14 days' notice in writing requiring you to correct the default (where possible), end this Agreement if:
(a) You fail to pay any amount due to us on the Due Date or any other date we allow you to make repayment of any amount due;
(b) We become aware that you have behaved fraudulently or that any information provided by you before entering into this Agreement is false in a material respect or you have failed to comply with clause 3; or
(c) You die, are declared bankrupt, enter into a DMP, IVA or similar administrative process.
If we end this Agreement for the reasons set out above, we may require you immediately to pay any outstanding balance including all interest, fees and charges due under this Agreement (less any rebate to which you may be entitled in accordance with the Consumer Credit Act 1974).
13 Our right to recover any unpaid sums (including any charges that we require you to pay on such sums under clause 10) will continue to apply following the termination of this Agreement.
14 Our loans provide a solution for your occasional short-term needs. They are not suitable for supporting sustained borrowing over longer periods, nor if you are in financial difficulties. If debt becomes a worry there are independent organisations you can ask such as www.nationaldebtline.org or www.stepchange.org
15 If at any time you repay any amount less than the full balance outstanding, this will be applied first towards outstanding interest and then to reduce the Amount of Credit which is outstanding before being applied towards any fees and charges due to us and finally to any third party such as a collections agency. To avoid any confusion, if you make a request to repay the full Amount of Credit which is outstanding, we will assume that you also wish to repay the full amount of any outstanding interest, fees and charges due and we will debit your account for the total aggregate amount.
16 We shall not be responsible for any costs, losses or expenses you may incur as a result of us failing to provide you with a loan or as a result of us collecting or attempting to collect payments from you which are due under this Agreement.
17 Customer satisfaction is of utmost importance to 247Moneybox.com. Please do not hesitate to contact us if you are dissatisfied with our service in anyway.
We hope that it never comes to this, however should you wish to make a formal complaint in writing, please address your letter to:
Customer Services Department
20-22 Wenlock Road
If you have a complaint, please write to our Customer Services Department at the address set out above, e-mail us at firstname.lastname@example.org or phone 020 7183 8078.
Upon receipt of your complaint we will do our best to resolve your complaint by the end of the next business day.
If we can't do this, we will send you a prompt written acknowledgement of your complaint within 5 working days and tell you who is dealing with it. In addition, we will provide you with a copy of our complaints procedure. If we need to investigate your complaint further to respond fully, we will tell you and keep you regularly updated.
We will send you our final response as soon as possible but within eight weeks of receiving your complaint. Our final response will explain that you will have ultimate recourse to the Financial Ombudsman Service if you remain dissatisfied. We will enclose a leaflet (or provide a link to information) from the Financial Ombudsman Service with our final response to assist you if you decide to pursue this further course of action. If looking to do so, you will need to contact the Financial Ombudsman Service within six months of receiving our final response.
If you do not refer your complaint in time, the Financial Ombudsman Service will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Financial Ombudsman Service believes that the delay was as a result of exceptional circumstances.
You are also able to use the European Commission's Online Dispute Resolution platform (ODR) which allows you to make a complaint about online purchases through the platform. This platform may be used to facilitate resolution of disputes and sits alongside our existing complaints procedure. For more information visit https://ec.europa.eu/consumers/odr/
The Financial Ombudsman Service
Harbour Exchange Square
tel: 0845 080 1800
18 We are registered at Companies House under company registration number 05671281 and are authorised and regulated by the Financial Conduct Authority (673915). We are also members of the CFA with membership number 4566.
19 If any provision of this Agreement (or part of any provision) is found by any court or other authority of competent jurisdiction to be invalid, illegal or unenforceable, that provision or part-provision shall, to the extent required, be deemed not to form part of the Agreement, and the validity and enforceability of the other provisions of the Agreement shall not be affected. Any such provision (or part-provision) found illegal, invalid or unenforceable, shall apply with the minimum modification necessary to make it legal, valid and enforceable.
20 We may make changes to this Agreement at any time for any of the following reasons:
(a) To meet our legal and regulatory obligations;
(b) To take into account changes in the costs of running our business;
(c) To respond to changes in your circumstances;
(d) To correct errors or omissions;
(e) To reflect changes in how we operate your account and in our processes or systems.
We will give you 7 days' advance notice before any change comes into effect.
22 Any notice or other communication shall be deemed to have been duly received:
(a) If delivered personally, when left at the address and for the contact referred to in clause 21; or
(b) If sent by pre-paid first-class post or recorded delivery, at 9.00 am on the second working day after posting; or
(c) If sent by email, at the time of transmission.
23 The provisions of clause 21 and clause 22 shall not apply to the service of any proceedings or other documents in any legal action.
24 If we do not enforce our rights under this Agreement at any time we will not be prevented from doing so later.
25 Before entering into this Agreement, and in the future, we may search your records at credit reference agencies. They will add to their record about you details of our search which will be seen by other organisations making searches. Details about you and your payment record under this Agreement will be used to help make credit and insurance related decisions about you and members of your household and occasionally for fraud prevention or to trace debtors. You can contact us for details of the credit reference agencies used by us. You have a legal right to these details and can receive a copy of the information held about you on payment of a fee. Information held about you by credit reference agencies may be linked to records relating to any person with whom you are linked financially and other members of your household. If you do not pay us what you owe under this Agreement then we may report non-payment to the credit reference agencies which may adversely affect your credit rating, making it more difficult for you to obtain credit in the future We may also give information about you and your payment record under this Agreement to credit reference agencies, fraud prevention agencies, debt collecting agents and any proposed assignee, transferee or chargee of this Agreement or of our interest in this Agreement, their insurers or advisers. You agree to us verifying your creditworthiness both now and in the future. We may use a credit scoring or other automated decision-making system.
26 We may monitor and record telephone calls for the purpose of security and training.
28 In addition to the above, you confirm that we may contact any of your employers, at any time as may be reasonably required by us to verify any of the information provided by you in relation to this Agreement. You also confirm that you have obtained the consent of the friends provided during your application (or previous applications), to allow us to contact them to:
(a) Ascertain that you are known to them for anti-fraud and verification purposes; and
(b) Pass a message on to you should we be unable to get in direct contact with you.
29 This Agreement is personal to you and you may not pass the benefit of it to a third party. We may transfer or assign to another person or company all or any of our rights or obligations under this Agreement.
30 This Agreement and the pre-contract information are available in English. Unless both of us otherwise agree, both of us shall communicate with each other in English at all times in connection with this Agreement.
31 If you are resident in England or Wales, the law of England and Wales will apply to the Agreement and the competent courts for the purpose of this Agreement will be the courts of England and Wales. If you are resident in Scotland, Scottish law will apply to the Agreement and the competent courts shall be the courts of Scotland. If you are resident in Northern Ireland then the laws of Northern Ireland will apply to the Agreement and the competent courts shall be the courts of Northern Ireland.