LOAN AGREEMENT TERMS AND CONDITIONS
1. Defined Terms
In these terms and conditions, the following words shall, unless otherwise indicated, have the following meanings:
“Account” means the bank account nominated by the Lender and into which the Borrower must pay any sums due under this Agreement, as may be varied by the Lender by notice in writing to the Borrower from time to time;
“Interest Rate” means 0% which is the annual interest rate calculated monthly in arrears and applied to the outstanding balance at the beginning of the period which shall be paid by the Borrower to the Lender.
“Loan” means the total amount borrowed by the Borrower under this Loan Agreement.
“Loan Agreement” means this Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974.
“Loan Start Date” means date of execution of the Loan Agreement.
“Commencement” means once the original course date has passed
“Working Day” means any day excluding Saturdays and Sundays and UK bank holidays.
Unless the context otherwise requires, words denoting the singular shall include the plural and vice versa, words denoting any gender shall include all genders and words denoting persons shall include bodies corporate and unincorporated, associations, partnerships and individuals.
2. Electronic Transmission of documents
a. You agree that we may deliver documents to you via electronic means and that the email addresses you provide to facilitate this are correct. You may email documents to us at email@example.com .
b. For the purpose of Clause 2a. above a document transmitted by email will be deemed as having been delivered on the working day it was sent, unless it was sent after 4pm and then it will be deemed as delivered the working day immediately following the day on which it is transmitted.
c. In the event you wish to change how you receive documents and notices please contact customer services at firstname.lastname@example.org .
a. The Borrower(s) agrees to repay the Lender the total amount payable in the manner set out above. The Borrower may request to change the date on which the direct debit is due to be taken, such request which may be accepted at the Lender’s reasonable discretion. If the request is accepted and a direct debit is taken on a different date to that stated above, any resulting change in the interest due will be calculated to ensure that the Borrower(s) pays the correct interest that is due to the Lender. Prompt repayment is essential.
b. Each repayment will be allocated as follows:
i. first towards repaying any arrears on the loan and other fees and interest, payable in relation thereto; and
ii. then to pay the interest and principal on the loan
4. Lender’s Right to Demand Repayment
a. The Borrower(s) agrees that the Lender or its agent may, following the expiry of proper notice, demand repayment of the full amount owed by the Borrower(s) under this Loan Agreement if the Borrower(s):
i. has not made any payment for more two consecutive months: or
ii. has provided incomplete or inaccurate information to the Lender which has a material impact on the Lender’s decision to lend; or
(1) broken the terms of the Loan Agreement; and
(2) been sent a notice ending the Loan Agreement and the Lender, or its agent, has reasonable grounds to believe that, as a result of the actions referred to in Clause 4.a.iii.(1) and (2), either the Borrower will break the terms of this Loan Agreement or any of the other events of termination stated in this Clause 4. will occur in a material aspect; or
iv. dies, becomes bankrupt or makes a voluntary arrangement with people the Borrower owes money to.
Before making any demand, the Lender or its agent will take all the steps the Lender is required to take by law for the Borrower’s protection. This Loan Agreement ends when all amounts due by the Borrower have been fully repaid.
5. How we use your Data
6. Assignment of Loan Agreement
a. The Lender may assign any of its right, title and interest arising under this Loan Agreement to any third party or third parties (and, for the avoidance of doubt, such person(s) to whom such rights, title and interest may be assigned shall be construed as the “Lender” for the purposes of this Loan Agreement).
b. The Borrower’s rights and obligations under this Loan Agreement that shall not be adversely affected in any way whatsoever by any assignment pursuant to Clause 8.a.
c. The Borrower shall not be entitled to assign any rights arising under this Loan Agreement.
a. This Loan Agreement is governed by and construed in accordance with English law, and the Lender and Borrower submit to the non-exclusive jurisdiction of the English courts, unless you live in Scotland, Northern Ireland, the Channel Islands or the Isle of Man, in which case you will be entitled to commence legal proceedings in your local courts.
b. If any part of this Loan Agreement that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of this Loan Agreement.
c. Any waiver by either party of a breach of any provision of this Loan Agreement shall not be considered to be a waiver of any subsequent breach of the same, or any other, provision.
d. Any notices given to the Borrower(s) in relation to this Loan Agreement shall be put in writing.
e. The records kept by the Lender, or its agent, shall be conclusive of the facts and matters they purport to record except where there is an obvious mistake.
f. Third Party Rights – The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Agreement and no rights or benefits expressly or impliedly conferred by it shall be enforceable under that Act against the parties to it by any other person.
g. Any documents referenced within this Loan Agreement will be provided and must be retained by you.
h. The Lender reserves the right to vary the terms of this Agreement upon the provision of reasonable notice and/or any notice period required by law.