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(a) conditions means these terms and conditions in force from time to time which may be varied
(b) payable in instalments of means the amount of the total payroll deduction being applied to the loan balance
(c) total deduction means the total amount being deducted from the borrower''s salary or wages or direct debit. This includes contributions to interest, SavingsSecure, loan repayment, RPI premiums.
2. STATEMENT OF ACCOUNT
A Statement of account will be sent to the borrower at least annually notwithstanding the date of the Loan Agreement in each year of the Loan Agreement being in force. The balance of the account may be obtained by the Borrower at all other times by contacting the Lender''s Registered Office. All information concerning the account will only be accessed by the use of security controls. The Borrower may repay the outstanding balance of the Loan Agreement at any time.
3. METHOD OF PAYMENT
In the event of a member ceasing to be employed by a common bond employer, he/she must make arrangements to continue to repay the loan by direct debit.
The outstanding loan balance will be repaid by payroll deduction or direct debit. The Lender is authorised to debit the account with the payments specified in the Loan Agreement until all monies due to the Lender including interest to the date of closure have been repaid.
4. INTEREST CHARGES
Interest will be charged at a maximum rate of 1.5% per month on any outstanding balance. This equates to an Annual Percentage Rate (APR) of 19.6%. This rate is variable and the current rate is stated on the front of this agreement. Full written details of loan interest rates are available from the Credit Union Office.
5. SHARE SECURE LOANS
A member with a Share Secured Loan will not be allowed to withdraw or transfer savings that are being used as collateral to another savings account until their Share Secured Loan has repaid in full.
The Lender may make such enquiries about the financial affairs of the Borrower as the Lender may see fit.
The Lender is a data controller of the information provided on this form in terms of the Data Protection Act 1998 as amended. As part of the processing of this application and in order to comply with Money Laundering regulations, before we provide any service, we may search the records of one or more registered credit reference agencies who will provide us with information from the Electoral Register and any other data appropriate to the search. The agency will keep a record of that search. This may be used by other lenders when processing future applications for credit you may make.
Information held about you by the credit reference agencies may already be linked to records relating to one or more of your partners. Where appropriate, any loan applications submitted may be treated as financially linked and your application will be assessed with reference to any ‘associated’ records.
In addition, if the application is successful, details of how you repay this agreement may be provided to the credit reference agency who will make this available to other lenders who may use the information for credit assessment, tracing of absconders and fraud prevention.
We may also consult other Credit Unions and will take into account, information concerning your employment prospects, of which we have become aware.
If your loan application is successful, your details will be held by the Lender to enable your loan to be managed. This information may be shared with other Credit Unions to protect the Credit Union’s assets and to help prevent fraud. Details of any financial transactions involved (such as payroll deduction) will be made to the company/organisation concerned.
In the event that you default on your loan or any terms and conditions in relation thereto, details of such default or defaults will be passed to other Credit Unions, debt recovery agencies and courts. In such circumstances, it is understood that the Lender may disclose details of the Borrower’s account and any matters relating to the account to any credit reference agency and to any other individual, individuals or organisations for this purpose registered by the Lender with the Data Protection Registrar.
The Borrower agrees that if they give or receive notice of termination of their employment the Borrower shall advise the Lender immediately. The Borrower agrees that should they fail to make payment of any amount due to the Lender, or should their employment end for whatever reason, or should the Borrower set up a Trust Deed or become notour bankrupt, the entire balance outstanding will immediately become due and payable.
The Borrower assigns to the Lender all paid shares and payments on account of shares held with the lender which the Borrower has now, or which the Borrower may have in the future, as security for payment of the balance outstanding and also interest and expenses which may be due or become due, and the Borrower authorises the Lender to apply any or all such paid shares or payments on account of shares towards the satisfaction of any amount which the Borrower may owe to them.
The Borrower is aware that the Loan Agreement is a legally binding contract and that if the Borrower fails to comply with any of its terms, the Borrower may render themselves liable to further action, which may include Court action. The Borrower will be required to repay the Lender''s legal expenses if the Lender requires to take Court action to obtain repayment of all sums due under the Loan Agreement.
The Lender may terminate the Loan Agreement and demand immediate repayment of all sums due in respect of the Loan Agreement after giving any written notice required by law if:-
(a) The Borrower shall fail in any material respect to keep any part of the Loan Agreement.
(b) The Borrower shall have deliberately given false information or given inaccurate information in connection with the Loan Agreement or any other Credit Agreement between the Borrower and the lender.
(c) The Borrower shall be the subject of a Court action which has the effect of taking away from the Borrower''s control of the whole or a substantial part of the Borrower''s assets.
(d) The Borrower shall become incapable in law of managing their own affairs. Should the Lender terminate the Loan Agreement or should the Borrower default, the Lender is entitled to the repayment of the whole sums due under the Loan Agreement and may retain any monies held by the Lender for the Borrower in any other type of account and apply the said monies held on or towards payment of the balance outstanding in terms of the Loan Agreement.
10 CANCELLATION RIGHTS
Under current legislation, members have the right to cancel their loan agreement with the Credit Union, without penalty, within 14 days of their loan being processsed and the funds paid out. To cancel your loan agreement within this period, please contact the Credit Union office. Written confirmation of cancellation must be received within five working days of the initial cancellation request. The loan must be repaid in full. Interest runs from the day the loan is issued until the date of cancellation.
11 MEMBER CARE
The Credit Union is committed to the provision of service of the highest quality for its members. In the event however, that a member is dissatisfied with any aspect of this service, the Credit Union will endeavour to resolve any complaint as effectively and efficiently as possible. The Credit Union is also a member of the Financial Ombudsman Service, an organisation which has been set up by law to help settle individual disputes between consumers and financial firms.
12 COMPENSATION SCHEME
The Credit Union is a member of the Financial Services Compensation Scheme. This scheme provide a safety net if a bank, building society or Credit Union should fail. Further information is available from the Credit Union office.
I have read, understood and agree to the terms and conditions of this loan.