Our aim at Repayment Management services is to help you on your way to been repayment free, we aim to be transparent in all our dealings with you so that you understand every aspect of the Repayment Management Plan. These terms and conditions of business therefore explain our obligations to you and your commitment to us, so please take time to read them carefully.
Definition of terms
- “Agreement” means the agreement between you and we made in these Terms and conditions of Business.
- “Cleared Funds” Means any, postal orders or bankers drafts made payable to us which we have received from you; any monies which we have received into our client Account from you by electronic transfer (Such as standing order, direct debit or bank giro credit transfer) and which have not been returned unpaid within five working days, and or any cheques which we have received from you which have not been returned unpaid within seven working days.
- “Client Account” Means the account where any monies held on behalf of our clients is kept and which is not used for the purpose of our own business.
- “Authority to Act form” means the form enclosed with these terms and conditions of Business which we ask you to sign to give us authority to contact your creditors and to act on your behalf
- “Creditors” Means all of the people or businesses you have told us you owe money to and who are included in your Repayment Management Plan
- “fees” Means the initial fee and the monthly fee.
- “Initial fee” Means your first monthly contribution, which is paid by you to us as an initial fee for our services, and which is not used to pay your creditors.
- "Monthly fee" Means the monthly fee payable for our services. This is an amount equal to 20% of your monthly contribution as monthly costs [minimum £25], apart from your first monthly contribution which is the initial fee.
- “Monthly Contribution” Means the total amount which is paid every month by you to us throughout the Repayment Management Plan. Apart from your first monthly contribution payment which is the initial fee, this is made up of the monthly Repayment to be made to your creditors, and our monthly fee and any other payments as instructed or agreed with you.
- “Monthly Repayments” Means the part of the monthly contribution to be paid by us on your behalf to your creditors.
- “Repayment Management Plan” Means the plan of the monthly contributions by which you repay your creditors through us and pay for our services, prepared by us based on the information provided by you, as revised periodically.
- “Services” Means the services we agree to provide you with under this Agreement as Repayment advisors and managers
- “Term” Means the period running from the start of this Agreement as defined in section 1.2 until we stop providing you with services. An estimate of how long the term will last set out in your Repayment Management Plan as issued by us in accordance with clause 2.1.
- “Terms and condition of Business” Means terms of business.
- “Us” and “We” means Repayment Management Services Ltd, Whose registered office is at BRE, Building 3, Watford, WD25 9XX company Registration no 06436031o whom we transfer our obligations and rights under this agreement.
- “you” Means you, the person entering into this Agreement named in the Repayment Management Plan.
- This Agreement is governed by English Law
- All fees are exclusive of any applicable value added tax (VAT)
- This Agreement sets out the entire agreement and understanding between you an us and supersedes all prior agreements,
- understandings or arrangements (whether oral or written) relating to the provision of the services.
- You appoint Us and We agree to act on your behalf and to provide the services.
- This Agreement will start when you confirm your acceptance of these Terms and Conditions of Business either by returning the completed Authority to act form or if earlier, the day when we receive the Initial fee from you in cleared funds.
- This Agreement will continue for the term, unless ended earlier by you or by us as set out in section 5.
- You have a right to cancel the Agreement at any time during the first 7 days of the Term. “days” here include Saturdays, Sundays and public holidays .You can do this by writing to us at the above address or by telephone on 0800 135 7143 saying you wish to cancel. We will then refund to you any Fees within 7 days already paid to us that are cleared Funds.
Appointment and Term
- Based on the information provided by you to us, we will review your income, outgoings and living expenses and prepare and send you a Repayment Management Plan based on the debts to be included in your plan. This will indicate a monthly contribution which we believe you can afford and an estimate of how long it will take you to repay your creditors.
- Once the agreement starts we will notify your creditors of our involvement and will attempt to agree with them revised payment terms on your behalf. We will attempt to persuade your creditors to accept reduced monthly repayments from you, not to charge interest and to either suspend or withdraw any recovery, or similar, proceedings ,which they may already have taken against you or may have threatened to bring against you. Whilst we will attempt to agree revised payment terms with your creditors we cannot stop your creditors from continuing to charge you interest and other charges, or from continuing any current, or bringing any future , recovery proceedings against you if they want to do this . If your creditors continue to charge you interest or other charges during the Term of your Repayment Management Plan it may be necessary for you to make additional payments at the end of your Repayment Management Plan to clear your debt to your creditors.
- If your circumstances change and you are unable to meet the payments set out in the Repayment Management Plan, we shall attempt to re- negotiate with your creditors and arrange with you a revised Repayment Management Plan. We will in any event periodically review your situation, normally every six months or earlier if your creditors insist, and will prepare and issue a revised RMP with you and your creditors if this is appropriate.
- We shall keep you informed of all material communications between you and your creditors and us, and we shall deal with all communications from your creditors to us (or to you and provided by you to us) appropriately.
- We may if requested be able to provide our clients with basic Bank Accounts, these will be provide via a partner company and are subject to they own Terms and Conditions.
- For any complains & queries; contact 01923215930 or email to us at firstname.lastname@example.org or email@example.com [contact no – 07950414326]