Terms and Conditions

It is important that you read the Pre-Contract Information (PCI) and the Credit Agreement carefully before you sign so that you are in a better position to assess whether the credit agreement meets your requirements and financial circumstances.

This document explains:

1. Key features of the Agreement and suitability
2. How much you have to pay
3. The likely consequences where you do not make payments on time
4. Your right to withdraw from the agreement

The Parties

You are entering into a fixed sum loan agreement with Social Money Ltd trading as Payl8r (we / us). We are authorised and regulated by the Financial Conduct Authority with reference number 675283.

The Agreement

You are entering into this Agreement to purchase goods or services from a retailer.

Suitability

The credit is only suitable for the purchase of goods and services that you have selected from the retailer and is not suitable for any other purpose.

Please understand how much credit Social Money Ltd is providing, the period over which the credit has to be repaid and the details of the payments you must make.

Please take into consideration the importance of your ability to make the payments under this Agreement. You should consider whether your circumstances are likely to change in the future which might impact on your ability to make repayments. If you think that they may do so, then you should not enter into the Agreement.

How much you have to pay

Your Agreement has an interest free period. If you repay in that period, then you will not pay any interest. The total amount you must pay will be the total of the amount of credit.

If you do not repay the credit in the interest free period then you must pay interest on the amount of credit for the full duration of the Agreement, including for the interest free period. The amount and date of your repayments is set out in your Credit Agreement. The total amount payable will be the sum of the credit, the deposit, the application fee of £4.95 and the interest.

What you should be aware of

You should be aware of the following:

If you repay the loan during the interest free period, then you will not have to pay any interest. However, if you do not do so we will charge you interest for the entire period of the loan, including the interest free period. This interest will be charged on the full amount of credit for the duration of the loan.

If you wish to cancel the Agreement after the withdrawal period (see below), but before the credit has been provided you can do so.

If you do not keep us informed about any changes in your address, email address or phone number and we have to trace you, we may charge you.

We may assign our rights and obligations under this Agreement to a third party, or transfer the Agreement to a third party, in whole or in part. We shall only do this, however, if it does not cause you any material prejudice. You may not assign or transfer this agreement.

You must tell us immediately if your employment is at risk, if you are at risk of losing your place in University, or at risk of losing any benefits entitlement.

If you miss payments, we will apply charges. See below for more information.

The consequences of missing payments

If we attempt to take a payment and it fails, we may charge a fee of £5 per failed attempt, up to a maximum of two failed CPA attempts per scheduled repayment per calendar month (i.e. a maximum of £10 in late fees per scheduled repayment per month).

We will waive the above charge if you bring your account up to date within 28 days of the first fee being imposed.

Other charges we may apply include:

• File preparation for debt collection – £30

• Unjustified Chargeback claim – £25

• If you fail to notify us of a change in address, number or email and we have to trace you – £35

• For any payment not made by CPA or Direct Debit – £10

Your right to withdraw

You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from the Agreement without giving any reason before the end of 14 days beginning with the day after the day on which the Agreement is made or, if later, the day after the day on which we will tell you that we have signed the Agreement.

If you wish to withdraw you must give us notice by one of the following methods. Oral notice may be given to us by telephoning us on  0161 425 6363, or you may write to us by email to [email protected] or you may post notice to or deliver notice by hand to Payl8r, Social Money Ltd, 2nd Floor, St Johns House, Barrington Road, Altrincham WA14 1JY.

If you do give us notice of withdrawal and we have paid out the credit, you must repay to us the whole of the credit without delay, and in any event, by no later than 30 calendar days after giving notice of withdrawal. We charge interest at the daily rate set out on the first page of your  Agreement on any credit that is repaid after the interest free period.

If you wish to pay by debit card, please telephone us on 0161 425 6363. If you wish to pay by cheque, please send it by first class post to us with the cheque addressed to Social Money Ltd t/a Payl8r and allow 10 working days from the day you post the cheque to us to allow us to process the payment. If you withdraw from the Agreement leaving sums outstanding we will notify Credit Reference Agencies and, if you do not pay, we will take legal action to recover the amount due.

Continuous Payment Authority (CPA)

You agree to make your payment by Continuous Payment Authority, or CPA. A CPA is an authority that you grant us to take your payments by debiting a debit or credit card, the details for which you give us at the time of your application (or other debit or credit card details which you must supply if the original card ceases to function).

You grant Payl8r the authority to collect the repayments via CPA automatically from your debit or credit card for the instalment amount on the date of each monthly instalment as detailed in the Credit Agreement. You agree to ensure that there are sufficient funds in your account to cover payment by 00:30 hrs on the repayment date.

Where there are insufficient funds on the scheduled repayment date:

• We will attempt to take the full payment again once more, up to a maximum of two full-payment CPA attempts per scheduled repayment per calendar month.

• No additional CPA attempts will be made for partial payments without your consent.

You will be notified of the time and amount of each CPA attempt that is not on your scheduled repayment date. If both full payment attempts are unsuccessful, you will be contacted and no further CPA attempts will be made for that repayment without your explicit agreement.

If we cannot collect a payment under the CPA and believe you may be experiencing financial difficulties, we will attempt to contact you before making any further collection attempts. If we cannot reach you, CPA use may recommence.

You may cancel the CPA at any time by contacting us at Payl8r, 2nd Floor, St Johns House, Barrington Road, Altrincham WA14 1JY, calling 0161 425 6363, or emailing [email protected]. If you do so, we may instead take payments by direct debit.

Further information

If you have any questions, or there’s anything you don’t understand, or if you require any further information about Payl8r and its products, please contact the team on 0161 425 6363.

If you are unclear and require free, independent advice please contact Citizens’ Advice or go to www.moneyadviceservice.org.uk.