Terms & Conditions
AGREEMENT TERMS AND CONDITIONS
This agreement is between you and Debthelpni.com, Debt Management Northern Ireland being trading styles of ACR Finance.
1.0 Definition of Terms.
1.1 'You' our client.
1.2 'Us' ACR Finance, PO BOX 343. Bangor BT20 9EB. Consumer Credit Licence Number 634184
1.3 'Creditors' any and all of your unsecured creditors whose details you provide us in accordance with section 3.
1.4 1.4 'Fee' the fees to be paid by you to us in accordance with the Debt Management Programme.
2.0 Agreement.
You request us and we agree to provide you with a debt counselling advisory and adjusting service, in accordance with these terms and conditions. You authorise us to negotiate on your behalf with your Creditors. This agreement shall continue until final repayment of Creditors is made in accordance with section 6, or until you cancel your plan with us.
3.0 Nature of the Commitment.
IMPORTANT – You remain responsible for continuing to pay any secured loans, mortgage or hire purchase agreements and all household bills (including insurances) as these WILL NOT be included under your Debt Management Plan. It is important to prioritise and ensure appropriate allowance is made for these payments within your plan. Your first two payments will be retained to cover our costs of work carried out on your behalf.
4.0 How we will be paid.
4.1 From each monthly payment under the Debt Management Plan we will take a gross fee equal to 14% of the payment received or a minimum of £30, which ever is greater.
4.2 As most of our work for you will be done during the first two months of your plan we will retain, as a fee, the first two monthly payments to cover our costs. Therefore, you will go into arrears or further into arrears for this period.
4.3 In the case of weekly payments, four and a third weekly payment will equate to one monthly payment.
Your responsibilities.
3.1 You will provide us, on request, information relating to your finances. This will include, but will not be limited to, details of your income and expenditure, your Creditors and any agreements you have with them, any loans and mortgages you have, your dependants and any judgments made against you or any other enforcement action being taken against you.
3.2 You will sign any necessary forms of authority or any other documents so that we may negotiate with your Creditors on your behalf. You will not ignore correspondence from your creditors or those acting on behalf of your creditors. You will pass copies of all your correspondence from your Creditors to us and keep us informed of any dealings you have with any Creditors, whether we are negotiating with them or not.
3.3.Once the Debt Management Programme has been agreed, you will not make any expenditure over and above your reasonable living expenses as calculated in the Debt Management Programme. We strongly advise against using any existing or further credit facilities whilst on the Programme. Your credit rating may be affected causing you to be unable to obtain credit in the short term. Occasionally, there may be instances where you may be unable to obtain credit in the long term.
3.4 You will consult with us in relation to your Debt Management Programme of repayments and in relation to any alterations to it or reviews of it. Your payments to us will need to be amended to reflect any reasonable changes, which your circumstances dictate. You will make payments to us under and in accordance with the Debt Management Programme promptly and without any deductions.
3.5 On occasion your Creditors may not provide us with balances of your accounts due to their own company procedures. If these circumstances arise then you will obtain this information for us and supply accordingly.
3.6 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of acquiring a loan, HP agreement, credit card or any other form of credit.
3.7 Non-contact from you will not be considered cancellation of the agreement. If any funds are owing to you then written confirmation will be required to release these funds in accordance with Section 6 of this agreement.
3.8 If you do not maintain regular payments we will suspend any action and payments on your account. Your Creditors may have to be informed that payments are not being maintained. This may result in your Creditors issuing legal action against you for which we cannot be held responsible.
3.9 IMPORTANT - You remain responsible for continuing to pay any secured loans, mortgages or hire purchase agreements and all household bills (including insurances). It is important to prioritise your debts and ensure appropriate allowance is made for these payments within you programme.
3.10 There is a likelihood that some banks may not wish to continue the banking facilities that they currently provide.
4. Our Responsibilities.
4.1 We will review your finances, covering your income, expenditure, debts and assets. These must include all debts secured on property or goods, which we will take into consideration but cannot negotiate reduced payments on. We will calculate your disposable income, based on reasonable living expenses.
4.2 The Debt Management Programme will let you make monthly payments to us and will take account of your Creditors' and of our fees. It will also take into account the differing requirements of your various Creditors, if there is more than one. It will not take account of any matters that you have not told us about as specified in Section 3.
4.3 We will negotiate with your Creditors and attempt to agree repayment terms with them for the amounts outstanding. In doing so we shall use the Debt Management Programme and we shall ensure that the periodic payments that we agree with your Creditors on your behalf and our fee do not exceed your disposable income as calculated by us for the same period.
4.4 We shall attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges. If creditors do not accept reduced repayments or freeze interest, repaying the same amount over a longer period will lead to an increase in the total amount paid. We shall also attempt to agree that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them. There may be instances where County Court proceedings may still be taken against you. We cannot guarantee to stop legal action by your Creditors.
4.5 We shall make payments to your Creditors in accordance with the Debt Management Programme.
4.6 The payments made to your Creditors will be reflected on the statements you will receive from them. A full breakdown of all payments we have made can be obtained on request. On all Creditors accepting the offers of repayment we will issue you with a breakdown of these. In addition we will issue monthly statements showing all payments and receipts on your account.
4.7 Should your circumstances or any other relevant matter change during the Period, we shall in consultation with you and your Creditors, review the Debt Management Programme and if necessary shall make changes to it in agreement with you and with any Creditors concerned.
4.8 From time to time your Creditors will request an update of your financial situation. We will contact you to review your current financial circumstances and update your Debt Management Programme accordingly. To aid this process we request that pay slips are regularly forwarded to us for review.
4.9 All payments to us will be made into ACR Finance's account. This account is separate to our own business accounts and funds held for distribution to your creditors will be retained for that purpose only. No interest is payable on this account therefore neither you the client, nor we, ACR Finance will benefit from interest on monies held.
4.10 All payments made to us will be forwarded to your creditors within 5 days of us receiving the cleared funds. Where funds are forwarded to us by Bank Giro or deposited into our account by cheque, payments can take up to 14 days to clear.
4.11 During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will however be paid off as part of your Debt Management Programme.
4.12 We can only provide advice on the financial service we offer.
4.13 The Company takes any complaint regarding its practices very seriously. Any complaints can be sent in writing and will be dealt with in writing. The Company will respond to correspondence within eight weeks.
5.0 Termination of agreement.
5.1 You have 7 days in which you can cancel your Agreement with us, however as you have agreed that we should start work for you straight away , we may charge you for any work done during this time. Charges are as follows: £5 for Proposals Sent out to your creditors; £5 for a Completed Welcome Call; £5 for each call to your credttors; £5 when your Permission form has been received.
5.2 You may cancel this agreement at any time by providing two weeks written notice to ACR Finance, po box 343, Bangor. BT20 9EB. Due to the work involved in canceling your case an administration fee equal to one months ,management fee will be chargeable on cancellation and will be deducted automatically from any remaining balance on your account.
5.3 We may end this Agreement by giving you two weeks notice in writing if any one of the following happens:
5.3.1 You breach this agreement and do not remedy the breach within seven days of us bringing the breach to your attention.
5.3.2 A bankruptcy petition is issued against you.
5.3.3 You enter into an Individual Voluntary Arrangement / Trust Deed
5.3.4 Where the information you provide to us is knowingly incorrect,or
5.5.3 The information provided by you at the time of entering into a loan, hire purchase agreement, credit cards or any other form of credit is deemed incorrect or fraudulent by the Creditor
6.0 The Service being offered – Our Responsibilities
6.1 We will review your finances, including your income, expenditure, debts and assets. These must include all debts secured on property or goods, which we will take into consideration but cannot negotiate reduced payments on. We will calculate your disposable income, based on reasonable living expenses.
6.2 The Debt Management Plan will allow you to make monthly payments to us and will take into account your Creditors’ and our fees. It will take into account the requirements of your various Creditors, if there is more than one. It will not take account of any matters that you have not told us about as specified in the section , -‘The service you are accepting – Your responsibilities’ of these Terms and Conditions.
6.3 We will negotiate with your Creditors and attempt to agree repayment terms with them for the amounts outstanding. In doing so, we shall use the Debt Management Plan and we shall ensure that the periodic payments that we agree with your Creditors on your behalf and our fees do not exceed your disposable income as calculated by us for the same period.
6.4 We will attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges. If creditors do not accept reduced repayments or freeze interest, repaying the same amount over a longer period of time will lead to an increase in the total amount paid. We will also attempt to agree that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them, but cannot guarantee this. There may be instances where collections actions, default notices and County Court proceedings may still be taken against you and you continue to incur costs, which will be added to your debt.
6.5 We will make payments to your Creditors in accordance with the Debt Management Plan.
6.6 The payments made to your Creditors will be reflected on the statements you will receive from them. A full breakdown of all payments we have made can be obtained on request. Once all Creditors accept the offers of repayment, we will issue you with a breakdown of these.
6.7 If your circumstances or any other relevant matter change during the period, we will in consultation with you and your Creditors, review the Debt Management Plan and if necessary make changes to it in agreement with you and with any relevant Creditors.
6.8 From time to time your Creditors will request an update on your financial situation,]. We will contact you to review your current financial circumstances and update your Debt Management Plan accordingly. To aid this process we request that your pay slips are regularly forwarded to us for review.
6.9 All payments made to us will be forwarded to your creditors within 5 working days of us receiving cleared funds. Where funds are forwarded to us by Bank Giro or are deposited into our account by cheque, payments can take up to 14 days to clear.
6.10 During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will be paid off as part of your Debt Management Plan.
6.11 We can only provide advice on the financial service we offer.
6.12 The Company takes any complaint regarding its practices very seriously. Any complaints can be sent in writing to ACR Finance, PO BOX 343, Bangor. BT20 9EB. The Company will respond to correspondence within 8 weeks.
7.0 The service you are accepting – Your Responsibilities
7.1 You will provide us, on request, information relating to your finances. This will include, but will not be limited to, details of: your income and expenditure; your Creditors and any agreements you have with them; any loans and mortgages you have; your dependants and any judgments made against you or any other enforcement action being taken against you.
7.2 You will sign any necessary forms of authority or any other documents so that we may negotiate with your Creditors on your behalf. You will not ignore correspondence from your Creditors or those acting on behalf of your creditors. You will pass copies of all your correspondence from your Creditors to us and keep us informed of any dealings you may have with any Creditors, whether we are negotiating with them or not.
7.3 Once the Debt Management Plan has been agreed, you will not make any expenditure over and above your reasonable living expenses as calculated in the Debt Management Plan. We strongly advise against using any existing or further credit facilities while on the plan. Your credit rating may be affected causing you to be unable to obtain credit in the short term and there is some likelihood that this will affect your ability to obtain credit in the medium to long term. There is also a likelihood that some banks may not wish to continue the banking facilities that they currently provive.
7.4 All payments to us must be made into ACR Finance’s account. This account is separate to our own business accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest is payable on this account therefore neither you, nor we, ACR Finance will benefit from interest or monies held.
7.5 You should not cancel any Direct Debits to your Creditors until the Debt Management Plan has been agreed.
7.6 You will consult with us in relation to your Debt Management Plan and in relation to any alterations to it or reviews of it. Your payments to us may need to be amended to reflect any reasonable changes, which your circumstances dictate. You will make payments to us in accordance with the Debt Management Plan promptly and without and deductions.
7.7 On occasions your Creditors may not provide us with balances of your accounts due to their own company procedures. If these circumstances arise, you will obtain this information and supply it to us.
7.8 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of entering into a loan, HP agreement, credit card or any other form of credit.
7.9 Non-contact from you will not be considered cancellation of this agreement.
7.10 If you do not maintain regular payments we will suspend any action and payments on your account. Your Creditors will have to be informed that payments are not being maintained. This may result in you Creditors issuing legal action against you for which we cannot be held responsible.
TELEPHONE CALLS -Telephone calls may be recorded or monitored.