TERMS OF SERVICE/BUSINESS
The agreement between you and us is made in accordance with the following terms.
- Definition of terms
“We” or, “Us” means ACME Credit Consultants Ltd.
“You” means the person or people whose names are listed on the authorisation form.
“Creditors” means all the organisations or people, or both, you have told us you owe money to and who are named in your
ACME Pay Plan.
“ACME Pay Plan” means the plan of repayment agreed by you and prepared by us by which you are able to repay your Creditors.
“Disposable Income” means the amount of money you have available to repay to your Creditors each month having taken
into account your income, your reasonable living expenses and any other necessary financial commitments.
“Fee” means the fee you pay to us under this agreement as defined in clause 6.
“Period” means the period until you have repaid all of your Creditors in full, through us, using the ACME Pay Plan.
“Cleared Funds” means:
- Any cash, postal order or banker’s draft received by us from you.
- Any cheque received and banked by us, only if we have not received notice from our bank after 15 days that the cheque has been returned unpaid.
- Any monies received by us via electronic transfer from your bank e.g., standing order payments.
“Bank Account” means. The account number in the name of ACME Credit Consultants Ltd., as would be provided to you at the time of your registration or at any point thereafter during your tenure with us and which we hereby declare we have no beneficial interest in any funds so held. The Bank Account is a non-interest-bearing account established solely for the purpose of receiving Cleared Funds for payments to your Creditors, including Fees payable to ACME Credit Consultants Ltd.
We have agreed to provide you with a Debt Management Programme as requested by you, with additional incidental and administrative services as described within below Terms.
- What we will do
- Receive payments from you, in the Bank Account, as described in the ACME Pay Plan.
- Issue payments to your Creditors on your behalf, in accordance with your instructions, as set out in the ACME Pay Plan, and issue payment to ACME Credit Consultants Ltd. to the extent of the Fees.
- We will issue all payments promptly and usually within five working days of receiving Cleared Funds from you, subject to Creditor
- If for any reason we have not made any payment to your Creditors within five working days of receiving Cleared Funds, we will take all reasonable steps to contact you and let you know the reasons for the delay.
- When you make a payment into the Bank Account we will understand that it is an instruction to pay all your Creditors mentioned
in the ACME Pay Plan.
- So that we can issue payments to your Creditors, we will let them know of your financial situation and our involvement. We will
then negotiate revised repayment arrangements with your Creditors for the debts you owe as described in the ACME Pay Plan.
We will ensure that the payments to be issued, with our Fees do not go over your monthly disposable income as shown in
Acme Pay Plan.
- We will request your Creditors to reduce or freeze any interest charges and that they suspend or withdraw any enforcement proceedings which are related to your debts with them.
- We will regularly review your financial situation. If your circumstances or any other relevant details change during the period, we will consult with you and make the necessary changes to your ACME Pay Plan.
- We will send you a report each time we issue a payment, on your behalf, to your Creditors.
- What we cannot do
- We cannot provide any credit facilities or lend you any money.
- We cannot issue payment to your Creditors without your instructions and without having received Cleared Funds from you.
- We cannot provide legal advice.
- We cannot issue reduced payments to any of your secured loans.
- We cannot issue reduced payments to any of your normal utility bills (example: gas, water, electricity etc.) and for current ‑ year council tax, except towards arrears.
- What you will do
- You will make prompt and full payments, each month, to the credit of the Bank Account, as described in your ACME Pay Plan.
- Unless otherwise agreed, you will not make any payment to your Creditors directly.
- You will continue making payments to us as described in your ACME Pay Plan until you have repaid all your Creditors in full by using our services.
- You instruct us to use all payment we receive from you to pay all your Creditors mentioned in your ACME Pay Plan and pay to ACME Credit Consultants Ltd. any Fees due.
- You must give us any information we ask for relating to your finances. These will include, but not be limited to:
* Full details of your income and expenses.
* Your dependants.
* Your Creditors and all agreements you have taken out with them.
* Any mortgage or secured loans you may have.
* Any judgements made against you.
- You authorise us to contact all your Creditors on your behalf.
- You will sign all necessary forms and or documents so that we may carry out our obligation under this agreement.
- You will provide us with copies of all correspondence you receive from your Creditors.
- You will let us know about any dealings you may have with your Creditors, whether we are in contact with there on your behalf or not.
- You will not correspond directly with any of your Creditors.
- After agreeing to the Pay Plan you will not spend any money over and above your reasonable living expenses as described in your ACME Pay Plan.
- You will not apply for any credit from any source. m. You will not seek to enter into an Individual Voluntary Arrangement or any other arrangement, which would have a direct bearing on your Creditors or your ACME Pay Plan.
- You will not make use of any existing credit facility, including any credit or charge cards.
- You have confirmed that none of the debts mentioned in your ACME Pay Plan are secured against any property.
- You agree to consult with us whenever we require to review or make any changes to your ACME Pay Plan.
- You will agree to any changes to your ACME Pay Plan unless you think that it is unreasonable for you to do so. If so, you will tell us why it is unreasonable.
- How you will pay us (Our management fee Explained)
- Our initial setup fees will be charged as below;
a.1 if your monthly disposable income is less than £125 then our initial setup fees will be three months of your disposal income
(payable in six equal monthly instalments).
a.2 if your monthly disposable income is more than £125 then our initial setup fees will £250 plus your one-month disposable income (payable in minimum six equal monthly instalments). We do not charge any additional management fees during the first six months of your pay plan term, our management fees becomes payable from the seventh month onwards as per clause 6.b.
- Unless otherwise agreed, our standard fee payable from 7th month onward will be 20% of your monthly payment or £40 whichever is higher (subject to maximum £100 fees cap) for managing up to 08 creditors on your file, 22% of your monthly payment or £45.00 whichever is higher (subject to maximum £100 fees cap) for managing from 9 to15 creditors and for more than 15 creditors there will be an extra fee of £5.00 for each creditor you add under the ACME Pay Plan (subject to maximum £100 fees cap). You authorise us to recover our management fee from the client bank account prior to issuing payments to your Creditors mentioned in the ACME Pay Plan.
- You do not pay us anything upfront.
- We will send payments to all your lenders from month one onwards, which will always be 50 percent or more of your total monthly payment to us during the whole term of the plan.
- about your money and the Bank Account
- We will place all money that you pay us under the ACME Pay Plan in the client bank account.
- We will pay your Creditors mentioned in the ACME Pay Plan from the funds held on your behalf in the client bank account.
- You have authorised us to obtain payment of our Fees from the client bank account.
- There may be occasions when we are unable to distribute your payments following receipt of cleared funds. These are likely to be
where you have not paid the full amount due as per your DI. We will contact you within five working days to ensure that you are able to top up your DI underpayment or we will refund it after five working days to your personal account (Source account).If there is an overpayment of DI , We aim to refund it within five working days. We must warn you that making part payments or missing payments which prevent us from making payment to your creditors could result in your plan with creditors breaking and creditors may charge penalties and/or interest. It is therefore really important that your DI payments arrive with us on time.
- How you may end this agreement
- You may end this agreement at any time by giving us one month’s written notice.
- If you end this agreement within first six months of your debt management plan with us, r the maining balance of our fee must be paid as per clause 6.c to end this agreement.
- How we may end this agreement
We may end this agreement by giving you two weeks written notice if any of the following happens.
- You fail to make at least one full monthly payment in any two months’ period and at least nine full monthly payments in any twelve-month period that you have the ACME Pay Plan with us.
- A bankruptcy petition is issued against you.
- You enter into an Individual Voluntary Arrangement (IVA).
- If the information you have provided to us is not correct and complete.
- If the information you gave, at the time of acquiring any credit is considered incorrect or fraudulent by any creditor.
- If we are affected by any circumstances or situations beyond our reasonable control.
- You breach this agreement in any way and do not rectify the breach within seven working days of our informing you that this agreement has been breached.
- The effect of ending this agreement
If you end this agreement under the conditions of clause 8 or we end this agreement under any of the conditions of clause 9 then:
- Our duties and obligations under this agreement will come to an end.
- Other Information
- Any information you give to us will be confidential.
- We will not provide this information to anyone else except for the Creditors you have authorised us to deal with or their authorised agents or both.
- You should keep copies of all documents that you send to us. We cannot guarantee to return any or all of these documents to you.
- Any notices we serve under this agreement will be validly served if we send them by post to the address shown on the authorisation form.
- English Law governs this agreement.