Bonus Loan Terms and Conditions 1 Definitions and Interpretation Oakam ("We" or "Us") shall advance the Loan to the Customer referred to in the loan agreement ("You" or "Your") on the date of the loan agreement. Words and Phrases defined in the loan agreement shall have the same meaning in these terms and conditions ("Terms") (the loan agreement and the Terms together being the "Agreement") In these Terms, unless the context requires otherwise, the following terms have the following meanings: • Bonus Reward means the rebate payable, in accordance with the terms of Clause 4 below, in the month after it is earned by You (i.e. by making 6 repayment instalments in full and on time); • Loan means the loan which is the subject of this Agreement; • Instalment Term means the period between each Instalment payment, as shown in the “Instalment amount and frequency” section of the Agreement; • Payment Default means the late payment of any sum due under this Agreement, save in the case of a Payment Holiday; and • Payment Holiday means Your entitlement to miss a repayment in accordance with the terms of Clause 2.3 below. • Group Member A company that is owned or controlled by Oakam or by a person/entity who owns or controls Oakam. In this Agreement: • headings are included for convenience only and shall not affect the construction of this Agreement; • “writing” shall be construed so as to include any communications effected by telex, cable, facsimile transmission or any comparable means ordinarily legible and non-transitory but excluding writing appearing only on the screen of a visual display unit or other similar device unless an appropriate acknowledgement of receipt is received; • a statutory provision shall be construed as a reference to those provisions as respectively amended or re-enacted (whether before or after the date of this Agreement) from time to time and shall include any provisions of which they are re-enactments (whether with or without modification) and any subordinate legislation made from time to time under such provisions; • words denoting the singular shall include the plural and vice versa. Words denoting any gender include all genders; and • references to “Clauses”, unless otherwise expressly stated, references to the clauses of the Agreement and references to the “parties” or a “party” are references to the parties or a party to the Agreement.
2 Repayment 2.1 2.2 2.3
2.4
2.5
2.6
All payments to be made under this Agreement shall be made to Oakam in sterling in immediately available funds by: cash (at an Oakam store), prepayment card, debit card, bank transfer, direct debit or cheque made payable to “Oakam Limited”. All sums payable by You under this Agreement shall be paid in full without any set-off or counterclaim. After six months from the start of the Agreement You, having provided written notice to Oakam and upon receipt of written acceptance from Oakam, will be entitled to take a payment holiday of one monthly, or 4 weekly instalments provided: 2.3.1 You are up to date with all payments due to Oakam; 2.3.2 the last six instalments have been made on time and in full; and 2.3.3 at least six months have expired since You last took a Payment Holiday. A Payment Holiday shall not constitute a Payment Default or an Event of Default but shall result in a corresponding extension to the Term. Interest shall continue to accrue at the applicable rate on the outstanding balance of the Loan Amount and the corresponding increase in the amount payable to Oakam shall, subject to earlier payment, be incorporated in the final Instalment. Without prejudice to any other remedy available to us, we may reduce or repay any amounts You owe us by withdrawing all or part of any such amounts from: (a) any sums which are on your Oakam prepaid card; and (b) any sums in any bank account held by You (where you have provided us with details of that account). If we do so we will let you know as soon as possible how and why this has been done. We shall be entitled to use any monies paid by You to us to repay any amounts You owe to us.
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3 Redemption 3.1
3.2 3.3
3.4
In certain circumstances including, without limitation, the late payment of Instalments, change of payment frequency and where the Customer has taken one or more Payment Holidays, the amount of the final Instalment may vary from the Instalment Amount. Repayment of all Instalments, and any other charges due under this Agreement, shall discharge Your debt to Oakam. At any time during the Term You may, on not less than 14 days’ prior irrevocable written notice to Oakam, and following confirmation from Oakam of the outstanding amounts payable under this Agreement, discharge Your debt to Oakam and terminate Your obligations under this Agreement. A penalty charge, in accordance with the provisions of Consumer Credit (Early Settlement) Regulations 2004, will apply on early redemption of the Loan in accordance with Clause 3.3
4 Bonus Reward 4.1
Provided that You make 6 consecutive repayment instalments in full and on time You will be entitled to a Bonus Reward of onesixth of the sum of 6 instalments made.
5 Events of default 5.1
An “Event of Default” occurs if: 5.1.1 You fail to perform and observe any of Your obligations under this Agreement; 5.1.2 You suspend, or threaten to suspend, payment of Your debts or are, or are deemed to be, bankrupt, unable to pay Your debts as they fall due for payment or admit inability to pay Your debts or are the subject of a bankruptcy petition or order, or any trustee in bankruptcy, administrator or similar officer is appointed over, or in respect of, You or any part of Your assets; or 5.1.3 it becomes unlawful or impossible for Oakam to make, maintain or fund the Loan as contemplated by this Agreement or any of the obligations expressed as being assumed by You under this Agreement ceases to be valid, legal, binding and enforceable obligations. 5.2 Oakam shall be entitled at any time after the occurrence of an Event of Default by notice in writing to You to declare that the Loan Amount and all interest accrued and all other sums payable pursuant to this Agreement have become immediately due and payable, whereupon they shall become immediately due and payable and You shall immediately pay them to Oakam.
6 Acceptance of Loan and use of information The information that You provide will be processed by Us in accordance with the “How we use your information” in Clause 16. If any of the information which You provide when entering into this Agreement proves incomplete or inaccurate in a material respect, Oakam shall be entitled, forthwith, to terminate the agreement and demand immediate payment of the unpaid balance of the total Loan Amount together with all other sums then owing but unpaid.
7 Notices 7.1
Any notice to be given under this Agreement shall be in writing and delivered by hand or by pre-paid post or by facsimile letter or by electronic mail letter (notices sent by facsimile or by electronic mail shall be confirmed immediately by pre-paid post) addressed and sent to the party to be served at the address provided. 7.2 Notices addressed as provided in clause 7.3 shall be deemed to have been duly served: 7.2.1 if sent by personal delivery, upon delivery at the address of the relevant party; 7.2.2 if sent by post, two business days after the date of posting if posted in the country of destination and otherwise after seven days; 7.2.3 if sent by facsimile, when despatched provided that if any such notice would otherwise be deemed to be served outside working hours, such notice shall be deemed to be served at the start of working hours on the next business day; and 7.2.4 if sent by electronic mail, when receipt of the notice is acknowledged in accordance with clause 7.3. 7.3 The relevant addressee, address, electronic mail address and facsimile number of each party for the purpose of this Agreement are: Name of Party Oakam Ltd
You
Address E-mail address Facsimile Number Melrose House,
[email protected] 020 7099 6301 42 Dingwall Road, Croydon CR0 2NE The most recent contact details that You have provided Us with in accordance with Clause 14.
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8 Assignment 8.1 8.2
Oakam may at any time, on written notice to You, assign or transfer any of his rights or obligations under this Agreement. You may not assign or transfer any of Your rights or obligations under this Agreement.
9 Complete Agreement This Agreement constitutes the entire agreement between the parties with respect to its subject matter. It supersedes all previous agreements and understandings between the parties and each party acknowledges that, in entering into this Agreement, it does not do so on the basis of or in reliance upon any representations, promises, undertakings, warranties or other statements (whether written or oral) of any nature whatsoever except as expressly provided in this Agreement.
10 General 10.1 No delay, omission or forbearance by either party hereunder to exercise or enforce any right, power or remedy arising under or in connection with this Agreement shall operate as a waiver of that or any other right, power or remedy, and any single or partial exercise or enforcement thereof shall not preclude any other or further exercise or enforcement thereof or the exercise or enforcement of any right, power or other remedy. 10.2 The rights, powers and remedies provided in this Agreement are cumulative. If at any time any provision (or part of any provision) of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability in that jurisdiction of any other provision (or any other part of that provision) of this Agreement. 10.3 This Agreement may not be released, discharged, supplemented, amended, varied or modified except by an instrument in writing signed by a duly authorised representative of each of the parties hereto.
11 Altering this agreement We may introduce new terms, or change any of the terms of this agreement. We will notify You of such changes by giving You notice in accordance with Clause 7. If the change benefits you, we may do it immediately and tell you about it afterwards. Otherwise, we will tell you at least 30 days before any change to any of these Terms. If you continue to use our products or services and do not object in writing following any such notice, you will be deemed to have accepted the change so notified.
12 Flexibility We may give You extra time to meet your obligations to Us under any agreement with You or We may choose not to exercise our rights under such agreement. However, this will not prevent Us from enforcing the terms of such agreement at a later date. Accordingly, no waiver (whether express or implied) by us of any of the provisions of any agreement We may have with You or of any breach of, or default by You in performing any of those provisions shall constitute a continuing waiver and no such waiver shall prevent Us from enforcing any such provisions or from acting upon any subsequent breach of or default by You under any such provisions.
13 Events beyond our reasonable control We shall not be responsible to You for any loss you may incur if We, or any or our agents or third party service providers are prevented from or delayed in providing you with services due to events which are beyond our reasonable control (an “Event of Force Majeure”) including, but not limited to, act of God, governmental act, war, fire, drought, failure of power supply, lock out, strike, explosion, accident, civil commotion, refusal of any licence by any telecommunications body, impossibility or delay in obtaining materials or telephone lines. We shall promptly notify you if an Event of Force Majeure occurs and shall use reasonable endeavours to re-establish the status quo.
14 Your contact details and our use of your information 14.1 We may use any contact details You have provided to us, including without limitation your postal address, land and mobile telephone number(s) and e-mail address, to contact you about products and/or services which are currently being provided to you by or through us. 14.2 You must ensure that your contact details are accurate and up to date. You must promptly notify Us if any of Your contact details change. 14.3 If we reasonably believe that we do not have Your correct contact details we may, at our discretion, suspend or terminate any product or service which we are currently providing to You.
15 Governing law and jurisdiction These Terms and all agreements which we make with you shall be governed by and construed in accordance with English Law and the parties hereby submit to the exclusive jurisdiction of the English Courts.
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16 How we use your information Oakam Limited is the data controller of your information. Your information will be stored on one or more databases. By signing the Agreement, you are indicating your agreement with the terms of Oakam's Privacy Policy, which is set out in this clause. 16.1 What information we hold about You “Your information” includes any information which we hold now or at any time in the future from or relating to: • Your applications to Us and your dealings with Us; • the products and services which have been supplied by Us or through Us; and • third parties such as credit reference agencies, fraud prevention agencies or other third parties associated with You such as our members of staff, Your family and friends. Our “associates” are our carefully selected associate product providers. If You request a particular product or service we may introduce You to one of our associates and You may contract directly with that associate in order to receive that product or service. Presently, our associates include: o Newcastle Building Society and Affinity Cards Limited (who provide our prepaid card); o MoneyGram International Limited and Cheque Exchange Limited (who provide the money transfer service); and o Interdirect Tel Limited (who provide our prepaid phone card). Where we have introduced You to an associate, You consent to that associate transferring to Us any of Your personal information which they may collect or compile in relation to You. Such personal information may include (without limitation) Your transaction history regarding a particular product. Once that information has been transferred to Us, we will be data controller in respect of it and will use it in accordance with the provisions of this Privacy Policy. For a full list of our associates please contact Us. 16.2 What we will do with Your information We and any Group Member may access, use and analyse Your information for the following purposes: • to manage, maintain and develop our relationship with You; • to consider any applications made by you and to make risk assessments; such assessments may involve but are not limited to periodic checks at credit reference agencies; • if You indicate that You are connected with any other of our customers we will link Your information (including without limitation your financial records) with the customer with whom You are connected. Information about such connections may be taken into account in any future application You make to Us. We will continue to link You to any customer with whom You are connected unless You notify Us that You are no longer connected with that person. We reserve the right to request reasonable evidence of this; • to consider any applications made by people who are connected with You; • to provide our products and services and to facilitate the provision of any products and services to You by our associates; • for assessment and analysis and to develop and improve our services; • debt collection; and • unless You have indicated otherwise, to provide You with information in relation to our and our associates’ products services and events which may be of interest to You. 16.3 How we will share Your information We will not disclose any of your information other than to a Group Member except: • with Your consent; • to credit reference and fraud prevention agencies for the purposes of identity verification and to assess Your ability to meet your financial commitments; • if we make any demand for repayment following any default by You and You fail to repay the sum owed by the due date then, provided that there is no genuine dispute about the sum owed, we may register your default with a credit reference agency; • to fraud prevention agencies, if You give us false or inaccurate information and We identify or suspect fraud or money laundering; • to persons who act as our agents, our associates or otherwise as our service providers; • to anyone to whom We transfer or may transfer our rights and duties under any agreement We may have with You; • to any third party who proposes to buy, take over or merge with Us or our holding companies from time to time; • where We are required to do so by law or regulation. We will deal with your information in accordance with the Data Protection Act 1998. 16.4 Where we may transfer your information To provide the products and/or services which You have requested or may request from time to time Your information may be transferred to third parties outside the European Economic Area. Such countries may not have laws to protect Your information. If We transfer Your information to a third party which is based in another country, We will procure that such third party agrees to provide an adequate level of protection for Your information and agrees to use Your information only for the purpose of providing services to Us or on our behalf. 16.5 How you can access Your information You may access Your information (in return for a reasonable fee) and request details of the entities with whom We have shared Your information by contacting Us. You may correct factual errors in Your personal information by sending Us a request detailing the error. To protect Your privacy and security, We may take reasonable steps to verify Your identity before granting access to Your information or making the requested alterations.
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