Things You Should Know 1. What type of service will you receive? Information only You won’t receive advice or recommendation from us. The decision to take out a loan is yours. However we will give you enough information to make an informed decision and ask questions to establish the suitability of a loan for your circumstances and needs.
2. We are regulated by the Office of Fair Trading (OFT) As an independent professional organization, the OFT plays a leading role in promoting and protecting consumer interests throughout the UK, while ensuring that businesses are fair and competitive. Oakam complies with the requirements set out by the OFT.
3. Our commitment to responsible lending As a responsible lender it is important to us that any loan you take out with us is affordable and suitable. This is why we ask you questions about your income and expenses and the reason why you are interested in taking out a loan. Before you take out a loan it is your responsibility to ensure you can afford the repayments for the duration of the loan. Short term loans are ideally suitable for emergencies and small purchases they are not suitable for supplementing income on a regular or ongoing basis
4. Payments Our primary method of payment is via continuous payment authority. This is a method by which we debit your bank account using the long number on your bank card on the dates of repayment you choose. This payment method is different from Direct Debit and it does not have the bank guarantee that Direct Debit does. We use this type of payment because it offers convenience for both Oakam and our customers by allowing payments of greater or lesser amounts to be taken on dates other than the scheduled dates, without the need for your written instruction; however, other methods of payment are available. You can stop making payments using this method anytime by visiting us in store or by contacting our customer care team. You will need to provide an alternative method of payment to avoid missing payments and falling into arrears. If you change or lose your card, or if it expires, you must inform us immediately to avoid missing payments and falling into arrears. Please see your payment schedule for dates and amounts of payments due.
5. Financial Difficulty We understand that from time to time our customers’ circumstances can change. If you find that your circumstances change and you think you might struggle to make your loan payments please let us know as soon as possible, don’t wait until you are already missing payments. If you tell us you are experiencing financial difficulty we may be able to discuss alternative payment plans.
6. How to contact us At Oakam Ltd, every one of our customers is important to us, and we want to ensure that you receive a fair, swift and courteous service whenever you choose to contact us. Please use any of the following methods: In writing: Oakam Ltd Customer Care Melrose House, 42 Dingwall Road Croydon
By Telephone:
By email:
From our website:
020 8819 3767
[email protected]
www.oakam.com
7. What happens if you do not make a payment on time? If you miss a payment and do not tell us we will try to make contact with you to inform you that your account has fallen into arrears and to find out why the payment was missed. Until we are able to speak with you we will make regular attempts to contact you and to collect the missed payment so you avoid paying interest on the unpaid amount. It is important that you talk to us if you think you may have difficulty in making your loan repayments because there are consequences of missing payments, they include: We are required, by law, to ensure the information we hold about you and your loan with Oakam is accurate. This includes reporting data about the performance of your loan to Credit Reference agencies. If you miss payments your credit history will reflect this, other lenders will see this information and it may make obtaining a loan more difficult in the future. When you miss a payment the amount you owe to Oakam does not reduce, this means interest is charged on a higher amount and the amount of debt increases rather than reduces. The longer payments are not made higher the debt becomes and the more interest is charged. This can cause the outstanding debt to grow quickly. If you make up a missed payment within 30 days or contact us and make a payment arrangement, which you keep to, we will not apply any charges; however, if you do not late fees will be applied. Please see your contract for details of late fees. If you do not make your payments in full and on time you will not be eligible for a Bonus Reward and it may affect your Gold, Silver or Bronze pricing status. Oakam may use a third party debt collector to pursue any debt you owe if you do not make up your missed payments or make and keep to a payment arrangement with us.
8. Right to withdraw You have the right to withdraw from your loan agreement within 14 days without having to give any reason. You will be required to pay interest on the amount you borrowed until it is fully repaid. Please see your contract for full details.
9. Complaints We pride ourselves on the quality of our customer service but very occasionally things can go wrong. If you need to make a complaint we provide a number of ways for you to do so: in person at one of our stores, on the telephone, in writing by letter, email or online via our website. Please see our complaints procedure leaflet for further details.
10. Do you have any questions? Before you take out a loan please ensure you have asked any questions you may have. Make sure you understand the nature of the contract and your commitment under it. Please ask any questions to make sure you understand the following: How the loan works
How much you will have to pay regularly and in total
How to complain
Your right to withdraw
What to do if your circumstances change
What happens if you do not make your payments
Oakam’s Bonus Reward and pricing schemes
Oakam’s Refer a Friend scheme
11. Customer declaration The contents of this document and the pre-contract information have been explained to me. I have been allowed the opportunity to ask questions and take away this document and the pre-contract information to consider, in my own time, the suitability and affordability of the loan I am applying for. I am ready to proceed with the loan application.
Signature of debtor
Date of signature
