Terms & Conditions

Rate Drop™ Personal Loan Terms & Conditions

1. The credit will be advanced to you by way of payment of the loan monies into your nominated bank account.
2. By entering into this agreement you confirm that all of the information that you provided in the course of your application is true, complete and correct. You must also provide us with accurate information during your loan, for example if we need to review your account for any reason because you are struggling to keep up with payments.
3. You must inform us immediately of any changes to your bank details or employment details, or of any other changes in circumstances which may affect your ability to make payments under this agreement.
4. You must notify us promptly and in any event within seven (7) working days if you move home or otherwise change your main residential address.
5. You agree to pay to us the Total Amount Payable by the repayments by their due dates stated in the Financial Particulars. Prompt payment is essential (see clauses 3 and 4 above).
6. Your variable interest rate is set out on the first page of this agreement. Your interest rate will only be changed if we have a valid reason for doing do (or to reduce your interest rate in accordance with clause 7). If we change your interest rate we will recalculate your monthly repayments so that the outstanding balance under the agreement is repaid within the Duration of the agreement. We will give you prior written notice of any change to the interest rate and the effect on your repayments. You have the right to repay this agreement early at any time.
7. If you make 6 consecutive monthly repayments in full and on time, you will be eligible for an interest rate reduction (up to a maximum of one rate reduction for agreements of 12 months or less, or two rate reductions for longer term agreements). If you miss a monthly repayment or pay less than the full amount due under this agreement, or you pay late, this will reset the counter and you will have to make a further 6 consecutive monthly repayments in full and on time in order to be eligible. The rate change will take effect 7 working days after the day of your 6th qualifying repayment. Any early repayments will not be counted when assessing whether you have made 6 consecutive monthly repayments in full and on time.
8. You are required to provide a continuous payment authority (known as a "CPA") for your nominated debit card. We can use this to automatically collect repayments from your debit card. We will only use the CPA in accordance with the terms of this agreement as set out below:
9. Where you miss a payment, we will activate the CPA and try to collect the repayment using CPA. We will send you a reminder SMS and make one attempt on the working day following the payment date (or, where you make your contractual repayments by direct debit, on the day after we have been notified that collection of your payment has been unsuccessful).
10. If the above attempt fails, then we will make further attempts to contact you and will make up to four further attempts per month to collect repayment from you at seven-day intervals.
11. We will only attempt to collect the amount outstanding by CPA. We will not attempt to collect part-payments of that amount.
12. You can cancel your CPA at any time by contacting us or your Bank. Cancelling your CPA will not affect your legal responsibility to make repayments under the agreement.
13. If you fail to pay any repayment by its due date you will be charged default interest on the amount you have not paid. We can charge default interest even after we have got a court judgment against you. We may also charge a missed payment fee of £12 in respect of each repayment not paid by its due date, to cover our administrative costs.
14. If you fail to pay any instalment within seven days of its due date or if we become aware that any information provided by you before entering into this agreement was false in a material respect or if you commit persistent breaches of this agreement we may, after giving you a default notice in writing, end this agreement and require you immediately to pay to us the outstanding balance under this agreement. In this agreement "the outstanding balance" means all sums payable under this agreement including, without limitation, our reasonable legal and other costs and expenses for enforcing our rights under this agreement.
15. If two or more of you entered into this agreement as the Borrower, you shall be jointly and severally liable for the Borrower's obligations under this agreement. That means that each of you can be held fully liable for the Borrower's obligations, including payment, under this agreement.
16. Use of Your Information: Before entering into this agreement, we may search your records at credit reference agencies. They will add to their record about you, details of our search which will be seen by other organisations making searches. Details about you and your payment record under this agreement will be used to help make credit and insurance related decisions about you and members of your household and occasionally for fraud prevention or to trace debtors. You can contact us for details of the credit reference agencies used by us. Information held about you by credit reference agencies may be linked to records relating to any person with whom you are linked financially and other members of your household. We may give information about you and your payment record under this agreement to credit reference agencies, debt collecting agents and any proposed assignee, transferee or charge of this agreement or of our interest in this agreement, their insurers or advisers. We may use a credit scoring or other automated decision-making system. We may monitor and record telephone calls for the purpose of security and training. For full details of how we use your information, please see our Privacy Policy.
17. Any notice or demand we give will be assumed to have been properly given if served on you personally or left or sent by prepaid envelope addressed to you at your current address or last known business or private address. If sent by first class post it will be assumed to have been received by you 48 hours after posting. You agree that documents may be served by us upon you by email sent to you at the email address shown overleaf in Portable Document Format (PDF). We are required by law to serve some documents on you, such as statutory Default Notices, by post.
18. This credit agreement shall be construed according to the laws of England and Wales, whose courts shall be the exclusive courts of jurisdiction over any claim or matter arising under or in connection with this credit agreement. This will be the case unless you reside in Scotland or Northern Ireland, in which case the local law shall apply, and your local courts will have jurisdiction.
19. If we do not enforce our rights under this agreement or delay doing so, at any time, we will not be prevented from doing so later.
20. We may transfer or assign all or any of our rights under this Loan agreement without your consent, but if we do so you will be informed of this.
21. If any provision or part-provision of your agreement is found by a competent court to be invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the remainder of your agreement.

Guarantor Loan Terms & Conditions (Applies to legacy 1Plus1 Guarantor loans only)

1. We agreed to advance the Loan to you in the amount stated in the Financial Particulars. Under this legacy guarantor loan product, and at your request and with your authority, we sought the consent of a guarantor to this agreement to receive the loan funds. Where such consent was obtained, the loan paid into the guarantor’s nominated bank account. This guarantor loan product is no longer available to new customers.
2. You agree to pay to us the Total Amount Payable by the repayments by their due dates stated in the Financial Particulars. Prompt payment is essential (see clauses 3 and 4 below).
3. If you fail to pay any repayment by its due date we may, in addition to our rights under clause 4 below, require you to pay default interest for each day of your default. Default interest will accrue at the interest rate stated in the Financial Particulars on the overdue instalment, from its due date until the date it is received by us, whether before or after judgement.
4. If you fail to pay any instalment within seven days of its due date or if we become aware that any information provided by you before entering into this agreement is materially false, or if you commit persistent breaches of this agreement. We may, after giving you a default notice in writing, terminate this agreement and require you to immediately pay to us the outstanding balance, less any rebate to which you may be entitled. For the purposes of this agreement "the outstanding balance" means all sums payable under this agreement including, without limitation, our reasonable legal and enforcement costs.
5. Where two or more of you entered into this agreement as the Borrower, you are jointly and severally liable for the obligations under this agreement. This means that each Borrower may be held fully liable for the total obligations, including repayment.
6. Use of Your Information: Before entering into this agreement, we carried out searches with credit reference agencies. These agencies may record details of our search, which may be visible to other organisations.
7. Information about you and your payment record under this agreement may be used to assist with credit and insurance-related decisions for you and members of your household, and for fraud prevention or debt tracing
8. You may contact us for details of the credit reference agencies we use.
9. Credit reference agency records may be linked to records relating to persons with whom you are financially associated or members of your household.
10. We may share information about you and your payment record under this agreement with credit reference agencies, debt collection agents, and any proposed assignee, transferr or charge of this agreement (or our interest in it), as well as their insurers or advisers.
    
    CIFAS
    We may use a credit scoring or other automated decision-making system. We may monitor and record telephone calls for the purpose of security and training.
    
    Privacy Policy
11. Under this legacy product, we required the Borrower’s obligations to be guaranteed by a third party acceptable to us. No personal security from the Borrower was taken in connection with this agreement.
12. You agreed that documents could be served on you by email sent to the email address provided at the time of entering into this agreement.
13. All agreements shall be governed by English law.
14. When you initially applied for a loan or provided a guarantee under this legacy product, you agreed to provide debit card details to enable us to collect payments where repayments are not made when they are due.

When you provided us with your debit card details you gave us continuous authority to take such overdue payments by way of a Continuous Payment Authority (CPA). If you experience any repayment difficulties, we urge you to contact us as soon as possible to avoid incurring unnecessary default charges.

You may cancel the CPA that you have provided us with at any time by contacting your bank directly or by contacting us. If you do cancel the CPA, you will still owe any outstanding amounts due under the agreement and will need to provide us with an alternative method of repayment.

Default Charges

We charge a issed payment fee of £12 in respect of each repayment not paid by its due date, to cover our reasonable administrative costs.

If you don’t pay an amount on time, we’ll charge interest on it daily at the rate set out in your agreement.

Other Charges

Refunds: Duplicate payments made via debit card will be refunded within five working days maximum to the card used or account the funds came from.

Missing Payments: Missing payments could have severe consequences, including legal proceedings, the possibility that your home may be repossessed and the possibility that missing payments may make it more difficult to obtain credit. You may be required to pay any reasonable costs we incur if (i) you move without telling us and we need to use a tracing agent to find you; and/or (ii) we take steps to enforce this agreement, including legal and court costs.

Periodic Statements of Account: You are entitled, under S77B of the Consumer Credit Act 1974 ("the Act") to receive, on request and free of charge at any time during the period of this agreement, a statement of account in table form showing: the details of each instalment owing under the agreement; the date on which each instalment is due, the amount and any conditions relating to its payment; a breakdown of each instalment showing how much comprises capital, interest and any other charges.

Your Right of Withdrawal: You are entitled, under S66A of the Act, to withdraw from this agreement without having to give any reason within 14 days beginning with the day after the day on which you receive a copy of the executed agreement. You may give us notice of withdrawal orally, by telephoning 0844 800 6690 or in writing to Credit Labs Limited of 1st Floor Yorkshire House, 18 Chapel Street, Liverpool L3 9AG or by email to info@ratedrop.co.uk. If you withdraw from this agreement you must repay, without delay and no later than 30 calendar days beginning with the day after the day you gave us notice of withdrawal, the credit amount together with interest at the above interest rate, from the date the credit was provided until the date of repayment. Interest accrues at 3.85% per day. The credit amount and interest are payable by cheque/BACS to us at Credit Labs Limited of 1st Floor Yorkshire House, 18 chapel Street, Liverpool, L3 9AG (including our successors and assigns).

Your Right to Repay Early: You are entitled, under S94 of the Act, to repay your indebtedness under this agreement early, in whole or in part. To do so, you should write to Credit Labs Limited at our above address. We may claim compensation under S95A of the Act for the cost incurred by us as a result of your early repayment, if your early repayment exceeds £8,000 or where you made more than one early repayment, the total of early repayments in any 12-month period exceeds £8,000. The compensation will not exceed the lower of 1% of the early repayment where the outstanding period of this agreement exceeds one year, 0.5% where it is equal to or less than one year, or the total amount of interest that would have been payable under the agreement if you had not repaid early.

Ombudsman Scheme: If you are not a business debtor, you have the right to complain to the Financial Ombudsman Service at Exchange Tower, London E14 9SR. If you are a business debtor, you may have a right to complain to the Financial Ombudsman Service. financial-ombudsman.org.uk

Supervisory Authority: The Financial Conduct Authority, of 12 Endeavour Square, London, E20 1JN, is our supervisory authority.