1. Definition of terms
‘We, us, means Gregson & Brooke Ltd.
‘You’ means the person or people whose name(s) are signing this agreement.
‘Monthly Payment’ means the agreed amount which you are able to make on a specific date every month.
‘Good will Payment’ means an amount sent to your creditors that will be no less than £1,
Disbursements – The pro-rata payments made to your creditors.
‘Fee’ means the fee that we charge under this agreement as defined in clause 6.
‘P.P.I’ This means Payment Protection Insurance
‘Financial statements’ are compiled using the courts rules on limits and costing. This is how we establish your affordability to embark on such program.
‘Disposable Income’ this is the amount remaining once we offset your priority debts, reasonable expenditure and any of our fees against your income.
‘Cleared funds’ means:-
- Any funds received by us through electronic transfer from your bank (for example, standing order payment);
- Any Cash, Postal Order or Banker’s Draft made payable to ourselves that we have received from you;
Any cheque received and banked by us, but only if we have not received notice from your bank that the cheque has been returned unpaid after 10 days.
2. Agreement
You have asked us and we have agreed to provide you with a Debt Resolution Plan including debt reduction and debt repayment services, together with incidental advisory and administration services, as described in these terms and Conditions.
3. What we will do
3a Once we receive your first monthly payment, we will commence your Debt Resolution Plan.
3b. We will contact your creditors to let them know about your financial circumstances and our instruction.
3c. We ask your creditors where possible to reduce and or freeze any interest charges (where appropriate) and that they suspend or withdraw any enforcement proceedings, which are related to your debts. We will also request your creditors respond to our requests in a specific time frame.
3d. We will request up to date balances along with any formal agreements from your creditors to establish your true level of debt. Until this level of debt has been established, we will make goodwill payments to your creditors.
3e. Once your level of debt has been established, we will make pro-rata payments to your creditors based on your disposable income.
3f. We will seek to reclaim any mis-sold payment protection policies you may have had.
3g. We will seek to reclaim any late payment charges or unfair fees you have had.
3h. We will negotiate directly with your creditors in an attempt to achieve a lower debt balance.
3i. We will assist you and support you with any court issues you may have.
3j. We will attempt to prevent any harassment from your creditors in respect of your debts.
3l. We will regularly review your circumstances and will consult with you if any changes are to be made.
3m. we will deal with any communication from your self or your creditors within 7 days by letter.
3h. We may contact you regarding other products and service the group of companies may offer. You also agree for us to use your information as we see fit providing it falls within in the data protection laws governed by the UK.
4. What we cannot do
4a. We can not lend you money or provide you with any credit facilities.
4b. We cannot issue payments to your creditors without having first received cleared funds from you and clear details about your creditors.
4c. We cannot give you legal advice.
4d. We cannot guarantee to stop your creditors continuing to charge interest. This may result in an increase in the total debt you have to repay.
4e. We cannot guarantee to stop your creditors sending you default notices or taking any other legal action to recover your debts.
4f. We cannot accept secured loans on the plan. You must make sure that you continue to make your normal payments in full towards any mortgage or other secured loan. We will take these payments into account when working out your expenditure and disposable income.
4g.We cannot issue ‘goodwill payments’ or reduced payment on your behalf for your normal utility bills (e.g. water, gas, electricity bills) and for Council Tax payments. You must continue to make all normal payments toward your utility bills and Council Tax payments and we will take these payments into account when working out your expenditure and disposable income.
4h. We cannot guarantee to secure any refunds from your creditors.
5. What you will do
5a. You will make monthly payments in full to us, each month. You will not pay any money to any unsecured creditor directly.
5b. You will continue making payments to us as described in the monthly payment until you have repaid all your creditors in full or the agreement is terminated.
5d.You must give us any information we ask for relating to your finances. This will include, but not limited to:-
- all 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 have;
- any judgments entered against you; and any other enforcement action.
5e.You authorise us to contact your creditors on your behalf. You will also sign any necessary forms of authority or other documents so that we may carry out our obligations under this agreement.
5f. You will pass us copies of all correspondence you receive from your creditors. We ask you not correspond directly with any of your unsecured creditors and instead to inform them that we are dealing with your accounts (if applicable).
5g. You will not spend any money over and above your reasonable living expenses as detailed in your expenditure. You will not apply for any further credit from any source. You will not make any further use of any existing credit facility, including any credit or card cards.
5h. You confirm that none of the debts you have instructed us to deal with are secured against any property.
6. Our fees
6a. Our initial fee is equivalent to your first 2 months payments.
6b. Our management fee is equal to 17.5% of your monthly payments.
6c. If we are successful in reclaiming any monies for you such as PPI or late fees, a fee of 25% will be levied and deducted from your monthly payments. This service is also available on its own out with the debt management plan.
Eg.
Compensation - £1000.00
GABFS Fee – £250.00
Client Receives – £750.00
7. How you can terminate the Agreement
7a. You have a cooling off period of 14 days from the signing of the contract in which you can cenacle and receive a full refund of any fees paid.
7b. After this point you can cancel this agreement by giving us 30 days’ written notice.
8. How we may terminate this Agreement
We may cancel this agreement at any time by giving 30 days notice’ written notice if any of the following things happen:
8a. You fail to make at least three full monthly payments in any 6-month period.
8b. You fail to rectify any breaches of the client obligations within 7 days of notification from us to you.
8c. A bankruptcy petition is issued against you.
8d. You enter into an Individual Voluntary Arrangement.
8e. If the information you have given us is not correct or complete.
8f. If the information you gave at the time of acquiring any credit is considered not correct or fraudulent by any creditor.
8g. If we are affected by any circumstances beyond our reasonable control.
9. The effect of terminating this Agreement
If you end this agreement under the conditions of section 7 or if we end this agreement under any of the conditions of section 8 then:
9a. Our duties and obligations under this agreement will come to an end;
Complaints Procedure
10a. If at any time you are not happy with the service that we have given you, you can use our complaints procedure to make a formal complaint. This complaints procedure does not affect any of your legal rights. If you want to know more, please ask us to send you a copy of the complaints procedure. We are fully compliant the Financial Ombudsman Service rules on the handling of complaints.
11. Other information
11a. Any information you give to us will be confidential. We will not pass this information to anyone else except for the creditors you have authorised us to deal with or their authorised agents or both.
11b. You should keep copies of all documents that you send to us because we cannot always guarantee to return any or all of these documents to you.
11c. We hold a Consumer Credit License no: 614247.
11d. We are regulated by the Ministry of Justice in respect of regulated claims management activities CRM19150.
11e. This agreement is governed by English law.