Nationwide Debt Consultants Ltd
Terms of Business
Nationwide Debt Consultants Ltd (‘NDC’), company registration number 06584247.
Registered Office; 5th Floor 44 Broadway Stratford London E15 1XH. Data Protection Reg No. Z1330257
Nationwide Debt Consultants Ltd is Authorised and Regulated by the Financial Conduct Authority (FCA).
You can access the website of the FCA by logging onto www.fca.org.uk
NDC provides various forms of debt advice to consumers in the UK. Being regulated by the FCA we are required to comply at all times with the Principles for Business (PRIN) as laid down by the FCA (which includes our obligation to treating customers fairly).
These Terms and Conditions of Business explain our obligations to you and yours to us.
Definition of terms
“Terms of Business” means these terms and conditions of business.
“Agreement” means the agreement between you and us made mainly on these terms and conditions of business.
“us” and “we” means Nationwide Debt Consultants Limited, whose registered addressed is 5th Floor 44 Broadway Stratford London E15 1XH.
“You” means you, the client (and your partner where any of the debts are in joint names).
“Services” means the services we agree to provide you with under this Agreement.
“Debt Management Programme” means the plan of repayments by which you repay your Creditors through us (as may be revised from time to time).
“Creditors” means any and all of your unsecured creditors whose details you will provide us with and who are included in your Debt Management Programme.
“Fees” means the Arrangement Fee and the Monthly Fee.
“Arrangement Fee” is the fee payable for preparation of the Debt Management Programme.
“Monthly Fee” means the fee payable for our Services each month.
“Monthly Payment” means the total amount which is paid every month by you to us throughout the Period.
“Monthly Repayment” means the part of the Monthly Payment to be paid by us on your behalf to your Creditors.
1. Appointment and your right to terminate
1.1 You appoint us and we agree to provide the Services (as defined below).
1.2 You appoint us to implement and administer a Debt Management Plan and we agree to act on your behalf and to provide our services on the terms of the agreement. The agreement will commence as soon as you confirm your acceptance of these terms by returning the completed Letter of Authority Form.
1.3 You have the right to cancel your Debt Management Programme under the Financial Services (Distance Marketing) Regulations 2004, at any time but if cancelled during the ‘Cooling off’ period which is the first fourteen days from the day after the contract was concluded and that you were in receipt of the paperwork you will get a full refund if payment has been made less any charge for services already provided. You may cancel by emailing to email@example.com or writing to us at 5th Floor 44 Broadway Stratford London E15 1XH or by calling us on 0800 121 4733, which is in accordance with the Financial Services (Distance Marketing) Regulations 2004.
1.4 This Agreement will continue for the Period unless ended earlier by you as set out in sections 1.3 or by us as set out in section 7.
2.1 We will review your finances, covering your income, expenditure, debts and assets. These must include all debts secured on property or goods, which we will take into consideration but cannot, negotiate reduced payments on. We will calculate your disposable income, based on reasonable living expenses.
2.2 In consultation with you we will produce a Debt Management Programme by which you can pay off your creditors out of your disposable income at rates you can afford. The Debt Management Programme will let you make monthly payments to us and will take account of your Creditors and of our Fees. It will not take account of any matters you have not told us about in accordance with section 3. It will also take account of the differing requirements of your different Creditors, if there is more than one.
2.3 We will negotiate with your Creditors and attempt to agree repayment terms with them of the amounts outstanding. In doing so we shall use the Debt Management Programme and we shall ensure that the periodic payments that we agree with your Creditors on your behalf do not exceed your disposable income (less our Fees) as calculated by us for the same period.
2.4 We shall attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them.
2.5 We shall make payments to your Creditors in accordance with the Debt Management Programme. This payment will be made only on cleared funds into the clients account. Creditors may request their payment by electronic means or cheques. Nationwide Debt Consultants Limited cannot be responsible for any delays made to your creditors accounts due to the accounting processes your creditor chooses to use or any delay in banking or crediting your payments to your account with your creditor.
2.6 Should your circumstances change during the Period, we shall review the Debt Management Programme and if necessary make changes to it in agreement with you and with any Creditors concerned. It is your responsibility to make us aware of all changes that affect the payment and continuity of your programme.
2.7 All payments to us will be made into our client account. This account is separate to our own business accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest will be payable to you on funds that we hold. At all times funds held for distribution to your Creditors will be classed as client monies.
2.8 We also offer to negotiate Full & Final settlements on behalf of our clients. Our fees are negotiable but will be approximately 10% of the saving.
2.9 We take any complaint regarding our practices seriously. If at any time you are not happy with the service that we have given you, in the first instance, please telephone us on 0800 121 4733 and explain your concerns we may be able to resolve some complaints straight away over the phone. Or complaints can be sent in writing to Complaints Officer at Nationwide Debt Consultants Limited, 5th Floor 44 Broadway Stratford London E15 1XH. Your complaint will be acknowledged. A response to your complaint will be made within 14 days. If you are not happy with the response your complaint will be escalated to the Compliance Officer and all communication regarding the complaint will only be in writing.
A copy of our Internal Complaints Procedure is also available upon request from the contact details given above. Using our Internal Complaints Procedure will not affect your legal rights. Should the matter not be resolved to your satisfaction, You may refer your complaint to the Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Wall, London, E14 9SR or visit www.financialombudsman.org.uk or email firstname.lastname@example.org
2.10 Any Data Access requests must be completed on our company access request form and accompanied by a fee of £10.
This request must be made in writing only by the data subject.
3. Your responsibilities
3.1 You will provide to us on request information relating to your finances. This will include, but will not be limited to, details of your income and expenditure, your Creditors and any agreement you have with them, any loans or mortgages you have, your dependents and any judgments made against you or any other enforcement action being taken against you.
3.2 You will sign all necessary forms of authority or any other documents so that we may negotiate with your Creditors on your behalf.
3.3 You will forward to us copies of all correspondence from your Creditors and keep us informed of any dealings you have with any Creditors, whether we are negotiating with them or not. Once the Debt Management Programme has been agreed, you will not make any expenditure over and above your reasonable living expenses as calculated in the Debt Management Programme. You will not use your credit cards nor incur further debts during the Period.
3.4 You will consult with us in relation to your Debt Management Programme and in relation to any alterations and/or reviews of it. Your payments to us will need to be amended to reflect any reasonable changes which your circumstances dictate. You will make payments to us under and in accordance with the Debt Management Programme promptly and without any deductions.
3.5 On occasion your Creditors may not provide us with balances of your accounts due to their own company procedures. If these circumstances arise then you will obtain this information for us and supply us accordingly.
3.6 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of acquiring a loan, hire purchase agreement, credit card or any other form of credit.
3.7 Lack of contact from you will not be considered cancellation of the Agreement.
3.8 If you do not maintain regular payments we will suspend any action and payments on your account. Your Creditors may have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action against you for which we cannot be held responsible
3.9 If your payments are late your creditors may continue or re-commence adding interest and charges. We cannot be held responsible for these charges.
3.9 You remain responsible for continuing to pay any secured loans, mortgages or hire purchase agreements and all household bills (including insurances).
4. Duration and Cost
4.1 Arrangement Fee
We distribute payments to your creditors from month one and evenly distribute our fees over the first 6 months which is equivalent to your first two months payment.
4.2 There is an on-going monthly management fee for running the debt management plan calculated at 17.5% of your monthly payment subject to a minimum fee of £20 depending on number of creditors and the complexity of your file.
5. How we handle your money
5.1 All payments that we receive from you in cleared funds will be paid directly into our client account. The only deductions which we will make out of our client account are :
(a) payment of our Fees;
(b) payment of the Monthly Repayments to your Creditors in accordance with the Debt Management Programme; and
(c) any other payments as instructed or agreed with you
5.2 We will distribute the Monthly Repayments amongst your Creditors in accordance with the Debt Management Programme normally within five working days of CLEARANCE of the Monthly Payment from you. If there is a delay in any payment which is not beyond our control, we shall take the appropriate action to put you in the position you would have been in if the payment had been made within five working days in cleared funds and shall make good any additional interest which has accrued and any default charges that have been applied to the account as a result of the delay and based on that sum alone.
5.3 You must ensure that your payment to us reaches us in sufficient time to be cleared & transferred to your creditor. Any late payment charges made by the creditor will not be the responsibility of Nationwide Debt Consultants Limited.
7. Our right to terminate
We may terminate this Agreement at any time by giving you 1 Months prior written notice if any of the following happens:
(a) you fail to make two successive Monthly Payments; or
(b) you are otherwise in serious breach of this Agreement or have persistently committed a series of minor breaches (even if any one individual breach would not necessarily be regarded as a serious breach on its own); or
(c) you become bankrupt, file a bankruptcy petition, make an arrangement or composition with your Creditors generally, or make an application to a court of competent jurisdiction for protection from your Creditors generally
8. Effect of Termination
When this Agreement ends:
(a) our duties and obligations under this Agreement will come to an end;
(b) your liability to your Creditors will continue to the extent that any amounts you owe to your Creditors remain outstanding over and above the repayments made to them under the Debt Management Programme; and
(c) should we hold any outstanding correspondence 30 days after the termination of your Agreement we shall forward this paperwork to you, all other paper documents will be shredded and disposed of in accordance with the terms and conditions of the Data Protection Act 1998.
9. Personal Information
We agree to keep confidential all information regarding your Debt Management Programme received from or about you. We will not pass this information to anyone else without your permission, except in line with our data protection statement contained in section 10 or to such of your Creditors as is necessary in order for us to negotiate repayments with such Creditors or in accordance with section 2.1.
10. Data Protection Statement
10.1 Please read this statement carefully as it explains what personal information we collect about you and how we use this information
10.2 We collect personal information from you both directly when you apply for our Services and from your Creditors as authorised by your client authority form. We may also collect further information as a result of administering your Debt Management Programme.
10.3 We will use your personal information to provide the Services to you, and in particular to:
(a) prepare and issue to you your Debt Management Programme;
(b) negotiate with your Creditors on your behalf; and
(c) keep you informed about your Debt Management Programme and our Services.
(d) best advice dictates that we refer you to a more suitable debt solution
10.4 Other than as set out above we will only disclose your personal information to the extent required by law, court order or as requested by other government or law enforcement authority.
10.5 You may contact us by writing at any time to the Data Protection Manager at our address given above for further information, or if you want to request a copy of the personal information which we hold about you or to ask us to amend any inaccurate information held by us. All documents are shredded once they have been used. Only passports, driving license, payslip, tenancy agreement, loan agreement or bank statement will be returned to you as all other documents are destroyed. If you require the return of any documents other than those stated you must inform us when you send the documents and send a stamped addressed envelope for their return.
10.6 Please note that we may record and monitor your calls to us to help us to improve our service.
11. Other Terms
11.1 All Fees are exclusive of any applicable value added tax (VAT) or other sales tax. Please note that although the provision of our Services is currently VAT exempt, this position could change in the future. If it does change we will notify you and amend your Debt Management Programme accordingly.
11.2 This Agreement sets out the entire agreement and understanding between you and us. See section 1
11.3 You acknowledge that you have entered into this Agreement in reliance only on the representations, warranties and promises specifically contained or incorporated in this Agreement and, except as expressly set out in this Agreement, we shall have no liability in respect of any other representation, warranty or promise made prior to the start of this Agreement unless it was made fraudulently.
11.4 We shall not be deemed in breach of this Agreement or otherwise liable to you if we are prevented or hindered from performing our obligations under this Agreement by reason of any event beyond our reasonable control.
11.5 These Terms and Conditions are governed by English Law.
12.1 You authorise us to liaise and exchange Personal Information with your creditors or their authorised agents on your behalf, let them know about your financial circumstances and our involvement and make arrangements with them in relation to the debt or debts you owe; so that we may provide the service to you.
12.2 Except for our set up fee,you instruct us to use the payments we receive from you to issue payments to your creditors as described in the monthly payment plan, after we have taken off our management fee.
12.3 You confirm that none of the debts you have instructed us to deal with are secured.
- 4 You agree to provide us with the necessary information and documentation (if requested) to enable us to ensure that our client verification requirements are met.
13. Additional services
We may offer additional products and or services. Services and products such as but not limited to an Individual Voluntary Arrangement, Trust Deed, Debt Arrangement Scheme, Bank Accounts. Additional services may require separate Terms and Conditions which will be provided to specifying the product or service. Additional services may only be available if you meet certain criteria. Some products or services are only available in a particular country or jurisdiction. Any such products or services may be provided by a third party and may incur an additional fee. We may receive a referral fee from third party for such referrals. We agree to inform you the cost of such service prior to you accepting those products and or services.