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Who the running account credit agreement is between:
LV=
and
Customer | Liverpool Victoria General Insurance Company
Limited, 57 Ladymead, Guildford, Surrey, GU1
1DB
[MainPlhdrFullName]
MainPlhdrCorrespondenceAdditionalLine
MainPlhdrCorrespondenceSubBuildingName
MainPlhdrCorrespondenceBuildingName
MainPlhdrCorrespondenceBuildingNumber
MainPlhdrCorrespondenceDependantThoroughfare
MainPlhdrCorrespondenceThoroughfare
MainPlhdrCorrespondenceDoubleDependentLocality
MainPlhdrCorrespondenceDependentLocality
MainPlhdrCorrespondencePostTown
MainPlhdrCorrespondencePostcode
Ref [QuoteReference] |
This Agreement:
References in this Agreement to ‘We’, ‘Our’ and ‘Us’ are to LV=. References to ‘You’ and ‘Your’ are to the customer.
You should read this information, as well as the Pre-Contract Credit Information We have provided, which tell You all about the conditions and features of the Credit Agreement. You should take time to consider all of this information before deciding if this credit is affordable and suitable for Your needs.
The main terms of this Agreement concerning the payments that You must make and Your rights under the Agreement are set out on this page above the signature box. More detailed conditions, which also form part of this Agreement, are set out over the page.
This Agreement sets out the terms of credit under which You may request one or more drawings to finance the purchase of insurance policies and any charges associated with those policies.
We will open an account in Your name to record the unpaid balance of all drawings, all interest and any charges relating to the account.
The facility has no fixed duration and at the date of the Agreement, imposes no credit limit but We may apply a credit limit by writing to You in advance.
Payments and repayments:
You must make a minimum monthly payment to Us each month in respect of each drawing, while You owe money under this Agreement. We will determine the minimum monthly payment, which will be enough to repay each drawing (together with any associated interest) before the expiry date of the insurance policy it finances. We will write to tell You what the minimum monthly payment is and the dates when it is due. We may notify You to revise the minimum monthly payment and the dates when it is due each time there is a new drawing, a change in the insurance premium or the charges being financed or You make a partial early repayment. The total amount of credit at the date of this agreement is £[LoanAmount]. The total amount You must repay to Us at the date of the agreement is £[InstallmentTotalPayable] assuming You make all Your monthly payments on time.
Interest and charges:
Interest Rate : [AnnualInterestRate]% (variable)
This is the interest rate applicable to the amount you have borrowed.
This will be calculated danily and added monthly to your payment plan from the date your insurance plan starts.
For policy changes, the interest rate will be pro-rated based on the number of days from the date of the change to the expiry of the policy and applied equally to the remaining instalments.
We may notify you to vary the interest rate in accordance with Condition 8.
APR: [AprRate]% (variable) The APR under this agreement is based on the following assumptions:
- The credit of £[LoanAmount] is drawn down on the date of this agreement, and is repaid in [NoOfInstalments] monthly payments commencing within one month after the date of the drawing.
- Interest is charged at the rate quoted above
- In calculating the APR no account has been taken of any variation of the interest rate
Right to withdraw:
You have the right under the CCA to withdraw from this Agreement without giving any reason before the end of a period of 14 days beginning on the day after:
- Where We send You an Agreement signed by Us the day on which You enter into this Agreement, either by post or electronically or
- Where You sign an Agreement that has not been signed by Us the day on which You receive a copy of this Agreement signed by Us.
If You wish to withdraw You must give Us notice by the following methods:
- By telephone [ContactUsServiceTelno]
- By posting the notice to the above address
If You do give Us notice of withdrawal, You must repay to Us the amount of any drawing that has been made without any delay and in any event by no later than 30 days after giving notice of withdrawal. You may be required to pay interest or charges. If You withdraw from this agreement leaving sums outstanding We may notify credit reference agencies.
Withdrawal from this agreement does not cancel the insurance policy related to it unless You contact Us to do so. You must make other arrangements to pay for your policy.
Missing payments:
If You miss a payment, interest will continue to be charged daily on the outstanding amount due.
Your credit record may be affected and You may also find it harder to borrow again from Us or another lender. We may also take legal action against You.
We will cancel Your insurance policy if You don't pay Us the balance of any outstanding premiums when we have notified you that the outstanding amount is required by a specific date. A cancellation charge may also apply in accordance with the terms and conditions of your insurance policy.
Customer declaration and data protection:
You confirm that:
- All information given by You in connection with this agreement is
true and correct.- You are not in default under any agreement with Us.
- You are not aware of any circumstances that would affect Our decision to enter into this agreement with You, including You not being able to afford or pay Your monthly payments on time.
You are over 18 years old
On behalf LV=
Customer acknowledgements
- Even if You do not sign and return a copy of this agreement to Us or confirm that You have done so, we will regard You as having accepted Our offer to provide credit to You on the terms set out in this agreement, if You permit the first minimum monthly payment under the facility to be collected from your bank under the instructions that You have provided to Us.
Conditions:
- Request for drawings: You may request further credit under this agreement for the purchase of new insurance policies or for changes you make to existing policies. We may decline any such request. The amount of any request for credit in connection with the policy being financed (such policy including any renewal, substitution or replacement of the policy, being a “Relevant Policy”) will be debited to your account.
- Minimum monthly payments: You must pay us a minimum monthly payment as referred to on the front page of this agreement. We do not have to send you a separate demand. You must maintain payment instructions in respect of the minimum monthly payment due for the duration of this agreement.
- All the time there are unpaid amounts owing to Us, You cannot move this policy to another person.
In addition, for so long as there are unpaid amounts outstanding, You agree that You will not assign or transfer any Relevant Policy to any other person. - The Events of Default are:
- You fail to pay on the due date any minimum monthly payment due in respect of Your account;
- Any of the following apply to You:
- You are insolvent or unable to pay Your debts under any applicable law or You suspend payments on any of Your debts; A statutory demand or bankruptcy petition or order is served on You;
- You fail to comply in any material respect with any of the terms of this Agreement;
- You are in material breach of any of the terms of any other agreement that You have entered into with Us or any other Group Company;
- You have given false information or have otherwise committed or assisted another person to commit fraud in connection with this Agreement; or
- We reasonably consider that Our reputation would be at risk if We were to continue with this Agreement.
- Remedies on default: If any Event of Default occurs and is continuing, and We give You at least fourteen days’ notice in writing, then We may declare that any unpaid amounts
(including unpaid interest that has not yet been debited to Your account) have become immediately due and payable to Us. - Termination of the Agreement:
- We may end this Agreement at any time by giving You at least seven days written notice.
- You may end this Agreement at any time by giving written notice to Us.
- If We or You terminate this Agreement You must pay Us on or before the termination date any unpaid amounts (including accrued interest which has not yet been debited to Your account).
- Set-off rights: We may set-off any amount due from You under this Agreement or under any other agreement with Us or any other Group Company against any obligation that We owe to You. Any exercise of Our right to set-off shall not limit or affect any other rights or remedies available to Us under this Agreement.
- Variation:
- We may vary this Agreement with immediate effect (and will notify You in writing where We have done so) to:
- Reflect changes in Applicable Law or new industry guidance or codes of practice; or
- Vary the flat rate interest charge if You request a further drawing or an increase of an existing drawing or to reflect changes in the cost of providing Our services to You.
- If We give You at least ten days’ written notice We may vary this Agreement to:
- Vary any charges to reflect changes in the cost of providing Our services to You;
- Correct and obvious error or make minor amendments to this Agreement that do not materially prejudice Your rights under it; or
- Reflect an improvement to or extension of the scope of the services that We provide to You or any other change to the services that is not detrimental to You.
- Where We agree to finance an increase in the insurance premium or associated charges, this may be treated as a new drawing or an increase in an existing drawing.
- Credit reference and fraud prevention agencies: To assess Your application, prevent fraud or money laundering,
We may:- Use credit scoring and automated decision making systems; and
- Search records, which may be linked to persons with whom You are linked financially and record details relating to You, at credit reference and fraud prevention agencies. We may add details of this Agreement and payments, defaults or failures by You under it that may impact Your credit record. Credit reference and fraud prevention agencies keep records of enquiries and add details of Our search and Your application to Your record. You can ask for the names of the credit reference and fraud prevention agencies to whom We disclose information or from whom We have obtained information about You by writing to Us or telephoning Us on [ContactUsServiceTelno]
- Information: You must promptly:
- Provide Us with any information that We may reasonably request from You that is relevant to Our assessment of Your creditworthiness; and
- Inform Us without delay of any changes to Your contact details provided.
- Transfer of rights and obligations: We may transfer all or any of Our rights and obligations under this Agreement to any person, provided that We reasonably believe such transfer will not prejudice Your rights. You may not assign or transfer Your rights or obligations under this Agreement without Our consent.
- No waiver: Any failure by Us (whether continued or not) to insist upon strict compliance with any of the terms of this Agreement will not affect Our ability to exercise Our rights in the future.
- Governing law: This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law and both You and We submit to the non-exclusive jurisdiction of the English courts in relation to any dispute in connection with this Agreement.
Important information
- Right to repay early: You have the right under the CCA to repay amounts that You have borrowed under this Agreement early in full or in part. If You wish to repay any amount early You must give Us notice by one of the following methods:
- By telephone on [ContactUsServiceTelno]
- By post or delivery of the notice to the above address.
If You do repay an amount early, We may recalculate the minimum monthly payment to ensure that drawings are repaid over the time period originally agreed with You. - Complaints and requesting information: If You would like to make a complaint about Our services, in the first instance, and to allow Us to resolve any problems, please telephone Us on [ContactUsServiceTelno], or write to Us at Liverpool Victoria General Insurance, County Gates, Bournemouth, BH1 2AT.
Our complaints handling procedures can be obtained using any of the above details. If You feel the complaint has not been satisfactorily resolved then, you have a right to complain to the Financial Ombudsman Service. The Financial Ombudsman can be contacted on 0800 023 4567, or by writing to The Financial Ombudsman Service, Exchange Tower, London E14 9SR or by email to complaint.info@financial-ombudsman.org.uk
You may ask for a copy of the information We hold about You by writing to CCA Dept. at Liverpool Victoria General Insurance, County Gates, Bournemouth, BH1 2AT. - To receive this Agreement in an alternative format, please contact Us on [ContactUsServiceTelno].
