Fixed Sum Loan Agreement Regulated by The Consumer Credit Act 1974
This Agreement is dated 22/07/2024, and is made between:
Lendable Ltd, a company registered in England and Wales whose registered office is at Telephone House, 69-77 Paul St, London, EC2A 4NW (Lendable,
we, us) and;
Andrian Chetreanu of 17, Walsingham Drive, Daventry, NN11 2LE and whose email address is doctata9@gmail.com, (you).
This Agreement has been entered into through a credit intermediary. The intermediary involved in this agreement is Intelligent Lending Ltd, trading as
Ocean Finance whose registered address is Think Park Mosley Road, Trafford Park, Manchester, M17 1FQ.
This Agreement is made up of the Key Terms in Part A, the General Terms in Part B and the Glossary in Part C.
A. - KEY TERMS
A1. Duration of this Agreement
A1.1
36 months from the First Repayment Date.
A2. The Loan Amount and Loan Fee and the Interest Rate we charge
A2.1
The Loan Amount is £7,700.00. This is the amount of credit we provide to you under this Agreement.
A2.2
We will transfer the Loan Amount to the bank account you nominate at the time of your application. The transfer will be made within
two Business Days of the execution of this Agreement unless we need longer to complete the checks we carry out to prevent fraud and
money laundering.
A2.3
You must pay us a Loan Fee of £459.00 (equivalent to 6% of the Loan Amount) on the date you enter into this Agreement. The Loan Fee
is added to your Loan Amount and is repaid as part of the monthly instalments set out in A3.4 below. The Loan Fee is non-refundable,
except where you exercise your right to withdraw within 14 days of the day after we provide you with a copy of your executed loan
agreement.
A2.4
We charge interest at a fixed rate of 31.23% per year. We will stop charging interest when you have repaid all the money owing under
this Agreement or (if earlier) when we terminate this Agreement under B1.8 following an Event of Default. Interest at this fixed rate
applies to: (a) the Capital Balance (excluding Charges in A10.1), (b) any Unpaid Interest as set out in A3.11, and (c) any missed
payments as set out in A7.1.
A3. Your Repayments and How We Charge Interest
A3.1
The total amount you have to pay under this Agreement is £12,161.15. This amount is the sum of:
(i) the Loan Amount;
(ii) the Loan Fee; and
(iii) the interest payable
but excludes any fees, losses or costs you have to pay if you break this Agreement (see A10.1 below).
A3.2
The APR (the Annual Percentage Rate of charge for credit) is 37.09%.
The APR is calculated on the assumptions that:
1. we lend the Loan Amount and Loan Fee in full when this Agreement is executed;
2. this Agreement continues for its full duration;
3. you keep to the terms of this Agreement (including making your payments in full and on time) and so do we.
A3.3
The Payment Date is the 28th day of the month.
A3.4
You must pay us a monthly instalment on the Payment Date in every month throughout the duration of this Agreement, making 36
instalments in all. The monthly instalment payable in the first 35 months will be £335.23. A final instalment of £428.10 will then be
payable in the last (36th) month.
A3.5
The first payment is due on 28/08/2024 (the "First Repayment Date").
A3.6
We collect your monthly repayments by Direct Debit. If the Payment Date falls on a day in any month which is not a Business Day, we
will collect the monthly instalment due on that day on the next Business Day. We will treat the collection of the instalment on that day
as punctual payment of the instalment.
A3.7
If you have not cleared the total amount outstanding by the Payment Date on which your final repayment falls due, you will be
required to continue to make monthly repayments on your usual Payment Date until the total amount outstanding has been repaid in
full. Provided that no fees, losses or costs have become payable under A10.2 below, you will not be required to pay more in any month
than the amount of the regular monthly instalments you were required to pay under this Agreement, as set out in A3.4 above (ignoring
for this purpose the final instalment set out in A3.4 if it is different from the previous instalments). If, however, any fees, losses or costs
have become payable under A10.2, these will remain immediately payable on top of your monthly repayments.
A3.8
The daily interest rate to be applied is calculated based on the fixed annual rate of interest and we have assumed that there are 365
days in every year when making this calculation.
A3.9
Interest payable under this Agreement will be charged on the Capital Balance. Interest will accrue on a daily basis until you have paid
all the money owing under this Agreement or (if earlier) we terminate this Agreement under B1.8 following an Event of Default. We
have worked out the monthly instalments to ensure that (provided you pay the instalments on time) the interest we charge over the
duration of this Agreement will be paid off in full as part of your monthly instalments.
A3.10
We will debit the Loan Amount and the Loan Fee to your account on the day we transfer the Loan Amount to your nominated bank
account under A2.2. This means that the Loan Amount and Loan Fee will then become part of your Capital Balance and we will start
charging interest on them from that day.
A3.11
Unpaid Interest that has accrued on the Capital Balance will be debited to your account as stated in A3.12. Once it has been debited to
your account, Unpaid Interest will itself become part of your Capital Balance. This means that (unless we stop charging interest
altogether because we have terminated this Agreement under B1.8) we will charge interest on the Unpaid Interest for as long as it
remains outstanding.
A3.12
We will debit Unpaid Interest to your account at the end of each day on which you make a payment to us. This means that, if you make
a payment which only discharges part of the Unpaid Interest, the remainder of the Unpaid Interest will form part of your Capital
Balance from the end of the day on which you make the payment.
A3.13
We do not charge interest on the monthly missed payment fee (see A10.1.1) or on any losses or costs you must pay us (see A10.1.2).
A3.14
Statutory notices and statements issued by us will show the interest which has accrued and is due to us under the terms of this
Agreement as at the date shown in those notices and statements.
A3.15
We shall maintain accounts evidencing the amounts owed to us by you, in accordance with our usual practice.
A4. Allocation of your payments
A4.1
We will apply each monthly instalment or other payment we receive from you in the following order:
A4.1.1 payment of any unpaid charges which have become payable under A10.2;
A4.1.2 payment of interest; and
A4.1.3 repayment of the credit provided under this Agreement (the Loan Amount) and the Loan Fee.
A5. This section is intentionally blank
A6. Statement of account
A6.1
Under section 77B of the Consumer Credit Act 1974, you have the right to receive, on request, and free of charge, at any time
throughout the duration of this Agreement, a statement in the form of a table showing:
1. the details of each instalment owing under this Agreement;
2. the date on which each instalment is due, the amount and any conditions relating to the payment of the instalment;
3. a breakdown of each instalment showing how much comprises -
(i) capital repayment;
(ii) interest payment; and
(iii) if applicable, any other charges.
A6.2
You can also view your repayment schedule at www.lendable.co.uk.
A7. MISSING PAYMENTS
Missing payments could have serious consequences including legal action being taken against you. In a serious case, this could include
asking a court to make an order allowing us to sell your home to get back the money you owe. Missed payments may also be reported to
Credit Reference Agencies and may adversely affect your credit record making it more difficult and/or expensive to obtain credit in the
future.
A7.1
Missing payments means the total cost of the debt could grow. As interest accrues on a daily basis on the Capital Balance outstanding
under this Agreement, a failure to make repayments as set out in A3.4 above will result in additional interest accruing because the
amount you owe under this Agreement will be higher than we anticipated it would be when we calculated your repayments at the
beginning of this Agreement. This means that if you miss a repayment you will pay more interest overall.
A7.2
In the event of a default (as set out in B1 below), we may issue a Default Notice under s.87 of the Consumer Credit Act 1974 and if you
do not take the action set out in the notice within the time set out in the notice, we may terminate this Agreement and demand early
payment of the total amount outstanding.
A7.3
If we terminate this Agreement (after taking the action described in A7.2 above), we may require you to pay the total amount
outstanding on your account immediately and, if necessary, take legal action against you. Should this legal action be successful, we
may opt to enforce any judgment obtained. Various enforcement options may be available, including obtaining a charging order
against your home. In exceptional circumstances this could lead to your home being repossessed and sold.
A7.4
In addition, you may be charged one or more missed payment fees under A10.1.1 below and have to pay our losses and/or our costs
under A10.1.2 below.
A7.5
We may also place your account with a collections agency or sell it to another organisation which is authorised and/or regulated by the
Financial Conduct Authority in respect of the conduct of credit-related activities.
A8. Your right to withdraw
A8.1
You have the right to withdraw from this Agreement without having to give any reason within the period of 14 days starting on the day
after you receive a copy of the executed Agreement.
A8.2
If you choose to exercise your right of withdrawal you must notify us of your intention to do so, either by sending an email to
contact@lendable.co.uk or by calling us on 020 3322 1948 or by writing to us at Telephone House, 69-77 Paul St, London, EC2A 4NW.
A8.3
If you withdraw from this Agreement you will have to repay to us the Loan Amount in full. You will have to repay us no later than 30
calendar days after you tell us you want to withdraw from this agreement. We agree not to charge you interest during this period.
A8.4
We only accept repayment by bank transfer to the account of Lendable Ltd. When we receive your notice to withdraw, we will provide
you with the bank account number and sort code you will need to transfer the money to us.
A9. Repaying early
A9.1
Under Section 94 of the Consumer Credit Act 1974 you have the right to repay all or part of the amount outstanding early, at any time
in full or in part. To make full or part early repayment you need to give us notice, which you can do in any of the following ways:
A9.1.1 by sending an email to contact@lendable.co.uk;
A9.1.2 by calling us on 020 3322 1948;
A9.1.3 by notifying us via the 'Existing borrowers' section of our website at www.lendable.co.uk; or
A9.1.4 by writing to us at Telephone House, 69-77 Paul St, London, EC2A 4NW.
We will send you a statement setting out how much you are to repay after deducting any rebate to which you may be entitled.
If the duration of your agreement is longer than 12 months and you repay all, or part, of your loan, we may reduce any rebate to which
you are entitled by 58 days' interest. If the remaining term of your loan is shorter than 58 days and you wish to repay all, or part, of
your loan, we may reduce any rebate to which you are entitled by the amount of interest that is due to accrue in the remaining term of
the loan. We are entitled to this interest under the Consumer Credit (Early Settlement) Regulations 2004.
If the duration of your agreement is 12 months or shorter and you wish to repay all, or part, of your loan, we may reduce any rebate to
which you are entitled by 28 days' interest. If the remaining term of your loan is shorter than 28 days and you wish to repay all, or part,
of your loan, we may reduce any rebate to which you are entitled by the amount of interest that is due to accrue in the remaining term
of the loan.
For example, if your agreement has a duration of 36 months and you give us notice on 1 September that you want to repay all of your
loan on 14 September, the amount required to repay the loan may include interest up to 29 October. This interest will be deducted
from any rebate to which you are entitled.
You should make the payment by bank transfer to the account of Lendable Ltd. When we receive your notice to pay, we will provide
you with the bank account number and sort code you will need to transfer the money to us.
A9.2
If you wish to repay all of your loan, you will have to make the repayment in full either (a) before the end of 58 days (or 28 days if the
duration of the agreement is 12 months or shorter) beginning with the date after we received your notice or (b) on or before any later
date specified in your notice.
If you wish to repay part of your loan, you will have to make the partial repayment in full either (a), before the end of 28 days (or 58
days at our option if the duration of the agreement is more than 12 months) beginning with the date after we received your notice or
(b) on or before any later date specified in your notice. We will let you know the date you are required to make your partial repayment
by once we receive your notice.
A9.3
If you make a partial early repayment the amount outstanding will be reduced by the amount of the partial repayment and any rebate
to which you may be entitled after we deduct any interest as set out in A9.1 above. The amount of your monthly instalments will not
change but the term of your loan may reduce and we will adjust any final repayment you must make. Your online repayment schedule
will be updated to reflect this.
A9.4
You cannot redraw any early repayment.
A9.5
Any full or partial settlement payment that is made on a non-Business Day will be processed on the following Business Day.
A10. Charges
A10.1
We may make the following charges if you break the Agreement:
A10.1.1 We may charge you a fee of £12 in each month that you miss a monthly instalment; and
A10.1.2 We may require you pay any other losses or costs which we reasonably incur as a result of you breaking this Agreement
(except to the extent that those losses or costs are covered by any fee we charge under A10.1.1 above), including but not limited
to the costs we reasonably incur (a) in finding, notifying or contacting you and (b) in enforcing this Agreement, which may
include the costs of obtaining payment of money you have failed to pay such as collection agency charges and legal fees.
A10.2
We will give you notice of any fees, losses or costs we charge under 10.1 above. You must pay the amount we have charged by no later
than seven days after we give the notice.
A11. Information given in your application
A11.1
You confirm that the information given by you in your application for a loan under this Agreement was true and complete as at the
date of your application.
A12. Our complaints procedure
A12.1
If you are not satisfied with our service in providing credit or any related services, you can make use of our complaint handling
procedure. To make a complaint, please email us at complaints@lendable.co.uk or call us on 020 3322 1948.
A12.2
If we are unable to resolve your complaint to your satisfaction and you are not a business debtor you will have a right to have your
complaint dealt with by the Financial Ombudsman Service (FOS). To refer your complaint, you should contact FOS within six months
of our final response to your complaint. You may contact FOS as follows:
A12.2.1 by writing to them at The Financial Ombudsman Service, Exchange Tower, London, E14 9SR;
A12.2.2 by emailing your complaint to complaint.info@financial-ombudsman.org.uk; or
A12.2.3 by telephoning 020 7964 1000.
If you have not taken up your complaint with us first you will not be able to refer it to FOS. If you are a business debtor, you may have
the right to complain to FOS.
B. - GENERAL TERMS AND CONDITIONS
B1. Events of Default
B1.1
Each of the events or circumstances set out in B1.2 to B1.7 (inclusive) is an Event of Default.
B1.2
At any time, an amount equal to, or greater than, two monthly instalments has become due for payment but remains unpaid, unless
your failure to pay is caused solely by a bank/payment system administrative error or technical problem and payment is made within
three Business Days after the error or problem is rectified.
B1.3
You breach any obligation other than one relating to the making of payments to us under this Agreement and the breach is regular or
serious.
B1.4
Any information provided or statement made by you in your application is or proves to have been incomplete, untrue, incorrect or
misleading in any material respect when made.
B1.5
You die.
B1.6
A bankruptcy order, debt relief order or similar order relating to personal insolvency is made against you or you enter into an
individual voluntary arrangement.
B1.7
You repudiate or show an intention to repudiate this Agreement.
B1.8
At any time after an Event of Default has occurred and is continuing, we may serve a Default Notice upon you under section 87 of the
Consumer Credit Act 1974. If you do not take the action set out in the Default Notice within the time stated in it, we may give you
notice to terminate this Agreement and/or make a demand for immediate payment of the total amount outstanding under this
Agreement.
B2. Payments
B2.1
It is your responsibility to ensure that you make all payments due under this Agreement in full and on time. All monthly instalments
payable under the Agreement must be paid by Direct Debit in accordance with A3.6 above.
B3. Variation of this Agreement
B3.1
We may make changes to the terms of this Agreement for any one or more of the following reasons:
B3.1.1 if the change is:
B3.1.1.1 in your favour; or
B3.1.1.2 to correct an error; or
B3.1.1.3 to make them easier for you to understand;
B3.1.2 to reflect changes which have occurred or we reasonably expect to occur in the near future to legal requirements or the
requirements of a regulatory body applicable to our business;
B3.1.3 to take account of any of the following changes which affect our business:
B3.1.3.1 changes to any code of practice which promotes good practice in financial services;
B3.1.3.2 changes in technology, fraud prevention requirements or payment methods.
Any changes we make to the terms of this agreement will be a proportionate response to the reason relied on for making that change.
B3.2
We may from time to time change the fee payable under A10.1.1 above if you miss a monthly instalment. We will only change the fee to
reflect a change in the average costs or losses we reasonably expect to incur as a result of the instalment being missed or to respond
proportionately to a change in the value of money or a change in the law or any code of practice affecting our business.
B3.3
If we vary this Agreement, we will give you at least 30 days' notice of that variation or such longer period as may be required by law. If
you do not agree to the variation you may choose to terminate this Agreement by repaying the whole of the amount outstanding in
accordance with A9.1 above.
B4. Waiver
B4.1
If we do not enforce any of our rights under this Agreement against you on one or more occasions this will not prevent us from strictly
enforcing those rights against you on any other occasion.
B5. Severance
B5.1
The invalidity, unenforceability or illegality of any provision (or part of a provision) of this Agreement under the laws of any jurisdiction
shall not affect the validity, enforceability or legality of the other provisions.
B5.2
If any invalid, unenforceable or illegal provision would be valid and enforceable and legal if some part of it were deleted, the provision
shall apply with whatever modification is necessary to give effect to the intention of the parties.
B6. Assignment and Transfer
B6.1
You may not assign or transfer any of your rights or obligations under this Agreement.
B6.2
We may assign any of our rights or transfer any of our obligations under this Agreement. You authorise us to disclose to any proposed
assignee or transferee information concerning this Agreement and related information concerning you. If we assign any of our rights or
transfer any of our obligations, your rights under this agreement and the general law (including those under the Consumer Credit Act
1974) will not be affected.
B7. Notices
B7.1
Any notice or other communication which we are required or permitted to give you under, or in connection with, this Agreement shall
be in writing, and may be delivered electronically to you at the email address set out at the top of this Agreement. We may also send
you any such notice or communication by post at the address set out at the top of this Agreement.
B7.2
Any notice or other communication which you or we send by post will be deemed to have been received two Business Days after the
date of postage if sent by first class post.
B7.3
Any notice or other communication sent electronically will be deemed to have been received on the working day immediately
following the day on which it is sent, except that, in the case of a notice or other communication which you send to us on a day which
is not a Business Day, or after normal business hours in the place of receipt, shall be deemed to have been received on the next
Business Day.
B7.4
You must let us know as soon as possible if you change any of your name, address, telephone number and/or email address. We may
ask you for proof of any change of name.
B7.5
You must let us know of any adverse changes in your financial circumstances especially if you are experiencing financial difficulties.
B8. Data Protection
B8.1
The information we collect from you is used by us to assess your creditworthiness, to manage your account and to make collections. It
may also be used to contact you by post, email, SMS and other electronic means as well as for marketing purposes.
B8.2
In considering whether to enter into this Agreement, we will search your record at authorised Credit Reference Agencies. Details of our
search and your application may be seen by other organisations that make searches. Our search of records at Credit Reference
Agencies may be linked to other persons with whom you are linked financially.
B8.3
We may use your personal data to identify your suitability for relevant products we offer, which may include making periodic searches
at Credit Reference Agencies.
B8.4
To comply with regulatory requirements, we share information about your loan in real-time with multiple Credit Reference Agencies
who will share this information with other lenders. The information will include (but is not limited to) your basic details (such as name
and address), the amount of credit, duration of the Agreement and payment performance (for example regular payments made and
any arrears or default on your part).
B8.5
It is important that you provide us with accurate information. We may check your details with fraud prevention agencies and if you
provide false or inaccurate information or we suspect fraud, this information may be recorded.
B8.6
Please write to us at our address stated above or telephone us at the number listed above if you require details of the credit reference
agencies or any other agencies from whom we obtain, and to whom we pass, information about you. You have a legal right to these
details. You also have the right to receive a copy of the personal information we hold about you if you contact us in writing or by
telephone.
B8.7
You may opt-out of receiving marketing communications from us at any time by sending an email to contact@lendable.co.uk or by
calling us on 020 3322 1948 or by writing to us at Telephone House, 69-77 Paul St, London, EC2A 4NW.
B8.8
If you opt-out of our use of your data for marketing purposes, we will honour such choice once we have had reasonable opportunity to
process your request.
B8.9
This is a condensed version of how we deal with your information. Further and fuller information is provided in our Privacy Policy,
which is available on request, or can be found at www.lendable.co.uk/privacy.
B8.10
We may record phone calls to or from us (or on our behalf). We do this for training and monitoring and fraud prevention purposes.
B9. Third Party Rights
B9.1
A person who is not a party to the Agreement cannot enforce, or enjoy the benefit of, any term of this Agreement under the Contracts
(Rights of Third Parties) Act 1999. This means that the only persons who have the right to enforce a term of this Agreement are:
B9.1 you;
B9.2 us;
B9.3 any person to whom we assign any of our rights under B.6 2; and
B9.4 any person to whom your or our rights pass by operation of law (for example, your personal representatives).
B10. Governing law and jurisdiction
B10.1
This Agreement and any dispute or claim arising out of, or in connection with it, or its subject matter or formation (including non-
contractual disputes or claims) shall be governed by, and construed in accordance with, the laws of England and Wales.
B10.2
The parties to this Agreement irrevocably agree that the courts of England and Wales, or Scotland if you reside there, or Northern
Ireland if you reside there, shall have jurisdiction to settle any dispute or claim that arises out of, or in connection with this Agreement
or its subject matter or formation (including non-contractual disputes or claims).
B11. The Financial Conduct Authority
The Financial Conduct Authority of 12 Endeavour Square, London, E20 1JN is the supervisory authority under the Consumer Credit Act 1974 in
respect of consumer lending. We are authorised and regulated by the Financial Conduct Authority for our consumer credit lending business under
reference 720261.
C. - GLOSSARY
In this Agreement, the following expressions have the meanings set out below:
'Business Day' means any day which is not a Saturday or Sunday or a bank holiday in the United Kingdom.
'Capital Balance' means the amount debited to your account at the end of each day.
'Event of Default' means any of the events listed in B1.2 to B1.7.
'Loan Amount' means the amount of credit we provide you with under A2.1.
'Loan Fee' means the fee we charge under A2.3.
'Payment Date' means the day set for the payment of your monthly instalment under A3.3 or any other day which you request and we agree
in writing.
'Unpaid Interest' means interest which has accrued on your Capital Balance and remains unpaid.
Signing the Agreement
The Key Terms, the General Terms and Conditions and the Glossary above form the Agreement between us. Please ensure that you have
read them carefully. This Agreement is a credit agreement regulated by the Consumer Credit Act 1974. Sign it only if you intend to be
bound by its terms.
By pressing 'Accept' below you are electronically signing this Agreement and agreeing to be legally bound by its terms. This will have the same
effect as if you had signed the agreement with a pen. Please keep a copy of this Agreement in a safe place for your records.
Signed on behalf of Lendable Ltd: Michael McGuire. Date of signature: 22/07/2024
By signing below, you confirm you have read and agree to the loan agreement
Signature of customer Andrian Chetreanu. Date of signature: 22/07/2024
