Terms-of Business

Important Note:  
These Terms of Business are applicable to all of Money Simply Matters Limited Debt Management clients. They could be added to or changed by particular terms for some of “Our” other services, of which you will be notified.

Definition of Terms:
“Agreement” means the agreement between “Us” and “You” made on the terms of business.

“Cleared Funds” means any cash, cheques made payable to “Us” that we have received from “You”.

“Creditors” means all the businesses or people “You” have told “Us” “You” owe money to who are included in this debt management plan.

“Debt Management Plan” means the programme of “Monthly Payments” by which “You” repay your creditors through “Us” including “Our” “Fees”.

“Fees” means any and all “Set up fees”, “Processing fee” and the “Monthly fees”.

“Financial Statement” means the breakdown of your income and expenditure on a monthly basis.

“Set up fee” means the first two “Monthly Payments” which are made by “You” to “Us”, and which is not used to pay your “Creditors” In some cases we may agree to only charge the first “Monthly Payment” as agreed by “Us” and “You” at the start of the “Debt Management Plan”..

“Letter of Authority” means the form included in your welcome pack which we ask “You” to sign date and return to “Us” so that we are authorised to contact you’re “Creditors” and act on your behalf.

“Monthly Fee” means the “Monthly fee” payable for our recommended debt management plan. This amount will be 5% - 17.5% of your “Monthly Payment” as agreed by “Us” and “You” at the start of the “Debt Management Plan”. The Actual “Monthly Fee” charged is capped at £100.00 and will not exceed this limit in any circumstances. 

“Administration Fee” means the “Administration Fee” of £15.00-£70.00 which is included in your first “Monthly Payment”. In some cases we will agree not to charge an “Administration Fee” as agreed by “Us” and “You” at the start of the “Debt Management Plan”.

“Monthly Payments” means the total amount which is paid by “You” to “Us” every month throughout the “Debt Management Plan”. Apart from your first two “Monthly Payments” which are the “Set up fee”, this is made up of the “Monthly Repayment” to be made to your “Creditors” and our “Monthly fee” as agreed by “Us” and “You”.

“Monthly Repayments” means the share of the “Monthly Payment” to be made by “Us” on your behalf to your “Creditors” each month “You” are on the “Debt Management Plan”.

“You” means “You” the person/s entering this agreement of the “Debt Management Plan”.

“Us” and “We” means Money Simply Matters or any of our trading styles, whose registered address is: Money Simply Matters Limited, 24 Grundy Street, Stockport, SK4 3AX. Company Registration Number 6927674 or anyone we transfer our rights and obligations to whilst in this agreement.

1a. “You” appoint “Us” as debt advisors and “We” agree to act on your behalf and to provide our services.

1b. This agreement will commence once “You” confirm your acceptance of these
“Terms of Business” either by telephone or by returning the completed “Letter of Authority” or if earlier, the day “We” receive the “Set up fee” from “You” in “Cleared Funds”.

1c. With Money Simply Matters “You” have the right to cancel this agreement at any time during the first 7 “Days” of the term. “Days” here include “Saturdays”, “Sundays” and all “Public Holidays”. This should be done by writing to “Us” at the above address or by telephoning on 0161 8500138. If the agreement is cancelled within the 7 “Days” then “You” will be entitled to a full refund of any fees or monies paid to “Us” by “You”.

2a. Using the information forwarded by “You” to “Us”, your income, outgoings and living expenses will be reviewed and “We” will issue you a draft “Debt Management Plan” which do not fall within the exclusions set out below in section 5b. This will allow “Us” to ascertain a “Monthly Payment” which will be made affordable to “You”.” We” will include an estimate of the total fees payable by “You” to “Us” for the services which will be provided under this agreement, and “We” will show “You” an estimate of how long it will take for your “Creditors” to be repaid.

2b. Once “You” have started the agreement with “Us”, “We” will inform your creditors of “Our” involvement and will negotiate with them to reduce your repayments. “We” will request that interest and charges are frozen, and any further pending legal action be ceased. We will strive, based on our experience and expertise of dealing with creditors to provide as much assistance to “You” as possible.

2c. Once “We” have received the “Set up fee”, we will then prepare and issue your “Debt Management Plan” normally within 28 days. This may vary dependant on ongoing discussions with your “Creditors” and the information which was originally provided by “You”.

2d. Should your circumstances change and “You” become unable to meet the original “Debt Management Plan”, “We” will renegotiate with your “Creditors” to arrange a revised “Debt Management Plan”. We will review you situation every 9 months as standard or occasionally your “Creditors” may request a periodic review which “We” will do for “You” on your behalf.

2e. We will provide “You” a statement every 3 months listing your creditors, payments made to them, status of any negotiations “We” may have had with them and the fees “We” have charged “You”.

 “You” will pay a “Set up fee”, “Monthly Fee” and the “Monthly Repayments” as well as any other fees agreed in writing between “You” and “Us” for any additional services.

“We” will distribute it monthly and on a pro-rata basis to your “Creditors” as outlined in the “Debt Management Plan”. A delay in any payment which is not beyond our control will result in appropriate action being taken to ensure “We” put “You” in the same position “You” would have been had the payment been made at the correct time. Any additional interest or default charges will be corrected accordingly.

5a. Lend “You” any further monies or offer credit facilities whilst “you” are under the “Debt Management Plan”.

5b. Be able to assist on secured debt such as secured loans, mortgages, hire purchases, council tax (including arrears), utility bill (including arrears) and rent (including arrears) plus any other similar debts.

5c. Arrange for a representative to attend a court hearing on your behalf unless it is specifically agreed by “Us” and “You” in writing. For this service we reserve the right to charge an additional fee as agreed by “Us” and “You”.
 
5d. Whilst “We“ try to agree revised payments with your “Creditors”, as stated in section 2, unfortunately your “Creditors” can still enforce recovery proceedings, charge interest and other charges if they chose to do so.

6a. On your “Financial Statement” “We” require full, accurate and truthful details including net income, outgoings, dependants and “Creditors”. Details of any outstanding County Court Judgements, court proceedings or any threatened legal action against “You”. “You” must send original documentation where possible to confirm these details.

6b. Make your agreed “Monthly Payment” to “Us” as outlined in the “Debt Management Plan”.

6c. It is requirement of the “Debt Management Plan” that “You” must forward originals or copies of all correspondence “You” receive from your creditors in order that “We” can act on your behalf. We can only return originals if “You” specify this prior to posting.

6d. Throughout the term of the “Debt Management Plan” “You” must not make any payments directly to your “Creditors” unless “We” have been notified in advance and have agreed that these payments can be made.

6e. If your circumstances change “You” must immediately make “Us” aware so that you’re “Debt Management Plan” can be amended accordingly, this includes if your circumstances have improved. In order that any amendments can be made “We” will require a minimum of 14 days notice.

6f. Throughout the term of the “Debt Management Plan” “You” must not apply to or take out further credit or incur further debts unless it relates to your normal living expenses.

7a. “You” have the right to cancel this agreement as stated in section 1c.

7b. As stated in sections 1c and 7a “You” may also end this agreement at any time by providing “Us” with 7 days written notice, whether or not in your opinion “We” have breached our obligations under this agreement. If a cancelation is made under section 7b, we reserve the right to retain any fees paid to “Us” by “You”.

“We” can terminate this agreement at any time by giving “You” 14 days written notice if any of the following occurs:

8a. A failure to make two successive “Monthly Payments”

8b. “You” seriously breach the terms of the agreement or persistently make minor breaches of the agreement.

8c. “You” file a bankruptcy petition, “You” become bankrupt, make other arrangements or composition with your “Creditors” or “You” make an application to a court of competent jurisdiction for protection from your “Creditors”.

Upon this agreement ending:

9a. Any obligations between “You” and “Us” will cease.

9b. “You” will still be liable for any amounts outstanding that is owed to your “Creditors” over and above payments made to them during the “Debt Management Plan”

10a. “We” can confirm that all confidential information supplied by “You” or “Creditors” will not be passed on to anyone else without your permission as under the Data Protection Act.

10b. If you have chosen to receive information by email please be aware “You” are solely responsible for the security of your personal computer and every reasonable precaution must be taken to ensure no unwanted access to the information is allowed. If your computer is lost, stolen or otherwise breached then you must contact “Us” immediately.

11a. By giving “You” written notice “We” may transfer our rights and obligations under this agreement.

11b. All prior agreements, understandings or arrangements (written or oral) will be superseded by this entire agreement, this includes the provisions of any services.

11c. By entering this agreement “You” have acknowledged that any representation, promises or warranties specifically incorporated or contained in this agreement except those definitively documented. “We” will offer no liability in relation to any representation, promise or warranty made for this agreement unless it was made fraudulently.

11d. If any event beyond our reasonable control prevents or hinders “Us” from performing our obligations under this agreement “We” shall not be deemed to have breached this agreement.

11d. This agreement is governed by English Law.