AN EXPLANATION ABOUT YOUR PROPOSED LOAN AGREEMENT
Please read this carefully
Before you take out a loan with us, you should read the Standard European Consumer Credit Information (SECCI), together with this explanation and the terms and conditions of the credit agreement to ensure that you understand the terms of the loan and any charges that may be applied, and you are satisfied that the credit offered to you is suitable for your circumstances.
Please do not sign the credit agreement until you have considered all the information provided and are happy to proceed. If you need further information please contact us using the details shown at the end of this document.
THE COST OF YOUR LOAN
We offer installment loans for funeral finance between £500 and £7500 over periods of 12-60 months. The total cost of credit is based on a fixed, tiered APR from 15.9%APR - 24.9%APR based on your personal circumstances and subject to status.
If for example you take out a loan for £2,000 over 24 months and you repay each of the monthly repayments of £106.64 on time, the loan will cost you £559.36 in interest. The total repayable will be £2,559.36.
FUNDING OF YOUR LOAN
If your application is successful and you have signed your loan agreement, your loan will be paid directly to your Funeral Director by bank transfer. Although your funeral director will accept that the balance of the funeral account is clear, funds will not be transferred until five days after the funeral date.
When you take out a loan with us you are required to provide us with a Continuous Payment Authority (“CPA”) to collect your payments by debit card directly from your nominated bank account. We will collect each monthly repayment due by CPA on the same date each month as agreed (this will be set out in your loan agreement).
We will contact you by SMS before each monthly repayment date to remind you when each repayment is due.
If our first attempt to take payment by CPA on a repayment date fails, then we may make a further attempt to date the payment 9 days after the repayment date. We will make no more than two consecutive attempts to obtain payment using CPA in any one month unless you instruct us to do so.
Following any failed attempt to take payment by CPA, we will try to contact you by phone, email and/or text message and find out why you have been unable to meet your repayment obligations. We urge you to contact us as soon as possible to explain any repayment difficulties. If at any point you inform us that you are unable to make the repayment due to a change in your financial circumstances, or where making the repayment would cause you financial hardship, we will work with you to agree a reasonable repayment plan and treat you with forbearance. If you believe that, as a result of our attempts to collect repayment using the CPA, you have been unable to meet priority debts, such as rent, mortgage or utility bills, you should contact us as soon as possible using the contact details provided above. We may be able to refund the repayments taken.
If we cannot contact you or you unreasonably refuse to agree on an alternative, we will continue with our collection procedures which may, after every avenue has been exhausted, include legal action.
CANCELLING YOUR CPA
You may cancel your CPA at any time by:
- Contacting your bank directly.
- Asking us to cancel it by writing to us at Funeral Safe limited, Delta 5a, Masterlord Office Village, West Road, Ipswich, Suffolk, IP3 9FH or emailing us at email@example.com
Please be aware that, if you do cancel your CPA, you will still owe any outstanding debt and you will need to find an alternative method of payment on the due date to avoid going into default, which means you will pay more interest.
We may consider accepting repayment by the following alternative payment methods [standing order, BACS, direct debit electronic fund transfers.
If you do not make a payment of the amounts payable on your scheduled repayment dates, interest will continue to be charged on the missed payment(s) at the contractual rate which means you will pay more than originally anticipated until the arrears amount is repaid.
You will be liable to pay our reasonable costs and expenses, or those of our agents, which we may incur in tracing you (if you move without telling us) taking enforcement proceedings to recover what you owe us, or any other steps to enforce our rights, including instructing debt collection agents and commencing legal proceedings against you as a last resort.
We may report any non-payment to credit reference agencies. This could impair your credit rating and make it harder to obtain credit in the future. Lenders, phone companies and Landlords are some of the parties who normally consider your credit rating when making and assessing a contract.
YOUR RIGHT TO WITHDRAW
Once the loan agreement is made, you have the right to withdraw before the end of 14 days beginning with the day after you receive a copy of the agreement signed by you and by us (or we tell you that the agreement has been executed on identical terms to the one that you have signed) , without giving any reasons.
You can exercise this right by writing to us, calling or emailing us - see our contact details below.
- By post to Funeral Safe Limited, Alton Business Centre, Valley Lane, Wherstead, Suffolk, IP9 2AX
- Email to firstname.lastname@example.org
- Telephone to 01394 617595.
If you do decide to withdraw from your agreement with us, you will be required to pay your funeral balance directly with your funeral director and this may be due immediately.
If you have any comments or require additional information about your proposed agreement, please contact us. We are committed to ensuring that we serve our clients with dignity, integrity and truthfulness.