Personalized Contract for: Miss Shirley Purvis Date produced: 19/11/2012 Valid Until: This Paper is valid only on the date produced. Must Commenced by: 24/11/2012
It is agreed as follows:
Definitions
Excluded Liabilities” means Liabilities which are expressed to be and, in the opinion of the Insolvency Officer of the Borrower, do rank junior to the Subordinated Liabilities in any Insolvency of the Borrower;
Capital Resources” has the meaning given it in the Financial Rules.
Capital Resources Requirement” has the meaning given it in the Financial Rules.
Financial Rules” means the rules of Capital resources of the prudential sourcebook for unsecured Loan Intermediaries.
Insolvency” means and includes liquidation, winding up, bankruptcy, sequestration, administration or dissolution (whichever term may apply to the Borrower) or the equivalent in any other jurisdiction to which the Borrower may be subject.
Insolvency Officer” means and includes any person duly appointed to administer and distribute assets of the Borrower in the course of the Borrower’s Insolvency;
Liabilities” means all present and future sums, liabilities and obligations payable or owing by the Borrower (whether actual or contingent, jointly or severally or otherwise howsoever).
Loan” means the indebtedness of the Borrower to the Lender referred to in as that indebtedness may be reduced from time to time by any repayment or prepayment permitted under this Agreement.
Subordinated Liabilities” mean all Liabilities to the Lender in respect of the Loan and all interest payable thereon.
SIGNATURE
About this illustration
⎫ We are required by the Financial Services Authority (FSA) - the independent watchdog that regulates financial services - to provide you with this agreement.
⎫ All firms selling unsecured are required to give you agreement like this one, which contain similar information presented in the same way.
⎫ Ensure that you obtain other agreement if you want to compare this unsecured with unsecured from other lenders.
Which service are we providing you with?
We recommend, having assessed your needs, that you take out this unsecured.
We are not recommending a particular unsecured for you. However, based on your answers to some questions, we are giving you information about this unsecured so that you can make your own choice.
What you have told us?
Amount of loan required: £1,000.
Term of regulated unsecured contract 24 months.
Repayment method Payments: Direct Debit Only.
Description of this unsecured?
Unsecured lender Discover Finance Private Lending.
Unsecured product: Rate 15%
Restrictions on this unsecured: No restrictions apply
What you will need to pay each month Monthly payments?
24 payments at a fixed rate of 15% = £60
This agreement is based on a loan amount of £1,000.
This agreement assumes that the unsecured will start on 12/2012.
In all total you are paying £1,320.
Are you comfortable with the risks? What if interest rates go up?
Your fixed rate ends on 12/2014 therefore any changes to the interest rate will not affect your payments until after this period. The monthly payments shown in this illustration could be considerably different if interest rates change. For example after the
Fixed rate period which ends on 12/2014 then for one percentage variable rate, your monthly payment will increase.
SIGNATURE
What fees must you pay?
Fees Payable to Discover Finance Private Lending:-
The fee
