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PostPosted: Sat Feb 25, 2012 4:57 pm 
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Joined: Mon Jan 16, 2012 3:25 pm
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Specimen Credit Card agreement regulated by the consumer credit act 1974
Taken from a mailshot I received in early 2009.
This is for reference only and is not an endorsement of the firm from whom its taken.

All people are entitled to receive their credit card terms and conditions at any time and some firms have it as a clause in their contract that they will send it to the person who has the credit card within a given time period regardless of their payment record while others do not. This is now managed in 2012 with advice from the consumer creditr agency and fsa being mereged in part with the coalition governments money support agency (www.moneysupportagency.org.uk)

Some credit cards if managed correctly can repair a credit rating after bankruptcy is discharged but if your employment is sketchy and you are only in receipt of basic benefits this can prove difficult and counterproductive. Hence taking up one of these ‘restoration cards’ requires careful advice from someone who is financially trained, not related to you as they may have differing motives and must be balanced with the long term effects of being on long term sickness benefits (which are higher).

This (long term sickness benefits) can be an illusory option as if you are on them you need them to save for your pension and insure your home and thus not use the card at all. Further in the current economic climate and because benefits are lower for the disabled who are retired compared with those under 65 unless their (or anyone else’s regardless of age) health related matters laid out by a social worker / Nurse Practicioner at their GPs practice, signed off by the GP and confirmed by a hospital specialist (according to NHS guidelines). In the cases of psychological problems a counsellor / psychologist and a social worker can be considered in the first instance regardless of state or private sector as long term effects of medication for mental health can be bad.

Crown Church has been leafleting the libraries about
its dedicated debt advice line on 01895 237 308
www.crowndebtadvice.org.uk

There is also the Citizens Advice Bureau in Uxbridge, Ruislip and Hayes One Stop Shop.

1. Parties
‘We’, ‘Us’ ‘Our’ means X bank limited whose registered office is at Address and
‘You’ ‘Yourself’, ‘Your’ means the person signing this agreement and whose name and address is stated on the reply Card or your application.
KEY FINANCIAL INFORMATION
2.1 We will set your credit limit when we open your Account, this is the maximum amount that you can borrow and / or spend on your account (‘Credit Limit’) If we reasonably consider it appropriate (e.g. depending on how your Account is run and or whether your financial circumstances have changed), we may increase or decrease your credit limit from time to time and will notify you of any such change. If you do not agree to any increase of your Credit Limit please notify us by writing to Vanquis Card, customer service, PO Box 399, Chatham ME4 4WQ.
2.2 There will be a limit on the amount of cash that you can withdraw each day which will be 25% of your credit limit (Daily Cash Withdrawal Limit). We may charge the Daily Cash Withdrawal Limit from time to time and will notify you of any such change.
2.3 You must make a minimum monthly repayment (‘Minimum Repayment’) to your account each month. We will tell you which minimum Repayment is applicable when we open your account. Your minimum repayment is one of the following:
2.3.1) 3.5% of your outstanding balance or £10, whichever is the greater; or
2.3.2) 4.5% of your outstanding balance or £5, whichever is the greater; or
2.3.3) 5% of your outstanding balance or £5, whichever is the greater.

In every case you must pay off the outstanding balance shown on your statement if it is less than £5.

2.4 We may vary your minimum Repayment. If we vary your minimum repayment we will write to tell you.
2.5 Your minimum repayment must be received by us by the date shown on your monthly statement (‘Repayment Due Date’)
2.6 The (variable) APR in relation to your account at the time of the agreement is one of the following:
Tier A) 19.9% APR (variable)
Tier B) 29.9% APR (variable)
Tier C) 39.9% APR (variable)
Tier D) 49.9% APR (variable)
Tier E) 59.9% APR (variable)
We will tell you which APR is applicable to your account when we open it.

OTHER FINANCIAL INFORMATION
3.1 The annual interest rate (compounded) and the total charge for credit in relation to your account at the time of the agreement is from one of the tiers A,B,C,D or E below. The total charge for credit is based on a credit limit of £1,500 which you borrow in full at the start of the agreement and is repaid in full by you making 12 equal monthly repayments beginning one month after the start of the agreement. The total charge for credit is made up of interest and (in the case of cash) a Cash transaction fee as shown below for each tier. Each figure for the total charge for credit set out below assumes no cash is borrowed. All interest rates are variable.
3.1.1 Tier A) Purchase / Balance Transfer Transaction annual rate 19.94%, Cheque Transaction rate 29.95%, Cash Transaction annual rate 33.97%, Cash Transaction fee 3% £3. Total charge for credit £153.02 or
3.1.2 Tier B) Purchase / Balance Transfer Transaction annual rate 29.95%, Cheque transaction annual rate 39.94%, Cash transaction annual rate 44.27%, Cash Transaction fee 3%/ £3. Total charge for credit £223.78 or
3.1.3 Tier C) Purchase / Balance Transfer annual rate 39.94%, Cash Transaction annual rate 49.94%, Cash transaction annual rate 64.88%, Cash Transaction fee 3%/£3 Total charge for credit £231.09 or
3.1.4 Tier D) Purchase / Balance Transfer Transaction annual rate 49.94%, Cheque Transaction annual rate 59.94%, Cash Transaction annual rate 64.88%, Cash transaction fee 3%/£3. Total charge for credit £416.94
3.2 There is no annual fee
3.3 In calculating the APRs, no account has been taken of any variation which may occur to the interest rates (Basic Rate and/or margin rates) or fees under this agreement.
3.4 The annual interest rates are made up of:
3.4.1 the Basic Rate; and
3.4.2 the annual margin rate in respect of purchase and balance transfer transactions and an annual Margin Rate in respect of cash transactions and Cheque transactions.
3.5 Interest is charged on transactions at the interest rates detailed above from the date of any purchase, Cash, Cheque and / or Balance Transfer Transaction (s) or any other amount charged to your account, until repayment in full. Interest is calculated on the daily outstanding balance on your account and, except in respect of Purchase Transactions where you have paid off two or more current statement balances in full each month, is debited to your account at the end of each statement period. At statement date, we will add the interest we charge to the outstanding balance on your account. This means that you will generally pay interest on interest.
3.6 If in any statement period you incur interest (excluding ROP Charges) and that interest is less than £1, a minimum finance charge of £1 will be added to your account in place of that interest which will be waived.
3.7 You can get up to 56 Days interest free credit on purchase transactions provided that you pay off two or more consecutive current statement balances in full by the repayment due dates. In respect of Purchase Transactions on your first statement, you will be charged interest from the transaction date until the end of the first statement period. At Statement date, we will add the interest we charge to the outstanding balance on your account. This means that you will generally pay interest on interest.
3.8 We will only charge simple interest on Default charges. We will not charge any interest on a default charge for 28days starting from the date that we give you notice that the default charge has been charged to your account.
3.9 We may change your margin Rate for any reason including,but not limted to:
3.9.1 Your credit score e.g. when revising your Margin Rate we may take into account the information you gave us in your application, information on how you are using your account and/or information we get from credit reference agencies;
3.9.2 Economic reasons affecting our business as a whole
3.9.3 Changes in the cost of providing a service to you; and/or
3.9.4 Changes or potential changes in the law or a code of practice
3.10 If you require details of how we use your credit score for changes in your Margin Rate, please contact us at firms address.
3.11 We will give you at least 30 days prior written notice of any such change if the change is to your disadvantage.
3.12 Your interest rate may also change in accordance with changes in the Base Rate. Any such changes will be reflected in the account statement sent to you in the month following any such Base Rate change.
3.13 Where you are not repaying the whole of the outstanding balance on your account, your repayments to us will be credited to your account in the following order:
3.13.1) Balance transfer transactions and promotional rate transactions
3.13.2) Interest / minimum finance change, fees and or defeault charges;
3.13.3) Purchase transactions
3.13.4) Cheque transactions
3.13.5) Cash Transactions

Key information
4.1) If you breach this agreement we may charge you for the following administrative costs
4.1.1) If we have not received your minimum Repayment by the repayment due date, a charge of £12 (‘Late Payment charge’)
4.1.2) If the balance of your account is over your credit limit, a charge of £12 (‘Over Limit Charge’). You will also be charged this over limit charge in each subsequent month that your account remains over limit.
4.1.3) If you pay us by cheque or direct debit, and the payment is not honoured, a charge of £12 (return Payment Charge)
4.1.4) If you pay a third party using a Vanquis credit card cheque and you do not have sufficient credit available, we may have to return the cheque unpaid to the third party. If we do so we will charge you a fee of £12 (‘Returned Credit Card Cheque Charge’)
4.1.5) If you move and you do not inform us of your new address and we have to trace you, a charge of £25 (‘Tracing charge’) and / or
4.1.6) Any other reasonable expenses we incur as a direct result of your breach of this agreement.

4.2 We may charge any of the above default charges. We will give you at least 30 days notice, unless the changes are to your advantage.
4.3 Other fees that may be charged are set put in paragraph 5.1

Missing Payments
Missing Payments could have severe consequences and make obtaining credit more difficult.

Your Right to cancel
Once you have signed, you will have for a short time a right to cancel this agreement. You can do this by sending or taking a written notice of cancellation to (firms address).

If you cancel this agreement, any money you have paid must be returned to you. You will still have to repay any money lent to you. But if you repay all of it withing one month after cancellation, you will not have to pay interest or other charges.

IMPORTANT- READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The consumer credit act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not,we cannot enforce this agreement without first getting a court order.

This act also gives you a number of rights:
1) You can settle this agreement at any time by giving notice in writing and paying off the amount you owe under the agreement.
2) If you received unsatisfactory goods or services paid for under this agreement, apart from any bought with a cash loan, you may have a right to sue the supplier, us or both.
3) If your contract is not fulfilled, perhaps because the supplier has gone out of business, you may still be able to sue us.

If you would like to know more about rights under the act, contact either your local trading standards department or your nearest citizens advice bureau.

THEFT, LOSS OR MISUSE OF CREDIT CARD
If your Credit card is lost, stolen, or misused by someone without your permission, you may have to pay up to £50 of any loss to us. If it is misused with your permission you will probably be liable for all losses. You will not be liable to us for losses which take place after the theft, ect as long as you confirm them in writing within seven days.

Please send the confirmation to (firms theft department)

If your card is lost, misused or stolen, please call customer service immediately on (Phone Number) to report it.

OTHER TERMS
5.1 Other fees
5.1.1 In respect of each cash transaction, we will charge a fee of 3% of the cash transaction amount or £3, whichever is the greater (Cash Transaction Fee)
5.1.2 We will charge a fee of 2.99% of the amount of any non sterling transaction made abroad (Foreign Transaction Fee’) The exchange rate on which this fee will be calculated will be the exchange rate on the date the transaction is processed and may be different from the date of the original transaction. Please note that you will be charged both a cash transaction fee and a foreign transaction fee if you withdraw money abroad.
5.1.3 We will charge a fee of £5 to your account for each copy statement issued to you upon your request
5.1.4 If you dispute a transaction and the transaction you dispute is in fact a valid transaction, you will incur a £5 fee if we investigate upon your request.
5.1.5 We may change any of the ‘Other fees’ by giving you at least 30 days notice for a valid reason set out in paragraph 15.

Second part of typing.

6 Your Repayments
6.1 You will be liable for the amount of all transactions, interest/ minimum finance charges, fees and any applicable Default charges payable under this agreement.
6.2 Any amount which takes you over your Credit Limit and or any arrears shown on your monthly statement must be repaid to us in full immediately.
6.3 A repayment to you to us will be credited to your account. However we reserve the right to withhold authorisation for a transaction on your account until your repayment has cleared through the banking system. We will only accept that you have paid any money that you owe us when we receive your payment as cleared funds. Please ensure that you allow enough time for your payment to clear through the banking system.
6.4 All repayments from you must be made in pounds sterling from a UK bank.
6.5 Any cheque repayments made to your account must have your Account number clearly marked on the back of the cheque.
6.6 You cannot use a claim against a supplier or retailer as a reason for not making payments to us. You must continue to meet your minimum repayment even if you have a dispute or claim against a supplier or retailer or us. Failure to pay your Minimum Repayment may result in your Account going into arrears and will result in default information being recorded against you with credit reference agencies.

7 Additional Cardholders
7.1 If you request, we may issue a card and Personal Identification Number (PIN) to the person you nominate (‘Additional Cardholder’). We may charge you for this service and we will notify you of any change before providing you with the service.
7.2 You must make sure that the additional Cardholder has consented to you giving us their details and is at least 18 years old.
7.3 All transactions carried out by the Additional Cardholder will appear on your statement, will be included in your outstanding balance and you are responsible for repayment of all transactions. You must make sure that the additional cardholder uses their card in accordance with these terms and conditions and follows any instructions we give you about card security and giving information to us. You understand that we cannot control how additional cardholders use the account. You will be responsible for all use of their card (and cheques if applicable) including any use which results in a breach of this agreement.
7.4 You can ask us to cancel an Additional Cardholders Card at any time but you will remain responsible for its use until it is returned to us.

8 Using your account
8.1 When we have opened your account, we will send you and any Additional Cardholder a Card and PIN. The card may only be used by the person whose name is on the card. You may not use the card until you have activated it by contacting us. The card may be replaced from time to time with either the same type of card or a different card, which will be covered by the terms of this agreement.
8.2 The card may be used for:
8.2.1 Purchase transactions, and
8.2.2 Cash Transactions
8.3 You must only use your card within the ‘valid from’ and ‘expires end’ date on the card.
8.4 We may send you our cheques, which can only be used by you. You may only make cheque transactions in sterling and must not use one of our cheques to make a payment to us. If you do not want to receive cheques, please notify us by writing to (Firms address)
8.5 You must not use your card or our cheques in a way that would take your account balance over your credit limit. If you use your card or our cheques for cash transactions, you must not make withdrawals that are over your daily Cash Withdrawal Limit.
8.6 You cannot use our cheques in places where a cheque guarantee card is required. Your card is not a cheque guarantee card.
8.7 Cards and Cheques belong to us. If we ask you to return them to us, you must do so immediately. We can also ask a merchant (e.g a shop or a petrol station) to keep your card and return it to us.
8.8 When deciding whether to allow a transaction to be processed, we may take into account any transactions that have already been made or authorised on your account and any interest or fees or Default charges payable under this agreement.
8.9 You or an additional cardholder must not use a card for any illegal purpose. If you or an additional cardholder do so, you will be responsible for such use and may be required to reimburse us and / or VISA (or another payment scheme provider) for all amounts which we or they incur as a result of such use.
8.10 You should not make payments that put your account into credit. If you do so, we will not pay any interest.

9. Restricting Use of your account
9.1 If you are in breach of this agreement or we have valid reasons for doing so (e.g. we suspect fraud) or the repayment option plan has been activated by you, we may, refuse to authorise a transaction, cancel or suspend use of your card; refuse to replace your card; or return an Account Cheque unpaid. We shall not be responsible for any losses you incur as a result.

10 Statements
10.1 We will normally send you a monthly statement. Your statement will contain details of transactions, payments, refunds, interest / minimum finance charge, fees and any default charges applicable to your account since your last statement.
10.2 If you do not agree with any item on your statement, you must notify us of the reason for your dispute without delay and in any event within 30 days of the date of the statement in which the transaction appears.

11.Looking after Your account, Card and PIN
11.1 You and any additional cardholder must:
11.1.1 sign the issued Card(s) immediately on its receipt
11.1.2 keep the Card(s) and Cheque(s) secure;
11.1.3 memorise your PIN, keep it secret, and destroy the the paper slip upon which the PIN has been printed
11.1.4 Comply with our reasonable instructions regarding use or change of the PIN (e.g. For security reasons)
11.1.5 Inform us immediately by telephoning (phone number) if you suspect that anyone else knows your PIN and/or
11.1.6 inform us immediately by telephoning (phone number) if you lose your card or cheques, or you suspect that they have been stolen. You must confirm this notification to us in writing within 7 days to firms address.
11.1.7 Not allow anyone else to use the Card(s) or Cheques
11.1.8 co-operate with us and the police to recover losses and to investigate any unauthorised transactions
11.2 We may ask for proof of your identity when we consider it necessary for security reasons.

12 Limits to our liability
12.1 We will not be liable to you if we cannot carry out our responsibilities under this agreement due to reasons outside our reasonable control e.g. due to fire, flood, strike action or for electronic failure such as machine, data processing system or data transmission links.
12.2 We will not be liable to you for any refusal or delay by any person to accept your Card, PIN or Cheque.
12.3 We will not be liable to you for any loss of profit or damage to your reputation.

13 Closing Your Account
13.1 You can notify us at any time that you wish to close your account by writing to us at (their address)
13.2 We may close your account for any reason by giving you at least 30 days written notice.
13.3 We may close your account immediately:
13.3.1 If you die
13.3.2 If you have a bankruptcy or receiving order made against you or
13.3.3 in exceptional circumstances, such as where your account has been used for an unlawful purpose.

You (or your representative) will be required to repay us any amounts that you owe to us.
13.4 Where we have given you notice or you have given us notice, this agreement will only formally end when:
13.4.1 You have paid all amounts you owe to us under this agreement including the amount of any transactions appearing on your account after the notice has been given; and
13.4.2 You and any Additional Cardholder have returned to us all Cards and Cheques cut in two to the address above.
13.5 If your account is in credit at the time of closure, we reserve the right not to repay to you any amount less than £5 due to administrative costs.


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