HB Financial Solutions Ltd Terms and Conditions of Trading.
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1. Definition of Terms
You: Our client, whose name is recorded overleaf (and partner where any of the debts are in joint names).
Us: HB Financial Solutions Ltd. Registered in England and Wales. Company number 03592213. A wholly owned subsidiary of the One Advice Group. Registered Office: Jackson House, Sibson Road, Sale, Manchester, M33 7RR. Authorised and regulated by the Financial Conduct Authority (FCA), firm reference number 660923. Data Protection Registration Number Z6082444.
Creditors: Any and all of your unsecured Creditors whose details you will provide to us in accordance with section 3.
Debt Management Plan: A plan of repayments produced by us in accordance with section 4.
Period: The period during which the Debt Management Plan is in operation.
Fees: The fees to be paid by you to us in accordance with the Financial Management Plan.
2.1 You request Us and we agree to provide you with debt counselling and debt adjusting services in accordance with these terms and conditions. You authorise Us to negotiate on your behalf with your Creditors. This agreement shall continue until final repayment of the Creditors is made in accordance with the Debt Management Plan unless it should have been terminated beforehand in accordance with section 6. By signing the Letter of Authority, you are acknowledging and accepting these terms and conditions and entering into a contract with Us.
2.2 If for any reason you wish to cancel we offer a 14 day cooling off period from the date of Us receiving your signed Letter of Authority in which we offer a full refund of any fees which we have taken.
2.3 After the 14 day cooling off period you may end this agreement by contacting Us on 0330 102 0004, by emailing Us at [email protected] or by writing to Us at the above address.
2.4 If a payment is made to Us within your 14 day cooling off period, the monies will be held and distributions to your Creditors will be made as soon as possible after the end of the 14 day cooling off period.
2.5 On receipt of a written request to withdraw from your Debt Management Plan, we will return any client money owing within 5 business days of the date any withdrawal takes effect except where that withdrawal takes effect because you have entered into an Individual Voluntary Arrangement (IVA) with One Advice Ltd. In this case any monies held by Us will be forwarded to the Supervisor of your IVA for the benefit of your Creditors.
3. Your responsibilities
3.1 You will provide and confirm the accuracy to Us upon request clarifying the information relating to your finances. This will include but will not be limited to details of your income and expenditure, your Creditors and any agreements you have with them, any loans or mortgages you have, your dependants and any judgments made against you or any other enforcement action being taken against you.
3.2 You will sign any necessary forms of authority or any other documents so that we may negotiate with your Creditors on your behalf.
3.3 You will pass copies of all correspondence from your Creditors to Us and keep Us informed of any dealings you have with any Creditors, whether we are negotiating with them or Once the Debt Management Plan has been agreed, you will not make any expenditure over and above your reasonable living expenses as calculated in the Debt Management Plan Programme. You will not Use your credit cards or take out further credit.
3.4 You will consult with Us in relation to your Debt Management Plan repayments and in relation to any alterations to it or reviews of it. Your payments to Us will need to be amended to reflect any reasonable changes which your circumstances dictate. You will make payments to Us under and in accordance with the Debt Management Plan promptly and without any deductions.
3.5 On occasion your Creditors may not provide Us with balances of your accounts due to their own company procedures. If these circumstances arise then you will obtain this information for Us and supply Us accordingly as the consequences of ignoring your Creditors which could result in actions to recover the debts and this may incur further costs.
3.6 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of acquiring a loan, hire-purchase agreement, credit card or any other form of credit.
3.7 Non contact from you will not be considered cancellation of the agreement.
3.8 If you do not maintain regular payments we will suspend any action and payments on your account. Your Creditors may have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action against you for which we cannot be held responsible and where this agreement fails this could lead to the potential risk of bankruptcy.
3.9 You remain responsible for continuing to pay any secured loans, mortgages or hire-purchase agreements and all household bills (including insurances) and any County Court Judgments.
3.10 You should be aware of the consequences of failing to continue to pay your taxes, fines, child support payments and debts which could result in loss of access to essential goods or services or repossession of, or eviction from your home.
4. Our responsibilities
4.1 We will review your finances, covering your income, expenditure, debts, and assets. These must include all debts secured on property or goods, which we will take into consideration, but cannot negotiate reduced payments on. We will calculate your disposable income, which is your monthly income less your monthly expenditure as shown in the Initial Fee Example table below, based on your reasonable living expenses.
4.2 In consultation with you we will produce a Debt Management Plan by which you can pay off your Creditors out of your disposable income on a pro rata basis at rates you can afford. The Debt Management Plan will let you make monthly payments to Us and will take account of your Creditors and of our Fees. It will not take account of any matters you have not told Us about in accordance with section 3 and excluded from the Debt Management Plan. It will also take account of the differing requirements of your different Creditors, if there is more than one.
4.3 Whilst your Creditors are not obliged to accept reduced payments, we will negotiate with your Creditors and attempt to agree repayment terms with them of the amounts outstanding. In doing so we shall use the Debt Management Plan and we shall ensure that the periodic payments that we agree with your Creditors on your behalf do not exceed your disposable income (less our fee) as calculated by Us for the same period.
4.4 Whilst your Creditors are not obliged to freeze interest and late payment charges, we will attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them. In rare instances County Court proceedings may still be actioned against you. In these cases we will assist in completion of all relevant paperwork as required. We cannot guarantee to stop legal action by your Creditors.
4.5 The solution you have opted for may have an effect on your credit rating and affect your ability to obtain credit or other services in the future, we will explain how the solution you have chosen is likely to affect your credit file and explain the likely consequences to you.
4.6 The amount your Creditors will receive will be assessed on a pro-rata basis and distributions will be made once cleared funds have been received. The payments made to your Creditors will be reflected on the statements you will receive from them. A full breakdown of all payments we have made can be obtained on request.
4.7 Should your circumstances or any other relevant matter change during the Period, we shall, in consultation with you and your Creditors, review the Debt Management Plan and if necessary shall make changes to it in agreement with you and with any Creditors concerned.
4.8 If you do not maintain regular payments towards your Debt Management Plan we will suspend any actions and payments on your account. Your Creditors may be informed that payments are not being maintained.
4.9 From time to time your Creditors will request an update of your financial situation. We will contact you to review your current financial circumstances and update your Debt Management Plan accordingly.
4.10 All payments to Us will be made into our Harrington Brooks client bank account. This account is separate to our own business bank accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest will be payable to you on funds that we hold. At all times funds held for distribution to your Creditors will be classed as client monies. When your payment is posted into the client bank account, we will immediately take any Fees due to Us. Distributions will be made to your Creditors as soon as is reasonably practical but no later than five working days from your payment clearing, unless you are still within your cooling off period, where distributions will be made as soon as possible after the end of the 14 day cooling off period. The number of working days for your payment to clear depends on the method by which You make that payment, as follows:
|Debit Card||1 day|
|Direct Debit||2 days|
|Bank Giro Credit||5 days|
|Paid in at the Bank||5 days|
|International Payment||10 days|
If, for any reason, we are unable to distribute monies to your Creditors within five working days from your payment clearing we will inform you of the delay and the reason for the delay. We will also inform your Creditors of the delay as soon as reasonably practical and within five working days from your payment clearing. The implications/risks to you of such a delay could be:
- Your Creditors may apply further interest or charges
- Your Creditors may contact you directly
- Your credit file may be further adversely affected
- We cease to trade whilst holding your money in our client bank account. The monies we hold in our client account are held in trust and therefore cannot be used to repay any liabilities of the company at the point it ceased trading.
4.11 During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will however be paid off as part of your Debt Management Plan.
4.12 Entering into a Debt Management Plan means contractual payments will be missed and your debt and repayment term could increase. Your credit rating will be impaired and it may be harder to obtain credit in the medium to long term as records are retained by credit reference agencies for six years.
4.13 We can only provide advice on the services that we offer.
5.1 We take any complaint regarding our practices very seriously and any complaints can be sent to the Complaints Department in writing or you can call 0161 975 3344, email: [email protected]
5.2 We will endeavour to resolve complaints as soon as possible, however if your complaint remains unresolved after the close of business 3 working days following receipt, this will be escalated to our Complaints Department who will acknowledge receipt of your complaint. You will receive a written full and final response within 8 weeks of receipt of your complaint.
5.3 If you are not satisfied with our final response, you may be eligible to refer the matter to the Financial Ombudsman Service (FOS). This is free of charge and to make a complaint to FOS please contact:
Phone: 0800 023 4567 or 0300 123 9123.
Email: [email protected]
6. How we will be paid
We will take a fee upon receipt of your payment as follows:
An initial fee will be calculated and charged for the services provided, followed by an ongoing standard management fee with further details shown below:
6.1 You will pay an Initial Fee calculated at 50% of your disposable income for each of the first six months after you enter into this agreement with Us, subject to a maximum total payment of £1400.
Monthly Disposable Income Example:
Your monthly income (minus) your monthly expenditure (equals) your monthly disposable income
Initial Fee Example:
£100 monthly disposable income
|Month||Monthly Disposable Income/Monthly Payment||Distributed to Creditors||Initial Fees|
6.2 Thereafter, you will pay a monthly administration fee of £38 if your disposable income is £80 or higher or a maximum of 47.5% if your disposable income is lower than £80.
Monthly Administration Fee Example:
|Monthly Disposable Income / Monthly Payment||Monthly Administration Fee|
6.3. In addition, if we receive no payment from you for a period of 90 consecutive days but you subsequently recommence making payments to Us then, on the first occasion that you recommence payments, you will pay a further Initial Fee calculated as set out in 6.1 save that this initial fee will only be payable for three months and subject to a maximum of £700. Thereafter, the monthly administration fee as set out in 6.2 above will again apply. A Debt Management Plan can only be restarted once in a 12 month period.
6.4 We receive commission for some services carried out as part of your Debt Management Plan, further details are shown below:
(a) £18 per utility switch.
(b) On average we receive £28.92 per media switch.
6.5 A continuous payment authority will be arranged if you ask Us to take payments by debit card. Payments will be charged to the debit card to which the authority relates. Other than set out below, we will not attempt to collect a payment, unless we agree this with you at the time. You can cancel the authority by either contacting Us on 0330 102 0004 or by contacting the debit card provider. If you do contact your debit card provider, then you should tell Us. The way in which we will use the authority is as follows: On the repayment date, we will make a number of attempts to collect the payment until such time as we are able to collect the payment or four attempts have been made. We will only attempt to collect the payment on the date agreed with you. If we have been unable to collect the payment we will contact you to arrange another date.
7.1 We may at any time assign (transfer) any or all of our rights under this agreement to any third party having the appropriate authorisation from the Financial Conduct Authority to operate and manage this agreement. By continuing to act in accordance with your obligations under the agreement you will agree to the third party acting for you. If you do not want your agreement to be assigned you may end it as set out in clause 2.3 above.
8. Termination of agreement
8.1 We may end this agreement by giving you four weeks notice in writing if any one of the following things happens:
1 You breach this agreement and do not remedy the breach within seven days of our bringing the breach to your attention;
2 A bankruptcy petition is issued against you;
3 You enter into an Individual Voluntary Arrangement / Trust Deed;
4 Where the information provided to Us is knowingly incorrect;
5 The information provided by you at the time of acquiring a loan (hire-purchase agreement, credit cards or any other form of credit) is deemed incorrect or fraudulent by any creditor; or
8.2 If we are affected by Force Majeure
8.3 We will use all reasonable endeavours to refund to you any monies that we are unable to distribute to your Creditors if your account with Us becomes inactive (You stop paying your monthly payment). However, if your account becomes inactive because You have entered into an Individual Voluntary Arrangement (IVA) with One Advice Ltd any monies held by Us will be forwarded to the Supervisor of your IVA for the benefit of your Creditors.
8.4 We may end this agreement if you do not engage with Us when reasonably requested to do so on multiple occasions.
9. Data Protection
9.1 Please read this statement carefully as it explains what personal information we collect about you and how we use this information.
9.2 We collect personal information (which may include sensitive personal data) about you both directly from you when you apply for our services and from your Creditors as authorised by you. We may also collect further information as a result of providing these services.
9.3 We will use your personal information to provide our services to you, and in particular:
(a) to negotiate with your Creditors
(b) to keep you informed about the services; and
(c) we may share your information within the One Advice Group of Companies, our partners, associates, agents and contractors in order that they can perform the support services they carry out on our behalf to enable Us to provide our services to you, including but not limited to customer services and accounts/distribution departments. These may include people and companies outside the European Economic Area (“EEA”) which consists of the European Union Member States together with Iceland, Liechtenstein and Norway. By agreeing to our Terms and Conditions you authorise Us to transfer, store and process your personal information in this way; and
9.4 Subject to clause 9.5 of these Terms, and not without your express and informed permission, we may also use your personal data to contact you to provide you details of other products and services which we think may be of interest to you.
9.5 If you do not want Us to disclose your personal information (and/or sensitive personal data) as set out in clause 9.3 of these Terms, or if you wish to change the way we communicate with you, please let Us know by either calling Us on 0330 102 0004 or by writing to Us at our address set out above.
9.6 Except as set out in these Terms, we will only disclose your personal information:
(a) to the extent required by law;
(b) in accordance with a court order
(c) following a request by a government or law enforcement authority; or
(d) to any company or other entity to whom we either transfer or assign any or all of our obligations to you under this agreement
You must keep any passwords relating to your Debt Management Plan and any other services provided by Us and the One Advice Group of Companies safe and secure. You must not share them with anyone else. If you find or suspect that anyone else knows your passwords, or can guess them, you must change them or contact Us and ask Us to change them immediately. This is your responsibility.
9.7 You have the right to obtain a copy of personal data which we may hold about you or ask Us to amend any inaccurate personal data held by Us. Please write to the Data Protection Officer to request this information at our address set out in these Terms and Conditions. If you ask for a copy of the personal data which we hold about you, we may charge you a fee of £10.
9.8 Please note that calls may be recorded for training and compliance purposes.