You will be provided with a copy of the terms and conditions below which will relate to your agreement. You are advised to read these carefully and seek advice if necessary:
Security:
By signing our finance agreement you will be giving us a mortgage over the vessel.
Default interest and charges.
We may charge you default at the interest rate, stated in the agreement for each day you still owe the payment. We can charge this interest even after we have obtained a court judgment against you.
We may also require payment of our reasonable charges arising from late payment for (a) each payment reminder letter or document to which you are not otherwise entitled; (b) each cheque, card payment, standing order or direct debit which is rejected, dishonoured, stopped or otherwise not paid by you.
See also clause 11(b) for our costs for enforcing this agreement, which includes recovery of our costs or charges payable by us to third parties acting on our behalf.
Missing payments
Missing payments may make obtaining credit more difficult and could have severe consequences such as the possibility of legal proceedings, bankruptcy proceedings, and your vessel being repossessed.
Statement of Account
You have a right under s77B of the Act (unless you entered into this agreement for your business purposes) to receive, on request and free of charge, at any time during the period of this agreement, a statement in the form of a table showing: a) the details of each instalment owing under the agreement; b) the date on which each instalment is due, the amount and any conditions relating to the payment of the instalment; and c) a breakdown of each instalment showing how much comprises i) capital repayment, ii) interest payment, and iii) if applicable, any other charges.
Right of Withdrawal
You have the right under s66A of the Act to withdraw from this agreement, without giving a reason, in accordance with the provisions below. You must then make the payment set out below.
You must give us oral or written notice of your intention to withdraw from the credit agreement before the end of 14 days.
Once you have given us notice of your intention to withdraw from this agreement, you must pay to us at our address shown in the agreement, without delay and no later than 30 calendar days beginning with the day after the day you gave us notice of withdrawal, the amount of credit provided under the agreement together with interest from the date the credit was provided to the day we receive full payment in cleared funds.
Early Repayment
You have the right, under s94 of the Act, at any time to repay in full or in part the outstanding balance under this agreement, less any rebate to which you may be entitled under s95 of the Act. To do this you must give us notice, by any of the methods shown above, of your intention:
a) to fully discharge your indebtedness under the agreement and pay to us the amount as notified to you by us, or
b) to partially discharge your indebtedness under the agreement, and pay to us the amount before the end of the period of 28 days beginning with the day following our receipt of your notice, or on or before any later date specified in that notice.
Supervisory Authority
The supervisory authority under the Consumer Credit Act 1974 is the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London EC14 5HS. Web: www.fca.org.uk. Telephone: 0800 111 6768 (switchboard).Email:consumer.queries@fca.org.uk
Our FRN is 810007
Complaints procedure and Ombudsman Scheme
If you have a complaint you should write to us and we will endeavor to resolve it as soon as possible. If you entered into this agreement for non business purposes you have the right to refer any unresolved complaint to the Financial Ombudsman Service, Exchange Tower London E14 9SR.
Web: www.financial ombudsman.org.uk. Telephone: 020 7964 1000. Fax: 020 7964 1001. Email:complaint.info@financial ombudsman.org.uk If you entered into this agreement for business purposes you may still have this right.
Please read the Terms and Conditions before signing your Agreement
IMPORTANT: USE OF YOUR PERSONAL INFORMATION
Credit decisions and the prevention of fraud and money laundering
We may use credit reference and fraud prevention agencies to help us make credit decisions. A short guide to what we do and how we and credit reference and fraud prevention agencies will use your information is set out in the section ‘USE OF YOUR PERSONAL INFORMATION’ which follows “Terms and Conditions”. For full details, please visit our website at https://www.marine-finance.org/privacy-policy/, telephone, or write to us at the telephone number/address stated in this agreement.
Please read the guide before you sign this agreement as by signing this agreement you are consenting to such use and disclosure of your information.
We may also:
• send you information about our products and services and those of other businesses;
• pass your details to other selected businesses and to anyone who introduced you to us, to send you information about their products and services.
To stop us doing this, write to us or tick the box on your Agreement
TERMS AND CONDITIONS
1. Loan
We agree to lend to you, and you agree to borrow, the Amount of Credit shown on the Agreement, on the terms set out in the preceding pages of this agreement and below. We will provide you with the Amount of Credit by the means stated in the Agreement.
2. Payment by you
You agree to pay us the Total Amount Payable by the instalments and at the times shown in this agreement.
It is essential that you make all payments in full and on time (see clauses 7 and 11). If you pay by post, you will be responsible for any payment lost in the post.
3. Mortgage
a) By your signature, operating for the purposes of this paragraph as execution and delivery of an Agreement, you mortgage to us 64/64 (sixty four out of sixty four) shares, of which you are the owners, in the vessel described in this agreement and its additions, accessories (including any trailer), alterations or replacements as security for the payment of all monies now or to become due or owing under this agreement.
b) As further security, by signing this agreement you undertake, on demand by us, to execute in our favour a Statutory Mortgage of the vessel under Part 1 of the British Registry of Ships.
c) As further security we shall hold the title documents for the vessel until all sums due to us under this agreement are paid in full.
4. Care of the Vessel
a) You will be responsible for any loss of or damage to the vessel even if it is not your fault. You will keep the vessel together with all machinery, accessories and equipment in good and seaworthy condition so that where applicable the vessel complies at all times with the provisions of the Recreational Craft Directive 2004, the Boat Safety Scheme and any other requirements for maintaining its current registration and coding. You will carry out any repairs and replace parts when necessary.
b) If the vessel becomes a registered vessel under Part 1 of the British Registry you will maintain that registration.
c) You will use the vessel in a careful and proper manner in accordance with the manufacturer’s recommendations.
d) You will let us inspect the vessel at any reasonable time.
e) You will not use or let anyone use the vessel illegally. You will not let anyone obtain any rights over the vessel or let anyone take or threaten to take it to pay any debt that you owe. You will keep the vessel in your possession and under your control and will not sell, transfer or mortgage the vessel. You will not lend or charter the vessel without our prior written consent.
f) You will pay on time all licence fees, mooring fees, taxes, fines or other charges and other amounts due relating to the vessel or its use. We may pay the amount of the charge, fine or penalty for you. You will then repay that amount to us on demand together with such amount as we consider reasonable to cover our administration costs.
g) You will not make any alterations to the vessel or change any of its identification marks, number or name without our prior written consent unless you are obliged to do so by law. Any additions, accessories, alterations or replacements will become subject to this agreement and the mortgage.
h) You will use the vessel for private purposes only in the United Kingdom Inland and Coastal waters. You must seek our prior written approval if the vessel is to be used or located elsewhere.
5. Insurance – Your Responsibilities
a) From the date you take delivery of the vessel you will insure it for at least its day to day replacement value and against claims for injury, loss or damage caused by the vessel or its use for at least £2m for third party liability. You will also arrange for our interest to be noted in the policy as first loss payee.
b) You will pay all insurance premiums on time. You will show us the certificate of insurance and premium receipt on request.
c) If the vessel is damaged and can be repaired you will use all the insurance money paid to you to repair it.
d) If the vessel is a total loss because it is lost, stolen, destroyed or damaged so badly that the insurer decides it is not worth repairing the following amounts will become immediately due and payable:
i) any payments and other amounts that you should have paid before the date of total loss; and
ii) the rest of the Total amount payable less any rebate as required by law.
e) If the vessel is a total loss you will write and tell us immediately and will arrange for prompt payment of the insurance money to us. If we ask you to, you will transfer to us all your rights under the insurance policy.
f) If we receive the insurance money within two months of the date of total loss we will set it off against the amounts due to us. If the insurance money exceeds those amounts due to us we will refund any surplus to you.
g) If within two months of the date of a total loss, we do not receive either the insurance money sufficient to cover the amounts due to us or you have not paid all amounts you owe, we may enforce our rights after sending you a Default Notice as required by law.
h) If you fail to insure the vessel as required by this agreement, we may do so and you will reimburse us with any premiums we have paid immediately we ask you to do so, together with such amount as we consider reasonable to cover our administration costs.
6. Bankruptcy and breach (including default)
a) You must not allow:
i) a petition for a bankruptcy order to be presented against you; or
ii) an application for an interim order to be made against you; or
iii) a meeting of creditors to be called nor any arrangement to be made with them.
b) We may end this agreement if you:
i) fail to make two consecutive instalments; or
ii) breach any other term of this agreement and fail to put it right within 14 days of us letting you know
7. Our rights if you breach (including default)
a) We will send you a reminder if you miss a payment. If you fail to make two consecutive payments on time or breach any term of this agreement and then fail to comply with the Default Notice that we are required by law to send you, we can terminate this agreement and recover the amounts due to us.
b) The Default Notice will tell you what term you have broken, how to put things right and what will happen if you do not put things right.
c) If we terminate the agreement you will have to pay to us immediately:
i) any unpaid instalments and other amounts that you should have paid under this agreement before the date of the Default Notice;
ii) the outstanding balance under this agreement; and
iii) any reasonable costs incurred by us in enforcing our rights under the mortgage.
d) If we terminate this agreement we can enforce our rights under the mortgage.
e) We may vary our specified charges following a breach to reflect an increase in our costs or to meet legal or regulatory requirements.
8. Powers under the mortgage and appointment of a receiver
a) If you fail to comply with the Default Notice we will have the right to:
i) pay or settle third party claims affecting the vessel or incur expenses in determining the whereabouts of the vessel and recover the costs from you;
ii) take possession of the vessel and for that purpose to enter into or upon any premises or place under your control or to which you have access where the vessel is or is reasonably thought to be situated without being liable to you for or by reason of such entry;
iii) appoint a receiver of the vessel;
iv) sell or dispose of the vessel on such terms as we consider appropriate;
v) after taking possession of the vessel, navigate, insure, charge or use the vessel in any way we think appropriate.
b) A receiver who is appointed will be your agent and will have power to take any required action.
c) We will not be liable to any receiver appointed under this agreement for his remuneration, costs, charges and expenses.
9. Power of attorney
By signing this agreement you irrevocably appoint us as your Attorney to, on your behalf, and in your name and as your act or deed, to do and execute and effect all such things as may be necessary to give effect to the provisions which you undertake to execute under this agreement and in particular (but without prejudice to the generality of the foregoing) to complete, execute, date, deliver and otherwise perfect the Statutory Mortgage.
10. Change of address
You must let us know, in writing, within seven days of any change of your address or name.
11. Default interest and charges
If you fail to pay us any amount you owe us under this agreement by the due date we may, in addition to our other rights, charge you default interest on that amount from the due date of payment until its receipt by us, at the interest rate shown in this agreement, both before and after any judgment.
You agree to pay to us any costs and charges shown in this agreement, which may become payable by you, and our reasonable legal and other costs for enforcing this agreement, including any payable to third parties acting on our behalf.
12. General
a) In this agreement “Act” means the Consumer Credit Act 1974, “outstanding balance under this agreement” means the outstanding balance of the Total Amount Payable, plus all other sums which have become due by you to us under this agreement, less any rebate for early payment to which you may be entitled; “terms” include, without limitation, the Terms and Conditions. Words and expressions to which meanings have been given on page I shall have those meanings in these terms. Headings to clauses shall not affect the interpretation of any of the terms.
b) References to any Act or regulation includes any amendments to that Act or regulation.
c) If at any time we allow you to do something which is against any of the terms of this agreement, this will not prevent us from insisting that you strictly follow the terms at any later time.
d) If two or more of you have signed this agreement as the Borrower, you are liable jointly and severally, that is together as well as separately under this agreement. This means that either of you can be held fully liable for the obligations of the Borrower under this agreement.
e) If you discharge part of your indebtedness under this agreement early we may, by written notice to you, vary the amount of the remaining instalments or the remaining duration of this agreement, which may also automatically result in increasing the APR.
f) You may, at any time, request us to communicate with you by email. You must then provide us with an email address and provided we are practically able to do so, we will send you statements, documents, notices and letters (other than default notices) by email. It shall be deemed effective service if we write to you or email you at your address or email address last known to us.
g) We may transfer our rights and responsibilities under this agreement to another person. This will not take away any of your rights or responsibilities under this agreement. You may not transfer any of your rights or responsibilities under this agreement to another person.
h) English law will apply to this agreement. If you entered into this agreement in Scotland, words that are not in current use in Scotland will have their nearest equivalent meanings.
13. When this agreement comes into force
This agreement will only come into force if and when you and we, or our authorised representative, have signed it.
14. Rights of other people
Nothing in this agreement will give any person, other than you or us (or anyone who takes over from us or any person to whom we have transferred our rights under this agreement), any rights under this agreement.
USE OF YOUR PERSONAL INFORMATION:
Condensed guide to the use of your personal and business information by us and at Credit Reference Agencies (CRAs) and Fraud Prevention Agencies (FPAs)
In considering whether to enter into this agreement we will search your record with us and at CRAs. Your record may be linked to your spouse/partner or other person with whom you are linked financially (“associated records”) in which event you will be assessed with reference to associated records. Please be sure that you have agreement to disclose information about them.
Our search will create “a search footprint”. CRAs provide us with both public (including the electoral register) and shared credit and fraud prevention information. They will add to their record about you, details of our search and your application and, where relevant, the name and address of your business and its proprietors. This will be seen by other organisations that make searches and, together with other information about you and those with whom you are linked financially, may be used to make credit decisions about you and those with whom you are linked financially. If you are a director we will seek confirmation from the CRA that the residential address provided is the same as that shown on the restricted register of directors’ usual addresses at Companies House. We may use a credit scoring or other automated decision making system.
We will add to your record with CRAs details of your agreement with us, any payments you make under it and any default or failure to keep to its terms. Records remain on file for 6 years after they are closed, whether you settled the debt or defaulted.
It is important that you provide us with accurate information. We may check your details with FPAs. If false or inaccurate information is provided and fraud is identified, details will be passed to FPAs and other organisations to prevent fraud and money laundering. These records will be shared with other organisations and may be used and searched by us and them, for example, to consider applications for credit and credit related services, or other facilities, for you and any associated person; check details on proposals and claims for all types of insurance; trace debtors, recover debts and manage your account(s); check details of job applicants and employees. Law enforcement agencies may access and use this information. We may make periodic searches at CRAs and FPAs to manage your account with us. We and other organisations may access and use from other countries the information recorded by CRAs and FPAs.
We may use personal information about you which we acquire in connection with any application you make to us, or any agreement you enter into with us, to manage your agreement and for statistical or market research purposes. If we transfer, charge or assign your agreement to a third party or if we employ a third party to manage any aspect of your account, we may pass relevant information about you to them. Your personal data may also be used for other purposes with your specific consent or, in limited circumstances, where required by law or permitted under the Data Protection Act 1998.
Where any search or application is completed or agreement entered into involving joint parties, you both consent to our recording details at CRAs. As a result an ‘association’ will be created which will link your financial records and your associate’s information may be taken into account when a future search is made by us or another lender unless you file a “disassociation” at the CRAs.
How to find out more
You can contact the CRAs currently operating in the UK; the information they hold may not be the same so it is worth contacting them all. Please telephone or write to us at the telephone number/address stated in this agreement if you want to have details of the CRAs or any FPAs from whom we obtain, and to whom we pass, information about you or if you would like to read the full details of how the information held by them may be used. You have a legal right to these details. You have a right to receive a copy of the information we hold about you. A fee may be payable.