Loan finance for businesses helping to improve the local economy in Coventry and Warwickshire
When we ask you to come in to sign for your loan, you are agreeing to several things. The official paper (see below) is quite complicated, so we’ve put a simpler version here.
You agree to:
We will give you the amount of the loan, and take from you regular repayments to cover: the loan, interest and any charges if you don’t stick to the rules.
If you still don’t make repayments, we might ask the courts to recover the money.
If you want to, you can pay the loan off early! This will be cheaper overall for you.
The official version:
CWRT
Standard Terms and Conditions
These term and conditions relate to the credit agreement above.
1 Purpose
1.1 You agree to use all amounts borrowed under this agreement for the agreed purpose
2 Prescribed Terms
2.1 The amount of credit under this agreement is the amount of credit stated under the heading ‘Key Financial Information’
2.2 The rates of interest on the amount of credit under this agreement are the rates stated under the heading ‘Other Financial Information’
2.3 You are to make repayments under this agreement in accordance with clause 5, below
3 Drawdown
3.1 You may make a single, irrevocable request to draw down the amount of credit at any time within six months of the date the agreement comes into effect
3.2 You can request drawdown by presenting CWRT with a valid notice of drawdown in writing and a valid notice shall be one that states (1) the intended date for drawdown and (2) the account name, number and sort code to which the amount of credit is to be paid
3.3 Any delay to Your request to drawdown the amount of credit shall not affect the calculation of interest or Your liability for other sums under this agreement
3.4 No amount may be re-borrowed
4 Warranties and Representations
4.1 You agree:
4.1.1 to advise CWRT if at any time during the life of this agreement You take any additional loans or credits, sign any guarantees, take on any third party obligations, allow any pledging of Your assets or receive any extensions to existing credit facilities
4.1.2 to provide true, complete and accurate answers and explanations and to provide information or send documentation requested by CWRT within three working days of the receipt of a request
4.1.3 to inform us immediately of any changes to Your name, surname, residential address, business address, telephone/fax/mobile numbers, email address or any immediate or pending matrimonial proceedings
4.1.4 to advise us immediately of any situation (financial or otherwise) which may negatively influence Your ability to repay any amounts due under this Agreement
5 Payments and interest
5.1 CWRT shall open an account in Your name (‘the Account’) and:
5.1.1 debit it with the amount of credit specified in this Agreement after drawdown
5.1.2 debit it with interest calculated on the basis stated under the heading ‘Other Financial Information’, and shall debit Your account with such interest on the dates specified under the heading ‘Other Financial Information’
5.1.3 debit it with charges incurred by You pursuant to this agreement (see under the heading ‘Key Information’)
5.1.4 credit it with payments made by You
5.2 You will repay the total amount payable by making periodic payments (in these terms and conditions, each a ‘Repayment’) in the amount shown and at the times stated under the heading ‘Key Financial Information’, and will make all Repayments by direct debit, standing order or such other means as CWRT may require
5.3 In relation to charges imposed by CWRT pursuant to this agreement (see under the heading ‘Key Information’), upon CWRT notifying You that a charge has been imposed You shall pay all such charges on the next date when a Repayment falls due
6 Acceleration
6.1 In the event that:
6.1.1 You fail to make any Repayment or any other payment on or by its due date, or
6.1.2 provide any information which proves to be incomplete or inaccurate, or
6.1.3 a bailiff or other officer of the court enforces a warrant of execution against You pursuant to a judgment of the court, or
6.1.4 You present or allow to be presented a bankruptcy petition within the meaning of the Insolvency Act 1986, or
6.1.5 if in Our opinion, Your financial state has deteriorated to such an extent that the repayment of the amounts due under this Agreement is in doubt; then We shall be entitled after the expiry of any proper notice period required by law to demand immediate payment of the total remaining unpaid capital plus any interest due.
6.2 In clause 6.1 above, if the situation is capable of remedy ‘proper notice’ means We shall give You an opportunity to remedy the situation, and in any other case it means a reasonable period of notice, having regard to all the circumstances
7 Termination
You may settle the Account at any time in accordance with the Act, by paying CWRT the total of the unpaid balance of the amount of credit and interest and charges accrued but unpaid, and a sum equivalent to a further 30 days’ interest at the then prevailing rate on the unpaid balance of the credit, to compensate CWRT for CWRT’s reduced earnings under this agreement.
8 Data Protection
8.1 You agree that CWRT may carry out searches against You at credit reference agencies as follows:
Details of CWRT’s search against You will be added to the credit reference agencies’ records about You, which will be seen by other organisations making searches.
You can contact CWRT for details of the credit reference agencies used by CWRT. You have a legal right to these details and can receive a copy of the information held about You on payment of a fee
Information held about You by credit reference agencies may be linked to records relating to any person with whom You are linked financially
8.2 CWRT may give information about You and Your payment record under this agreement to its insurers and advisers, credit reference agencies, debt collecting agents and any proposed assignee, transferee or chargee, and their insurers and advisers
9 Amendment
9.1 Any changes or amendments to this Agreement may be made only with Your and CWRT’s joint consent which must be evidenced in writing.
10 Governing Law
10.1 This Agreement shall be governed by and construed in accordance with English law. The courts of England shall have exclusive jurisdiction to settle any disputes which may arise out of, or in connection with, this agreement.
Address: 33 City Arcade, Coventry, CV1 3HX
Telephone: 0845 606 6216 or 02476551777 Email : enquiries@cwrt.uk.com
Registered Office: 33 City Arcade, Coventry, CV1 3HX
Registered in England & Wales - Company Registration No: 5188971 0057 - Per Unsec CCC LA
