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Terms of the Loan:

    • Definitions
    • "Borrower" means the person taking out the Loan
    • "Exchange" means the internet exchange which RateSetter provides for the purpose of matching offers to lend and borrow between RateSetter users
    • "Interest Rate" means the interest rate agreed between the Lender and the Borrower
    • "Lender" means the person lending to the Borrower
    • "Loan" means the total amount borrowed by the Borrower to complete a single offer to borrow of which this Loan Contract represents a part;
    • "Loan Contract" means this agreement;
    • "RateSetter" means the trading name of Retail Money Market Limited which has its registered office at 6th floor, 55 Bishopsgate, London EC2N 3AS (Company Number 07075792).
    • "RateSetter Lender" means a Lender who has been matched via the Website.
    • "RateSetter Ts&Cs" means the terms and conditions set out on the Website
    • "Re-Investment settings" means the settings available to a Lender via their RateSetter account which enable them to set what they would like the Exchange to do with the money that is due to be returned to them under this Loan Contract.
    • "Website" means www.ratesetter.com
    • Loan
    • (a) The Loan may be used for purchasing a mobile device
    • Interest
    • (b) Interest will be charged at the Interest Rate and will accrue on a daily basis (based on a 365 day year)
    • Payments
    • (a) The Borrower agrees to pay the amounts owing under this Loan Contract to a trust account set up and managed by RateSetter (details of which can be found on the Website) for and on behalf of Lenders, by Direct Debit or such other payment as RateSetter may, in its discretion, allow.
    • (b) Each party can view the schedule of payments due under this Loan Contract in their RateSetter account.
    • (c) The Borrower may apply to change the date of the Direct Debit payment via their RateSetter account. In the event the Borrower elects to amend the date of the Direct Debit payment the consequence will be a small variation in the Borrower repayments. These repayments will be calculated to ensure the Lender receives the correct interest due to them.
    • (d) The Borrower may make extra payments at any time.
    • (e) (d) Payments by debit card will be subject to a charge of £1.50.
    • (f) All repayments will be made to the Lender without deduction of income tax.
    • Default Interest
    • (a) The Borrower will be charged interest on any late payment at the Interest Rate. This will be charged from the date it is due until the date it is paid.
    • Early Settlement
    • (a) The Borrower may at any time repay all or part of the Loan early.
    • (b) RateSetter will take into account any rebate which the Borrower may be entitled to under the Consumer Credit Act 1974.
    • Default
    • (a) RateSetter on behalf of Lenders and following the expiry of proper notice will be entitled to demand repayment of the full amount owed by the Borrower if the Borrower:
      1. pays late for more than 3 consecutive months;
      2. provides incomplete or inaccurate information to RateSetter;
      3. is in breach of any other RateSetter loan;
      4. in the opinion of RateSetter, is likely to breach the terms of this Loan Contract, or any other RateSetter loan;
      5. breaches the terms of the RateSetter Ts&Cs
      6. dies, becomes bankrupt or makes a voluntary; or arrangement with people the Borrower owes money to.
    • Allocation of Payments
    • (a) Where appropriate, each repayment, unless otherwise requested by the Borrower, will be pro rated between all RateSetter loans held by the Borrower, first to pay the interest and principal on the loan(s); and then towards repaying any arrears on the loan(s) and to pay any administration charges or commission due to RateSetter.
    • Charges
    • (a) The Borrower must pay RateSetter’s reasonable expenses and those of its agents (including legal costs) for taking steps, including a personal visit or court action, to recover any payment due under the agreement.
    • (b) If RateSetter’s initial attempts to resolve the matter of late payments are unsuccessful, RateSetter shall pass the matter onto its debt collector and the Borrower shall be charged £25 plus 25% (plus VAT) of what is recovered after the loan has been put into default.
    • Assignment
    • (a) The Lender may assign its rights, title and interest in this Loan Contract and all associated rights under the RateSetter Ts&Cs to a third party via the Exchange subject to there being another Lender to acquire the contract.
    • (b) If this Loan Contract is assigned, the Borrower’s rights and obligations under this Loan Contract will not be affected.
    • (c) The Borrower is not entitled to assign its rights under this Loan Contract.
    • Date of the Loan
    • (a) The date of this Loan Contract is 2017-11-23
    • Telephone Recording
    • (c) Calls to RateSetter may be recorded for security purposes and monitored under our quality control procedures.
    • General
    • (b) This Loan Contract is governed by and construed in accordance with English law, and the Lender and Borrower submit to the non-exclusive jurisdiction of the English courts.
    • (c) If any part of this Loan Contract is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the Loan Contract.
    • (d) The Borrower and Lender agree that, while RateSetter is not a party to this Loan Contract, RateSetter may take the benefit of, and specifically enforce each express term of, this Loan Contract and any term implied under it pursuant to the Contracts (Rights of Third Parties) Act 1999.
    • (e) Any waiver by either party of a breach of any provision of this Loan Contract shall not be considered to be a waiver of any subsequent breach of the same, or any other, provision.
    • (f) Any notices given to the Borrower or the Lender in relation to any Loan Contract shall be put on the Borrower or Lender’s RateSetter account.
    • (g) The Borrower will receive by email to the Borrower's email address a prompt to refer to his/her RateSetter account.
    • (h) The records kept by RateSetter shall be conclusive of the facts and matters they purport to record except where there is an obvious mistake.
    • (i) The Borrower and Lender’s rights and obligations under this Loan Contract are subject to the RateSetter Ts&Cs. Where there is a discrepancy between the two, the terms of this Loan Contract will prevail.