• Terms & Conditions

Definition of Terms

“Agreement” means the agreement between you and us made mainly on these terms and conditions of business.
“Creditors” means any and all of your unsecured creditors whose details you will provide us with in accordance with section 3.
“Debt Management Programme” means the plan of repayments by which you repay your Creditors through us (and may be revised from time to time)
“Monthly Payment” means the total amount which is paid every month by you to us throughout the period. Apart from Initial Fee, this is made up of
the Monthly Repayment to be made to your creditors, our Monthly Fee and any other payments as instructed or agreed with you.
“Monthly Repayment” means the part of the Monthly Payment to be paid by us on your behalf to your Creditors.
“Initial fee” This is the initial payment that is made into the programme that covers the costs of setting the plan up.
“Period” means the period during which the Debt Management Programme will operate. Commencing from the date our Terms of Business are accepted and first payment is received by GW Financial Solutions UK Ltd,
and concluding on the completion / transfer / termination of the Debt Management Programme.
“Services” means the services we agree to provide you with under this agreement.
“Terms of Business” means these terms and conditions of business. “us” and “we” means GW Financial Solutions UK LTD , who registered address is St Christopher’s House, Wellington Road South, Stockport, SK2 6NG or anyone to whom we transfer our obligations and rights under this agreement.
“you” means you, whose name is recorded overleaf (and your partner where any of the debts are in joint names).

1. Appointment and Period
1.1 You appoint us and we agree to provide the Services (as defined below)
1.2 This Agreement will commence when you confirm the acceptance of these Terms of Business either by telephone or by returning the completed client authority form (enclosed with these Terms of Business) and from the date the first payment to GW Financial Solutions UK Ltd. is received as cleared funds.
1.3 This Agreement will continue for the Period unless ended earlier by you as set out in sections 1.4 and 6 or by us as set out in section 7.
1.4 You have a right to cancel this Agreement under the Financial Services Distance Marketing Regulations 2004, regulation 9 and 10, at any time during the first fourteen calendar days of the Period. You can do this verbally by calling 0808 1292010 or 0161 476 9500, by email, or by writing to us at the address above. We will then refund you any fees already paid to us that are cleared funds. All time periods will be extended to the next working day if they end on a Saturday, Sunday or Bank Holiday. This includes all cancellation periods and the time limits for providing refunds.

2. Services
2.1 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, based on reasonable living expenses.
2.2 In consultation with you we will produce a Debt Management Programme by which you can pay off your creditors out of your disposable income at rates you can afford. The Debt Management Programme 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. It will also take account of the differing requirements of your different Creditors, if there is more than one.
2.3 We may consider a short- term payment arrangement on occasions where you experience a temporary issue with affordability. The firm will consider these where you have isolated or unexpected expenses or an income reduction which reduces your affordability for a term no longer than 3 months. Examples of occasions considered ‘temporary’, ‘isolated’ or ‘unexpected’ would be; a household appliance needing replacing, or a vehicle needing an urgent repair. Income reduction would only be considered ‘temporary’, ‘isolated’ and ‘unexpected’ in the event of a period of unpaid sickness, or sickness with statutory sick pay being less than your normal earnings. Where the firm believes the reasons given are likely to last longer than the prescribed 3 months, the firm will recommend an Annual Review as outlined in 2.7 of these terms and conditions. Where the firm is satisfied that the reduction in payment does not affect its ability to comply with regulatory and internal compliance obligations, a short- term payment arrangement may be agreed providing the payment does not fall below £50.00 and is not as a result of material changes to your personal or financial circumstances. Please refer to 4.3 for how we will charge you management fee’s whilst on a short- term payment arrangement. Once the short- term payment arrangement expires an Annual Review will be prompted.
2.4 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 Programme 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 Fees) as calculated by us for the same period. We shall attempt to agree with your Creditors, where appropriate, that they freeze interest or reduce their interest charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them.
2.5 We shall make payments to your Creditors in accordance with the Debt Management Programme, and within timescales detailed in section 5.2.
2.6 Should your circumstances change during the period, you should notify us and we shall review the Debt Management Programme and if necessary make changes to it in agreement with you and with any Creditors concerned.
2.7 We will conduct an Annual Review at least once per annum where we will assess your circumstances in line with all financial solutions to ensure you remain on the best solution for your current set of circumstances.
2.8 All payments to us will be made into our client account. This account is separate to our own business accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest will be payable to you on the funds that we hold. At all times funds held for distribution to your Creditors will be classed as client monies.
2.9 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 Programme.
2.10 We take any complaint regarding our practices seriously. Complaints can be made verbally by calling 0808 1292010 or 0161 476 9500, by email or by writing to Complaints Officer at GW Financial
Solutions UK LTD; St Christopher’s House, Wellington Road South, Stockport, SK2 6NG or alternatively refer to our complaints handling procedure at www.gwfinancialsolutionsuk.co.uk

3. Your Responsibilities
3.1 You will provide to us on request information relating to your finances. This will include, but will not be limited to, details of your income and expenditure, your dependents, your Creditors and any agreement you have with them, any county court judgments being made against you or any other enforcement action being made against you and any loans or mortgages you have.
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 forward to us copies of all correspondence from your Creditors and keep us informed of any dealings you have with any Creditors, whether we are negotiating with them or not. We will scan and hold a copy of all documentation sent to us and dispose of the paper copy securely. Should you wish for documentation to be returned please inform us before you send the documentation, or in writing with the documentation sent to us. Once the Debt Management Programme has been agreed, you will not make any expenditure over and above your reasonable living expenses as calculated in the Debt Management Programme. You will not use your credit cards nor incur further debts during the period.
3.4 You will consult with us in relation to your Debt Management Programme and in relation to any alterations and/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 Programme 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.
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 Lack of 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 have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action and re-commence adding interest and charges for which we cannot be held responsible.
3.9 You remain responsible for continuing to pay any secured loans, mortgages or hire purchase agreements and all household bills (including insurances).

4. How we will be paid
4.1 We will take from each monthly payment, under the Debt Management Programme, a gross fee equal to 15% of the periodic payment. However, this is subject to a minimum fee of £37.95 per month. Where your disposable income payment changes your fee will be subject to the same calculations. We will inform you of any changes to your fee verbally and in writing and this will only be effective from the month your payment changes.
4.2 As most of the work for you will be done at the start of the Debt Management Programme, we will retain as a fee 50% of the first four monthly installments to reflect the work completed in establishing the Debt Management Programme.
4.3 Where a short- term payment arrangement is agreed for a sum of lesser than £80.00 your monthly management fee will be 49.99% of your monthly payment. Where a short- term payment arrangement is agreed for a sum greater than £80.00, your fee will be subject to the calculations in 4.1 of these terms and conditions. A reduction in payment via a short-term payment arrangement is likely to mean a substantial reduction in the amount distributed to your creditors. We will confirm this verbally before you enter such arrangement.

5. How we handle your money
5.1 All payments that we receive from you in cleared funds will be paid directly into our client account. The only payments which we will make out of our client account are: (a) payment of our fees; (b) payment of the Monthly Repayments to your creditors in accordance with the Debt Management Programme; and (c) any other payments as instructed or agreed with you.
5.2 We will distribute the Monthly Repayments amongst your Creditors in accordance with the Debt Management Programme normally within 72 working hours (to account for bank holidays and weekends) of receipt of the Monthly Payments from you in cleared funds. If there is a delay in any payment which is not beyond our control, we shall take the appropriate action to put you in the position you would have been in if the payment had been made within 72 working hours in cleared funds and shall make good any additional interest which has accrued and any default charges that have been applied to the account as a result of the delay.
5.3 If you pay by debit/credit card it will be deemed that we hold a Continuous Card Recurring Authority. Your payment will be taken automatically on the agreed date and thereafter at the agreed payment frequency. If your card provider rejects the change we will automatically resend the payment request for representation with your card provider. If your card provider rejects the charge a second time we will contact you to discuss the difficulties you are experiencing and seek to establish an alternative arrangement and assess whether your circumstances require changes to your Debt Management Programme or alternative debt advice. We will send you a text or email to let you know 24 hours prior to each reapplication for payment. We will only reapply for payment within 5 working days of the date your payment was due. Continuous Card Recurring Authority provides you with the freedom of knowing that your payment will be debited from your debit or credit card automatically.
5.4 The Continuous Card Recurring Authority guarantee is set out in the following terms of agreement:-
• If the amounts to be paid or the payment dates change, we will notify you 10 working days in advance of collection, or as otherwise agreed
• If an error is made by GW Financial Solutions UK LTD, you are guaranteed a full refund of the amount paid
• You can cancel a Continuous Card Authority at any time verbally, by email or by contacting us in writing on the contact details provided.
5.5 If you choose to make payment towards your Debt Management Programme in either weekly or fortnightly installments, we will not distribute payments between your creditors until either the full months payment has accrued as cleared funds in our client account, or 31 days since the first weekly/ fortnightly payment elapses, whichever is soonest.
5.6 All full and final settlement monies we receive from you in cleared funds will be paid directly into our client account. We will then negotiate reduce/partial settlements on your behalf. Our fees are charged at 20% of the total saving of your settlements.

6. Your Right to Terminate
6.1 You have the right to cancel this Agreement under section 1.4
6.2 You may also cancel this Agreement at any time if the total Fees payable under the Debt Management Programme differ significantly from the fees we estimate to you at the commencement of the Agreement provided that this right to cancellation will not be available in the event that such difference in Fees is due to any misrepresentation by you of your finances, including, without limitation, your Creditors. In the event of cancellation under this section 6.2, we reserve the right to retain the Initial Fee.
6.3 In addition to your right to cancel under sections 6.1 and 6.2, you may also end this Agreement at any time by giving us two weeks prior notice which you may serve at any time, by any communication means, whether or not you believe we have been in breach of our obligations under this Agreement. In the event of cancellation under this section 6.3 we reserve the right to retain the Initial Fee and any management fees deducted from payments distributed between you’re Creditors.

7. Our Right to Terminate
We may terminate this agreement at any time by giving you two weeks prior written notice if any of the following happens:
(a) You fail to make two successive Monthly Payments; or
(b) You are otherwise in serious breach of this Agreement or have persistently committed a series of minor breaches (even if anyone individual breach would not necessarily be regarded as a serious breach on its own); or
(c) You fail to engage in completing an Annual Review in accordance with 2.7. In such event we will update your creditors and refund any payment made to GW Financial Solutions UK Ltd. which is received after written notification of the date your Debt Management Programme has been terminated.
(d) If your short-term payment arrangement expires and you fail to engage in communication
(e) Your permanent disposable income falls below £80.00 per calendar month, meaning you cannot afford the firms minimum fees. Where this is the case we will refer you to a free source of debt advice.
(f) You become bankrupt, file a bankruptcy petition, make an arrangement or composition with your Creditors generally, or make an application to a court of competent jurisdiction for protection from your creditors generally; or
(g) We are prevented from fulfilling our obligations by reason of force majeure.

8. Effect of Termination
When this Agreement ends:
(a) our duties and obligations under this Agreement will come to an end;
(b) Your liability to your Creditors will continue to the extent that any amounts you owe to your Creditors remain outstanding over and above the repayments made to them under the Debt Management Programme; and
(c) You may within 30 days of the end of this Agreement request us to return all paperwork received from you or your Creditors that has been retained by us.

9. Complaints Procedure
A copy of our complaints procedure is available on request and can be found on our website.

10. Changes to our Terms & Conditions
We reserve the right to make changes to our terms & conditions with 28 days’ notice.

GW T&Cs V2.2