Business Credit Terms
1st December 2020
Running Account Credit Agreement (limited companies only)
Parties to the agreement
Creditor (“us”, “we”, “our”): Curve Credit Limited, 15-19 Bloomsbury Way, London, United Kingdom, WC1A 2TH
Debtor (“you”, “your”, company, business)
Guarantor ("the Guarantor", ‘’the director’’)
1. Agreement overview
1.1. This is an agreement between you and Curve Credit Limited. It does not affect your agreement with Curve OS Ltd for the provision of your Curve card and account.
1.2. This agreement makes running-account credit available to you; once approved we’ll grant you a credit limit with the option to finance transactions made on your Curve Card into 3,6,9 or 12 months' instalment plans. You can view your credit limit in your Curve app, and you can have multiple instalment plans providing the total borrowed amount across all active plans does not exceed your available credit limit.
1.3. This agreement has no fixed duration and will continue until terminated by you or us.
2. Your credit limit
2.1. We’ll communicate your credit limit to you upon successful application and after you have accepted this agreement. You can always check your available credit by logging into your Curve app. We reserve the right to increase or decrease your credit limit from time to time, and will always notify you of this. You have the right to refuse credit limit increases.
3. How and when credit will be provided
3.1. We’ll grant you a line of credit which you can use to finance eligible Curve transactions into 3,6,9 or 12 months instalment plans in the Curve app.
3.2. Your available credit is your credit limit less the outstanding amount of existing instalment plans. You cannot take out instalment plans if the plan value or total value of plans would exceed your available credit.
3.3. After you’ve set up and have been approved for an instalment plan, we will add the new plan details to any existing plans, which will be displayed in the Curve app. We'll arrange for the loan amount to be credited to the same funding card used to make the original transaction.
3.4. We charge an interest rate typically between 7-20% p.a (fixed) for each instalment plan. The actual rate of interest will be confirmed in the app prior to you taking out an instalment plan.
3.5. Interest is accrued daily and applied on a monthly basis.
4.1. Repayments will be taken from the same funding card used to make the original transaction, but you can change your repayment card to another Curve linked funding card (excluding Curve Cash) before you start a plan. We’ll automatically take your repayments on the same date in each of the following months until your loan is repaid in full (or, if this date is not available, such as the “31st” in September, the last day of the month).
5.1. If you fail to make repayments on time, we reserve the right to charge you a £6 missed payment fee. We’ll add the missed payment fee to your account and it shall become payable by you by the time of the next instalment repayment. We will not charge interest on this fee but interest on the total amount payable will continue to accrue daily at the interest rate of the active instalment plan(s).
5.2. Where there are no instalments remaining, the £6 missed payment fee shall be payable within 30 calendar days after the payment is overdue.
5.3. You will be notified of any payable fees in the app.
6. If you miss a repayment or we have other concerns
6.1. There may be serious consequences if:
you don’t make repayments on time; or
the Guarantor is declared bankrupt or has similar proceedings taken against them; or
we find that any information you provided as part of your loan application was materially incorrect or misleading; or
we reasonably suspect any fraud or other criminal activity in connection with this agreement [and/or any other agreement that you have with us].
6.2. If any of the above happens, we can:
demand immediate repayment of the loan;
disclose information about you and the conduct of your loan to a credit reference agency (which may make it more difficult for you to borrow in future);
bring legal action to recover the loan (which could include asking a court to order that, if a property owned by the Guarantor is sold for any reason, some of the sale proceeds are used to repay this loan); and
require the Guarantor to pay our reasonable costs and expenses for taking action to obtain payment, including legal costs;
However, we'll give you advance notice of our intention and the opportunity to resolve the issue before taking any of the above steps (unless the issue can’t be resolved).
6.3. If we choose not to enforce our rights under this agreement at any time, we may enforce them at a later date instead.
7. Right of cancellation
7.1. You have the right to cancel the agreement within 14 days, starting the day after the agreement has been accepted without having to give any reason. To exercise your right to cancel, you are required to notify us of your intention to cancel by emailing firstname.lastname@example.org or by writing to 15- 19 Bloomsbury Way, London, England, WC1A 2TH.
7.2. In the event that you exercise your right to cancel, you undertake to repay any credit without delay and no later than 30 calendar days, starting on the day you give notice of cancellation, including the interest accrued from the date the credit was provided to the date of repayment in full. Payment of the credit and interest can be made by contacting us.
8. Early repayment
8.1. You can repay the credit early in full. Should you wish to make an early repayment, you can contact us by email on email@example.com
9. Financial Ombudsman Service
9.1. You may have the right to complain to the Financial Ombudsman Service should you be dissatisfied with our final response to your complaint about a provision or failure to provide a service by us. You can access the Financial Ombudsman Service on the following link: https://www.financial- ombudsman.org.uk/consumers/how-to-complain.
10. Information to and from credit reference agencies
10.1. When you apply for an account with us, we will perform a commercial search on your company and you as a director with a credit reference agency, using the information you provided during your application.
10.2. Commercial information will be reported to the credit reference agencies, but personal credit score information will not be affected.
10.3. The Credit Reference Agency Information Notice (CRAIN) describes how the three main credit reference agencies in the UK each use and share personal data. The CRAIN can be viewed here: https://www.equifax.co.uk/crain/
12. Director’s Guarantee
12.1. In consideration of the Creditor entering into this agreement, the Guarantor agrees to guarantee the Creditor and its successors, transferees and assigns that whenever the Debtor does not pay any of all monies, debts and liabilities of any nature from time to time due, owing or incurred by the Debtor to the Creditor on any account under or in connection with any present or future credit facilities provided by the Creditor to the Debtor (“Guaranteed Obligations”) as and when they fall due the Guarantor shall make due and punctual payment to Creditor on demand of the Guaranteed Obligations
12.2. If the Guaranteed Obligations are, or become, unenforceable, invalid or illegal, the Guarantor agrees to indemnify and keep indemnified the Creditor in full and on demand from and against all and any losses, costs and expenses suffered or incurred by the Creditor arising out of, or in connection with, any failure of the Debtor to perform or discharge the Guaranteed Obligations.
12.3. The Guarantor as principal obligor and as a separate and independent obligation and liability from the Debtor’s obligations and liabilities agree to indemnify and keep indemnified the Creditor in full and on demand from and against all and any losses, costs and expenses suffered or incurred by the Creditor arising out of, or in connection with, any failure of the Debtor to perform or discharge the Guaranteed Obligations (except where the Debtor's failure to perform or discharge the Guaranteed Obligations results from the Creditor's failure to comply with its obligations under this agreement or the Debtor contesting any payment or part of a payment in good faith).
12.4. I am, in my capacity as a director of the Debtor, am entering into this agreement on behalf of the Debtor wholly or predominantly for the purposes of a business carried on by the Debtor or intended to be carried on by the Debtor. I warrant I have sufficient authority to be able to enter into such an agreement on behalf of the Debtor, and that the Debtor is an active UK Limited Company registered with Companies House.
12.5. This guarantee is and shall at all times be a continuing security and shall cover the ultimate balance of all monies payable under this agreement, irrespective of any intermediate payment or discharge in full or in part of the Guaranteed Obligations.
12.6. The liability under this guarantee shall not be reduced, discharged or otherwise adversely affected by:
any act, omission, matter or thing which would not have discharged or affected the Guarantor’s liability had the Guarantor been a principal debtor instead of a guarantor or indemnifier; or
anything done or omitted by any person which, but for this provision, might operate or exonerate or discharge the Guarantor or otherwise reduce or extinguish the Guarantor's liability under this guarantee.
12.7. The Guarantor waives any right they may have to require the Creditor (or any trustee or agent on its behalf) to proceed against or enforce any other right or claim for payment against any person before claiming from them under this section.
12.8. The Guarantor shall on a full indemnity basis pay to the Creditor on demand the amount of all costs and expenses (including legal and out-of-pocket expenses and any value added tax on those costs and the preservation, or exercise and enforcement, of any rights under or in connection with this guarantee or any attempt so to do; and expenses) which the Creditor incurs in connection with:
any discharge or release of this guarantee.
Until all amounts which may be or become payable by the Debtor under or in connection with this agreement have been irrevocably paid in full, and unless the Creditor otherwise directs in writing, the Guarantor shall not exercise any security or other rights which they may have by reason of performance by them of their obligations under this section, whether such rights arise by way of set-off, counterclaim, subrogation, indemnity or otherwise.
This guarantee shall be in addition to and independent of all other security which the Creditor may hold from time to time in respect of the discharge and performance by the Debtor of the Guaranteed Obligations.
13.1. We shall be entitled to repudiate the agreement with immediate effect should we come to know or reasonably suspect that you induced us to enter into the agreement by misrepresentation, regardless of whether the misrepresentation was negligently or fraudulently made. Where the agreement is terminated by us in the aforementioned circumstances, you shall repay the credit without delay and no later than 30 calendar days after we terminate the agreement including the interest accrued from the date the credit was provided to the date of repayment. Payment of the credit and interest must be done by contacting us.
14. Governing law and jurisdiction
14.1. This agreement, and everything that happens in relation to this agreement before it's made, is governed by the laws of England and Wales, and is subject to the non-exclusive jurisdiction of the courts of England and Wales. We'll communicate with you at all times in English.