Terms & Conditions
I engage the professional services of AMS to provide debt management services counselling services in negotiating a repayment plan hereinafter referred to as the Debt Management Plan or DMP with my creditors. I freely volunteer to abide by the provisions of this agreement which are as follows:
I understand that I am responsible for disclosing to AMS accurate information, to the best of my knowledge, about all of my creditors and sources of income. In consideration of and in furtherance of services to be provided by AMS, I hereby expressly authorise AMS, its employees, agents and volunteers to:
- Disclose any information concerning my financial condition and status, including but not limited to income, debts, credits, earnings, assets and residential and work address to creditors listed by me unless otherwise required by law.
- Obtain whatever financial information concerning me from any creditors, as AMS deems necessary.
- Obtain a copy of my credit report in order to enable AMS to better assess my financial situation and thereby increase in the liquidation of my debt. I understand that said credit report will be the sole property of the agency and I will not receive a copy of my credit report. All information contained in my credit report will be considered confidential and used for legitimate business purposes under the fair credit reporting act.
- Use a third party to transfer my funds and to receive / send information about my account to / from my creditors.
- In the event that I have any County Court Judgements registered against me I understand that I will remain liable to maintain agreed payments to that creditor until AMS has successfully varied that court order. I also understand that the court will charge a fee to vary any orders already in place.
I agree to deposit with AMS my monthly debt payments under the repayment plan negotiated by AMS. I agree to make all deposits by a method approved by AMS. For the purpose of accounting and for the dispersal of my funds, I expressly agree to permit AMS to combine my funds with the funds of other clients being serviced by AMS in a client account.
INITIAL ADVICE, NEGOTIATIONS AND PAYMENT
The client acknowledges by signing this agreement that AMS have made initial proposals that are acceptable to the client for AMS to assist the client in negotiating the discharge of the client’s unsecured debts. Contact with creditors will commence only after the first payment has been deposited and funds cleared in the AMS account. AMS fully guarantees to refund this fee if AMS fails to reduce the clients monthly unsecured payments as listed on debt schedule number tbc. to a figure of not more than £tbc. per month.
FEES and CHARGES
When AMS has negotiated and received confirmation (whether written, electronic or verbal) from the client’s creditors of an acceptable monthly payment AMS will:
- Confirm this either in writing, electronically or by SMS to the Client
- Confirm electronically or in writing to the creditor
- Pay the relevant amount monthly on the Client’s behalf to the creditor
AMS will charge a sum equal to 50% of the clients first 6 monthly payments subject to a minimum of £240.00. Thereafter AMS will charge a sum equal to 17.49% of your monthly payment subject to a minimum of £38.00 per month and a maximum of £100.00 per month. Where the minimum charge applies, AMS will not charge more than 50% of the Client’s monthly payment. The remaining funds will be distributed between the creditors on a pro rata basis, subject to priority Creditor payments.
AMS will carry out half year reviews with the Client to audit the Client’s financial position and may report the outcome of these reviews to the Client’s Creditors. The half yearly review and audit fee will be £50.00 and will be an applied charge to the Client’s DMP.
AMS may, in its absolute discretion, accept new Creditor(s) onto the DMP; Where these Creditors are added more than 60 days after the date of this agreement a charge of £50 will be levied to the Client’s DMP.
AMS will wherever possible and if so instructed by the Client, negotiate full and final settlements with the client’s creditors. AMS will charge a fee of 17.49% of the total amount saved for any accounts that AMS settle on the client’s behalf. For example if an outstanding balance is £2000 and this debt is written off as a full and final settlement for £1000.00 AMS will charge 17.49% of the £1000 saving i.e. the fee would be £174.90.
AMS will provide the Client with a monthly statement outlining the monies paid on the client’s behalf to the creditors. The client can, by giving one month’s notice in writing, cancel this agreement.
In the event that the client fails to comply with their obligations under this part of the agreement, AMS reserves the right to:
- Cancel the agreement
- Notify the creditors of the cancelation of the DMP
With respect to additional creditor charges and the duration of the DMP, I understand that estimated finance charges, fees or penalties imposed by creditors may increase my overall indebtedness as well as the length of time required to fully pay my creditors over and above the estimates provided by AMS. I further understand that increasing my DMP payment may have a favourable impact on these charges, reducing the amount of time estimated to achieve completion of my DMP. Therefore, as it is in my best interests, I will make every effort to increase my payment whenever possible. AMS will provide as precise an estimate as is possible for the duration of the DMP.
TERMINATION OF AGREEMENT
I understand that the agreement can be terminated immediately by AMS if it is found that I have provided any false information to AMS or if I have paid creditors on my own, or if I fail to comply with any other provisions, terms and conditions of this agreement. I understand that I can terminate this agreement for any reason by providing written notice to AMS. If this agreement is terminated by AMS or myself, any monies left in my account will be paid to my creditors, unless otherwise required by law. I understand that if my DMP is terminated, it is my responsibility to notify my creditors. All payments paid into the DMP prior to termination are not refundable.
- AMS agrees to send the client periodic statements of payments made through this DMP. I agree to monitor my statements from creditors to verify that payments have been received and to notify AMS of significant differences between balances on creditor statements and AMS statements. I understand that I have the right to review my file in the presence of an AMS staff member during regular business hours.
- I understand that although a counsellor may answer questions about bankruptcy, AMS does not provide legal advice. If legal advice is needed, I will seek appropriate assistance.
- I understand that AMS, at its discretion, may make changes to this agreement including increases in monthly administration fees, by giving 30 days’ notice.
- I understand that authorised AMS staff or others with legitimate authority to monitor AMS practises may review my file for quality, assurance, compliance and research purposes. If such a review should occur I understand that my identity will be kept confidential in any findings.
- I hereby agree to hold AMS, its employees, officers, directors and agents harmless from any claim, suit, action or demand made by any of my creditors or any other person, which in any matter may arise from any action or inaction taken by AMS, or my creditors, in connection with any services rendered by AMS on my behalf.
- I authorise AMS to pass on to my creditors any information that I have provided to AMS.
USAGE OF CREDIT
I hereby certify that all of my credit cards have either been returned to the creditor, lost, destroyed or handed into AMS for disposal. I voluntarily agree that I will not make / authorise any further transactions on the accounts. In the event that there is no balance on an account, I will request that the creditor closes the account. I further understand and agree that I will not apply for, nor will I ask anyone for more credit or take on any new debts without prior AMS approval whilst in the DMP. I confirm that I have been informed that my credit score / rating will be adversely affected when entering into a DMP.
COOLING OFF PERIOD
The client has seven days from the date on which they have signed this agreement to change their mind. If they do not wish to go ahead with agreement they must notify Assured Money Solutions Ltd in writing at 25 Clumber Street, Mansfield, Nottinghamshire, NG18 1NU. Consumer Credit Licence No. 632569 Data Protection No. Z1886642.