This document sets out in terms what we say we will do for you when we manage your unsecured debt problems and what you need to do during your plan to ensure that it runs properly. If there is anything contained within this document that you do not understand, or if you would like to discuss matters further or have something explained to you, then you should contact us as soon as possible.

 

What we will do for you during your plan:

  1. We will carry out a full assessment of your personal circumstances and your financial situation.
  2. Based on the conclusion of this assessment, which is reliant upon the information that you supply to us, we will identify solutions which may lead to the resolution of your financial issues and we will advise you which of those we feel could be the best for you, the aim of doing this is to enable you to make an informed decision about which is the most suitable solution for your circumstances.
  3. We will communicate with your creditors and ask them to deal with us on your behalf. We will also ask them to freeze the interest on your account and to suspend collections or legal activity. We will also ask them to stop charging you any additional charges. We cannot guarantee that creditors will do this but often they will whilst payments are being made to them.
  4. When you make your monthly payment to us we will keep this money in a separate client bank account that is safeguarded by an insurance policy which protects the money in it. When you pay your agreed monthly payment to us, we will send this money to your creditors usually within 5 working days of receiving it. The monies that we send to your creditors, will be the amount that we account for taking into consideration our fees, but we will not take our fees until we have made a distribution to your creditors. If you pay us weekly or twice monthly or an amount that is not equal to your monthly disposable income, we will hold this money until we have amassed an amount of money which is equal to your monthly disposable income. As such we will not pay the money to your creditors until we have amassed a full monthly disposable income amount.
  5. During the course of time when we act on your behalf you may ask us to negotiate with creditors in order to achieve a full and final settlement of one or all of your debt. In those circumstances we may need to hold your money in our client account for longer than 5 working days. By signing this document, you are consenting to the fact that we can hold your money for longer than the 5-day period.

 

What you are expected to do throughout the duration of your plan:

  1. Make your monthly agreed payment to MPG on the date we agree with you. If you fail to make a weekly/monthly payment to us, then we cannot make a payment to your Creditors and we reserve the right to issue to you a Notice of Termination of the agreement. In such circumstances any agreements and/or concessions that we have agreed with your Creditors are liable to lapse. As this is not in your best interests, if you believe that you cannot make your payment on the agreed date then you should contact us without delay so that we can advise you of what steps you and we can take in such circumstances. If we have to send you a Notice of Termination, then we will at the same time inform your Creditors that we can no longer act on your behalf.
  2. Inform MPG as soon as possible if your personal circumstances and financial situation changes for the better or worse.
  3. Respond as soon as possible to MPG when we send you any letter, texts, emails or telephone calls, as we may need to discuss important information relating to your debt management plan.
  4. Cooperate with us when we need to carry out your annual review, and make sure that you make yourself available for your annual review which will normally take about an hour of your time each year.

 

Our Fees

  1. As we are a commercial entity we will charge you a fee for the work that we do on your behalf. The fees that we will charge will have been communicated to you over the telephone during your initial assessment and in writing.
  2. In relation to the work that we carry out on your behalf and the fees that we charge you, we will only be liable to refund fees, if you cancel the contract within 14 days of taking it out. This is called the “Cooling Off” period. The 14 days that make up the “Cooling Off” period will commence with the date that our agreement commences which will be the date that you requested us to begin carrying out our service for you.

 

Our Regulatory Position

  1. We are authorised and regulated by the Financial Conduct Authority. You can check our permissions on the Financial Services Register on the FCA website.

 

Termination

  1. You can terminate this contract at any time. There is no notice period required to do so. There is no termination fee chargeable by us for doing so. If in the unlikely event that we are still holding money of yours at this point we will refund this to you unless we are already in the process of paying it to your creditors.
  2. We will have the right to terminate this contract if you fail to cooperate with us in the setting up of your plan, in relation to the operation of it or with the annual review that we must carry out. In addition, we will have the right to cancel this contract if we identify that the information that you have given us is false. Where we intend to terminate your plan we will not do so until we have given you 30 days’ written notice. By written notice we mean either the sending of a letter to you or an email, sent to an email address that we hold for you which does not return an undeliverable message back to us.

 

Personal data and data protection

  1. We will process your data in accordance with the Data Protection Act 1998 and other associated legislation which we must comply with.
  2. There may be occasions when we believe that it would benefit you to be contacted by a 3rd party company that sits outside of our group or another company within our group. By signing these terms and conditions you are accepting that we can pass your information onto such an entity. If you would prefer that we do not then please inform us of this
  3. You have the right to see any personal data that we hold about you. If you would like to see a copy of this information then please submit a Data Subject Access Request to our office address, for the attention of the Compliance department, enclosing the required fee of £10.

 

Complaints

  1. If you would like to make a complaint you can contact us by telephone on 0800 988 2318 (calls are free from a UK landline and mobiles). Alternatively you can email complaints@moneyplus.com or write to us at MoneyPlus Group, Complaints Department, Riverside, New Bailey Street, Manchester, M3 5FS. We will assess your complaint and we will try to do everything that we can to resolve it as quickly as possible. For more information about our complaints process, please visit our website www.moneyplus.com/contact-us. If you are not satisfied with our response or if we fail to respond to you within eight weeks you have the right to refer your complaint to the Financial Ombudsman Service, free of charge. You can find out more about the Financial Ombudsman Service on their website www.financial-ombudsman.org.uk.

 

Variations

  1. At some point we may have to change these terms and conditions. If we do so we will send you notification and/or access to the changes. Before we make such changes we will give you 14 days’ notice. If you do not wish to accept the proposed changes then you can exercise your rights to cancel the agreement under clause 13 above.

 

Need any extra help?
Contact MoneyPlus Group on the below details:
MoneyPlus Group Ltd
Riverside
New Bailey Street
Manchester
M3 5FS

Email: info@moneyplus.com
Telephone: 0800 988 2318
Portal Link: portal.moneyplus.com

 

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