Loan Terms and Conditions

  1. Parties

This Agreement is made between Number One Police Credit Union Limited, trading as No1 CopperPot Credit Union, and the Borrower named on the Loan Agreement. No1 CopperPot’s registered office is Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, SK8 3GX. PRA Number 213301.

 

  1. Payments

You agree to pay No1 CopperPot the total amount payable for the Loan shown in this Agreement, by paying the monthly instalments on the dates shown. If any payment falls on a Bank Holiday or weekend, then the payment will be made on the next business day.

 

  1. Interest
    • Interest will be calculated on a reducing balance basis and paid at the same time as the monthly loan installment.
    • The total amount payable and the APR shown assume that payments are made at the agreed time and the Agreement is not terminated early.

 

  1. Statements

You will receive a statement of your account once a year.

 

  1. Early settlement

You have the option to make an early partial or full repayment of your loan at any time during the term. No penalties or fees would be incurred in doing this however you would be required to pay any accrued interest.

 

  1. Variation of terms and conditions

We may make changes to this Agreement at any time to comply with changes in laws and regulations with which we seek to comply with. We will give you 30 days’ notice before making any changes.

 

  1. Information

You should inform No1 CopperPot immediately of any material change to your financial circumstances, which is likely to affect your ability to repay your loan, or if you give or receive notice of termination of your employment.

 

  1. Default

If you fail to pay any amount due under this Agreement, or breach the terms of this Agreement in some other way, we will seek to enforce our legal rights under the Agreement. Any reasonable costs, charges, and expenses of whatever nature, incurred by No1 CopperPot as a result of enforcing this Agreement, will be added to your liability on an indemnity basis.

 

  1. Termination on default

We may terminate the Loan Agreement and demand immediate repayment of all sums due in respect of the Loan Agreement after giving any written notice required by law if:-

9.1          You fail to make payment of any amount due to No1 CopperPot or in any material respect to keep any part of the Loan Agreement.

9.2          You become bankrupt or make or seek an arrangement with your creditors, or an interim order shall be made under section 252(1) of the Insolvency Act 1986 in relation to you, or if any steps or proceedings shall be taken which may lead to the occurrence of any such matters.

9.3          You are the subject of a court action which has the effect of taking away from you control of the whole or a substantial part of your assets.

9.4          Your employment ends for whatever reason.

9.5          You have deliberately given false or inaccurate information in connection with the Loan Agreement and/or other Credit Agreement with No1 CopperPot.

You agree to advise No1 CopperPot immediately in the event of any of the circumstances set out above.

 

  1. Set Off

10.1        In the event of termination or default, we are entitled to repayment of the whole sums due under the Loan Agreement.

10.2        We may use any credit balance on any other Account you hold with No1 CopperPot to reduce or repay any sums you fail to pay under this Agreement. We will only take this step after giving you reasonable opportunity to remedy the breach.

10.3        If you are an employee of an employer within the Common Bond of No1 CopperPot and have failed to pay any amount due to us, you authorise your employer to deduct, on the termination of your employment for whatever reason, any amount due and payable to us from your final wage or salary, including from any redundancy money or expenses which are due to you, and pay such amounts to us.

10.4        We may pass information about the amount you owe to a credit reference agency. Credit reference agencies record this information and companies may use it to assess any future loan/credit applications you might make. This may affect your ability to obtain credit.

 

  1. Data Protection

No1 CopperPot is the data controller of the information provided on your Loan Application and Agreement in terms of the Data Protection Act 2018. In processing the Application this information may be disclosed to recognised credit reference agencies for credit checking. These agencies record this check, which may affect your credit rating.  This information may also be shared with our regulators and auditors, for fraud prevention and for debt recovery purposes, if necessary.

 

  1. How we will use your information

12.1        No1 CopperPot Credit Union takes your privacy very seriously and will never disclose, share or sell your data without your consent, unless required to do so by law. We only retain your data for as long as is necessary and for the purpose(s) specified in our Privacy Notice.  Where you have given consent for us to share information about our products and services, this can be withdrawn at any time. All third parties used by the Credit Union only process your data in accordance with instructions from us and comply fully with our Privacy Notice, the data protection laws, and any other appropriate confidentiality and security measures.

12.2        Under the Data Protection legislation you can make a written request for a copy of the records we hold about you. This will be completed within 1 month of receipt and are provided free of charge, in most cases. If the request is manifestly unfounded or excessive we may charge a ‘reasonable fee’ for the administrative costs of complying with the request. We may also charge a reasonable fee if an individual requests further copies of their data following a request.  Any fee will be based on the administrative costs of providing further copies.

 

  1. Complaints

If you wish to make a complaint you can contact us by telephone on 0161 741 3160, by e-mail at info@no1copperpot.com, or in writing to Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, Stockport, SK8 3GX.  We will always do everything we possibly can to sort out the problem.  We will send you a written acknowledgement within 3 working days and keep you informed on our progress until your complaint has been resolved.  The maximum timescale for a final response is 8 weeks and if, for any reason, it takes longer than this we will keep you fully updated.  If you do not feel you have been treated fairly you have the option to refer to the financial Ombudsman Service.  For more information about the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.

 

  1. Applicable Law

The Loan Agreement and terms and conditions are governed by the law of England and Wales.