Enjay Debt Management
Terms and Conditions
1. Definition of Terms
“Agreement” means these Terms and Conditions.
“You” and “Your” means our client(s) whose details are recorded on the Letter of Authoity.
“Us”, “We” and “Our” means Enjay Ltd Trading as Enjay Debt Management Registered Office: 79 Mawney Road, Romford, Essex, RM7 7HX. “Creditors” means any and all of lenders with whom you hold unsecured credit and whose details you will provide to us in accordance with section 3.
“Monthly Payment” means the payment you make to us each month in accordance with your Debt Management Plan. If you make weekly payments the monthly payment is calculated by multiplying your weekly payment by 52 and then dividing it by 12.
“Debt Management Plan” means a plan of repayments produced by us in accordance with section 4.2.
“Period” means the period during which the Debt Management Plan is in operation.
“Fees” means the fees to be paid by you to us in accordance with the Debt Management Plan and as shown in Section 5.
“Letter of Authority” means the form you sign agreeing to these terms and conditions and giving your creditors authority to engage with us.
2.1 You request us and we agree to provide you with a debt counselling advisory and adjusting service in accordance with these terms and conditions. You authorise us to negotiate on your behalf with your creditors. This Agreement shall continue until final repayment of the Creditors is made in accordance with the Debt Management Plan, unless it should have been terminated beforehand in accordance with section 6.
3. Your responsibilities
3.1 You will provide to us on request with information relating to your finances. This will include but will not be limited to details of your income and expenditure, your Creditors and any Agreements you have with them, any loans or mortgages you have, your dependents and any judgements made against you or any other enforcement action being taken against you.
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 pass copies of all correspondence from your Creditors to us and keep us informed of any dealings you have with any Creditors, whether we are negotiating with them or not. Once the Debt Management Plan has been agreed, you will not make any unnecessary expenditure over and above your reasonable living expenses as calculated in the Debt Management Plan. You will not use your credit cards nor incur further debts.
3.4 You will consult with us in relation to your Debt Management Plan of repayments and in relation to any alterations to it 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 Plan 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, HP Agreement, credit card or any other form of credit.
3.7 If you do not maintain regular payments we will suspend any action and payments on your account. Your Creditors may have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action against you for which we cannot be held responsible.
3.8 You remain responsible for continuing to pay any secured loans, mortgages or Hire Purchase Agreements and all household bills (including insurances).
4. Our responsibilities
4.1 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.
4.2 In consultation with you we will produce a Debt Management Plan by which you can pay off your creditors out of your disposable income at rates you can afford. The Debt Management Plan 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.
4.3 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 Plan and we shall ensure that the payments that we agree with your Creditors on your behalf do not exceed your disposable income (less our fee) as calculated by us for the same period.
4.4 We shall attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges and that they suspend or withdraw debt collection action and/or action issued in connection with your Agreements with them. We cannot guarantee to stop legal action by your creditors.
4.5 We shall make payments to your Creditors in accordance with the Debt Management Plan.
4.6 The payments made to your Creditors will be reflected on the annual statement you will receive from Us. A full breakdown of all payments we have made can also be obtained on request.
4.7 We will review your financial circumstances at least once a year and propose changes to your Debt Management Plan to reflect any changes in your circumstances. We will also review your Debt Management Plan if requested to do so by You or Your Creditors.
4.8 All payments to us will be made into our client account, which is held separately to our business accounts and cannot be used by Us except for distributing money to Your Creditors and for payment of our Fees.
4.9 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 Plan.
5 How are we be paid
5.1 During the first six months of the plan we will retain 35% of your Monthly Payment subject to a maximum fee of £200 per month. The remaining balance will be paid to your Creditors.
5.2 From month seven we will charge a monthly management fee of £30 per month or 30% of your Monthly Payment whichever is lower.
5.3 If no payment is received from you for 90 days or over, we will charge a further Initial Fee when you rejoin the programme and monthly management fees will apply thereafter (as 5.1 & 5.2)
6 How the Agreement may be cancelled or changed.
6.1 You can cancel this Agreement within fourteen days starting from the day after you signing our Letter of Authority. Cancellation is without charge. If you have already made payments to us within this fourteen day period we will return your payments, less any amounts that have already been paid to your Creditors.
6.2 After the initial 14 day cancellation period you may end this Agreement by giving us four weeks’ notice in writing.
6.3 We may end this Agreement by giving you four weeks’ notice in writing if You breach this Agreement and do not remedy the breach within seven days of our bringing the breach to your attention; a bankruptcy petition is issued against you, You enter into an Individual Voluntary Arrangement / Trust Deed, where the information provided to us is knowingly incorrect, the information provided by you at the time of acquiring a loan (HP Agreement, credit cards or any other form of credit) is deemed incorrect or fraudulent by any creditor; or if circumstances beyond our control prevent us from providing the services under the Agreement.
6.4 We may vary this Agreement from time to time to reflect the increased cost of providing the service to You, to reflect changes or perceived changes in legislation, taxation or regulation, as a result of decisions made by the Financial Ombudsman Service or to make a term more clear.
6.5 We will always give You at least four weeks’ written notice of any changes before they take place. You will be free to end the agreement and You will have no amount to pay under the Agreement.
7.1 If you are not satisfied with any aspect of our services then you can submit a complaint to us in one of the following ways:
By email to firstname.lastname@example.org, by telephone on 01708 854200 or in writing to Enjay Debt Management, Hall farm Nursery, Church Lane, Upminster, Essex, RM14 3QH.
We will acknowledge your complaint within 5 business days and undertake a thorough investigation. We will write to you to confirm the outcome of our investigations and if you are not satisfied with our response, or you have not received this within 8 weeks of us receving your complaint, you can refer it to the Financial Ombudsman Service. You can contact the Financial Ombudsman Service as follows: Financial Ombudsman Service, Exchange Tower, London. E14 9SR. Telephone 0800 023 4 567, Email email@example.com.
Enjay Debt Management is a trading name of Enjay Limited which is authorised and regulated by the Financial Conduct Authority.