The terms and conditions contained herein form part of a Fixed Sum Credit Agreement (the Agreement) made between the borrower (hereinafter "you", "Your") and Global Kapital Finance Limited, trading as Kambo.io (hereinafter "we", "us", "our"). The agreement will become effective upon being signed by or on behalf of the parties referred to hereinabove.
We only approve your application for credit once we are satisfied that you can afford repayment of credit and the information that you gave us was true and accurate. Giving inaccurate information will lead to an unsuccessful credit application. Additionally, if you give inaccurate information, we may report you to credit reference and/or fraud agencies for further action.
By signing the agreement, you represent, warrant and confirm that:
You are at least 18 years old
You have not received or anticipating receipt of a notice whose effect is to adversely affect your employment status including but not limited to termination of employment or redundancy.
That you are not bankrupt and that you are not contemplating filing for bankruptcy.
That you have not entered into and are not contemplating entering into a scheme of arrangements with your creditors including but not limited to a debt management plan and an
individual voluntary arrangement.
You agree and undertake to pay your credit in the amount and on the date specified in your agreement (the "repayment date”). Unless you have made a separate arrangement for early or
late repayment whose effect is to vary the amount due on any repayment date, the amount due on the repayment date is the amount specified in your agreement.
Entering into the agreement constitutes your consent to us to collect the amount due on any repayment date by use of a Continuous Payment Authority (CPA) which amount will be
collected from the debit card that you provide to us for repayment purpose.
You acknowledge that we will make our first CPA collection attempt at 6am on the repayment date and you undertake to ensure that there will be sufficient funds in the account linked to
the debit card that you provide to us which can cover the amount due under the agreement.
Where our first CPA attempt fails, we will notify you via an SMS and send you an email detailing your credit repayment. In the next 14 days following such notification, we will expect you
to either make contact us, make repayment or make arrangement with us for a new repayment plan otherwise, we will make a second and final CPA attempt within the next 30 days
following the failed CPA attempt which may depend on your salary date as submitted during the application stage.
The amount due on a second CPA attempt will be the sum of the agreed repayment amount, and any missed repayment fee and interests already accrued on the principal. Interests
continues to accrue after the first and second CPA attempts. You can view the additional interest charged on the credit detail section of your credit and will be collected together with and
as part of the due amount.
After a second failed CPA collection attempt, we will not make any further CPA attempt except with your consent.
In any event, we will use CPA to collect the amount due on the repayment date if the previous CPA attempt was successful
Where you have provided us with details of more than one debit card, and our first CPA attempt fails, we may make any second CPA attempt and future CPA collections using a different debit card.
You are at liberty to cancel your CPA at any time provided that you will be required to make arrangement for an alternative mode of repaying your credit. Details of alternative
repayment methods are available on our website. You can also contact us through our telephone number +44 (0) 203 813 8485.
In the event that you are not able to pay the credit as per the agreement, you should contact us urgently either by sending an email to firstname.lastname@example.org or calling us on +44 (0) 203
813 8485. We will do our best to see whether we can agree on an alternative repayment arrangement that will be suitable for both of us.
Interest accrues daily on the amount of credit balance outstanding at the daily rate set out in your agreement.
Interest continues to accrue at the rate specified with the agreement until the principal amount is repaid. However, we do not charge interest on any accumulated interests or any missed
repayment fee. In any event, interest will stop accruing when the sum of interest and any missed repayment fee equals to the amount of credit initially borrowed.
If you do not repay the credit by 11:45 pm on the day following the specified date of repayment, you will be liable to pay a missed repayment fee. This fee is charged once per credit. Any
future missed repayments (following partial payment, in case credit is not paid in full) of the same credit will not attract any fee.
The credit section of our user panel will automatically update the amount payable under the agreement to include any missed repayment fee and interest. Therefore, whenever you query,
you will get to know the exact amount that is due.
Early Repayment and Termination of the Agreement
You may repay the entire credit or part of it earlier than required amount under the agreement. The effect of early repayment is to reduce the amount of interest payable under a credit
as this is calculated on a daily basis on the outstanding balance.
Any early or late partial repayment is allocated on your account in the following order:
Settlement of the principal amount due
Settlement of interests due
Settlement of any fee due
Once you make an early repayment, we adjust the amount that we collect via CPA on the repayment date to reflect the correct amount due from you as at such a repayment date. Upon
such adjustment, we send you an email notifying you the amount due for the repayment date. The amount may be collected via CPA or any alternative method agreed upon cancellation of
CPA by yourself.
Our policy is to send an email notification of the amount due on the repayment date which may be collected by CPA or any other method mutually agreed upon your cancellation of CPA.
We reserve the right to rescind the agreement and demand immediate settlement of the outstanding credit amount, fees and interests in the following circumstances:
Where you fail to pay the credit in time
Where we discover that you gave incorrect and/or inaccurate information which led us to give you credit
We have a reason to believe that you have you have persistently and/or materially broken the terms of the agreement
Where you die, are declared bankrupt or enter into a scheme of arrangement of whatever nature with your creditors.
Before making a demand for immediate settlement of the amounts due under the agreement, we will take all steps necessary for the protection of your interests in accordance with the law.
Use of your Personal Information
We are data controllers and entering into a credit agreement with us constitutes an express consent and authorization to us to deal with your information in any manner hereinafter detailed.
In addition to the information that you supply us during your credit application stage, we also collect your information from banks, credit reference agencies (CRAs) and fraud prevention
agencies (FPAs). Where we ask you for your account login credentials, we will not view or store such information. It will only be used by a third party (data aggregation service provider)
for the sole purpose of retrieving your account transactional data which will be shared with us to enable us assess your disposable income and ability to repay our credit.
We may use your personal data for, among other things, statistical analysis, evaluation of your disposable income, evaluation of your ability to afford the credit, for operation and
management of your credit account, development and improvement of our products, updating your records, in identifying which of our products may be of interest to you, assessing
lending and insurance risks; in identification, detection, prevention and tackling fraud, money laundering and any other related crime. We also use your information to conduct our
regulatory checks, help in compliance with our regulatory obligations, in recovery of any debt that you may owe us, for the purposes of keeping you informed of about your credit and for
purposes of market research.
We observe confidentiality of our clients' data and only use it in accordance with these terms and conditions and any other such conditions that may be relevant to your credit application.
Some of the third parties that we may disclose your information to include our agents, subcontractors, and any other third party acting for us to apply the same for the purposes of proper
operation of our lending business and to obtaining payment. We may also share your information with CRAs and/or CPAs to help in prevention and detection of fraud.
Upon submitting your credit application to us, we check a number of records including but not limited to our own records, records of CRAs and records of FPAs.
Once we submit your information to a CRA, what happens is that they place a search footprint on your credit file that may be viewed by other lenders and financial institutions. The CRA
also supplies us with shared credit and fraud prevention information as well as any other useful private or public record such as the electoral register.
Upon our receipt of your information, we check a number of things including the assessment of your credit application and the verification of identities in order to prevent and detect
crime and money laundering. We may occasionally make searches at CRAs and FPAs as a way of managing your account with us. You need to note that our receipt of mass applications
within a short time may affect your chances of obtaining credit from us, notwithstanding that we have approved your application or not.
The information that you give during the application process will be shared with CRAs and FPAs that records the same.
If you borrow from us, we usually give CRAs the details of each of your credits under the various agreements as may be applicable and how you manage them. In case you borrow and do
not repay as agreed, CRAs will record this fact including the amount that you have failed to repay. The information held by CRAs may be shared with other organization that may be
relevant or interested in the same for the purposes of assessing your credit suitability and tracing you to recover any debt that you may be owing them. Whether you settle your credit as
agreed or not, your record remains in the file for 6 years after the file has been closed.
Arrears/arrearage refers to the part of a debt that becomes due when one misses one or more required payments. When the 90th day since the repayment date became due passes with
the credit still unsettled, the debtor is said to be in default. At this stage, three arrears (including the one that falls due on the 90th day) have accumulated. Please take note of the following:
If you do not repay the credit within 30 days after the date of repayment, we will report your credit to CRAs as "first arrears."
If you do not repay the credit within 60 days from the date of repayment, we report your credit to CRAs as "second arrears.”
If you fail to settle the credit 90 days after the repayment date, we will mark your credit as "default” and report the same to CRAs.
No arrear or default will be recorded in your credit reference file before we have given you a prior notice of the intention to do so.
Where, during the application process, you supply false or misleading information and we identify or reasonably suspect fraud, we will record this fact and may pass the information to
agencies that deal with the prevention of crime and fraud including FPAs.
Just like other organisations, we may access and use information recorded by FPAs in other countries. In some instances, we may share your personal information with institutions in
countries whose data protection laws may be less strict that those of the UK. In such a case, we undertake to ensure that your personal data is held and treated in accordance with
standards at least as good as may be available in the UK and further that such data will be used only for the purposes set out in these Credit Terms and Conditions.
Other than as agreed in these terms and conditions, your data may not be used for any purpose without your consent, unless in very rare circumstances, when required by law or the use is
permitted under the Data Protection Act 1998.
The Data Protection Act 1998 gives you the right to access certain categories of your personal records that CRAs, FPAs and ourselves may hold. To exercise this right, you should request
for the records in writing and in the event you want certain information from us, kindly email us through email@example.com.
In case of any complaint, you can call +44 (0) 203 813 8485 or email firstname.lastname@example.org. You may also deliver a hard copy of your complaint to Global Kapital Finance Limited, Bevis
Marks House, 24 Bevis Marks, London EC3A 7JB. If you are not satisfied with how our Customer Accountant Managers handle your complaint, you may raise the complaint with the
Financial Ombudsman Service at Exchange Tower, London E14 9SR. Website: financialombudsman.org.uk
You also have the right to submit your complaint to the Online Dispute Resolution Platform at http://ec.europa.eu/consumers/odr/.
You accept that notice shall be effective notice under this agreement if it is sent to you via the email address that you provide during the credit application process or as may be updated
with us from time to time. We may also serve you notice through your online Kambo account, in which case, we will also send you an email prompt to refer to your online account. You
also agree that we may effectively serve any notice or demand on you personally or send it to your last known address.
A proper notice to us must be in writing and sent via email to email@example.com. Alternatively, you may send a hard copy to our physical address; Global Kapital Finance Limited, Bevis
Marks House, 24 Bevis Marks, London EC3A 7JB.