Terms & Conditions

 

Lender Terms and Conditions April 2016

IT IS IMPORTANT THAT YOU UNDERSTAND THE FOLLOWING RISK WARNING AND THAT YOU READ THESE TERMS CAREFULLY:

  1. RISK WARNING
  • Business lending is not covered by the Financial Services Compensation Scheme (FSCS). Consequently your capital may be at risk if a Borrower fails to repay a Loan that you have participated in.
  • You should seek independent financial and tax advice when considering whether to lend your funds through MoneyThing.
  • We do not provide any advice, nor do we make any recommendations to our Lender Members. We solely perform, on an “execution only” basis, assignment of lending arrangements from business Borrowers to you at your request.
  • It is your responsibility to assess whether MoneyThing is suitable or appropriate for your needs and any decision made to use our Services is done so entirely at your own accord.
  • Please be aware that acceptance as a Lender Member of MoneyThing does not imply that we have confirmed that our Services are suitable or appropriate for you.
  • You should consider whether our lending Services meet your acceptable risk levels and investment objectives and you should only commit such funds for which you are able to financially bear the risk of loss considering all other financial commitments.
  • By using our Services you confirm that you have the necessary experience and knowledge in order to understand the risks involved in the transaction or are able to take advice from a relevant qualified investment professional or advisor to assist your understanding of the risks involved.
  1. INTRODUCTION
    • This agreement outlines the terms and conditions (“Terms”) between you and MoneyThing (“we”, “us”) and forms the basis of your relationship with us and the terms on which you will participate in Loans.
    • Your agreement to these Terms shall be indicated by way of acceptance via our online application system or Platform, by acceptance upon making a Loan Commitment, by signature at the bottom of this agreement or any other conduct consistent with your acceptance of these Terms. You must read these conditions carefully before agreeing and retain a copy for future reference. Please refer to clause 26 for information regarding amendments to the Terms.
    • Where we have published a document which is referred to within these Terms (such as a policy statement), the content of the document shall also form part of this agreement and shall be deemed as being accepted by you. In the instance of any inconsistencies or contradictions between these Terms and a document referenced within them, the meaning taken from the Terms shall prevail.
  2. DEFINITIONS

The following definitions should be read carefully as they provide important explanation and guidance on interpretation of the language used in this agreement.

Borrower: an individual or legal entity that has registered and been approved by us as a borrower.

Business Day: a day (other than a Saturday and Sunday or Public Holiday) when banks in England and Wales are open for business.

Client Money Account: a bank account where cleared funds which you deposit with us as a potential lender are held on your behalf to enable you to make a Loan.

Default Event: means the failure of a Borrower to comply with the terms of a Loan Agreement.

Information: any of the information that can be viewed or downloaded from the Website (including the Platform) and includes, but is not limited to, data, pricing information, Terms, images, reports, policies and software. It also includes our copyright, Intellectual Property Rights, Information Technology or other commercially valuable property.

Information Technology: all computer hardware (including network and telecommunications equipment), databases, and all computer software (including the Platform or any software required for the Platform) owned, used, leased by us.

Intellectual Property Rights: all patents, rights to inventions, copyrights and related rights, trade marks, business names and domain names, rights in get up, goodwill and right to sue for passing off, database rights, right to use, and protect the confidentiality of, confidential information, and all other intellectual property rights, whether registered or unregistered, including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim property form, such rights and all similar or equivalent rights or forms of protections which subsist or will subsist now or in the future in any part of the world.

Lender Member: a person who has completed the registration process to use the Platform and has been accepted by us for membership.

Lending Opportunity: an opportunity for Lender Members to participate in a Loan, the details of which (including the amount, duration and interest rate of the Loan together with brief background information) are made available via the Platform, which a Lender Member may choose to accept through the Platform and enter into a Loan Commitment in respect of such Loan.

Loan: a loan to a Borrower in which you are allowed to participate through the Platform.

Loan Agreement: any loan agreement under which we (as first lender) agree to make a Loan to a Borrower.

Loan Assignment: the process of assigning or re-assigning (as applicable) the total or partial benefit of a Loan Agreement to a Lender Member, where the total or partial benefit being assigned/re-assigned shall be equivalent to the amount of capital that the Lender Member has committed to lend to that Borrower, in accordance with the Loan Commitment.

Loan Commitment: the binding commitment from a Lender Member to participate in a Lending Opportunity through our Platform for which the Lender Member has sufficient funds in our Client Money Account.

MoneyThing: Capital Mortgages Direct Limited, whose registered office is 39 Church Crescent, Whetstone, London, N20 0JR. Company Registration Number 05254797. MoneyThing Limited is the holder of an interim Consumer Credit Licence and is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 562505 and is additionally registered with the Office of the Information Commissioner (registration number: Z887547X).

Platform: the internet marketplace operated by us at www.moneything.com for the purpose of marketing loans for re-assignment.

Repayment: each repayment due and payable by a Borrower under a Loan Agreement.

Security: any mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment by way of security or other security interest, approved by us (and by an independent surveyor in the case of commercial and residential property assets) which a Borrower provides in order to secure a loan.

Security Trustee: MoneyThing (Security Trustee) Limited a company incorporated and registered in England and Wales with company number 09933277 whose registered office is at 39 Church Crescent, London N20 0JR, or any other person we nominate at our sole discretion.

Service Providers: third party suppliers who provide either a service or product to us which is used by us to provide the products and services that we offer to you. Such Service Providers include credit reference agencies, online identification verification software, banking applications and the technology that supports the Website and Platform.

Services: the services offered to you through the Website or Platform.

Website: our main website which can be found at: www.moneything.com

  1. INTERPRETATION

In this agreement the following rules of interpretation shall apply:

  • Clause and paragraph headings shall not affect the interpretation of this agreement;
  • a reference to a person shall include a reference to an individual, firm, company, corporation, partnership, unincorporated body of persons, government, state or agency of a state or any association, trust, joint venture or consortium (whether or not having separate legal personality) and that person’s personal representatives, successors, permitted assigns and permitted transferees;
  • unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular;
  • unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.
  1. LEGAL & REGULATORY
    • com is a trading name of Capital Mortgages Direct Limited, registered in England & Wales in 2004. Registered office is 39 Church Crescent, Whetstone, London, N20 0JR (Company No. 05254797).
    • Capital Mortgages Direct Limited is (interim) authorised and regulated by the Financial Conduct Authority (No. 562505). Capital Mortgages Direct Limited is not covered by the Financial Services Compensation Scheme.
    • We are registered with the Office of the Information Commissioner (registration number Z887547X).
    • We are required to inform you of the measures we take to ensure that any Loan Agreements in which you participate continue to be managed and administered, in accordance with the terms of the Loan Agreements and these terms, if we cease to operate the Platform. At all times we manage our Loans in such a way to ensure that income we earn from Loan Agreements is sufficient to cover our costs of managing and administering those Loan Agreements during any winding down process, taking into account the reduced number of Loans and reduced fee income from them.
  2. BASIS OF AGREEMENT
    • These Terms constitute the terms on which you agree to lend money to third party Borrowers though our Platform, subject to the additional terms which may apply to each Lending Opportunity.
    • These Terms constitute the entire agreement between you and us. You acknowledge that you have not relied on any statement, promise, representation, assurance or warranty made or given by or on behalf of us which is not set out in these Terms.
    • Any valuations carried out by independent surveyors (in the case of commercial and residential property assets only) or any assessments by us are provided for the assessment of potential Borrowers and their proposed Security. Such valuations and assessments are for our benefit as initial lender only and shall not form part of any contract between you and us or have any contractual force.
    • These Terms apply to any Services we provide to you, to the exclusion of any other terms that you seek to impose or incorporate, or which are implied by trade, custom, practice or course of dealing, save where any such terms are agreed by the parties in writing.
  3. YOUR REPRESENTATIONS & WARRANTIES

Representations and warranties are statements and promises made by you to us upon which we rely on being accurate in our dealings with you. Therefore, you make the following representations and warranties to us at the time of entering into this agreement and every time you use the Platform or our Services or upon entering into a Loan Commitment:

  • You are over the age of 18 years;
  • You have the capacity to enter into this legal agreement and are of sound mind;
  • You confirm that all personal information that you provide about yourself is accurate and true to the best of your knowledge;
  • You hold a bank account in your own name and will use this account to transfer money to MoneyThing.com’s Client Money Account and any Repayment of principal or interest will be repaid to this account, except where agreed otherwise with us;
  • You have carefully considered the risks involved with using our Platform and also the risks associated with business lending, including but not limited to, the possibility of losing the money you lend;
  • You will only ever lend your own funds through our Platform unless you are authorised to deposit funds on behalf of a third party (“Third Party”), in which case you may do so only with our express consent. We may request that you provide written authorisation from the Third Party confirming you have the necessary authority to deposit and lend funds;
  • You will notify us if you hold a Consumer Credit Licence issued by the Financial Conduct Authority;
  • If you are registering as a Lender Member or accepting these Terms on behalf of a legal entity such as a company, trust or partnership, you must confirm to us that you are legally authorised to do so and we may request evidence of such legal entitlement (by way of a copy of any document which shows the valid and subsisting authorisation);
  • You (as an individual or legal entity) are only entitled to register as a Lender Member once with us and therefore you may only hold one balance in MoneyThing.com’s Client Money Account. Where you have registered as a Lender Member in your personal capacity and are seeking to register as a Lender Member on behalf of a separate legal entity or a Third Party you must disclose this to us;
  • By entering into this agreement, you are not breaking any laws or regulations that are applicable to you nor is any company, trust or partnership upon whose instructions you are acting;
  • If you are not a resident of the United Kingdom, you shall be solely responsible for ensuring that using the Platform or making a Loan Commitment does not violate any laws or regulations applicable in your country of residence.
  1. RISK ACKNOWLEDGEMENT
    • Further to clause 5, you acknowledge and confirm that you have carefully considered the risks involved in lending your money through our Platform and that your participation in any Loan is entirely at your own risk.
    • You understand that you risk losing any funds which have been loaned, in circumstances where a Borrower in whose Loan you have participated defaults on its Repayments, and we shall have no liability to you for any such loss.
    • You acknowledge that by entering into a Loan Commitment you are engaging in business lending and that at no time shall you, as a Lender Member, be investing money in MoneyThing.
    • You acknowledge that lending activities through the Platform are authorised and regulated by the Financial Conduct Authority.
    • You understand that your capital is at risk and is not protected by the Financial Services Compensation Scheme (www.fscs.org.uk) and as such if a Borrower, in whose Loan you have participated, fails to make Repayments there is a risk you could lose some or all of your money. You also understand that where MoneyThing (or the Security Trustee) holds Security on your behalf (in respect of the Loan in which you have participated) reasonable efforts will be made by us to recover any outstanding monies on your behalf (less all costs of enforcement) and/or to enforce any Security where necessary. In any such instance, you are aware that the recovery process may result in some delays in returning any monies due to you and that you may only recover part of the amount of your Loan Commitment.
    • You acknowledge and confirm you have made your own independent decision to enter into a Loan Commitment and your decision is based on such information as you deem appropriate under the circumstances and is without reliance upon us, our officers, agents or employees. You further confirm that neither we nor any of our officers, agents or employees have offered (and you have not received) any investment advice from us relating to the suitability of any of the Lending Opportunities listed on our Website or Platform and therefore your participation in any lending activity through our Website or Platform is entirely at your own risk. If you are in any doubt we strongly recommend that you seek independent advice from an authorised and approved financial advisor.
  2. PLATFORM ACCESS & USE
    • The Platform and Website is at all times subject to our Website Terms of Use as updated from time to time.
    • Secure access to the Platform is provided by way of your username and password. These login credentials are unique to you and are our primary method of securely identifying you when delivering our Services to you. It is therefore extremely important that you keep your username and password secure at all times and do not store them on a device or computer that would permit someone else to impersonate you.
    • If you suspect that your secure access to the Platform has been compromised in any way you must contact us immediately.
    • You confirm that you will not provide your username and password to any third parties. If you breach this clause then you shall be responsible for any actions performed on your account by the third party.
    • You confirm that you will only use our Platform for the purposes set out in these Terms.
    • You will not attempt to gain unauthorised access to the secure areas of the Website or Platform and furthermore you will not attempt to use code or software to manipulate or automate functions available on our Website.
    • You understand that we may store your IP address information and may monitor your use of the Website in accordance with our cookie policy (as updated from time to time).
    • The Platform opening hours are decided by us and may be varied without notice.
    • We have the right not to act on your instructions under the following circumstances:
      • in our reasonable opinion we deem that your instruction was not sufficiently clear to act upon;
      • we could not verify your identity to our reasonable satisfaction;
      • the instruction was not made by you; or
      • we believe that the instruction may be related to an illegal activity.
    • You are responsible for any telecommunication costs, broadband fees or data charges that you incur though your access to the Platform.
  3. LENDING
    • You acknowledge and confirm that when you participate in Loans through the Platform you are lending to a Borrower via business lending and are not lending money to MoneyThing.
    • You hereby irrevocably appoint us as your agent to perform the following duties for as long as any of your Loan Commitments remain outstanding:
      • To communicate your Loan Commitments to the relevant Borrowers;
      • To procure the assignment or re-assignment (as applicable) of the partial benefit of any Loan Agreement to which your funds have been allocated. The partial benefit being assigned to you shall be equivalent to the amount of your capital that has been allocated to the relevant Loan in accordance with the terms of your Loan Commitment;
      • To enter into negotiations and make agreements on your behalf relating to the individual terms of any Loan that is (wholly or partly) assigned or re-assigned (as the case may be) to you provided that you do not receive less interest or enter into a longer term than was agreed at the time you participated in the relevant Loan by way of your Loan Commitment;
      • To manage the recovery processes where any Borrower has failed to make payments to you under any Loan Agreement or where a Default Event has occurred. As part of this recovery process you authorise us to sub-contract this process to a third party to act on your behalf;
      • You agree that any Security provided by a Borrower in whose Loan you participate shall be held by us or the Security Trustee and we or the Security Trustee shall be entitled to enforce the Security on your behalf where necessary; and
      • You agree that we or the Security Trustee shall be appointed to act as your agent in relation to the Loan Agreement for the purpose of enforcing or procuring the enforcement of any Loans. Where there has been a Default Event, we or the Security Trustee shall be authorised to issue recovery proceedings against the Borrower on your behalf.
    • Before you can make a Loan Commitment you must have cleared funds in our Client Money Account. You can send funds to our Client Money Account by bank transfer. All funds must be sent from a bank account in your name. Once the funds have cleared, you will see the balance available on the Platform.
    • In order to lend your money using the Platform you must make a Loan Commitment. Each Loan Commitment represents your commitment to allocate a specific sum to participate in a specific Loan subject to the terms of the applicable Loan Agreement (including its duration). You can make as many Loan Commitments as you like subject to you having sufficient cleared funds in our Client Money Account.
    • Subject to clause 14, Loan Commitments are irrevocable and may not be withdrawn once submitted over the Platform.
    • Once your money has been allocated to a specific Loan, you are bound by the terms of the Loan Agreement with the relevant Borrower for the full term of that Loan as set out in the Lending Opportunity. In particular, you cannot sell or otherwise re-assign your interests in any Loan until and unless:
      • The benefit of the full amount of the Loan has been assigned to Lender Members by us or the Security Trustee; and
      • There exists a Lender Member willing to participate in the Loan in your place and to have your interests in the Loan re-assigned to him.
    • When entering into a Loan Commitment, you expressly authorise us to allocate your money to a Borrower by way of procuring a Loan Assignment.
    • On entering into your Loan Commitment, the fixed rate of interest which you accepted as a term of the Lending Opportunity shall be stated and this rate of interest shall remain in place for the duration of the relevant Loan.
    • Interest on any Loan shall start to accrue on the day that you make the Loan Commitment. Payment of interest shall be in accordance with clause 13.
    • All of your Loan Commitments are visible to you within the My Account section of our Platform. You can also view how much of your Loan Commitment is actually on loan at any one time from within this section.
    • You agree that all Loan Commitments that you enter into through the Platform can be repaid early without notice and we have the right to repay your capital and accrued interest into our Client Money Account at our absolute discretion without prior notification.
  4. LOAN ASSIGNMENTS

In accordance with clause 10, where you have entered into a Loan Commitment we are irrevocably authorised to allocate your money to the relevant Borrower and Loan by way of procuring one or more Loan Assignments, subject always to the terms of the Loan Commitment.

  1. CLIENT MONEY ACCOUNT
    • Our Client Money Account is provided as a short term facility to hold any funds you wish to have cleared and ready to be used when entering into a Loan Commitment. The Client Money Account allows you to enter into a Loan Commitment on demand and with minimal delay. It is provided to you as a convenience and it is not intended to be a service in its own right.
    • All client money held in our Client Money Account is held in a segregated, non-interest bearing bank account and is recognised as client money.
  2. INTEREST PAYMENT POLICY
    • You shall start to accrue interest once you enter into a Loan Commitment. The rate at which interest shall accrue shall be the rate contained in the relevant Loan Commitment. You acknowledge that no interest will be paid to you in the event that the relevant Borrower defaults in making interest payments under the relevant Loan.
    • You can view how much of your money is currently allocated from within the Platform either as a numeric value or as a percentage of your total Loan Commitment.
    • Accrued interest shall be paid directly to our Client Money Account and such payments shall be made in accordance with the terms of the Loan Commitment.
  3. TERM AND TERMINATION
    • This agreement shall commence on the date you register your account with MoneyThing.com.
    • Once you have been approved as an Lender Member this agreement shall remain valid and binding for the duration of any Loan Commitment to which it relates or until this agreement is either superseded in accordance with clause 14.3 or terminated in accordance with this clause 14 or with clause 3.
    • This agreement may be superseded by any amended Terms agreed by you and us in accordance with clause 2.
    • This agreement can be terminated by you provided that you have no outstanding Loan Commitments in place. Notice of termination must be provided in writing to Lender Support, MoneyThing, 39 Church Crescent, Whetstone, London, N20 0JR.
    • This agreement can be terminated by us at any time without notice.
    • Upon termination we will return any funds held in our Client Money Account back to the same bank account used to send the funds to us. If you have any outstanding Loan Commitments, your capital shall be returned along with all paid interest and pro-rated accrued interest at the full rate advertised when you entered into the Loan Commitment.
  4. YOUR IDENTIFICATION
    • As part of the account opening process you will be asked to provide personal information about yourself. We will use this information to attempt to verify your identity using a number of electronic checks.
    • You agree that that we may pass your personal information to our Service Providers or any other recognised third party company solely for the purposes of verifying your identity, performing anti-money laundering checks and fraud prevention. We may also pass your personal information to carefully-selected independent review websites or researchers so that they may contact you in respect of our Services. Please email us at support@moneything.com if you do not wish us to do this.
    • We do not have to accept you as a Lender Member nor accept any funds from you until we have satisfied ourselves, at our own discretion, that we have sufficient and appropriate information to accept you as a Lender Member. We do not have to give you any reason for rejecting or delaying an application from you.
  5. CONFIDENTIALITY
    • We offer anonymity to both Borrowers and Lender Members. Borrowers are not provided with the name or identity of the Lender Members who have participated in Loans to them.
    • You agree not to make attempts to establish the identity of or contact any of our other Lender Members or Borrowers.
  6. TAX
    • We do not provide any advice or guidance in relation to tax or otherwise and therefore we strongly recommend that you consult an independent financial advisor or tax advisor if you are unsure as to what your tax obligations are.
    • Our Services are provided to you without the withholding of any tax on interest generated on any Loans in which you participate. It is your responsibility to ensure that any tax liabilities which you incur (though interest earned through Loans placed on the Platform or otherwise) are paid to the relevant taxation authority.
    • We have no liability in relation to any tax liabilities incurred by Lender Members or Borrowers.
  7. COOKIES
    • You confirm that you have read and understood our Cookie Policy which provides information and guidance relating to our use of Cookies. This can be found at the following website address: www.moneything.com/cookie-statement.
    • You also further acknowledge that we may amend and update this policy from time to time without notice.
  8. PRIVACY
    • You confirm that you have read and understood our Privacy Policy which provides information on how we use and store the personal information that you provide to us which can be found at the following website address: www.moneything.com/privacy-policy
    • You also further acknowledge that we may amend and update this policy from time to time without notice.
  9. INTELLECTUAL PROPERTY RIGHTS
    • All Intellectual Property Rights in or arising out of or in connection with the Services shall be owned by us.
    • You acknowledge that your use of any third party Intellectual Property Rights is conditional on us obtaining a written licence from the relevant licensor on such terms as will entitle us to license such rights to you.
  10. PROTECTING MONEYTHING INFORMATION
    • All Information is owned by us or our Service Providers. You agree to only use our Information in accordance with the normal use of our Platform, Website and Services.
    • You agree not to use our Information other than for the purposes of lending or borrowing through our Platform.
  11. INDEMNITY
    • You agree to indemnify and hold harmless us, our officers, agents, employees and sub-contractors, any of our Lender Members or Borrowers and our Service Providers against all costs, losses or expenses we or they may incur resulting from any fraud or illegal activity that you conduct using our Platform, Services or Website.
    • You agree to indemnify and hold harmless us, our officers, agents, employees and sub-contractors, any of our Lender Members or Borrowers and our Service Providers (other than by reason of their gross negligence or wilful misconduct):
      • against any losses or liabilities incurred as a result of any inaccurate or incomplete information that you have knowingly provided to us;
      • against any losses or liabilities incurred as a result of allowing any other person to access your account either with your permission or as a result of your failure to keep your username and password private;
      • against any losses or liabilities incurred as a result of any service that you have offered, whether with our permission or without, to another third party using our Platform, Services or Website;
      • against any risk to which you are exposed to by way of moratorium, rescheduling, refinancing, suspension of payments or similar arrangement or circumstances affecting Repayment under a Loan Agreement; and,
      • any damage or loss to which you are exposed under or in connection with the Borrower’s obligations and liabilities under the Loan Agreement, the full or partial benefit of which has been assigned to you.
    • You agree that we shall have no obligation (at any time) to enter into any arrangements to re-assign or purchase (or procure the re-assignment or purchase) of all or any part of a Loan Agreement;
    • You agree that we shall have no obligation to reimburse or indemnify you for any cost, loss or liability which you incur as a result of the failure of any Borrower to perform its obligations under a Loan Agreement.
    • You agree to indemnify us, our officers, agents and employees against all liability, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest penalties and legal and other reasonable profession costs and expenses) suffered or incurred by us, our officers, agents or employees) arising out of or in connection with:
      • Any claim made against you for actual or alleged infringement of our Intellectual Property Rights or any actual alleged infringement of a third party’s Intellectual Property Rights arising out of or in connection with the Services or your use of the Platform;
      • Any claim made against you for actual or alleged infringement of our Information Technology or any actual alleged infringement of a third party’s Information Technology arising out of or in connection with the Services or your use of the Platform.
    • Nothing in these Terms shall restrict or limit either party’s general obligation at law to mitigate a loss which it may suffer or incur as a result of a matter that may give rise to a claim under this clause.
  12. LIMITATION OF LIABILITY
    • Without limitation, neither we, nor our officers, employees, advisers, agents or Service Providers accept any liability whatsoever for any losses arising from the following circumstances:
      • A Default Event;
      • Any Platform downtime or system outage;
      • Any decision made by us relating to new Borrowers, where we have based our decision on such information as we deem reasonably appropriate under the circumstances, concerning for example the financial condition, creditworthiness, status or nature of the borrower, to make an informed decision;
      • Computer viruses, malware or errors received through the Platform provided that we have made reasonable efforts to protect you from such issues;
      • Any rights exercised by us under these Terms;
      • Any adverse tax implications suffered by you as a result of using the Platform or Services or making any Loan Commitment;
      • Unauthorised access of the Platform by a third party using your username and passwords as a result of your failure to keep such credentials private and safe;
      • Access to the Platform by a third party granted by you using your username and password; or
      • Any loss resulting from the due diligence checks carried out against any potential Borrowers.
    • Nothing in these Terms shall limit or exclude our liability for fraud, death or personal injury as a result of our negligence.
  13. FORCE MAJEURE
    • For the purposes of this clause “Force Majeure Event” shall be defined as any circumstances outside our control including but not limited to any interruptions or failures relating to internet service providers, internet signal, connections, electricity providers, configurations of our Lender Members’ and Borrowers’ computers, any acts of god, flood, drought, earthquake or other natural disaster, any collapse of buildings, fire, explosion or accident, any act of terrorism, civil war or commotion, riots or any law or any action taken by a government or public authority, including without limitation failing to grant a necessary licence or consent.
    • We shall not be in breach of this agreement nor liable for delay in performing or failure to perform any of our obligations under this agreement if such delay or failure results from a Force Majeure Event.
    • If the period of delay or non-performance continues for forty Business Days then either party may terminate this agreement by giving five Business Days’ written notice to the other party and clause 14 shall apply.
  14. RIGHT OF SET OFF

We have the right to immediately and without notice set off any liability or debt that is owed by you to us against any liability or debt that is owed by us to you.

  1. GENERAL
    • These Terms and any dispute arising out of or in connection with its subject matter shall be governed by and construed in accordance with the laws of England and Wales and the parties agree that the courts of England shall have exclusive jurisdiction to settle any dispute or claim arising in connection with this agreement.
    • We shall be permitted to make amendments to these Terms from time to time and shall notify you of such amendments via the Platform. Your agreement to any amended terms shall be indicated either by way of acceptance via the Platform or by acceptance upon making a new Loan Commitment. For the avoidance of doubt the terms upon which you enter into a specific Loan Commitment shall not be amended for the duration of that Loan Commitment. However any further Loan Commitment which you enter into may be subject to amended terms.
    • You agree that we have the right to assign our rights and obligations under these Terms to any third party without notice.
    • Your rights and obligations under these Terms are personal to you which means that you cannot assign them to another party without our explicit prior written consent (to be given from one of our directors).
    • We may record all telephone communications made to and received from our Lender Members and Borrowers for the purposes of security and training.
    • You understand that we will endeavour to be open on all Business Days however our offices and telephone lines will be closed on weekends and over UK public holidays. You further acknowledge that we will make reasonable efforts to ensure that the Platform is available continuously however there may be instances where access to the Platform is restricted as a result of scheduled maintenance, technology failure or as a result of network failure.
    • If any provision or part-provision of these Terms is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this agreement
    • If we do not strictly apply our rights under these Terms at a specific time, it does not restrict us from applying them at any time in the future.
    • If we choose to translate these Terms into another language at some point in the future we do so for reference purposes only and the English version shall prevail.
  2. COMPLAINTS
    • We consider a complaint as being defined as an expression of dissatisfaction made by you in relation to any of the Services we provide. In the event of you making a complaint, we will make every effort to rectify the problem as soon as practicably possible.
    • If you feel that your complaint of grievance has not been dealt with satisfactorily then we would encourage you to follow the process below to escalate your complaint:
      • Please write to us making clear the details surrounding your complaint. You can send your complaint by email to support@Moneything.com or by post to Lender Support, MoneyThing, 39 Church Crescent, Whetstone, London, N20 0JR.
      • We will endeavour to respond back to you to acknowledge your complaint within 3 Business Days of receiving it, including details of MoneyThing’s Complaints Policy.
      • We will endeavour to provide a response to your complaint within 10 Business Days of receiving it.
      • If upon our response you are still dissatisfied, you can escalate your complaint to our Chief Executive Officer who will investigate the complaint personally and provide a final response to you within 10 days of your escalation.