Terms and Conditions We want your decision to use Valour Financial Management services to be the best decision you have ever made towards regaining control of your financial situation. To that end we aim to be completely transparent in all our dealings with you, hence the terms of business explain our obligations to you and yours to us. They will be at the heart of our relationship with you so please read them carefully. Definition of Terms Us and We means Valour Financial Management Ltd, Company Registration No 5676067, whose registered address is 3rd Floor, Dale House, Tiviot Dale, Stockport, Cheshire, SK1 1TB, ‘The Company’ or anyone to whom We transfer our obligations and rights under the Agreement. You means you, the person entering into this Agreement named in the information documentation and/or signed Client Authority Form. Creditors means the organisation(s) and/or individual(s) who you owe money to and whose details You will provide to Us who are included in your Individual Voluntary Arrangement. This includes all the organisations and/or individuals, you have told Us you owe money to and who are referred to in the Client Information Form, under the heading “Your Credit Commitments”. Financial Statement means details of your income and outgoings, dependants and Creditors. IVA Consultation and Packaging Fee means the payment made by You to Us, which is not used to pay your Creditors and does not form part of Your Individual Voluntary Arrangement (IVA). This is equivalent to 150% of your monthly disposable income which is calculated from the financial information that you provided to Us during the application process. This fee covers (but not exclusively) the cost of communications with You and our preferred Insolvency Practitioner, evaluating and assessing your financial information, preparing a financial assessment in respect of your individual circumstances, collating and sending your IVA case proposal documentation to the Insolvency Practitioner. The IVA Consultation and Packaging Fee is retained by Us and will not be allocated towards your IVA or paid to your Creditors. The fee can be paid in a single lump sum or in two monthly installments which equally equate to the calculated rate of 75% of your monthly disposable income. Disposable income means the amount of money you have available to repay to your Creditors each month having taken into account and deducting from your monthly income, your reasonable living expenses and any other necessary financial commitments, including payments to secured lenders. The amount calculated is based upon the information You have provided Us with. Individual Voluntary Arrangement (IVA) means a legally binding agreement between You and your Creditors which either compromises, or provides a framework for the settlement of your debts. An Insolvency Practitioner can propose an IVA to your creditors and if agreed the IVA will allow you:  To settle outstanding debts by paying a proportion of the amount that You currently owe to your Creditors.  To come to an arrangement with your Creditors over the payment of your debts. Insolvency Practitioner means the licensed insolvency practitioner we introduce you to. 1. Agreement – Appointment and Term 1.1 You have asked Us and We have agreed to introduce You to an Insolvency Practitioner. The Insolvency Practitioner is not employed by Us. 1.2 This Agreement will start once You confirm your acceptance of the terms either by signing them online or by signing and returning the terms in the post and we have received full payment of the IVA Consultation and Packaging Fee. 1.3 We are under no obligation to refer your case to one of our preferred Insolvency Practitioners until you have:a) signed and returned the Client Authority Form; And; b) provided us with the requested supporting financial documentation as detailed in the letter accompanying the Client Authority Form; And; c) paid the IVA Consultation and Packaging Fee in full. 1.4 You have a right to cancel this agreement and receive a full refund of the IVA Consultation and Packaging Fee you have paid us at any time during the first 14 days of the Term. This is termed a cooling off period. “Days” here include Saturdays, Sundays and public holidays. You can do this by writing to: Cancellations, Valour Financial Management, Third Floor, Dale House, Stockport, SK1 1TB. 2. Your Responsibilities – What You will do and Explanations 2.1 You will provide to Us on request 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, details of your dependants and any judgements made against You or any other enforcement action being taken against You. 2.2 You will sign the Client Authority Form and pay the IVA Consultation and Packaging Fee in full. 2.3 Once the IVA has been agreed, You will not make any expenditure over and above your reasonable living expenses as calculated in the Client Authority Form. You will not use your credit cards nor incur further debts nor apply for and/or procure any new credit facilities and/or enter into any kind of new credit agreement. 2.4 best You will provide us with all requested information and/or documentation which to the of your knowledge is accurate and not misleading. 2.5 If you fail to provide us with the requested information and/or documentation, or provide Us with information and/or documentation that is false and/or has been fraudulently provided, this will result in the immediate termination of this Agreement and in such circumstances You will be responsible for all reasonable costs incurred by Us and our preferred Insolvency Practitioner. 2.6 You agree to co-operate fully with Us at all times and in a prompt manner. 2.7 You agree not to ignore correspondence(s) or any other communication(s)from either Us, your Creditors or any person acting on behalf of a Creditor. 2.8 You must ensure that you continue to make your usual payments in full towards any mortgage or other secured loans, rent, utility bills, council tax payments, court fines, income tax and child support payments. However, we will have taken these payments into account when we calculated your disposable income. 2.9 You must inform us as soon as reasonably practicable about any changes in your financial or personal circumstances. 2.10 By signing the Client Authority Form, you authorise us to liaise and exchange your personal information with our preferred Insolvency Practitioner of choice and if required, we will also be able to contact your Creditors to obtain information which they hold on You. 2.11 An IVA will be approved if more than 75% (by value) of those Creditors, vote in favour of it. When an IVA comes into effect, it binds all Creditors who were entitled to be notified of the IVA proposals, even if they voted against the IVA or did not, in fact, receive notice of the proposals. 2.12 You are aware that the IVA Consultation and Packaging Fee which you pay to us will not be allocated towards your IVA or paid to your Creditors. 3. Our Responsibilities – What We Will do 3.1 We will open negotiations in conjunction with our preferred Insolvency Practitioner on Your behalf with a view to undertaking an Individual Voluntary Arrangement with Your Creditors. 3.2 We and our preferred Insolvency Practitioners will use all reasonable endeavours to obtain a satisfactory arrangement with Your Creditors on Your behalf. Once your case has been passed to the Insolvency Practitioner, he/she will liaise with you and your Creditors as relevant in order to prepare your IVA proposal. 3.3 We will ask You to agree to notify Us as soon as possible of any material changes in Your circumstances. We will further ask You to agree that We can review the terms and conditions of the Agreement and Your financial situation following You notifying Us of such changes in Your circumstances. Should a change in circumstances prevent Us from continuing to act for You, We agree to return all Your paperwork to You as soon as practicable. In these circumstances We shall have the right to deduct any reasonable costs incurred from any refund due to You. 3.4 If, for whatever reason, you do not enter into an Individual Voluntary Arrangement and one such reason may arise if your Creditors do not approve the IVA, we may refer other services or debt solutions to you. If you accept any of these other services then your IVA Consultation and Packaging Fee will be transferred to these other services or debt solutions. If for any reason you decline these other services We agree to return all Your paperwork to You as soon as practicable. In these circumstances We shall have the right to deduct any reasonable costs incurred from any refund due to You. 3.5 There are restrictions on what expenditure is usually permitted when you are on an IVA. We will discuss all the relevant options with you and deal with any concerns you may have regarding the IVA process. We will then introduce your case to a licensed Insolvency Practitioner of our choice. 4. Our responsibilities – What We Won’t do 4.1 This Agreement does not offer to lend You money or offer You any credit facilities. 4.2 We will not usually provide services in relation to secured credit (such as hire purchase arrangements, secured loans and mortgages), rent (including rent arrears), utility bill payments (including arrears), council tax payments (including arrears) and other similar debts. 4.3 We are not solicitors and cannot give You general legal advice. 4.4 We will not arrange for anybody to attend any court hearing on your behalf unless We expressly agree with You to do so, and if so We will charge an additional fee for such service as agreed with You in advance of the court hearing. 4.5 Whilst the Insolvency Practitioner is attempting to agree revised payment terms with your Creditors We cannot stop your Creditors from continuing to charge You interest and other charges. 5. Our responsibility 5.1 We are not able to guarantee that an IVA proposal, as put forward by your Insolvency Practitioner will be accepted by your Creditors. The Insolvency Practitioner’s professional advice is independent of Us at all times. We do not accept responsibility for their actions and the Insolvency Practitioner will provide you with further information. 5.2 Our total liability for all claims of any kind under this agreement shall not exceed an amount equal to the IVA Consultation and Packaging Fee you make to us. 5.3 This clause does not affect our liability for death or personal injury resulting from our negligence. Nothing in this agreement affects your legal rights. 6. Termination of Agreement including How We may end this Agreement 6.1 If for any reason You wish to cancel we offer a 14 day cooling-off period from the date of the letter accompanying these Terms and Conditions in which we offer a full refund of any IVA Consultation and Packaging Fee which we have taken. 6.2 After the 14 day cooling-off period You may end this Agreement by giving Us one weeks’ notice in writing. 6.3 We may end this agreement by giving You one weeks’ notice in writing if any one of the following things happens: (i) You breach this Agreement and do not remedy the breach within seven days of Us bringing the breach to your attention; or (ii) A bankruptcy petition is issued against you; or (iii) Where the information provided to Us is knowingly incorrect and/or deliberately misleading; or (iv) 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 (v) If we are affected by Force Majeure. This means If we cannot perform our obligations under this agreement because of something beyond our reasonable control. In this case, we will do everything we reasonably can to let you know as soon as possible. 6.4 Upon Termination of the Agreement, You will still be liable for any amounts outstanding that are owed to your creditors over and above the payments made to them during the Arrangement. 6.5 In any event this Agreement will come to an end when the Insolvency Practitioner has accepted your case to be put forward to your Creditors. 7. Effects of ending this Agreement 7.1 When this Agreement ends 7.1.1. Our duties and obligations under this Agreement will come to an end; 7.1.2. Your liability to your Creditors will continue to the extent that any amounts You owe to the Creditors remain outstanding; and 7.1.3. You may within 30 days of the end of this Agreement request Us to send You copies of all paperwork received from You or your Creditors that has been retained by Us as an electronic image. 8. Personal Information 8.1 We agree to keep confidential all information received from or about You. We will not pass this information on to anyone else without your permission, except in line with our Data Protection statement contained in section 10 or to such of your Creditors as is necessary in order for Us to negotiate repayments with such Creditors, including Creditors who may process your data outside the European Economic Area (EEA). 8.2 If You have opted to receive information from Us by text messaging (or email), You are responsible for the security of your mobile telephone (or personal computer) and must take all reasonable precautions to prevent anyone else from accessing your information, including using all security features available on your mobile telephone (or personal computer); and for informing Us immediately if your mobile telephone (or personal computer) is lost, your telephone number (or email address) changes, or if You suspect someone may have access to the information We send You. 9. Data Protection Statement 9.1 Please read this statement carefully as it explains what personal information We collect about You and how We use this information. 9.2 We collect personal information about You directly from You when You apply for our Services and if required, from your Creditors as authorised by your Client Authority Form. 9.3 Subject to paragraph 9.4 We may also use your personal information to contact You to provide You details of other services which We think may be of interest to You, including those offered by selected third parties. We may share personal information with these selected third parties and they may contact You directly to provide You with details of such products and services. 9.4 You may let Us know if You do not want Us to disclose your personal information as set out in section 11.4 above or if You wish to amend the way We communicate with You. 9.5 Other than as set out above We will only disclose your personal information to the extent required by law, court order or as required by other government or law enforcement authority, or to any company or other entity to whom We either transfer or subcontract any or all of our obligations to You under this Agreement. 9.6 You may contact Us by writing at any time to the Data Protection Officer at our address given above for further information, or if You want to request a copy of the personal information which We hold about You or to ask Us to amend any inaccurate information held by Us. If You request a copy of the personal information which We hold about You We will charge You a fee of £10. 9.7 Please note that We may record and monitor your calls to Us to help Us to improve our service. 10. Other Terms 10.1 All Fees are exclusive of any applicable value added tax (VAT) or other sales tax. Please note that although the provision of our Services is currently VAT exempt (as of August 2007), this position could change in the future. 10.2 All notices sent under this Agreement shall be valid if sent by second-class post or by e-mail or text message to the addresses or telephone numbers We have on our file. 10.3 This Agreement sets out the entire agreement and understanding between You and Us and supersedes all prior agreements, understandings or arrangements (whether oral or written) relating to the provision of the Services. 10.4 You acknowledge that You have entered into this Agreement in reliance only on the representations, warranties and promises specifically contained or incorporated in this Agreement and, except as expressly set out in this Agreement, We shall have no liability in respect of any other representation, warranty or promise made prior to the start of this Agreement unless it was made fraudulently. 10.5 We shall not be deemed in breach of this Agreement or otherwise liable to You if We are prevented or hindered from performing our obligations under this Agreement by reason of any event beyond our reasonable control. 10.6 This Agreement is governed by the laws of England and Wales. 11. Exclusions 11.1 We shall not in any circumstances be liable for any breach of obligation or decision not to lend to You by any lender, financier, bank, counterparty, intermediary or other third party with whom You do business during or after our agreement. 11.2 You will solely be liable for any direct and indirect effects to your credit score as a result of entering onto an IVA. You take sole responsibility for your decision to enter onto an IVA and agree that we take no responsibility for that decision and are not liable for any direct or indirect consequences of your decision to enter onto an IVA either now or at any time in the future. 11.3 You also agree that we have made you aware of alternative options you may chose to take such as bankruptcy, a debt relief order, a non fee / fee charging debt management provider, a trust deed, or a consolidation loan or direct negotiation with your creditors. 11.4 In the event that any of these terms (each of which is severable) is for any reason illegal, invalid or unenforceable, such provision is to be deemed modified sufficiently to render it enforceable, legal and valid and of similar effect as We intended. Apart from provisions expressly covering associate companies, nothing in these terms is enforceable by anyone who is not a party to them. 12 Marketing and Market Research 12.1 We may contact You about services or products offered by Us or other companies We approve which We believe You may be interested in or to carry out market research about our services or products or those of other companies. 12.2 We may also pass on information to other companies approved by Us so that they may contact You about services or products which they believe You may be interested in. Contact for these purposes may be by post, email, SMS or by other means. This consent will override any registrations You may have with any preference services. To determine which services or products You might be interested in, You agree that We may analyse information about You and your conduct including your payment record. To opt out of consent please tick here [ ] 13 Important Note 13.1 These Terms of Business apply to Valour Financial Management clients and explain our obligations to You and yours to Us. They may be added to or changed by particular terms from some of our other services. These other terms will be brought to your notice at the appropriate time. 13.2 Entering onto an IVA will adversely affect your credit rating in the short to medium and/or long term. The IVA will be registered on your credit file. Valour Financial Management Limited cannot guarantee that all Creditors will accept the IVA proposal. 14 Complaints Handling 14.1 In the unlikely event that you are unhappy with any aspect of our service we have a comprehensive complaints handling process which is available and can be sent to you in writing or you can view our policy and log a complaint by visiting our web site www.ValourFinancialManagement.com/Complaints, alternatively you may write to us detailing your complaint. FAO Customer Service Manager, Valour Financial Management, Third Floor, Dale House, Tiviot Dale, Stockport, SK1 1TB.