Accessing our Website
Limitation of Liability
The material displayed on our Website is provided without any guarantees, conditions or warranties as to its accuracy. To the extent permitted by law, we and other members of our group of companies and third parties connected to us hereby expressly exclude:all conditions, warranties and other terms which might otherwise be implied by statute, common law or the law of equity any liability for any direct, indirect or consequential loss or damage incurred by any user in connection with our Website or in connection with the use, inability to use, or results of the use of our Website, any websites linked to it and any materials posted on it, including, without limitation any liability for:loss of income or revenue loss of business loss of profits or contract loss of anticipated savings loss of dataloss of good will wasted management or office time, and for any other loss or damage of any kind, however arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.This does not affect our liability for death or personal injury arising from our negligence, nor our liability for fraudulent misrepresentation or misrepresentation as to a fundamental matter, nor any other liability which cannot be excluded or limited under applicable law.
Information about you and your visits to our Website
We process information about you in accordance with our www.punk.money/data-policy. By using our Website, you consent to such processing and you warrant that all data provided by you is accurate.
You must not misuse our Website by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, the server on which our Website is stored or any server, computer or database connected to our Website. You must not attack our Website via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Website will cease immediately. Punk Money Limited use reasonable endeavours to prevent contamination by known viruses and to maintain the security of the Website but Punk Money Limited does not warrant the information on the Website in any way and in particular no warranty is given that the Website or its contents or hypertext links to other sites are accurate, complete, virus free or uncontaminated, nor can we guarantee that the Website may not be affected by deliberate damage by hackers, failure of plant, machinery, equipment or computers, power failure, failure of telecommunications lines or any criminal action.You are advised to make your own virus checks and to implement your own precautions in this respect. Punk Money Limited exclude all liability for contamination or damage caused by any virus or electronic transmission.
The incorporation of any links to other websites is for your convenience and reference only and does not imply that Punk Money Limited approves or endorses the contents of that website or the material available from it and Punk Money Limited do not control and is not responsible for the content of any such websites in terms of their accuracy, suitability, legality or otherwise and accept no responsibility for them or for any loss or damage that may arise from your use of them.
All loans carry a 1% arrangement fee and 50p a month connection fee plus vat which is paid as soon at the beginning of the loan.
Law and Jurisdiction
Your use of the Website is governed by the laws of England. You hereby consent to the non-exclusive jurisdiction of the English courts in all disputes arising out of or relating to the use of the Website.
Intellectual Property Rights
The contents of these pages are Copyright © 2016 Punk Money LimitedWe are the owner or the licensee of all intellectual property rights in our Website, and in the images and other material published on it (the 'Content'). The Content is protected by copyright laws and treaties around the world. All such rights are reserved. You may print off one copy, and may download extracts of any page(s) from our Website for your personal reference and you may draw the attention of others within your organisation to material posted on our Website.You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.Our status (and that of any identified contributors) such as the authors of Content on our website must always be acknowledged. You must not use any part of the materials on our Website for commercial purposes without obtaining a licence to do so from us or our licensors.
F&F Platform Terms & Conditions
Section A – Introduction (for Lenders and Borrowers)
Section B – Lenders
Section C – Borrowers
Section D – General (for Lenders and Borrowers)
Section A – Introduction
About usWe are Punk Money Limited (Punk Money, us, we), a company registered in England and Wales with company number 11333365 and registered office at 2nd Floor, National House, 60-66 Wardour Street, London W1F 0TA.
We operate a platform (Platform) which allows you to formalise loan contracts and automate loan repayments where you have agreed to lend to or borrow from your friends and family. Our services are intended to be provided to persons who are known to each other and have already agreed (a) to lend or borrow (as applicable) and (b) the terms of such lending. For more information about our services please see our FAQs.
These terms and conditions (Terms) describe the relationship between us and you, a registered customer lending to or borrowing from your friends and family. They should be read in conjunction with the following important documents:
our product descriptions;
our FAQs;our risk statements; and
each loan contract to which you are a party.
By opening and maintaining an account on our Platform (Platform Account) you agree to be bound by these Terms. Please take your time to read them carefully because they explain our obligations to you and your obligations to us. If you feel you cannot comply with them you should not open a Platform Account.
A loan contract sets out the relationship between a lender and borrower, in particular confirming the basis on which a loan is made and the arrangements concerning loan repayment.
We have available for your use a loan contract template (Template). The Template requires the borrower to pay both loan principal and interest on the loan (if any) to the lender in accordance with an agreed payment schedule.
If you intend to use the Template you should complete it to record the basis of the loan you have already agreed with your lender or borrower (as applicable). This includes providing full and accurate details of:
the amount lent (loan principal);
the applicable interest rate (if any);
the repayment schedule (when and how often the loan principal and any interest is to be paid by the borrower to the lender).
A loan contract is a legal document. Once you have entered into a loan contract, you will not be able to change the terms of the loan contract or cancel or withdraw from it unless you agree to do so with your counterpart to the loan contract in writing.
The making available of the Template is not intended to be, and should not be taken as:
a) advice as to the merits of lending or borrowing; or
b) a guarantee of payment of amounts due under a loan contract.
We are not a party to a loan contract and have no rights under it.
We do not guarantee payments under any loan contract.
We, or our commercial partners, do the following:
a) operate and manage the Platform, including administering Platform Accounts;
b) provide the Template for use by those with Platform Accounts;
c) if a Payment Facility is set up, distribute interest and loan principal repayments received from borrowers and due to lenders (in which regard see clause 5 (Payment Facility)); and
d) respond to, and seek to resolve, all queries, complaints and disputes relating to the Platform including the Payment Facility.
You authorise us to provide or arrange the provision of these services to you, including on the basis set out in clause 5 (Payment Facility).
No activity or process undertaken, or outcome reached, in connection with the operation of our Platform and the provision of our services is intended to constitute or be construed as advice or as a recommendation or guarantee by us as to the creditworthiness of any borrower, the amount of repayments lenders might receive or the likelihood of payment defaults that may occur, in relation to any loan.
You should seek independent professional advice prior to lending or borrowing and should only do so if you have appropriate knowledge and understand the risks in doing so.
Your role and status
You must comply with our minimum eligibility criteria from time to time which includes:being 18 years or older;being a permanent resident in the UK; and having a valid bank or building society account in the UK.
Opening and maintaining an account
If you satisfy our identity and eligibility requirements, and any other pre-account conditions or requirements that may apply from time to time, we may (but with no obligation to do so) open a Platform Account for you. Whilst you have a Platform Account you:agree that you will continue to meet our eligibility criteria;agree that you will:keep your login details secure at all times;let no other person access or use your Platform Account or Payment Account;tell us immediately if you know or suspect that your login details are compromised or another person has accessed your Platform Account or Payment Account;confirm you have the capacity to enter into legally binding commitments with us and each person with whom you decide to enter into a loan contract;agree to provide us with all information and documents that we may request about you and your affairs from time to time in connection with the opening and operation of your Platform Account and, in respect of lenders, your Payment Account; andconfirm the information and documentation you give us is and will remain true and accurate in all respects and not misleading and that you will notify us of any changes to such information.By opening a Platform Account, you acknowledge and understand that:we may act on all instructions made through your Platform Account and Payment Account even if the instructions were not given by you; andwe may refuse to act on any instruction if we have a reasonable belief that the instruction was not given by you, if the instruction is not clear or there is other good reason.You must not use or attempt to use the Platform for anything other than accessing and managing your Platform Account for permitted purposes. In particular, you agree that you will not:use it for a purpose which is illegal or inconsistent with these Terms;seek to disable, copy, reproduce, modify or tamper with the Platform in any way; oruse it in a way that could damage or affect our systems, security, services or business operations.
Section B – LendersOperating your account
By opening and maintaining a Platform Account, and before entering into a loan contract, you acknowledge and understand that:when lending, your capital is at risk and you accept that you may lose some or all of the money you lend; we may set lending parameters on some or all of the following:
(i) minimum and maximum lending amounts on a per loan or aggregated loan basis; and
(ii) maximum interest rates. If we do so, we will advise of this through the Platform and our FAQs.
If this is not acceptable to you then you should not use our Platform in connection with your lending;we do not undertake credit and affordability assessments in respect of the persons to whom you lend because you are lending to people that are known to you and you have undertaken your own assessments in advance of the decision to lend and use the Platform;
a) your decision to lend money is personal to you and if you:
b) are unsure as to whether or not to lend or the amount to lend;
c) have been pressured into lending;are uncertain as to the creditworthiness of the borrower or their ability to repay under a loan contract;
d) do not understand the loan contract or want some other terms to apply to your lending; or
e) are concerned you cannot afford to lend,
you should not lend until you have obtained independent advice; we do not carry out any debt collection or debt administration activities.
This means that if a borrower misses a payment or defaults on their loan we will not take steps to recover such amounts for you; and you should expect to hold a loan contract for the full term of the loan.You agree that you will not use the Platform for lending in the course of business, and you acknowledge that you are not permitted to use the Platform Account or Payment Account for this purpose; and contracts for this purpose will not be legally binding and may result in your exclusion from the platform.
All payments are made to you are without any deduction for tax. You are responsible for accounting for any tax imposed on you as a result of your lending.
If you have any questions around your specific circumstances or taxation in general, you should seek independent advice.
Right to cancel
Subject to clause 9.3, you can cancel your Platform Account within 14 days of account opening by emailing us at firstname.lastname@example.org. Where you exercise your cancellation right, we will, within 30 days, instruct the return of any funds held in your Payment Account to you. Your right to cancel no longer applies if you become a party to a loan contract within the 14-day cancellation period.
Closing your Platform Account
See clause 17 below for details about how you or we may close your Platform Account.Closure of your Platform Account will result in closure of your Payment Account, and funds held in your Payment Account will be paid to you through your nominated bank account.
When lending under a loan contract you will arrange for the principal of each loan to be directly transferred from you to the borrower at the start of the loan term.If you set up a Payment Facility through the Platform then funds obtained on your behalf will be held in your Bank Account. If there is a shortfall in your bank account to make any payment then the payment will not be processed. The loan may not complete an the loan may go into arrears.
Section C – BorrowersOperating an account
If a Payment Facility is set up you accept and agree that:your Platform Account will be linked to your nominated bank account, that must be an account in your sole name;you must provide details of the sort code and account number of your nominated bank account in order to set-up a Payment Facility; andyou are properly authorised to approve the transfer of money into, and out of, your nominated bank account.You agree and confirm that, when entering into a loan contract, you:are borrowing funds from a lender known to you and on terms you have agreed; have not applied pressure to a lender to lend to you, and that you reasonably and honestly believe them to be lending to you willingly and freely; andare fully responsible for the repayment of all funds borrowed, together with all applicable interest, fees and charges.By opening and maintaining a Platform Account, and before entering into a loan contract, you acknowledge and understand that:we may set lending parameters on some or all of the following: (i) minimum and maximum lending amounts on a per loan or aggregated loan basis; and (ii) maximum interest rates. If we do so, we will advise of this through the Platform and our FAQs. If this is not acceptable to you then you should not use our Platform in connection with your lending;your decision to borrow money is personal to you and if you:are unsure as to whether or borrow the money or the terms on which the money is made available to you;are uncertain as to your ability to repay under a loan contract or are concerned repayments are not affordable for you;do not understand the loan contract or want some other terms to apply to your lending; orare concerned the lender cannot afford to lend to you,you should not borrow money until you have obtained independent advice and are satisfied to continue; and
we do not carry out any debt collection, debt counselling or debt administration activities, but a lender may take steps to seek recovery of outstanding amounts from you.
Right to cancel
Subject to clause 13.2, you can cancel your Platform Account within 14 days of account opening by emailing us at email@example.com. Your right to cancel no longer applies if you become a party to a loan contract within the 14 day cancellation period. Payments and interestYou are responsible for all payments due under a loan contract, whether a missed payment (in whole or in part) or if the loan is defaulted. If a Payment Facility is set up you will have a personal platform account to direct payments to. You must ensure that there are sufficient funds in your platform account to meet each payment in accordance with the schedule you agreed with the lender.
Closing your Platform Account
See clause 17 below for details about how you or we may close your Platform Account.If we notify you about closing your Platform Account pursuant to clause 17, your Platform Account will remain active for so long as you have extant loan contracts for the purposes of effecting repayments of amounts owed by you.
Section D – GeneralFees
We do not charge you any fees for opening a Platform Account or for lending or borrowing (as the case may be). We reserve the right to introduce, change or waive fees from time to time. If we do so, we will notify you of this in the manner described in clause 19 (Changes to the Terms).
Closing your Platform Account
You will be liable to us for any foreseeable loss we suffer as a result of:your breach of these Terms or a loan contract; your negligence or wilful default; your fraudulent use of the Platform, a Platform Account or a Payment Account (where relevant); or your failure to keep your login or other security details secure.Subject to paragraph 18.3, we will be liable to you for any foreseeable loss you suffer as a result of:our breach of these Terms; our negligence or wilful default; or fraud committed by an employee of ours.We will not be liable to you for loss you suffer (whether foreseeable or not) arising:in connection with a loan contract entered into by you; the unavailability, or functional limitations, of the Platform; or from circumstances beyond our reasonable control.Nothing in these Terms excludes or limits liability which we have to you under applicable law and that cannot be excluded or restricted under that applicable law.
Changes to the Terms
We may make changes to these Terms from time to time without requiring your consent for the following reasons:to make changes that benefit you or do not disadvantage you (such as to make them easier to understand or to clarify how the Platform and how Platform Accounts and Payment Accounts operate);to reflect changes to our products or services, including introducing new products and services or withdrawing products and services; to reflect changes in the way we operate our business or the Platform or if we change our systems, policies, processes or standards; and to adapt to changes in law, regulation or industry guidance or implementing changes as a result of the decisions of a court, regulator or ombudsman.We will aim to give you at least 30 days’ notice of any change to these Terms by notifying you through the Platform or by email but this may not always be possible.If you do not agree with the changes we make you may close your Platform Account. Where applicable, you must repay all outstanding loans and any other relevant fees or charges in full, before you are eligible to close your Platform Account. By continuing to access and use your Platform Account after changes to these Terms you agree to be bound by the amended Terms.
Except as required by law, we shall not be required to recognise the interest or claim of any person in a Platform Account or Payment Account other than the registered Platform Account holder.A person who is not a party to these Terms shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce them.We may transfer or delegate our rights and obligations under these Terms, in whole or in part, to any person (whether inside or outside our corporate group) that we reasonably consider is capable of exercising those rights or performing those obligations. You may not transfer any of your rights or obligations under the Terms without obtaining our prior written consent.If we do not enforce any of our rights it does not mean that we have waived our rights or that we cannot or will not enforce them in the future. If the whole or part of any provision of the Terms is found by any court or other authority of competent jurisdiction to be illegal, invalid or unenforceable, that shall not affect the legality, validity or enforceability of any other provision of the Terms.The Terms (and any non-contractual dispute arising out of them) are governed by the laws of England and Wales.