SAGA DRAFT CREDIT AGREEMENT

1. Payment

You agree to pay us the total amount payable in instalments by Direct Debit on the due dates shown in the payment schedule. If you are late paying an instalment, we may request that you pay interest on the instalment, at the current applicable rate of interest, from the time the instalment was due until the time it is paid.

2. If an instalment is not paid

If an instalment is not paid on its due date, or if any information you provide proves incomplete or inaccurate, we will be entitled to notify you and request immediate payment of the outstanding amount, less any applicable rebate.

Where the calculated outstanding amount remains unpaid, we have the right to end the Credit Agreement under the procedures set out in ‘Our right to end the Credit Agreement’ below. We may charge for any reasonable legal or other costs incurred in recovering the outstanding amount, including a fee in respect of our reasonable additional administration costs.

3. Your right to end the credit agreement

You may end this Credit Agreement at any time by notifying us in writing. At the same time, you should also instruct us if you require the insurance cover to cease. Upon receipt of your instructions, we will calculate the amount due less any applicable rebate.

4. Our right to end the credit agreement

We can end the credit agreement by serving notice in accordance with your statutory rights, if you:

1. break the terms of the credit agreement, for example, fail to pay an instalment; or
2. break the terms of the insurance agreement; or
3. commit an act of bankruptcy; or
4. give false information in connection with this credit agreement; or

In the event of termination, we will tell you why we are doing so and give you the opportunity to remedy any breach in accordance with your statutory rights. If the outstanding amount is not settled within the timeframe specified, we will cancel the contract for insurance and any additional services that have been paid for with the credit provided. Any refund or rebate as a result of this cancellation will be used to reduce any amount outstanding under this credit agreement.

5. Cancellation of insurance policy

Subject to the limited exception explained below, if your insurance policy is cancelled, it will automatically bring this Credit Agreement to an end. As a result of the cancellation, any unpaid balance less any applicable rebate will become due without any undue delay and in any event within 30 days.

6. Relaxing the terms

We may temporarily relax the terms of the credit agreement, but this will not be considered a permanent relaxation and we may subsequently choose to enforce the terms strictly.

7. Assignment

We may assign our rights and responsibilities to another person.

8. Credit Reference Agencies

Information from your application and the payment details and status of your account will be recorded and kept updated with one or more of these agencies including without limitation Experian and may be shared with other organisations for debt collection, fraud prevention and to help make credit and insurance decisions about you and for fraud prevention purposes