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Definition of Terms
You - Our client, as named in the documents and recommendations, and their partner, where debts are in joint names.
Us – Money Smart Solutions Limited is licensed by the Office of Fair Trading under Consumer Credit Licence Number 626408. Registered Head Office: Digital World Centre, 1 Lowry Plaza, The Quays, Salford, M50 3UB
Creditors - Any and all of your unsecured creditors whose details you have provided us with, and have authorised us to act on your behalf with.
Debt Management Plan (DMP) - A plan for repayments to your creditors produced by us to repay your debt over an anticipated period of time
Debt Settlement Programme (DSP) - A plan for you to settle all payments to your creditors in a full and final capacity over a period of time.
Period - The period during which the Debt Management Plan/Debt Settlement Programme is in operation.
Fees - The fees paid by you to us in accordance with the Debt Management Plan or Debt Settlement Programme.
Services
We offer you advice primarily on debt matters specifically geared to your personal circumstances.
Where debt consolidation in necessary, we may refer you to one of our regulated associated firms, who would be responsible for the advice provided. We do not offer loans of any nature directly, but we may refer you to one of our associated firms if we feel that this is appropriate in your case.
Act
We prefer our client to provide written instructions for us to act on their behalf as this avoids disputes. We still however accept verbal instructions provided they are subsequently confirmed in writing.
Any advice we give you will normally be in writing, but if given verbally, this will be recorded on your files for reference purposes and stored within data protection requirements.
Fees
We offer you an initial telephone or arranged face to face consultation with recommendations free of cost and free of any obligation. Should you choose to take on board one of our debt services fees will apply but will be stipulated transparently.
All payments related to your debts minus our fees are to be distributed to creditors and are kept in a separate clients deposit account and will only be used for that purpose.
Once you instruct us to begin acting on your behalf, an initial administration fee will be charged equal to your first monthly payment unless otherwise agreed. This fee is non refundable, unless the plan is cancelled within the seven-day cooling off period.
Thereafter, a monthly management fee equal to 15% of your monthly agreed disposable income will be charged, subject to a minimum fee of £20.00, unless otherwise agreed.
If no payment is received from you for 90 days or over, we will charge a further Initial Fee if you wish to rejoin the debt management plan to reinstate creditor arrangements, and monthly management fees will apply thereafter.
In the case of weekly payments, your monthly fee will be calculated by multiplying your weekly payment by 52, and dividing the total annual payment by twelve, and will be charged at 15% of the resulting figure, subject to the minimum fee stated above.
Termination of Contract
We offer a seven-day cooling off period, where-by our clients are able to obtain a full refund on any fees paid within the first seven days of entering their Debt Management Plan.
After the seven-day cooling off period, if you wish to terminate, you must provide us with four weeks written notice. We do not charge any cancellation fees pending that four weeks cancellation notice is provided.
We may prematurely terminate your contract by giving you four week’s notice if any of the following happens:
- You breach this agreement and do not remedy the breach within seven days of our bringing the breach to your attention
- A bankruptcy petition is issued against you
- You enter into and Individual Voluntary Arrangement / Trust Deed
- Where the information provided to us in knowingly incorrect
- 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
- If we are affected by Force Majeure
If your account becomes inactive with ourselves, and we are holding funds that we were unable to distribute to your creditors, we will return them to you. Where we have made reasonable endeavours to contact you to make a refund, then after 90 days we reserve the right to retain any funds outstanding in your account.
Termination Fees
We do not charge any fees to terminate your debt management plan, however 4 weeks notice of cancellation should be provided.
Data Protection
Our data Protection Licence Number Z1601866. Please see our data protection policy
Late Payments
Late payments of management fees may incur charges being levied by your creditors directly onto your account.
Confidentiality
We will treat all of your personal information as private and confidential, even when you are no longer a customer. However, we may disclose details to the regulatory authorities and auditors for the purpose of compliance. If requested, we may also have to disclose your information to your creditors.
You have a right of access, under Data Protection Act Legislation, to your personal records held on our files
Credit Reference Agencies
These are organisations, licensed under the Consumer Credit Act 1974, which hold information about individuals, which is of relevance to lenders. Lenders may refer to these agencies for information that may assist them with making various decisions, for example whether or not to provide a mortgage loan, credit card, personal loans etc. The enquiry they make may also be recorded on your file at a Credit Reference Agency and may affect your credit rating.
Details of the conduct of your account may be passed to a credit reference agency by the institute if your repayments fall into arrears. By taking some of our recommendations it may be possible that your credit file could be affected.
The above may be subject to change, a signed copy by of our full terms of business will be provded to you before entering into any programme with us. Should you have any further questions regarding our terms of business feel free to contact us at
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with the subject heading: Terms of Business
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