Terms and Conditions
Terms Of Lending
1. PRE-CONTRACT CREDIT INFORMATION
You must read the Pre-Contract Credit Information document provided to you prior to entering into this agreement. If you are in any doubt or have any questions in regards to your liability and responsibilities under this Credit Agreement, please contact the Best Park Home Finance team immediately.
We / us / our – Best Park Home Finance Ltd, including any person or company that we transfer or assign any finance or policy/ies to
Loan – monies paid as result of this Credit Agreement or any extension or amendment to this Credit Agreement
Debtor / Borrower / you / your – means you, the customer(s) borrowing from Best Park Home Finance Ltd under this Credit Agreement
Site Agreement – written agreement between you and Wyldecrest Parks for the purchase of the park home or lodge
Site Owner – means Wyldecrest Parks
Any capitalised terms used throughout these Terms of Lending shall refer to the definitions contained within the Summary of this Credit Agreement.
Interest will be calculated on the balance outstanding and applied on each Repayment Date.
4.1 You agree to pay the Monthly Repayments shown in the Summary to us by direct debit, or such other payment method as we may in our discretion allow, on the Repayment Date.
4.2 We will not, without your prior consent, change the Repayment Date without giving you two months prior written notice.
4.3 Any change to the Repayment Date at your request will be at our absolute discretion.
4.4 Payments will be allocated in the following order:
(i) to pay any arrears;
(ii) to pay any interest charges or late payment costs;
(iii) to repay the credit.
5.1 We shall be entitled to, after the expiry of 28 days’ notice, restrict or postpone your right to borrow the credit and will no longer have to provide the credit or any part of it or demand immediate payment of the unpaid balance of the total debt if:
(i) you fail to pay any Monthly Repayments on the Repayment Date;
(ii) you break any of the terms and conditions of this Credit Agreement;
(iii) you or the Site Owner terminates the Site Agreement;
(iv) any information you provided proves incomplete or inaccurate;
(v) without our consent you cancel or do not complete a valid direct debit Instruction;
(vi) you die;
(vii) a bankruptcy petition or interim order is presented against you;
(viii) a statutory demand (that is, a written demand for paying a debt of at least £750, which, if not paid in full, may result in bankruptcy proceedings being brought against you) is not paid for 21 days, or any steps are taken by you or anyone else to declare you bankrupt;
(ix) in Scotland, your estate is sequestrated or you become apparently insolvent or you grant a trust deed for your creditors;
(vii) you make arrangements with your creditors for a compromise about how much you will pay them (sometimes knows as an Individual Voluntary Agreement (IVA)).
If any such breach is irremediable or material or has been persistently committed by you, subject to sending you a default notice, we may close your account and demand immediate payment of the outstanding balance.
5.2 We shall be entitled to, after the expiry of 28 days’ notice, terminate this Credit Agreement and/or repossess the park home or lodge that forms the subject matter of this Credit Agreement for any unpaid balance of the Total Amount Payable. The park home or lodge can be repossessed without a court order in the event of default, unless you have paid a third or more of the Total Amount Payable.
5.3 We shall be entitled to, after the expiry of proper notice, request the Site Owner to terminate the Site Agreement with you to recover the unpaid balance of the total debt.
6. Repayment of the Loan
You agree to repay us the Total Amount Payable.
7. Our Expenses
7.1 You must pay our reasonable expenses and costs and those of our agents including legal costs for taking steps, including a personal visit or court action, to recover any payment due under the Credit Agreement not exceeding £5,000.
7.2 If any monthly payment becomes overdue by 60 days or more, we will transfer your account from our collections department to our debt recovery and the Charges detailed in clause 10.2 will become payable where applicable
7.3 We may vary the charges payable under this agreement by giving you 28 days’ notice.
8. Your Obligations
8.1 You are obliged to observe and perform all obligations required to be observed and performed contained in any agreement for the stationing of the park home or lodge at the location whether set out in your Site Agreement or otherwise and must enforce observance and performance of the obligations of the Site Owner contained in any such agreement; and
8.2 You will not assign your interests in the Site Agreement to a third party, terminate or permit the termination of the Site Agreement without the written consent of us and must give immediate notice in writing to us of any proceedings in respect of the Site Agreement, in particular any application to the Court for the termination of the Site Agreement and at the request of us but at the expense of you, take such steps as we may require.
8.3 You must ensure you have insurance in place for the Total Amount of Credit against loss or damage by fire and such other risks (including third party risks) as are usually covered by insurance for the park home or lodge and such further risks as we should reasonable require with our interest noted on the policy, a copy of which must be supplied to us following completion of the purchase. You shall notify us forthwith of any loss of or damage to the park home or lodge and hold any insurance money in trust for us. You irrevocably authorise us to collect the insurance monies from the insurers. If a claim is made against the insurers, we may at our own discretion, conduct negotiations and effect a settlement with the insurers and you agree to be bound by such settlement. You shall apply the insurance monies at your discretion as follows:
(i) In making good the damage or re-instating the park home or lodge; or
(ii) In paying off or reduce what you owe us.
8.4 You must pay any claims made against us and all damages, costs and expenses incurred by us as a result of a third party claim arising out of the state, condition or use of the park home or lodge.
8.5 Keep the park home or lodge free of all claims of possession by third parties and shall pay all taxes and impositions in respect of or arising out of the use of the park home or lodge and their sale under this Credit Agreement and the location.
8.6 You do not own the park home or lodge until the sums required under the Credit Agreement have been paid and
9 Relaxing the terms of this Credit Agreement
If we temporarily relax any of the terms of this Credit Agreement, for instance, by giving you more time to pay, we may at any time decide to enforce the terms more strictly again. Our rights under the Credit Agreement will not be affected as a result of any such concession.
10.1 We may debit the account with reasonable charges in respect of extra requirements or breaches of this agreement.
10.2 Charges for breaches of this Agreement include:
(i) Failure or late payment; £25.00
(ii) Returned payment including Direct Debit, recalled cheques or credit/debit card repayments; £25.00
(iii) Letters sent to you as a result of a breach of your credit agreement; £7.00
(iv) If you fail to pay any amount owed by its due date, then we will charge you default interest on the unpaid amounts at the rate of 3% per month until the date payment is made. We can charge this interest both before and after we have received a court judgement against you;
(v) We serve a Notice of Default £50, in each case, on each occasion applicable;
(i) Any as stated in clause 7 and 13.4.
10.3 Should court action be required, interest at 3% per month will accrue both before and after any judgement we may obtain against you until we receive payment of the full outstanding balance.
10.4 We have the right to vary these costs and charges to reflect any change in the cost incurred by us in carrying out the work. We will notify you in writing at least 30 days in advance of any charge variations.
10.5 You will be notified of any charges incurred which will be debited from your account on your next Monthly Repayment.
11. Early Repayment
11.1 You can settle this agreement early at any time, in part or in full, by paying us some or all of the amounts you owe us. To do so, you should either call us on 020 3488 5126, write to Best Park Home Finance Ltd, 857 London Road, West Thurrock, Essex RM20 3AT or email email@example.com. The outstanding balance will continue to be subject to interest until the loan has been repaid. Payment of the full amount may be subject to an early repayment charges as per the PRE-CONTRACT CREDIT INFORMATION. We will take account of any rebate to which you may be entitled under the Consumer Credit Act 1974.
11.2 If you wish to settle this Credit Agreement in part you must inform us as per clause 11.1. Your Monthly Repayment amount will remain the same but we will reduce your last payment and/or the duration of the Credit Agreement by adjusting the number of payments, depending on the amount you repay early.
11.3 In the case of full settlement, you must inform as per clause 11.1 the date you wish to settle the outstanding amount. We will send you a statement setting out the amount you owe plus any applicable early repayment charge.
11.4 An early repayment fee not exceeding 1% will be chargeable up to a maximum of £350.00 should the outstanding amount to be paid exceed £8,000.00 outside of the last year of the credit term; this will reduce to 0.5% within the last year of the credit term.
11.5 The charges in clause 11.4 are also applicable should payments made in addition to the Monthly Repayments, exceed £8,000.00 in any 12 month period.
11.6 This fee will not exceed the maximum amount of interest that would have been payable for the remainder of the loan duration; whichever is lower will be payable.
12. Credit Reference Agencies
12.1 Records shared with credit reference agencies remain on file for 6 years after they are closed whether you keep to the terms of this Credit Agreement or not.
13. Information About You
13.1 All notices, information and statements will be sent to your address shown on this form or your last known address.
13.2 Information may also be sent to you via email, SMS or verbally over the phone.
13.3 You must notify us in writing within 7 days of any changes to your personal details including name, address, email address and telephone numbers which we use to contact you.
13.4 You must pay us on demand the amount of any reasonable expenses or cost incurred as a result of any misleading or inaccurate information give in connection with this Credit Agreement or if you fail to notify us of any change of address and we have to trace your address.
14. Our Rights
Any delay in enforcing our rights under this Credit Agreement shall not affect our rights. We may also accept late payments or partial payments, or cheques and money orders marked payment in full or similar, without losing any of our rights under this agreement.
15.1 This Credit Agreement shall not become binding until signed by you and by us (or our authorised representative). It shall be treated as coming into effect on the date that you sign it. You must sign and return this Credit Agreement so that we receive within 14 days of the date it was sent.
15.2 We reserve the right to review and reconfirm your application documents should this Credit Agreement not come in to effect within 3 months of signature by you. Should your application details have changed, we are not obliged to approve your finance application but this will be not refused unreasonably. No further charges will apply.
15.3 If two of you have signed this Credit Agreement, you are jointly and separately responsible under this Credit Agreement. This means that either or both of you can be held fully responsible for your responsibilities under this Credit Agreement.
15.4 If we do not receive the Credit Agreement signed within 14 days of the postal date shown, then we may decide not to proceed with the credit. If we receive the signed Credit Agreement from you after that period (where we have not withdrawn our offer) we still have the right to restrict or postpone making payment of the credit (and subject to any notice that may be required to be given to you by law), may end the Credit Agreement.
15.5 We agree to lend and you agree to borrow the amount of credit shown to finance the purchase of the park home or lodge described in this Credit Agreement on the terms set out on the front sheet and below. If you withdraw from this Credit Agreement then we may stop the credit being paid.
15.6 If any part of this Credit Agreement is found to be invalid or unenforceable, this will not affect any remaining terms and conditions.
15.7 We will not be liable if we are unable to meet our responsibilities under this Credit Agreement due to any other circumstances beyond our control.
15.8 We may assign or transfer our rights under this Credit Agreement. If we do so your rights under the Credit Agreement will not be reduced. You may not transfer any of your rights or responsibilities under this Credit Agreement.
15.9 Nothing in this agreement will give any person other than you or us (or anyone who takes over from us or any person to whom we have transferred all or any of our rights under this agreement), any rights under this Credit Agreement.
15.10 There may be other taxes or costs which exist in addition to the sums referred to in this Agreement which are not a condition of the loan or imposed by us.
15.11 Telephone calls are all recorded to:
(i) provide a record of the instructions received from you;
(ii) monitor quality standards;
(iii) help us with staff training; and
(iv) meet legal and regulatory requirement
16.1 If you have a complaint relating to the operation of your account, please communicate with the Complaints Department, Best Park Home Finance Ltd, 857 London Road, West Thurrock, Essex RM20 3AT (preferably in writing) (or such other address as we may from time to time notify you in writing) who will ensure that your complaint is dealt with in line with our Complaints Handling Procedure, a copy of which is available upon request.
(i) Give your complaint prompt attention;
(ii) Do our best to try to resolve your complaint as soon as possible;
(iii) Inform you of the person who is dealing with your complaint; and
(iv) Send you our full response within 8 weeks of receiving your complaint.
16.2 If you are not satisfied with our suggested resolution, or if you have not received a response within 8 weeks, you have the right to refer your complaint to the Financial Ombudsman Service. If you want the Financial Ombudsman Service to look into your complaint, you must contact them within 6 months of the date of any final response issued. You can write to them at: The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Alternatively you can phone 0800 023 4567. Further helpful information can be obtained from visiting the Financial Ombudsman Service website at www.financial-ombudsman.org.uk.
17. Governing Law and Language
17.1 This Agreement is governed by English and Welsh Law unless you reside in Scotland where by Scottish Law will apply.
17.2 The language used in this Agreement and any communication relating to Best Park Home Finance Ltd will be in English.
17.3 Best Park Home Finance is registered in England and Wales, number 7141205 at 166 College Road, Harrow HA1 1RA.
17.4 We are authorised and regulated by the Financial Conduct Authority, firm reference number 715454. Registration number with information Commissioner’s Office is Z3156635 in compliance with the Data Protection Act 1998. By signing this agreement, you agree that we may also share your information with the Site Owner.