Ayan Pay unregulated buy now pay later credit agreement terms
1. Introduction
1.1 Thank you for choosing unregulated buy now pay later credit provided by Ayan Capital to fund your purchase of the Product.
1.2 This is a credit agreement between you and us. In this Agreement we, our, us or Ayan refers to Ayan Capital Ltd., a company registered in England with company number 15123809 and a registered office at 20 Wenlock Road, London, England, N1 7GU. In this Agreement references to you, your, yours or the Customer means you the individual who has entered into this Agreement to fund the purchase of the Product from the Merchant. The Merchant means the business from whom you have purchased the Product.
1.3 Unregulated credit agreement. Ayan Capital Ltd. Is not authorised by the Financial Conduct Authority and this agreement is not a regulated credit agreement under the Consumer Credit Act 1974 which means that you do not have the benefit of certain rights and protections that you would if you entered into a regulated credit agreement.
2. Definitions
2.1 The following defined terms apply in this Agreement:
- Agreement, means the agreement between you, the Customer, and us consisting of the Agreement Summary and the Ayan Capital Unregulated Buy Now Payment Later Agreement Terms.
- Agreement date, has the meaning given to it in clause 7.1.
- Agreement summary, the part of the Agreement that sets out key information about the credit provided to you including the Key Financial Information section that includes details of the Products, the Cost, The Total Amount of Credit and the Repayment Schedule.
- Application, means the application for credit that you make either directly to us or through a Merchant for the provision of buy now pay later credit to pay for a Product.
- Cancellation period, has the meaning given to it in clause 10.1.
- Credit period, has the meaning given to it in the Key Financial Information section of the Agreement Summary.
- Dashboard, means the dashboard of information about this Credit Agreement, including details of Repayments and outstanding balance, that Ayan makes available to you via a secure part of its website that requires a username and password to access it.
- Down payment, means the Down Payment you make to the Ayan at the time of making your Product as set out in the Key Financial Information section of this Agreement.
- Due date, means the due date of a Repayment as set out in the Repayment Schedule.
- Privacy policy, means our privacy policy available at: https://www.ayan.co.uk/privacy-policy
- Repayment, means each of the repayments set out in the Repayment Schedule.
- Repayment schedule, means the Repayment Schedule section of the Key Financial Information section of the Agreement which details the amount and Due Date of each Repayment due under this Agreement.
- Merchant, means the business you purchase the Product from as set out in the Key Financial Information section at the start of this Agreement.
- Total amount of credit, means the total amount of the Repayments due to us under a Repayment Schedule. For the avoidance of doubt this does not include the Down Payment you make to the Ayan at the time you purchase the Product.
3. Contacting each other
3.1 How to contact us. You can contact us by using our Contact Information provided at the top of this Agreement.
3.2 How we may contact you. If we have to contact you, we will do so by telephone or by writing to you at the email address or postal address you provided to us in your Application.
3.3 "Writing" includes emails. When we use the words "writing" or "written" in these Hire Terms, this includes emails.
4. Who can take out credit under this agreement?
4.1 In order to be eligible for buy now pay later credit under this Agreement you must:
- live in the UK;
- be an adult of 18 years of age or older;
- have a UK bank or payment account from which you can authorise Direct Debit payments;
- be able to repay us the amount you borrow under this Agreement; and
- pass our identity and credit checks.
5. How can I use buy now pay later credit?
5.1 The buy now pay later credit provided under this Agreement allows you to buy goods and services (referred to as a Product) from Merchants by making a Down Payment to us upfront and repaying us the Total Amount of Credit as detailed in the Repayment Schedule.
5.2 All you need to do is complete an Application and enter into an Agreement with us, make the initial Down Payment to us and provide us with a Direct Debit mandate for the Repayments. You will not be charged any fees or interest.
5.3 To submit your Application, you need to create an account by providing a username and password, which will give you access to your Dashboard. You must keep your username and password safe and must not share them with anyone else. You should contact us if you having any issues accessing the Dashboard or if you believe any of the information on the Dashboard is incorrect.
5.4 When you submit an Application, you acknowledge that we shall perform credit and identity verification checks before accepting or declining your Application. If we decline your Application, we will inform you at the time you submit your Application.
5.5 If your Application is accepted, we will inform you at the time you submit it, and we will send you a copy of your Agreement to the email address you provided to us on your Application and as set out in the Agreement Summary.
6. Your information
6.1 You warrant that the information you have provided in the Application is accurate and you agree to contact us, using our Contact Information, to inform us if any of the information you provided changes.
7. Duration of this agreement
7.1 This Agreement will begin on the day that we confirm we have accepted your Application (the Agreement Date) and will continue for the Credit Period or, if you miss one or more Repayments, until you have repaid us the Total Amount of Credit and any additional amounts owed to us under this Agreement.
8. Repaying us
8.1 When you enter into this Agreement with us you must provide us with a Direct Debit mandate for a bank or payment account that you are authorised to use.
8.2 By entering into this Agreement you shall pay the Down Payment to Ayan on the date of this Agreement and agree to make the Repayments to us as set out in the Repayment Schedule.
8.3 We shall collect the Repayments, and any other amounts owed under this Credit Agreement, by Direct Debit.
8.4 We will collect the Repayments for the amounts and on the Due Dates specified in the Repayment Schedule. You must ensure your chosen bank or payment account has sufficient funds to make payment as otherwise you may be charged returned payment fees by your account issuer. You will be sent a copy of this Agreement, including the Repayment Schedule, when we accept your Application and you can access this information at any time by viewing the Dashboard.
8.5 If the Direct Debit fails and we cannot collect a Repayment we will attempt to contact you using your Contact Information stated above, or such updated Contact Information as you have notified to us, in order to notify you that the Repayment has failed, find out why you have not made the payment and to attempt to take payment from you.
8.6 You can make repayments by alternative methods such as card payments or by bank transfer by getting in touch with using our Contact Information.
8.7 Please contact us if you cannot repay any amount you owe under this Agreement, you cancel your Direct Debit, you change the account the Direct Debit comes from or have an issue with your bank or payment account used for your Direct Debit.
9. Product issues
9.1 This is an unregulated credit agreement, and we have no liability to you if there are any problems with the goods and services (the Product) offered to you by the Merchant. If you have any issues or problems with your Product, you should contact the Merchant and attempt to resolve it with them.
10. Cancellation
10.1 You can cancel or terminate this Agreement at any time by contacting us using the Contact Information above and repaying us all amounts owed to us under the Agreement.
10.2 If you cancel the purchase of the Product with the Merchant it will be subject to that Merchant’s policy on cancellations and returns and you should follow their instructions in relation returning your Product. If you cancel your purchase of the Product this Agreement will also be cancelled and we will work with the Merchant to refund amounts owed to you less any deductions in relation to partial refunds or any goods and services already received or used by you.
10.3 You also have a statutory right to cancel this Agreement within 14 days of the Agreement Date (the Cancellation Period) if you have entered into this Agreement entirely remotely, e.g. by phone or the internet. You can do this by contacting us using our Contact Information above confirming your details. If you cancel this Agreement within the Cancellation Period, you must repay us all outstanding Repayments within 30 days of the cancellation.
10.4 If you cancel the Agreement with us, it will not affect your agreement with the Merchant for the purchase of the Product.
10.5 If you cancel your purchase of the Product through the Merchant, we will process the cancellation of the Agreement as soon as we have received notification of the cancellation from the Merchant and shall process any refund in accordance with clause 11.
10.6 If you return or cancel part of the Product, we shall deduct the amount of the refund from your outstanding balance and shall reduce the remaining Repayments accordingly and will collect the remaining Repayments on the Due Dates previously advised.
11. Refunds
11.1 If you are due a refund in relation to the Product, e.g. because you have returned all or part of the Product to the Merchant, we shall refund you as detailed below:
11.1.1 for a full refund, all future Repayments will no longer be payable, and we shall refund you any Repayments we have already received from you;
11.1.2 for a partial refund we shall:
(a) reduce the Total Amount of Credit you owe us and spread the remaining amount over the remaining Repayments; or
(b) if the amount of the partial refund is more than the total outstanding amount you owe us under the Agreement, we shall use it to pay off the amount you owe us and return the rest to you.
12. How we use your personal data
12.1 We will collect and process your personal data for the purpose of providing credit to you under this Agreement (including carrying out credit and identity checks) as set out in this Agreement and for the purposes set out in our Privacy Policy.
13. Missing payments
13.1 If you fail to make a Repayment in full by its Due Date, whether because your Direct Debit has failed or any other reason, you will receive an email reminder that will instruct you to login your dashboard where you can make the Repayment.
13.2 If the Repayment remains unpaid for two days, we will attempt to contact you using your Contact information in order to find out why you have been unable to pay and to attempt to collect the Repayment from you.
13.3 If we are unable to contact you and do not receive the Repayment we will attempt to collect any missed Repayments with Direct Debit after 10 days of the missed Repayment due date. If the Repayment through Direct Debit fails once more, we will attempt to collect any missed repayments on the next Due Date along with any other Repayments due.
13.4 If we are unable to collect any amounts you owe us, we may use a debt collection agency to collect the amount you owe us.
13.5 If you miss any Repayments you owe us under this Agreement:
13.5.1 you may not be able to obtain credit from Ayan in the future;
13.5.2 we will report the missed Repayment to credit reference agencies;
13.5.3 it may affect your credit rating;
13.5.4 it may affect your ability to obtain credit from other lenders; and
13.5.5 we may commence legal proceedings to collect the money you owe us.
14. Customer services and complaints
14.1 If you have any questions, concerns, or complaints you can contact us using our Contact Information and we will try and resolve the issue.
14.2 We have a complaints policy which details how we deal with complaints, and you can request a copy by contacting us using our Contact Information.
15. Other important terms
15.1 Governing law. This Agreement is governed by English law and wherever you live you can bring claims against us in the English courts. If you live in Wales, Scotland, or Northern Ireland, you can also bring claims against us in the courts of the country you live in. We can claim against you in the courts of the country you live in.
15.2 English language. This Agreement is written in English and all correspondence relating to it shall be in English.
15.3 We can transfer our Agreement with you, so that a different organisation is responsible. We'll contact you to let you know if we plan to do this.
15.4 Nobody else has any rights under this Agreement. This Agreement is between you and us. Nobody else can enforce it and neither of us will need to ask anybody else to sign-off on ending or changing it.
15.5 If a court invalidates some of this Agreement, the rest of it will still apply. If a court or other authority decides that some of the terms of this Agreement are unlawful, the rest will continue to apply.
15.6 Even if we delay in enforcing this Agreement, we can still enforce it later. We might not immediately chase you for not doing something (like paying) or for doing something you're not allowed to, but that doesn’t mean we can't do it later.
