Like most people, we use cookies on our site. Please read our cookies policy before continuing.

Auden Auden Auden Loan terms and conditions

Please rotate your device.

Loan terms & conditions

Lender

Auden Group Limited (No. 8649153) whose registered office is at Blue Tower, MediaCityUK, Manchester, M50 2ST (We); and

Borrower

All our loans have the same terms and conditions regardless of how much you borrow. We like to be upfront so we have put this example agreement on our website so that you can review the terms of our loans before you register or make an application to borrow. Our example loan has the following profile. £400.00 borrowed on 25th October 2017 repayable over twelve (12) months with each repayment to be made on the last working day of the month. Your loan profile may be different from the above so the total cost, interest charged and repayment dates may differ from those shown below.

Date

25 October 2017

Loan

£400.00

  1. Total Amount Payable

    £699.67 comprising the loan of £400.00 and interest of £299.67, calculated upon the assumption that the loan is made on the date of this agreement and the repayments are made in accordance with the original repayment schedule.

  2. Repayments

    11 repayments of £58.31 and a final repayment of £58.26 on the last business day of each month.

    A full schedule of your repayments and repayment dates is included at the end of this agreement – this is your original repayment schedule.

    The final repayment will be the full amount of the loan and interest which remains unpaid on the final repayment date, which may be a different amount from the final repayment amount shown in your original repayment schedule if the repayments are not made in accordance with your original repayment schedule (see Interest below).

  3. Loan Details

    1. APR

      213.9%, calculated upon the assumption that the loan is made on the date of this agreement and the repayments are made in accordance with your original repayment schedule.

    2. Duration

      If you repay the loan in accordance with your original repayment schedule the total length of the loan will be 364 days.

    3. Interest

      We charge daily interest of 0.64% per day for the first 90 days, which is equivalent to an effective annual interest rate of 233.6%.

      and 0.1% per day from day 91 which is equivalent to an effective annual interest rate of 36.5%.

      We may, in our absolute discretion, reduce either or both of these rates by giving you written notice of the new rate. If we do this, the new rate will only apply after we have given you notice of it and all interest charged up to that point will remain payable. We will change the amounts of your repayments to reflect the change in the rate and give you notice of the new amounts when giving you notice of the change in the rate.

      We charge simple interest on the amount of the loan that remains unpaid each day. We never charge compound interest. So, we never charge interest on interest.

      Save in the case of a partial early repayment to which paragraph 5.3 applies, we use any repayment firstly to repay all interest which we have charged up to the date of the repayment. Once that interest has been paid, we then use anything that's left to reduce the unpaid balance of the loan.

  4. Missing Payments

    If you fail to make any repayment on the date it is due, we will not charge any extra fees. However, the cost of your loan will increase because interest will be charged on the part of the loan you should have repaid by that repayment at the applicable daily rate of interest shown above. We will also report late or missed payments to credit reference agencies which may make it more difficult or expensive for you to get credit in the future. If we have to sue you to get our money back, you will have to pay any costs that the court orders you to pay but we will not seek an order of the court for the sale of your home and to recover the debt from the proceeds of sale.

    If you do not repay your loan on or before your final scheduled repayment date, we will charge interest for a maximum of another 90 days. We will never charge more than 80% of the original size of the loan.

  5. Manage Your Loan

    1. My Account

      You can make a payment, manage your loan and update your details at any time by simply logging into My Account whenever you want. This can be done via our home page at www.auden.co.uk.

    2. Voluntary Repayments

      You may make an early repayment at any time. There are three types of such payment you can make: i) an additional unscheduled repayment (partial early repayment - see paragraph 5.3) or ii) an early payment of a scheduled repayment (see paragraph 5.4) or iii) a full early repayment (see paragraph 5.5).

    3. What happens when you make a partial early repayment?

      If you give us notice that you intend to make a partial early repayment, by selecting the Partial settlement option in My Account, or in any other way, and you make that partial early repayment within 28 days or by any later date stated in your notice, you will be entitled to a rebate on the total cost of the loan, calculated in accordance with the Consumer Credit (Early Settlement) Regulations 2004.

      If you give us notice that you intend to make a partial early repayment, that early repayment will be applied immediately but you will have to continue paying the same weekly or monthly scheduled repayments, on the same payment dates, until repayment has been made in full (which will mean that the final repayment will be made sooner and/or be less).

      Please note that if you give us notice (through My Account or otherwise) that you want to make a partial early repayment, you will still have to make the next repayment in full on its repayment date even if you have made the partial early repayment on or just before that repayment date.

    4. What happens when you make a voluntary early payment against your next scheduled repayment?

      If you want to make part or all of a scheduled repayment early, simply make the payment and do not select the Partial settlement option in My Account or otherwise tell us that it is a partial early repayment.

    5. What happens when you make early repayment in full?

      If you give us notice, by selecting the Settle now option in My Account, or in any other way, that you intend to make early repayment in full, and you make early repayment in full, you will not have to pay any interest in respect of the period after you make full early repayment.

      We always publish the amount required to settle your loan on any given day in My Account and you have the right to be given information about early settlement on request.

    6. Loan extension, repayment holidays and changing your repayment date

      If you are not in arrears, you can:

      a Choose to repay the loan over a longer period than the duration shown in this agreement. The maximum repayment period you can choose is:

      If, when you originally applied for the loan, you chose to defer the first repayment date to the following month

      i the period ending on the date which is:

      1 for a monthly instalment loan - 11 months after your first scheduled repayment date (for example, if the first scheduled repayment date is 5 April, the loan can be extended to end on 5 March in the following year); or

      2 for a weekly instalment loan - 51 weeks after your first scheduled repayment date; or

      In all other cases

      ii 365 days (or 366 if it is a leap year and the loan period includes 29 February) beginning with the date of this agreement.

      If you do decide to take longer, the amount of each weekly or monthly repayment will be less but the total cost of the loan will be more. This option is not available if you have already made a partial early repayment.

      b Choose to re-schedule a single repayment, so long as it is not the first repayment, so that payment of the re-scheduled repayment and any additional interest that results from the re-scheduling is spread over the remaining repayments. This option may be used once in any rolling four month period and not more than twice in total.

      c Change your repayment date once in any rolling 4 month period and not more than twice in total. Your original repayment schedule will be modified so that your remaining scheduled repayment dates will be the same as if you had selected your new repayment date at the beginning of the loan. If you choose to re-schedule a repayment or to change your repayment date, you will not be able to exercise that option for the following 4 months or exercise the other option until you have made the next scheduled repayment.

      If you do any of the above, it will change your original repayment schedule.

  6. Transfers and Repayments

    1. When will you get the money?

      We use the UK Faster Payments system.

      We will send the money to your bank account within 60 minutes of you accepting our offer by clicking on the I AGREE button provided at the end of this agreement.

      The money usually arrives within minutes of us sending it but it can take up to 2 hours or may take longer if your bank does not use the Faster Payments system.

      If you have not received the money within 2 hours, please leave us a secure message in My Account.

    2. When and how your repayments will be collected

      You chose the day of week or month. If this is a weekend or bank holiday, we will collect on the previous business day.

      Your repayments will be collected between 10am and noon on each repayment day. We will remind you by text 24 hours before.

    3. Continuous Payment Authority

      You agree that Auden Payments Limited, or any agent instructed to do so by Auden Payments Limited, may take each weekly or monthly scheduled repayment from your debit card account by using the card details you have given when applying for the loan and/or that you provide to us through My Account. This is called a continuous payment authority. We will use the debit card account that you select as your default account in My Account.

    4. Insufficient Funds

      If there are insufficient funds available in the card account on the date when a repayment is due and you do not make the repayment by another means or set up an alternative payment arrangement, another attempt will be made to collect the repayment by using your card details not less than one day and not more than one month after the repayment date. We will remind you by text 24 hours before this second attempt is made. No more than two attempts will be made to use the card to collect one repayment. If a second attempt to collect a repayment is unsuccessful, no further attempts will be made to collect any repayment by using the card details.

      You can stop the use of the card to collect repayments at any time by asking us to stop using it, either by leaving us a secure message in the Message centre in My Account or by writing to us at the address provided at the top of this agreement or by calling us on 0330 134 8000. You can also cancel the continuous payment authority by contacting the bank which provides you with the relevant debit card and asking them to cancel the authority.

      You may also make repayments by making a same day bank transfer to the bank account of Auden Payments Limited at Santander, Sort Code ##-##-## and Account Number ########.

  7. Communications

    1. How we can communicate with you

      Until the loan is fully repaid, we can:

      1. Leave you a secure message in the Message centre in My Account. We will let you know by both email and text message.
      2. Text you on any of your mobile numbers which we hold.
      3. Call you on any telephone number we hold, including mobile numbers.
      4. Send an email to any of your email addresses which we hold.
      5. Contact you via post to any address where we reasonably believe you are resident.

      By giving us a mobile number or email address, you are agreeing that we may send communications to you by text to that number or by email to that email address.

      We recommend that you communicate with us by leaving a secure message in the Message centre in My Account. We generally use text messages and emails to notify you of things, including that we have left you a secure message. If we have anything important to tell you, we will usually leave you a secure message. If you do not reply to any secure message we may leave you, we are more likely to use one or more of the other communication methods.

      We will use all communication methods if you are behind with repayments.

    2. Marketing

      You can set your marketing options at any time in My Account.

    3. Statements of account

      You have the right, under section 77B of the Consumer Credit Act 1974, to receive a statement of account, on request, and free of charge, at any time throughout the duration of this agreement. The statement will be in the form of a table showing details of each repayment owing, the repayment date on which it is due, the amount and any conditions relating to payment of the repayment, and a breakdown of how much comprises repayment of the loan and how much comprises interest.

      You agree that we may give you a statement by sending it in a pdf attached to an email, to the email address that you have provided to us.

  8. Termination

    If a repayment is at least 90 days overdue, we will have the right to terminate this agreement and, upon termination of the agreement, you will immediately become liable to repay the unpaid balance of the loan and interest charged in accordance with paragraph 3 above. If we decide to terminate this agreement, we will give you at least 28 days' notice of termination.

    This minimum 28 days’ notice will overlap with, and so will not be additional to, the minimum period of notice that we are required to give you before we can file a default with the credit reference agencies and the minimum period of notice that we are required to give you under the Consumer Credit Act 1974.

  9. Miscellaneous

    1. Transfer

      We may transfer any of our rights and/or duties under this agreement to another person, including by way of granting security, provided that by doing so your rights will not be affected and the quality of service that you may expect from the lender under this agreement is not likely to be adversely affected. References to we, our and lender should be read in this agreement as including anyone to whom we have transferred any rights or duties. We may also arrange for another person to carry out any of our rights or duties under this agreement.

    2. No waiver of our rights

      If we do not strictly enforce any of our rights under this Agreement or if we grant you an indulgence, we will not lose those rights and will not be prevented from insisting upon our strict rights at a later date.

    3. Complaints

      If you are not happy with our service in relation to this agreement, please contact us in the first instance by leaving us a secure message in the Message centre in My Account. If you are not satisfied with our response to your complaint, you have the right to refer the complaint to the Financial Ombudsman Service (see the website at www.financial-ombudsman.org.uk). You may also use the Online Dispute Resolution platform provided by the European Union at:
      https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.chooseLanguage.

    4. Supervisory authority

      The Financial Conduct Authority of 25 the North Colonnade, Canary Wharf, London, E14 5HS is the supervisory authority under the Consumer Credit Act 1974.

    5. The Law of this Agreement

      This Agreement is governed by the laws of England and Wales and is subject to the jurisdiction of the courts of England and Wales, save that if your home is in Scotland or Northern Ireland, at the time when the agreement is made, it will be subject to the jurisdiction of the courts of that country.

    6. Right to Withdraw

      You have 14 days in which you may withdraw from this agreement without having to give any reason. The period of 14 days will start on the day after you receive a copy of the agreement after it has been signed by you and signed by us or, if you have already received a copy before the agreement is signed, the period will start on the day after you receive our written confirmation that the agreement has been made on the same terms as set out in the copy. You can exercise the right to withdraw by calling us on 0330 134 8000 or by writing to us at the address provided at the top of this agreement. You will then have to repay the loan and you will also have to pay interest at the rate of £2.56 per day until repayment is made. The loan and interest must be repaid without delay and within 30 days of you giving us notice of withdrawal. Payment should be made to us either by selecting Make a payment in My Account or by making a same day bank transfer to the bank account of Auden Payments Limited at Santander, Sort Code ##-##-## and Account Number ########.

Original Repayment Schedule

Thursday 30 November 2017 £58.31
Friday 29 December 2017 £58.31
Wednesday 31 January 2018 £58.31
Wednesday 28 February 2018 £58.31
Thursday 29 March 2018 £58.31
Monday 30 April 2018 £58.31
Thursday 31 May 2018 £58.31
Friday 29 June 2018 £58.31
Tuesday 31 July 2018 £58.31
Friday 31 August 2018 £58.31
Friday 28 September 2018 £58.31
Wednesday 31 October 2018 £58.31
Total £699.67

Your browser is not supported.

Unfortunately, it looks like you are using a browser that we do not support. Please update your browser to gain access to all of the features of our site.