Terms of Use

The following Terms of Service (“Terms of Service”) regulate the relationship between you (a Borrower or Lender) and us.

We would like to draw your attention to Condition 3 below which details the scope and limitation of our Service, together with our limitation of liability which is detailed in condition 30 as well as condition 16 which explains how under this agreement you grant us authority to amend elements of the Loan Contract as your agent.

1. Interpretation

1.1.   In these Terms of, the words and expressions set out below shall have the following meanings given to them:

Advance Date has the meaning set out in clause 15.1;
AL means Ameuri  Limited (company number 08191277);
Borrower means any party who has registered with us through the Website with a view to borrowing money from prospective Lenders;
Bid means an offer by a Lender to a Borrower to loan a specified sum of money in relation to an unfulfilled Loan Request or to acquire a previously fulfilled Loan;
BidPal has the meaning set out in clause 11;
BidCapital has the meaning set out in clause 11;
BidPot has the meaning set out in clause 11;
Collection Agency has the meaning set out in clause 23.6;
Credit Checking Agency means the agency we use from time to time to perform relevant credit checks;
EU means those countries forming part of the European Union;
Lender means any party who has registered with us through the Website with a view to lending money to prospective  Borrowers;
Loan means a loan of monies made by a Lender to a Borrower pursuant to a Loan Agreement, which loan shall either partly or fully satisfy a Loan Request;
Loan Agreement means an agreement entered between a Borrower and a Lender, which agreement shall comprise the Loan Particulars, the Loan Conditions and any other ancillary documents referred to therein, and shall arise in accordance with condition 14;
Loan Conditions means the standard loan conditions which apply to each Loan Agreement, a full copy of which can be accessed athttps://www.rebuildingsociety.com/terms/loan-condition/
Loan Particulars means the particulars of the Loan Agreement, including any Special Conditions incorporated in the funding of the loan through any part of the published listing.
Loan Request means a request by a Borrower to borrow a sum of money, which request shall be published on the Website using the Service;
Sale Fee has the meaning set out in clause 18.2;
Service means the service detailed in clause 3, being the service supplied by us to you;
Security means if applicable, the one or more forms of security instruments detailed in the Special Conditions, granted by a Borrower to a Lender as ‘security’ for mitigating against the risk of default on re-payment of any Loan;
Special Conditions the terms and conditions specific to each Loan Agreement;
Transferee has the meaning set out in clause 17.4;
Transferor has the meaning set out in clause 17.1;
User Account means your financial account on the Website showing, among other things (as a Lender) the money credited or debited with us;
Website means the website with the address www.rebuildingsociety.com;
“we”, “us” and “our” means rebuildingsociety.com Ltd (company number 07885342)  whose registered office is at 16 Queen Square, Leeds, LS2 8AJ and trades as rebuildingsociety.com;
“you” and “your” means you, a registered user of the Service, being either a  Borrower or a Lender.

 

2. Introduction

2.1. By registering to use this Website you agree to be bound by these Terms of Service either in your capacity as a Borrower or a Lender. You also agree to be bound by our https://www.rebuildingsociety.com/privacy/and any other terms and conditions brought specifically to your attention from time to time.

2.2. If as a consequence of using our Service you subsequently enter into a Loan Agreement (either as a Borrower or a Lender) the rights and obligations owed by each party to the other shall be governed by the Loan Agreement.

2.3. It is important that you read these Terms of Service and you should print or otherwise save a copy for your future reference.

2.4. If there is a conflict between these Terms of Service and the Loan Agreement, the terms of the Loan Agreement shall prevail.

2.5. From Time to time we may run special offers, the terms of which will be explained in these offers, further details can be found at https://www.rebuildingsociety.com/march-lender-offers/

3. The Service

– Important please read

3.1. Through the Website (and other off-line medium) our principal role is to perform administrative functions on behalf of Borrowers and Lenders in order to bring together prospective Borrowers and Lenders, to provide a stream-lined process for entering into Loan Agreements and to co-ordinate and facilitate the payment and collection of sums due under or in connection with such Loan Agreements (including certain limited actions upon a Borrowers default as set out in these Terms of Service.

3.2.   We do not:

3.2.1. provide any advice or express any opinion to either prospective Lenders or Borrowers on the question of whether to enter into any Loan Agreement;

3.2.2. make any representation or give any opinion as to the credit worthiness of a Borrower;

3.2.3. make any representation or give any opinion as to the accuracy of the online credit check of our Credit Checking Agency.

3.3. A Lender must form their own opinion regarding the creditworthiness of a Borrower and undertake its own research, analysis and assessment of each Borrower for each Loan Agreement, and where appropriate, seek its own independent financial and/or legal advice.

3.4. Whilst through the Website, we do make available certain information about a Borrower, with the intention of helping a Lender make a decision we make no representation that such information is complete accurate and not misleading, and we shall have no liability whatsoever for any information supplied through the Website about a Borrower, nor any opinion expressed or implied in relation to the creditworthiness of a Borrower (in the form of a risk rating or otherwise), which proves to be inaccurate, incomplete or misleading.

3.5. Whilst the Borrower may grant Security to the Lender, we do not guarantee that the Borrower will repay the Loan and give no undertaking whatsoever to the Lender that any Security will ensure that the Borrower will repay the Loan. The risk of non-payment should be taken into account by the Lender in deciding whether to enter into a Loan Agreement, and in deciding the interest rate they wish to charge for their Loan.

3.6. All of our fees are in payment for our role in supplying the Service set out herein. They are not for dealing with any analysis of the information provided by Borrowers which we carry out as part of our free borrower due diligence and which is always undertaken on a no-fee, no-liability basis.

4. Pre-conditions of becoming a Lender

4.1. The following conditions must be satisfied before a Lender can use the Service;

4.1.1. the Lender must be an individual, a partnership, a limited liability partnership, a limited company or public body;

4.1.2. if the Lender is lending in their capacity as an individual, the Lender must be at least 18 years old;

4.1.3. the Lender must be a permanent resident of the EU (excluding the Channel Islands and the Isle of Man);

4.1.4. if the Lender is a corporate body, it must have a permanent place of business in the EU (excluding the Channel Islands and the Isle of Man);

4.1.5. if the Lender is a public body, you must be registered or formed with the relevant authority in the UK (excluding the Channel Islands and Isle of Man);

4.1.6. the Lender must have a valid EU bank or EU building society account.

4.2. The Lender warrants to us that it is not lending in the course of a business or carrying out any type of regulated consumer credit business (as defined under the Consumer Credit Act 1974).

4.3. The Lender must tell us if it has a consumer credit licence and if the Lender does not have one to begin with it must tell us if it acquires one

4.4. The Lender agrees that we can correspond by way of email, post and telephone via the contact details supplied by it.

4.5. The Lender agrees to ensure that all contact details supplied are accurate and kept up-to-date.

5. Pre-conditions of becoming a Borrower

5.1. The following conditions must be satisfied before the Borrower can use the Service:

5.1.1. the Borrower must be a business which is operating as and is registered at Companies House as a limited liability company or as a limited liability partnership;

5.1.2. the Borrower must have a valid UK bank or building society account;

5.1.3. the Borrower must have a permanent place of business in the UK (excluding the Channel Islands and Isle of Man);

5.1.4. the Borrower must comply with basic credit and fraud risk criteria which will include obtaining a minimum score from our Credit Checking Agency;

5.2. The Borrower agrees that the details that it submits to us about its business may be published on the Website and disclosed by us directly to a Lender.

5.3. If you are, or at any time become, aware of any current or future claim (or potential claim) by HM Revenue & Customs (or any other governmental department or agency or other public body) against you, you may not accept a loan unless you have provided rebuildingsociety.com  with full details of such claim (or potential claim) and we have agreed in writing that you are still eligible to accept loans.

6. Borrower and Lender checks

6.1. As part of the registration process we and certain people authorised to act on our behalf will check your identity. We may do this using our Credit Checking Agency, or we may you to send us copies of the passports, other identification documents and anything else that we may need. Providing the information and documents we ask for is a pre-condition to using the Service.

6.2. Having registered with us and applied to borrow money through us, using our Credit Checking Agency we will undertake credit checks and fraud checks on the Parties

6.3. You warrant to us, and each Lender and Borrower warrants to each other, that all information submitted by them in the course of the application and borrowing process was at the time of it submission, and is at the time a Loan Agreement is entered into, true, accurate and is not misleading. If any information changes so that this is no longer the case, you must immediately update the information so that it complies with the warranty in this clause. Such updates will be made available to the other interested parties. A failure to provide accurate information may result in a Loan being repayable early under the terms of the Loan Agreement.

7. Username and Password

7.1. When you register with us, you will need to choose a username and provide an email, mobile telephone number and address. You will also need to choose a password and provide answers to three security questions. These are necessary to access the restricted areas of the Website. It is your responsibility to keep this information confidential so that it can only be used by you. We accept no liability whatsoever for any activity on your account by anyone using your logon information. If you suspect that there has been unauthorised use of your account of any kind whatsoever, or your login information has become known to anyone else, you must notify us of this immediately following the notification procedure set out in these terms.

7.2. You undertake to us that you will not in any way change or attempt to change or avoid the login procedure used on our Website.

7.3. In our absolute discretion, and for your protection, we will have the right to refuse to act on your instructions where we suspect that access has or is being gained by persons unauthorised to do so, or we suspect other illegal or fraudulent activity.

8. Getting Started

8.1. Each Lender, before making any Bid, must add funds to their User Account. We will hold the funds credited to each User Account in a separate designated bank account. Lenders will not receive any payment of bank interest on the balance held in their User Account from time to time.

8.2. If you are a Borrower, you can make a Loan Request. Initially your identity can be anonymous, but the nature of your business and other key information which is needed for a Lender to evaluate your Loan Request will be available for Lenders to see.

It is within our absolute discretion as to whether or not a Loan Request is published on the Website.

9. The bidding process

9.1. As a Lender, having decided which Loan Requests you would like to make a Bid for, you select the amount of money that you would like to lend and the interest rate you would want to charge. The maximum amount of your Bid will be the amount of money credited to your User Account (less the provision applicable for our fees should your Bid be successful).

9.2. As the Lender, you can also select the criteria that any Borrower would have to meet, and using our automated bidding tool (‘BidPal’), automatically bid on those Loan Requests, which meet your criteria.

9.3. The current maximum individual bid amount you are allowed to Bid in relation to any one Loan Request is £2,000. You may make up to 50 of these maximum bids in one bidding action. The current minimum amount you are allowed to Bid in relation to any one Loan Request is £10.

9.4. All bids on the marketplace will be subject to such minimum and maximum bid rates that rebuildingsociety.com may set in relation to a loan from time to time.

10. How are the Bids ranked?

10.1. The Bids are ranked by default on the Website in the following way:

10.1.1. If a Lender Bids at a lower interest rate than another Lender, the Lender offering the lowest interest rate will take preference.

10.1.2. If a Bid made by a Lender is the same amount at the same interest rate as another Lender, the Lender who Bid first will have their bid ranked in preference. Therefore, bids are outbid in a last in first out sequence.

11. BidPal

11.1. If you are using the BidPal tool, you choose the criteria that any Loan Request must meet and the interest rate you would pay and turn BidPal on. When a new loan is listed on the marketplace we will automatically apply the autobids, and you will automatically Bid funds up to the amount that you specify (your ‘BidCapital’) on all available Loan Requests that match your criteria, but subject to the total credit in your User Account less any fees that would be payable to us in respect of each Loan Request that you Bid for (‘BidPot’).

11.2. BidPal will automatically bid on Loan Requests and on fulfilled Loan Requests listed for sale that offer a rate equal to or above the rate defined by the Lender.

11.3. BidPal will lend a maximum of 5% of your BidPot (subject to the maximum and minimum bid set out in clause 9.3) to any one business. Expected loss percentages for each risk band are estimates only and you may experience lower or higher loss rates depending on the performance of the businesses you lend to. In the advanced settings, you can choose the risk bands you want to bid on, set a corresponding offered interest rate per risk band and change the maximum percentage of your BidPot to lend to any one business. We may extend the types of criteria available on BidPal from time to time.

 12. Transfer Bids

12.1. Transfer Bids allows you to support a business you have previously supported without the need to add additional funds to your lending account.

12.2. Where an existing Borrower returns to rebuildingsociety to refinance an existing loan, lenders holding existing Loan Segments will be able to choose the ‘Transfer Bid’ option, to bid their existing outstanding capital form the previous loan on to the new loan request.

12.3. Refinancing Loan requests will notify lenders of that availability of Transfer Bids, lenders can then visit their Dashboard to Transfer their existing capital as a bid in the new loan request.

12.4. Lenders may transfer existing capital in denominations of £10’s.

12.5. Lenders are not obliged to Transfer this Capital. If you do not transfer your existing capital, this will be repaid when the new loan is fully funded and accepted by the Borrower. Borrowers may only have one loan with rebuildingsociety at a time.

12.6. If a refinancing loan request fails to fund or complete, the Borrower remains liable to continue making loan repayments to Lenders as per their existing Loan Agreement.

13. Binding effect of Bids

Important please read

13.1. As a Lender, you agree that in placing a Bid, subject to the Loan Request Being completed in accordance with clause 13.2 below, such Bid cannot be withdrawn and will have contractual force if accepted by the Borrower, unless;

13.1.1. there are sufficient Active Bids from other lenders at lower interest rates to fully fund the total loan requested

13.1.2. the loan request period expires and the loan is not fully funded;

13.1.3. the borrower declines an aggregated loan request offer from you and other lenders on rebuildingsociety; or

13.1.4. we withdraw an auction for a loan request or Autobid

13.1.5. There is a significant material change to the terms of the loan that may cause you to re-evaluate your bidding on the loan

13.2. It is a condition of a Loan being made (and paid by us) that it is fully funded. A completed Loan will be fully funded by those Lenders who together have placed Bids which in aggregate are equal to the total loan requested as part of the Loan Request.

14. The Loan Agreement

– Important please read

14.1. For the avoidance of doubt, any Loan will be subject to the terms and conditions of the Loan Agreement, which shall comprise:

14.1.1. the Loan Conditions; and

14.1.2. the Loan Particulars

14.2. Entry into a Loan Agreement is an automatic process supplied as part of the Service. When a Loan Request is fully funded by Bids, we will automatically populate all parts of the Loan Agreement and arrange for its execution by the Borrower.

14.3. If you purchase a Loan from another Lender (‘the Transferee’), you will take an assignment of the Transferees rights and interest in the Loan you have purchased.

14.4. In the various documents, the Lender’s address may be stated as c/o rebuildingsociety.com Ltd and state our postal address. As a Lender you agree that any form of communication with us may be sent to our postal address.

15. Making the advance

15.1. Upon the Loan Agreement being executed (and where applicable any Security being given), the share of the Loan that the Lender agreed to lend to the Borrower will be debited from their User Account, which shall be credited to the Borrower’s User Account. (‘the Advance Date’).

15.2. Subject to clause 15.1, the Loan Request will then be fully satisfied by us, by way of Bank Transfer to the Borrower.

15.3. No funds will be transferred to a Borrower or their legal representatives until all loan completion requirements have been completely satisfied. Rebuildingsociety reserves the right to release Lenders funds back to the Lenders should a Borrower fail to complete the Loan completion process in a timely manner or where:

15.3.1. Rebuildingsociety.com Ltd becomes aware of adverse information that may affect the Borrower’s ability to repay a loan

15.3.2. The borrower fails to complete the legal requirements and processes to secure the offered Security.

15.4. Rebuildingsociety will not be liable for any loss in interest to the lenders as a result of the occurrence of situations as described in 15.3

16. Interest and repayments

16.1. Interest on the Loan will be deemed to accrue from the second business day following the end of the loan auction, and the first repayment to Lenders must be made within 30 days of the completion of the online loan acceptance.

16.2. The Loan Agreement sets out the terms and regulates the payment of the Loan repayments by the Borrower.

16.3. Repayments of a Loan and payment of interest shall be made from the Borrower’s Bank Account by Standing Order. The Borrower shall therefore ensure that their Bank Account has sufficient funds to process the standing order each month. The Standing Order must be created by the Borrower prior to receipt of the Loan.

16.4. All repayments and interest accrued will be paid in to a Lenders User Account.

16.5. All repayments will be made to lenders without the deduction of Income tax. As a Lender it is your responsibility to account for any income tax and other personal taxes that may be payable with the relevant authorities.

16.6. A tax statement is available to every lender on the site.

16.7. Notwithstanding any other clause in these Terms of Service and the Loan Conditions, you agree that, in special circumstances and at our absolute discretion, rebuildingsociety ( Acting as your agent and on your behalf) may agree with the borrower to restructure the loan and to amend the loan contract in any of the ways listed below:

16.7.1. To amend the loan term upwards and increase the interest rate accordingly.

16.7.2. To restructure the loan repayment schedule by:

16.7.2.1. Allowing a repayment holiday

16.7.2.2. Allowing a period of interest only repayments, which has the effect of increasing the loan term

16.7.3. Where we believe that an agreement to restructure the loan and amend the Loan Agreement is in the interests of the relevant lenders, and intends to amend the terms of the loan contract in accordance with clause 16.7 above, we will notify you of our intentions to make the amendments not less than 1 week before making the change.

16.8. As a Lender, you agree that rebuildingsociety will act as your agent where required, on your behalf in:

16.8.1. Negotiating and agreeing any amendments to the Loan Agreement; and

16.8.2. Entering in to the amendment to the Key Contract Terms in accordance with 16.7.

16.9. You hereby appoint rebuildingsociety ( for the duration of your membership) as your agent with full authority and capacity to agree to the amendments without your specific agreement. These changes will bind you to the Loan Agreement.

16.9.1. You Agree that rebuildingsociety will take no liabilities, obligations or rights under the loan Agreement as a result of it acting as your agent, and you agree that you will continue to be solely liable for the rights and obligations under the Loan Agreement (as amended).

17. Selling your Loan

17.1. You can divest your risk in a loan by selling your loan segments on the Secondary market. Please note that you cannot sell Loan Segments:

17.1.1. With only one repayment remaining

17.1.2. if, after the application of any mark-up or mark-down, the simple interest rate the buyer would receive if they held the Loan Segment to maturity, and the borrower continues to make all repayments on time (“Buyer Rate”) is less than 5% per annum;

17.1.3. Where a loan is in arrears

17.1.4. Rebuildingsociety is aware of a Borrowers intention to refinance through a 3rd party.

17.2. If a Lender would like to sell his Loan he can sell it to other registered users of the Service (‘the Transferor’).

17.3. The price the Lender can sell his Loan for is subject to the restriction that the Lender can apply a mark-up or mark-down of no more than 5% of the outstanding amount of the Loan.

17.4. On transfer of the Loan, the accrued interest on the capital outstanding shall belong to and be paid to the buyer of the Loan (for the purpose of this clause, ‘the Transferee’).

17.5. If a Transferor uses SalePal, they can set the amount that they want to raise in total from selling the selected Loan. SalePal will publish on the Website a list of the loans with a total sale value close to the amount the Transferor want to raise.

17.6. Loans can be sold manually without using SalePal. The Loans that a Transferor wants to sell can by selected on the ‘Dashboard’ and they will then be listed on the Website for sale.

17.7. On the sale of any Loans, the proceeds will be credited to the Transferor’s User Account and debited from the Transferee’s User Account.

17.8. Upon sale of a Loan our charges for the transaction will be debited from the Transferor’s User Account.

17.9. Loans for sale will be listed on the Website for sale for an indefinite period of time. At the end of the sale period, any Loans which have not been sold will cease to be listed. The Lender can if they choose re-list those Loans at the end of each successive listing period.

17.10. The capital and interest repayment is paid to the incumbent owner of the Loan on the day the repayment is processed.

18. Lender fees

18.1. We will charge each Lender a transaction fee for the sale of each Loan equal to 0.5% of the sale value (‘the Sale Fee’).

18.2. The Sale Fee(s) will be automatically deducted from the Transferor’s User Account on completion of the sale.

19. Borrower’s Fees

19.1. If a Loan Request is fully funded but the Borrower decides not to complete the Loan, we may charge the Borrower a fee which shall be notified to the Borrower prior to the Bid process beginning.

19.2. On execution of a Loan Agreement, we will charge the Borrower a fee (‘the Completion Fee’): for each calendar month that the Loan is outstanding, a sum equal to 0.1% of the full amount requested by you as part of the Loan Request (“Full Loan Amount”) (subject to a minimum fee of 2.9% of the Loan Amount and a maximum of 5.9% of the Loan Amount);

19.3. A note of the Completion Fee will be given to you immediately upon you entering into the Loan Agreement, and will be deducted from the Advance.

19.4. The Completion Fee covers our role in supplying the Service. For the avoidance of doubt, it is not for dealing with any analysis we carry out as part of our free borrower due diligence which is undertaken on a no-cost no-liability basis.

19.5. Where security such as a property charge is given against the loan an additional fee of 1% may apply. This fee will be deducted from the Advance.

20. Trust point

20.1. We may operate a points system which we use as an indicator of your level of activity and reliability. The points system shall be operated in such manner as we shall think fit in our absolute discretion. Our policy, which we shall publish from time to time, setting out the rules concerning how the points system works, may be varied by us in our absolute discretion and without notice.

20.2. The points system is an indicator of a number of different qualities including but not limited to:

20.2.1. as  Lender, your level of activity on the Website in terms of making Bids on Loan Requests or  completing Loan Agreements;

20.2.2. as a Borrower, your track record in terms of making repayments on time;

20.2.3.  the introduction of either new Borrowers or new a Lenders to the Website.

21. Lender Incentives and Promotional Funds

21.1. From time to time rebuildingsociety may run various lending incentives on the marketplace, which are designed to reward lenders for their positive lending habits. Lenders may be awarded Promotional credits of up to 0.5% of the amount they lend on a loan if they qualify for the relevant incentive.

21.2. Incentives may include and are not limited to:

21.2.1. Biggest lender incentive

21.2.1.1. Awarded to the lender who lends the most on an individual loan, the amount lend is calculated as the total amount of active bids in £’s remaining at the closure and acceptance of a loan by a Borrower

21.2.2. Local lender incentive

21.2.2.1. Awarded to a lender(s) whose registered postcode match the first two characters of the borrowers registered company address.

21.2.3. Growing lender incentive

21.2.3.1. Awarded to lenders that bid double their average bid on a loan.

21.2.4. New Lender

21.2.4.1. Awarded to lenders who have lend less than £10k through rebuildingsociety.

21.2.5. Quick Lender

21.2.5.1. Awarded to lenders who are within the first 10 lenders to bid on a new loan request.

21.3. The above incentives are subject to change or withdrawal, without notice, by rebuildingsociety.

21.4. Promotional Funds will be visible on a Lenders Dashboard, and will become visible once a Borrower accepts the loan.

21.5. Should a Borrower ultimately fail to accept the loan, after the Promotional funds have been credited to a Lenders Dashboard, rebuildingsociety retains the right to reverse the Promotional Funds Credit.

22. Security and the role of Ameuri Limited as security trustee

22.1. Where a Borrower has agreed to secure a Loan the type of Security offered which will be detailed on the Website, on the listing page and the Loan Agreement, in particular the Loan Particulars and Special Conditions.

22.2. In such Loans where it is indicated that Security over the loan is provided, the Borrower’s obligations under the Loan Agreement to you will be secured by an all assets security contract, or in some cases a chattels mortgage, a personal guarantee or a legal mortgage. Should a Borrower default on a Loan, fail to honour their material obligations of the Loan Agreement or fail to make a repayment, the Borrower and Lender agrees to us appointing Ameuri Limited (AL), as the security trustee to enforce the Security constituted by the all assets security contract and/or chattels mortgage. AL is a separate wholly-owned subsidiary of rebuildingsociety.com Ltd.

22.3. In the event of the events described in 22.2 coming about, the Lender and the Borrower agree to AL representing the Borrowers interest as security trustee in respect of any of the Borrower’s liabilities to you as the Lender under the Loan Agreement. In such an event all communication with a Borrower will be made through AL.

22.4. Should we or AL be provided with particular information detailing the assets of the relevant Borrower, we and AL may at their discretion provide this information to you as a Lender.

22.5. In the event of that AL needs to execute any form of personal guarantee provided by the Borrowers’ directors, on your behalf, you consent to us appointing AL as the Security Trustee to enforce the personal guarantee in order to recover the debt on your behalf. You fully accept that AL’s ability to enforce such a personal guarantee is subject to the legal risks and restrictions associated with such a recovery. Furthermore, you accept that it is not the responsibility of rebuildingsociety.com Ltd to verify that the guarantor has sought independent legal advice on the impact of providing a personal guarantee in respect of a borrower’s loan. Personal guarantees may be subject to challenges in such situations where the individual permitting the guarantee has been subjected to undue duress or misguidance from a third party.

22.6. If it becomes necessary to enforce the Security, you agree that AL may act on your behalf as your agent to enforce the Security with the aim of recovering money equal to the borrower’s liability to the Lender under each Loan.

22.7. AL will hold the assets charged under the `Security Instruments upon trust for itself and for all Lenders to that Borrower (including you) and will have the rights as set out in the Security Instrument.

22.8. A Security Instrument granted by a borrower may be security for more than one Loan.

22.9. Where monies recovered are not sufficient to repay all of the Lenders, the net proceeds recovered (after deduction of charges) will be shared between the  Lenders on a pro-rata basis.

22.10. The AL will hold the assets charged under any security upon trust for itself and for all lenders to that borrower. From time to time AL may perform (before or after any enforcement under the terms of the security) all obligations, rights and benefits given to AL by any all assets security agreement, assignments, legal mortgage and/or chattels mortgage and by any future security that AL may take in respect of the debt due under the loan or under any document entered into pursuant to such all assets security agreement, assignments, legal mortgage, chattels mortgage and/or future security. AL shall have certain powers and discretions conferred upon trustees and may also rely on:

22.10.1. any representation, notice or document believed by it to be genuine correct and appropriately authorised and;

22.10.2. any statement made by any director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

22.11. We do not guarantee (nor does AL) that by having Security a Lender will recover all of the money that you have loaned to the Borrower. In the event that enforcement action is taken to enforce repayment of the Loan, it is possible that a Lender will not recover all of the money which is owed to them by the Borrower.

22.12. Each Lender agrees that AL shall be entitled to be paid, out of the proceeds of any recovery under the Debenture, an amount equal to its reasonable costs (including legal and other professional costs) incurred by AL in taking action to pursue repayment of the loan following a default. Costs may include (but are not limited to) enforcing the terms of the Debenture or in complying with any instructions from any Lender in connection with the Debenture.

23. Missed repayments

– Important Please Read

23.1. If the Borrower fails to make a full repayment (including interest) to a Lender, we shall within reason, repeatedly contact the Borrower to ask them to pay the overdue amount immediately. If our reattempt to collect the funds fails beyond 1 working days after the payment was due, the borrower’s account will be treated as an overdue account and we will continue to attempt to collect the funds.

23.2. If payment has still not been made 5 days from the date payment was due, rebuildingsociety.com may implement an administration fee of up to 15% of the missed payment amount. This fee will be immediately payable and is in addition to the repayment amount due.

23.3. Where rebuildingsociety.com incurs additional costs in recovering a repayment on behalf of the lenders, the Borrower will also be liable to cover these fees.

23.4. If the Borrower, misses, fails to pay partially or in full, one or more consecutive monthly instalments or four out of six consecutive monthly instalments, or is found to be in breach of the Site Terms and Conditions, Security Instrument or Loan Agreement, they may be deemed to be in default. When a loan is deemed to be in Default, we will notify the Borrower and relevant Guarantors of the Default and begin pursuing the total loan amount outstanding.

23.5. In addition to 23.1 and 23.4 above, rebuildingsociety.com will, where it deems necessary and in the best interest of recovering the amount owing to the lenders demand immediate repayment of the loan amount outstanding including all outstanding accrued interest and costs incurred. This clause is likely only to be implemented where rebuildingsociety.com no longer enjoys the cooperation of the Borrower and believes the loan to be at risk and justifies the action ahead of the above proposed schedule. Rebuildingsociety.com will at all times attempt to act in the best interests of both the Lenders and the Borrowers, but will ultimately seek to protect the interest of the outstanding amount owed to Lenders.

23.6. Following 23.1 we may refer the missed repayment to a collections agency (‘the Collections Agency’) who will attempt to collect the money on behalf of the lenders, (‘Collection Agency Fee’). The Collections Agent may deduct up to 30% of the amount they recover from the borrower and the remaining proceeds will be distributed to lenders; where reasonably possible this fee will be added to the amount owed by the Borrower so as not to not reduce the amount available for distribution to lenders.

23.7. We will use best endeavours to keep you up to date with the progress of any efforts to collect missed payments, or collect on defaulted debt, which can be viewed under the My Account section of the Website.

23.8. Where a loan is placed in default, we will notify you of this, and inform you that all your outstanding Loan Segments will need to be transferred to AL to allow legal proceedings to commence. You will have 7 days in which to opt out of this transfer should you decide to pursue the Borrower for the debt directly.

23.9.In circumstances where the relevant Loan is secured, AL will be entitled (but shall not be obliged) to take such reasonable steps are it is entitled to take as Security Trustee under the Security Instrument.

24. Termination your membership of the Service

24.1. If you no longer want to benefit from the Service you can let us know and we will end your membership as soon as any current Loan Agreements are repaid and come to an end.

24.1.1. We shall have the right in our absolute discretion terminate your membership in the event of the following:

24.1.1.1. you breach these Terms of Service;

24.1.1.2. you breach any Loan Agreement;

24.1.1.3. we suspect that you have committed fraud, been involved in money laundering or other criminal activities;

24.1.1.4. you use the Website in any of the following ways:

24.1.1.4.1. in any way that causes, or is likely to cause, the Website or access to it to be interrupted or damaged in any way;

24.1.1.4.2. for fraudulent purposes, or in connection with a criminal offence;

24.1.1.4.3. to send, use or reuse any material that is illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any “spam”;

24.1.1.4.4. you have no outstanding Loan Agreements and have not been party to a Loan Agreement for 12 months.

24.2. On termination we will credit your bank or building society account with any funds left in your Lending Account or send a cheque to the address last provided by you.

25. User Forum

25.1. You shall at all times refrain from posting any comments or material which:

25.1.1. advertises your business;

25.1.2.  is offensive or abusive towards any other user, ourselves or any other person, or which may be libellous, a breach of third party copyright or which maybe otherwise unlawful.

25.2. User generated content in no way reflects our opinions and we may in our sole discretion remove any material which we deem is in breach of clause 25.1 or which we deem is inappropriate for any other reason. We shall exercise its discretion in good faith but shall no liability to you whatsoever in respect of any user generated content.

25.3. We shall have a royalty free perpetual licence to use and reproduce all content generated by you and published on our website.

26. General terms

26.1. This Website is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.

26.2. You are permitted to download and print the content on the Website for your personal use or in the course of your business but only to the extent required to use the services provided on the Website. You must not use the content of the Website for any other purpose without our express written consent.

26.3. We will endeavour to facilitate uninterrupted access to the Website. Access to the Website may be suspended, restricted or terminated at any time.

26.4. You agree to use the Website only for lawful purposes and in a way which does not infringe the rights of anyone else or restrict or inhibit anyone else’s use and enjoyment of the Website.

26.5. You warrant and represent that you have taken all reasonable precautions to ensure that any data you upload to the Website is not infected with any virus or anything else which may have a destructive effect on any part of the Website.

26.6. We use secure socket layer (SSL) encryption to encrypt information communicated between a User’s browser and the Website. We take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the Website, but we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.

26.7. Information transmitted via the Website will be via public telecommunications networks. We accept no liability if communications sent via the Website are intercepted by third parties or incorrectly delivered or not delivered.

26.8. The Website may contain links to other Websites. We accept no responsibility or liability for any material supplied by or contained on any third party Website which is linked from or to the Website, or any use of personal data by such third party.

27. Living Will Arrangements

27.1. If our platform were to fail or we become insolvent, we would transfer our user loan servicing obligations to a third party back-up servicer, The Business Loan Network Limited, with whom we have entered into a Living Will arrangement. The Business Loan Network Limited is authorised and regulated by the Financial Conduct Authority with Interim Permission (No. 660050) to conduct lending through an electronic platform rebuildingsociety reserve the right to use a back-up servicer prior to insolvency where such action is in the best interests of all of the lenders. If this happens:

27.1.1. you would not be able to sell any Loan Segments;

27.1.2. you would receive distributions of funds to your external bank or building society account on a quarterly basis;

27.1.3. you would receive quarterly statements of repayments and continue to receive annual statements (for tax purposes).

28. Privacy

28.1. You agree that any and all personal information you provide to us via this Website may be collected, stored, processed and used in accordance with our current privacy policy available here.

 29. Credit decisions and also the prevention of fraud and money laundering.

29.1. We may use credit reference and fraud prevention agencies to help us make decisions. A short guide to what we do and how both we and credit reference and fraud prevention agencies will use your information is detailed at https://www.rebuildingsociety.com/privacy/ under the heading: Credit Reference and Fraud Prevention Agencies.

29.2. By confirming your agreement to proceed you are accepting that we may each use your information in this way.

29.3  To assist with the prevention of fraud and money laundering, users will not be allowed to withdraw funds within 7 days of the date of their first reconciled transaction on the platform.

30. Intellectual property rights

30.1.  We own all present and future copyright, registered and unregistered trademarks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the Website.

30.2. If and to the extent that any such intellectual property rights vest in you by operation of law or otherwise, you agree to do any and all such acts and execute any and all such documents as we may reasonably request in order to assign such intellectual property rights to us.

30.3. You shall retain ownership of all copyright in data you upload or submit to the Website. You grant us a world-wide exclusive, royalty-free, non-terminable licence to use, copy, distribute, publish and transmit such data in any manner.

30.4. We do not warrant or represent that the content of the Website does not infringe the rights of any third party.

31. Limitation of Liability

Important please read

31.1. subject to clause 30.2, our total liability to you in connection with the Service shall not exceed the aggregate of the fees paid by you to us in the twelve month period preceding the date on which the liability arises.

31.2. We shall have no liability to you for any indirect or consequential loss including without limitation, loss of profit economic loss or loss of business opportunity.

31.3. Nothing in these Terms of Service shall limit our liability for: (i) personal injury or death, fraud, nor for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation; or (ii) losses arising as a consequence of our wilful default of these Terms of Service.

32. About us

32.1. rebuildingsociety.com Limited is a company incorporated in England and Wales, whose registered number is 07885342 and whose registered office and principal place of business is at 16 Queen Square, Leeds LS2 8AJ.

32.2. For data protection purposes. we are registered with the Information Commissioner Z3162660

32.3. Rebuildingsociety.com Ltd is regulated under an Interim Permission by the Financial Conduct Authority (FCA) rebuildingsociety.com Ltd intends to become fully authorised by the FCA prior to 1 April 2016.

33. Contacting us

33.1. If you need to contact us, please do so through this page.

33.2. If you wish to make a formal complaint, you may do so in person, in writing by post or email or by telephone. Please see our Complaints Procedure here.

33.3. If you wish to contact the Financial Ombudsman Service, please do so through this page.

33.4. If you wish to access the European Commission’s Online Dispute Resolution service, please do so through this page.

34. Amendments to these Terms of Service

34.1. We reserve the right to change these Terms of Service from time to time to comply with law or to meet our changing business needs. When changes are made, we will post them on our Website so that you can view them when you log on. By continuing to use the Website, you agree to be bound by the terms of the latest Terms of Service.

35. Severance

35.1. If any of these Terms of Service are found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.

35.2. All disclaimers, indemnities and exclusions in these Terms of Service, together with other terms which by their nature are designed to survive termination of this agreement, shall survive termination for any reason of the agreement.

36. Waiver

36.1. A waiver of any right or remedy under the Terms of Service is only effective if given in writing and shall not be deemed a waiver of any subsequent breach or default. A failure or delay by you or us to exercise any right or remedy provided under these Terms of Service or by law shall not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict any further exercise of that or any other right or remedy.

36.2. No single or partial exercise of any right or remedy provided under these Terms of Service or by law shall preclude or restrict the further exercise of any such right or remedy.

37. Client Money

37.1. Rebuildingsociety will treat the money that we receive from you or hold on your behalf as Client Money in accordance with the FCA’s Client Money rules. Client Money held for you will be subject to internal control mechanisms and proper accounting procedures in accordance with the Client Money rules.

37.2. All Client Money is held in a segregated account separately from our own funds with a bank appropriately authorised, in line with our FCA obligations (“Client Account”) and in accordance with the Client Money rules and maintained specifically for you or for our members generally. Your money may be held with other members’ money in a pooled account and you consent to such pooling. Client Money will be held on an omnibus basis which means that if the bank were to fail, your funds would be affected by any shortfall in proportion to the value of your funds relative to the total sum of Client Money held in this way. We will not be responsible for any acts, omissions or default of any bank with which your money is held and in the event of insolvency of such bank, we would not be liable for any shortfall unless we had failed to comply with any duty of care or obligation to which we were subject.

37.3. You will have access at all times to your User Dashboard which provides you with a statement of the amount of funds held by us on your behalf in the Client Account. This amount is displayed as ‘ Available Funds’.

38. Entire Agreement

38.1. These Terms of Service set out the entire agreement between you and us with respect to your use of the Website and the Services and supersede any and all representations, communications and prior agreements (written or oral) made by you or us.

39. Jurisdiction

39.1. These Terms of Service are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and condition, you and we shall submit to the exclusive jurisdiction of the English courts.

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