Unbolted | Low-Interest Asset Loans and Pawnbroking Services
Menu

Unbolted Borrower Terms and Conditions

1.      Introduction

1.1.    Our agreement with you is set out in these terms and conditions (the "Terms and Conditions") documenting the terms on which you will apply or receive a Loan and we will provide the services to you as a Borrower. If you wish to use the Website and become a Borrower you must enter into and comply with the Terms and Conditions.

1.2.    References in the Terms and Conditions to "we", "us", "our" and "Unbolted" means Open Access Finance Ltd. References to "systems", or "platform" means the Unbolted website (www.unbolted.com), any other online services provided by us and any data managed by, displayed on or transmitted from such services (together, the "Website").

1.3.    Unbolted is a trading name of Open Access Finance Ltd, a private company limited by shares registered in England and Wales with registered number 08778211, whose registered office is at Token House, 11-12 Token House Yard, London, EC2R 7AS, which is authorised and regulated by the Financial Conduct Authority with permissions to operate an electronic system in relation to lending under firm reference number 741896 ("Open Access").

1.4.    References in the Terms and Conditions to "you", "your" and "Borrower" mean a registered user of the Website, whether as an individual or on behalf of a Corporate Entity which meets the criteria of a Borrower set out below.

1.5.    Capitalised terms used in the Terms and Conditions (to the extent not defined elsewhere in the Terms and Conditions) are defined in clause 2 (Definitions) below. 

1.6.    By using these systems and the services provided via the Website, you confirm that you have read, understood and agree to the Terms and Conditions and where you are acting on behalf of a, limited company, LLP, partnership or public body (a "Corporate Entity") that they agree to the Terms and Conditions. If you do not agree to the Terms and Conditions, you must stop using the Website immediately.

1.7.  Peer-to-peer lending involves spreading your borrowing across multiple loans between you and individual Lenders who are only identifiable by their unique Lender Reference Number and the amount lent to you.  We will keep the lender of record register.  The rights of individual Lenders may be transferred by way of novation to other Lenders. You authorise us to enter into all documentation (including a Transfer Contract (as defined below) and all other arrangements necessary to transfer the rights Lenders have pursuant to their Loan Agreements, provided this achieves your requirements as Borrower, as set out in the Loan Agreement to which you are a party.  Any withdrawal rights you have under the Loan Agreement will only apply by reference to the time that you accept the terms of the Loan Agreement.

1.8.    Each agreement between each Lender and you comprises our standard Loan Agreement and, where the Loan made to you is being transferred to the Lender by an existing lender, a Transfer Contract (together comprising the "Transferred Loan Agreement").

1.9.    There will generally be more than one Lender and Loan in respect of each Borrower. The Loan Agreement is a separate agreement between you and each Lender and is governed by separate terms and conditions contained therein. If there is a conflict between the Terms and Conditions and the Loan Agreement, the Loan Agreement will prevail.

1.10. We do not participate in the funding of Loans and are not a Lender for the purpose of any Loan Agreement. Furthermore, we do not assume any Lender's  rights (by assignment, novation or operation of law), or receive any form of credit (as defined in the FCA Rules) under any Loan Agreement.

1.11. Please note that under clause 10 (Loan Management Services) of the Terms and Conditions, in certain circumstances, you grant us the authority to amend the Loan Agreement without the need for your agreement to those changes and you will be bound by the Loan Agreement as amended.

1.12. If, on behalf of a Corporate Entity, you are using the Website, agreeing to the Terms and Conditions and entering into a Loan Agreement you warrant that you are duly authorised to act on the Corporate Entity's behalf.

1.13. We will act as agent on behalf of each Lender in relation to the Loan Agreement and the Security Trustee will hold the Security Interest in respect of a Pledged Asset on trust for the benefit of all Lenders lending through the Website to a Borrower.

2.       

2.1.    Definitions

Borrower

an individual or entity who has applied to take out a Loan or has taken out a Loan, as the context dictates;

Borrower Representative

the named individual or individuals which may be the Borrower himself, that the Borrower has, from time to time, authorised to deal with us and execute all documentation required to commit the Borrower to Loans under the Terms and Conditions;

Client Account

the segregated client account entitled with Barclays Bank plc;

Consumer

a Lender or a Borrower that is either (i) an individual, (ii) a partnership consisting of two or three persons where at least one person is not an incorporated entity; or (iii) an unincorporated body of persons that is not a partnership and where at least one such person is not an incorporated entity;

Corporate Entity

a limited company, LLP, partnership or public body;

FCA

the Financial Conduct Authority or any successor body;

FCA Rules

the Handbook of Rules and Guidance of the FCA as amended from time to time;

Lender

an individual or entity who has made a commitment to fund or has funded a Loan or parts of a Loan and s the lender of record as identified by a Lender Reference Number in respect of that Loan, as the context dictates;

Loan

a loan facilitated by us and made to a Borrower from a Lender and in return for which the Borrower has granted a Security Interest over a Pledged Asset;

Loan Agreement

the standard form of agreement for a Loan, which we will enter into with you in our capacity as agent on behalf of each Lender;

Loan End Date

the contractual last date of the Loan Agreement, when the right to redeem the Pledged Asset expires;

Loan Management Services

means the services we undertake to facilitate the origination and ongoing administration of your Loan including, but not limited to, the services set out in Clause 10 (Loan Management Services);

Nominated Account

a UK bank account or such other account as we may accept, held in your name, from which you wish to make or receive payments, to or from us;

Open Access

a private company limited by shares registered in England and Wales with registered number 08778211, whose registered office is at Token House, 11-12 Tokenhouse Yard, London, EC2R 7AS, which is authorised and regulated by the Financial Conduct Authority with permissions to operate an electronic system in relation to lending under firm reference number 741896;

Pledged Asset

an asset or assets mortgaged, charged or pledged by a Borrower in favour of the Security Trustee, or, proposed to be mortgaged, charged or pledged by a potential Borrower, by way of security for a Loan;

Provision Trust

a trust we will establish using such proportion of our fees received from the Borrowers of Standard Loans as we, in our absolute discretion, deem desirable to mitigate any shortfall in recovery of Lender's Principal of Standard Loans, on sale of Pledged Assets of Loans that are not redeemed;

Provision Trustee

Open Access Finance Ltd;

Security Agreement

either the Loan Agreement, or a separate security agreement, between the Borrower and the Security Trustee pursuant to which the Borrower creates a Security Interest over the Pledged Asset in favour of the Security Trustee;

Security Trustee

such person as we may appoint from time to time to take and to hold the Security Interests in respect of the Pledged Asset in accordance with the terms of the Security Agreement (which at the date of your acceptance of the Terms and Conditions is Open Access);

Security Interests

all rights, covenants, undertakings, representations, guarantees, indemnities and all other rights, powers and interests in favour of the Security Trustee in respect of a Pledged Asset arising by way of mortgage, charge, pledge or lien;

the Terms and Conditions

these terms and conditions;

Transferred Loan Agreement

Our standard Loan Agreement and Transfer Contract;

Transfer Contract

defined in Clause 6.14;

Unbolted Account

your registered account with us;

Valuation

a valuation of a Pledged Asset being the likely sale price of the Pledged Asset if the Pledged Asset were to be sold at an open auction on arm's length terms without reserve (excluding VAT and any related auction fees payable by a buyer of the Pledged Asset); and

Website

(www.unbolted.com) and any other online services provided by us and any data managed by, displayed on or transmitted from such services.

2.2.    A reference to a person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).

2.3.    Words in the singular include the plural and vice versa.

2.4.    Use of any gender includes other genders.

2.5.    Headings are for reference only and shall not affect the interpretation of the Terms and Conditions.

2.6.    A reference to a statute or statutory provision or any provision of FCA Rules is a reference to it as amended, extended or re-enacted from time to time.

2.7.    A reference to a statute or statutory provision shall include all subordinate legislation made under that statute or statutory provision.

2.8.    A reference to any agreement or document is a reference such agreement or document as varied, superseded or novated from time to time.

2.9.    Terms defined in FCA Rules which are used in but not otherwise defined in the Terms and Conditions shall have the meaning set out in the Glossary of FCA Rules.

2.10. A reference to writing or written includes e-mail or other similar electronic communication, unless specifically stated otherwise in the Terms and Conditions.

3.      Registration as a Borrower

3.1.    Before you are able to start borrowing on the Website, we will require you first to register with us to create your online account (your "Unbolted Account").

3.2.    If you are an individual, you must provide accurate registration information, including your correct name, date of birth, e-mail address and current home address. You should inform us promptly of any changes to such information. Our use of your personal information is subject to the terms of our privacy policy, which is available on the Website.

3.3.  If you are acting on behalf of a Corporate Entity, you must provide accurate registration information, including your full name, registration number, registered office in country of incorporation and business address. Additionally, for private / unlisted companies, you will need to provide names of all directors (or equivalent management), names of individuals who own or control over 25% of the Corporate Entity's shares or voting rights and the names of any individual(s) who otherwise exercise control over the management of the company. You will be required to provide a board resolution or similar form of evidence of authority (in a form that is satisfactory to us), confirming the authority of each Borrower Representative to bind the Corporate Entity in relation to all matters connected with the entry into Loans on behalf of it as Borrower. The correct name, date of birth and e-mail address of each Borrower Representative must also be provided. You should inform us promptly of any changes to such information. Our use of data pertaining to individuals within your organisation is subject to the terms of our privacy policy, which is available on the Website.

3.4.  You will also be required to provide us with the sort code and account number of a UK bank account or such other account as we may accept held in the name of the Borrower, to which you wish to receive payments from us ("Nominated Account").

3.5.  By providing us with any personal information, you authorise us, at any time, to use any means that we consider necessary to verify your identity with any third party providers of information, including credit reference agencies.

3.6.    You warrant to us that all information provided to us in the course of the registration and lending process is true and accurate in all respects. You will update us as soon as possible if any of the information you provide to us changes.

3.7.    You may not register more than once on the Platform, unless any subsequent registration is in the form of a joint account with another person, or is the corporate or trust account of a different entity (for which you are an authorised operator or controller).

3.8.    Once you have registered on the Website, we may carry out identity and fraud checks on you as the proprietor, member or director, your business and other members, or directors of the business. We use our own internal guidelines and policies when assessing applications and we have complete discretion as to whether to allow you to be a Lender on the Website.

3.9.    If you satisfy our identity and fraud checks and we accept your application to become a Borrower.

3.10. There are no fees payable to set up an Unbolted Account.

3.11. Within the registration process you will be required to choose a username and a password, and provide a valid email address.

3.12. You agree to keep your username and password strictly confidential, and provide them only to us and only when requested. You are responsible for any misuse of your Unbolted Account details.

3.13. We are entitled to assume that all correspondence, orders, transfers and instructions made by reference to your username and password are made by you and with your authorisation. You agree to inform us at once by e-mail or telephone if you believe that any of your Unbolted Account information is being misused by anyone.

3.14. We may suspend your Unbolted Account immediately if we believe it is being misused. In such circumstances, we will contact you as soon as possible in order to resolve the issue.

4.      Our Role

4.1.    Our role is to:

4.1.1.   introduce Lenders and Borrowers;

4.1.2.   provide an easy process for entering into a Loan Agreement;

4.1.3.   deal with the Pledged Asset in accordance with the Terms and Conditions and the Loan Agreement;

4.1.4.   collect  principal and interest due under or in connection with the Loans advanced pursuant to the Loan Agreements from you and to pay such amounts to the relevant Lenders; and

4.1.5.   enter into and manage the administration of Loan Agreements on behalf you and  each Lender.

5.      Eligibility and Representations

5.1.    You agree and acknowledge that:

5.1.1.   you (or your Borrower Representative) have been duly authorised to deal with us and enter into the Loan Agreement; is 18 years of age or over; and is capable of taking responsibility for his or its actions as Borrower;

5.1.2.   your Nominated Bank Account is a bank account held in your name with a bank with a UK branch or online network, or such other institution as we may accept;

5.1.3.   you do not hold a consumer credit licence (interim or final) from  the Financial Conduct Authority;

5.1.4.   you will not allow any other person, other than your Borrower Representative, to trade on your Unbolted Account; and

5.1.5.   you understand that if you default on the Loan, you may lose the opportunity to redeem the Pledged Asset.

5.2.    The representations and acknowledgements set out in clause 5.1 are deemed to be repeated on each day that the Loan to you is outstanding, and you undertake not to take or permit any action to be taken that may cause such representations and warranties to be untrue or inaccurate.

5.3.    If at any time prior to the Loan End Date, any of the above representations and acknowledgements in clause 5.1 are no longer true or accurate by reference to the facts then existing, you should notify us as soon as possible.

5.4.    We may terminate your Unbolted Account and/or prevent you from applying to take out new Loans at any time and in our sole discretion, including but not limited to, where:

5.4.1.   you breach the Terms and Conditions;

5.4.2.   we suspect that you have committed fraud, been involved in money laundering or other criminal activities or have used the Website for any such purposes;

5.4.3.   you send or use any material on the Website that is illegal, offensive, abusive, indecent, defamatory, threatening or obscene, or in breach of copyright, trademark, confidence, privacy or any other right; or which consists of or contains software viruses; or

5.4.4.   there is no activity in relation to your Unbolted Account within a 12 month period.

5.5.    We may suspend your Unbolted Account:

5.5.1.   immediately and without notice where we believe it to be desirable for legal or regulatory reasons (for example if we suspect you of money laundering); or

5.5.2.   upon giving you at least 30 days' written notice for any other objective reason.

6.      The Borrowing Process

6.1.    Indicative Loan Offer

6.1.1.   When you create your Unbolted Account, we will carry out identity and fraud checks on you. Unbolted uses its own internal guidelines and policies when conducting such checks but has complete discretion as to whether to allow you to be a Borrower on the platform. If you do not satisfy our identity and fraud checks we will not be able to proceed with your application to become a Borrower.

6.1.2.   All loans are secured on assets, to which you must have good and marketable title and which must be free from encumbrances of any kind. You may be required to provide us with the Pledged Assets, and in such cases, the Pledged Asset will be held by the Security Trustee for and on behalf of the Lenders for the entire duration of your Loan. By providing us with your Pledged Asset you authorise the Security Trustee to hold such assets and acknowledge that you will not be entitled to the return of the Pledged Asset until you have repaid all monies owed by you under the Loan Agreement.

6.1.3.   To borrow through us, you must first make an initial enquiry via the online loan application form on the Website. You must provide details and pictures of your asset that you propose as security for the Loan, such as brand, make and condition, as specified in the application form. 

6.1.4.   We will assess your enquiry and where possible will make an indicative offer of a Loan, acting as an agent on behalf of registered Lenders. The offer of a Loan will detail the amount that you can borrowed, all fees and charges payable, including set-up fees and monthly interest rates and any other conditions to the drawdown of the amount of the Loan.

6.1.5.   We reserve the right to decline a loan application without giving any reason.

Transportation Charges

6.2.    Following the indicative offer of a Loan and satisfactory identity and fraud checks, if you are required to provide us with the Pledged Asset, we will contact you to arrange for transporting the Pledged Asset to us or to one of our authorised sub-contractors.

6.3.    You will need to pay for the costs of transporting the Pledged Asset to us, unless by prior agreement, we have agreed to cover the costs of the transportation. If at your request and your prior agreement on costs, we arrange for assets to be picked-up from your premises by one of our sub-contractors, the costs remain payable even if you choose not to proceed with the drawdown of the Loan. We may at our discretion, request that you pay for the costs prior to us arranging for a pick-up from your premises or that you pay for the costs prior to the drawdown of the Loan. Unless we confirm otherwise, costs involved with the drawdown of the Loan (including, but not limited to transportation charges) will be added to the amount of the Loan and will remain payable before the Pledged Assets are returned to you. 

6.4.    If we are unable to facilitate the Loan to you for any reason, except where the Pledged Asset was not as described by you in your initial enquiry (as per clause 6.1.3.) or we have a justifiable cause to refuse to provide you our services, we will return the Pledged Asset at our own expense.

6.5.    Where possible, if the asset is due to be returned to you, we will ship or courier the asset back to your residence through our nominated courier company, if you request us to do so. We will not ship to any address other than the address included on your Unbolted Account.

6.6.    We may at our sole discretion, require that you cover the costs of transporting the Pledged Asset back to you. However, in all such cases we shall seek your prior agreement on costs before we incur them. Where possible, we will offer you a choice between delivery at your residence and collection from our premises or one of our sub-contractors premises by prior appointment.

Final Valuation and Loan Disbursal

6.7.    For any Pledged Asset that you provide us, we will inspect and compare your Pledged Asset to the original description supplied by you, once we receive the Pledged Asset. We value your Pledged Asset in good faith, according to accepted industry standards and prevailing market rates, and on the assumption that the description provided by you is completely accurate. Should your Pledged Asset vary from the original description in a manner which affects the Valuation, we may, in our sole discretion, change or terminate the indicative offer of the Loan. Upon completion of the Valuation process, Unbolted will assign a final Valuation to the Pledged Asset.

6.8.    Unbolted will revise the indicative Loan offer provided to the Borrower, based on the final Valuation. The terms and conditions of the final Loan offer will depend solely on the final Valuation and will not be influenced by the indicative offer.

6.9.    Depending on the size of the Loan and the type of Pledged Asset received as security, we will either offer (as agent on behalf of registered Lenders each willing to make a Loan to you):

6.9.1.   an immediate fulfilment of the Loan. This will be offered if there are sufficient instructions and availability of adequate lending funds from its registered Lenders who have committed to make a Loan to you, to automatically fulfil the Loan; or

6.9.2.   to list the Loan on the Website, inviting registered Lenders to advance funds against the Loan based on the terms we offered to you. The Loan will be listed until fulfilment or for a maximum of seven days.

6.10. We cannot guarantee the fulfilment of any Loans or that enough Lenders will commit to fully fund your Loan. If your Loan has not received commitments from Lenders equal to the entire Loan Amount by the end of the seven day period, we will remove your Pledged Asset from the Website and your Pledged Asset will be returned to you free of charge, subject to the application details which you have supplied being true and accurate in all material respects.

6.11. If you choose to proceed with your Loan application, once sufficient Loan commitments have been received from Lenders we will offer you a Loan Agreement to sign electronically.

6.12. By electronically signing the Loan Agreement, you will be entering into a separate Loan Agreement with each Lender identified by a unique Lender Reference Number as made available on the Website and will be bound by the terms of the Loan Agreement.

6.13.  We will instruct the transfer of funds to your Nominated Account within one business day of the date of the Loan Agreement.

Transferring an existing Loan

6.14. You agree that we may allow an existing Lender to offer to transfer the Loan made to you to another registered Lender before the Loan End Date. 

6.15. In order for us to effect a transfer of a Loan to a new Lender, we will act as agent for you, the original Lender and the new Lender. We will arrange for the cancellation of the original Loan Agreement and enter into a new Loan Agreement between you and a new Lender, with the effect that the burden and benefit of the original Loan Agreement is transferred to the new Lender.  The novation of a Loan Agreement from the existing Lender to a new Lender will be governed by a transfer contract (the "Transfer Contract"). For your purposes, the Loan with the new Lender will be on the same terms as the existing Loan.

6.16. You consent to us transferring a Loan to a new Lender in accordance with clause 6.14, and you authorise us to execute the Transfer Contract on your behalf as your agent.

Storage

6.17. We will store the Pledged Asset in appropriate safe and secure storage from the moment we receive the goods until they are shipped back to you or delivered to auction. We will take reasonable care of the Pledged Asset while in our possession, but will be under no obligation to take any special care or arrange for any specialised storage for the Pledged Asset, unless we have explicitly committed to do so. 

6.18. We are not obliged to provide access to any Pledged Asset or any report on its condition while it is in our or the Security Trustee's possession or any of our or the Security Trustee's authorised sub-contractors. We may choose to provide reports regarding the condition of the asset at your request, at its absolute discretion and in all such cases, a reasonable charge shall be made for the time and costs incurred in preparing such report.

Insurance

6.19. We, or the Security Trustee or each of our authorised sub-contractors in possession of your Pledged Asset, will insure the Pledged Asset up to the final Valuation from the date we receive the Pledged Asset until the Pledged Asset is redelivered to you or delivered to auction.

6.20. If you choose to arrange delivery of the Pledged Asset through your own means to our designated valuation premises and not through one of our nominated courier or shipping companies, you acknowledge that it will be your responsibility to arrange transit insurance, as we will not arrange transit insurance on your behalf.

6.21. While the Pledged Asset is in transit with one of our nominated transportation agencies (courier company/shipping agency or are being picked-up by our employees or sub-contractors), the Pledged Asset will be insured against loss or damage up to the final Valuation of the asset (or the indicative Valuation where final Valuation is yet to be completed).

6.22. It is your responsibility to ensure that your Pledged Assets are securely and appropriately packaged, taking into consideration the nature of the Pledged Asset, including the use of additional and/or asset specific packaging where necessary. Neither we nor our nominated courier company shall be liable for any damage to a Pledged Asset sent in unsecure or inappropriate packaging.

6.23. You must also ensure that you can produce photograph(s) of the Pledged Asset as well as at least one document per asset which will prove ownership and the value of the Pledged Asset. Please note that it is your responsibility to keep safe all documentation relating to the Pledged Asset that would be useful in support of an insurance claim, including, but not limited to any purchase receipts, shipping receipts as provided by the courier company, certificates, valuations, insurance documents or photos. You should be aware that both we and our insurers retain the right to request further information from you and to refuse any claims that it suspects are unwarranted.

6.24. You agree that we are not liable in any way if our insurers refuse any insurance claims in relation to the Pledged Asset.

7.      Borrowing Fees and Charges

7.1.    You will be required to pay a set-up fee, which will cover costs incurred for valuation and handling of Pledged Assets. The set-up fee will depend on the type of asset and the value of the loan. It will be specified clearly in the indicative and final loan offers.

7.2.    The set-up fee is added to the loan at the outset and interest is accrued on the set-up fee.

7.3.    You will also be required to pay monthly interest charges on the Loan, consisting of interest payable to each Lender and fees payable to us. The monthly charges will vary depending on the size of the Loan and will be specified clearly in the indicative and final Loan offers. The interest charge will be calculated based on the full and fractional months, for which the loan remains outstanding.  

7.4.    We will not levy any other charges or fees, except for costs incurred in accordance with clauses 6.3 and 6.6, where we arrange for Pledged Assets to be picked-up from or delivered to your premises by your instruction and prior agreement on costs. 

7.5.    For avoidance of doubt, any costs directly associated with selling the Pledged Assets, such as commission charged by auction houses or other selling agents, costs incurred in facilitating a sale by private treaty or preparing the Pledged Assets for sale remain deductible from the proceeds of the sale.

7.6.    If you are an individual, we respect your statutory right to withdraw from the Loan Agreement within 14 days of signing.  However, you will be required to repay to us the amount of the Loan and the interest accrued prior to the point at which you withdraw.  When you receive it, please read through the Loan Agreement carefully for further information in relation to your right to withdraw and the consequences of withdrawal, before you sign it.

8.      Repayment of Loans

8.1.    Once the Loan Agreement has been executed, we will arrange for the Loan proceeds to be paid into your Nominated Account. 

8.2.    The total repayment amount, interest charges and other fees, charges, payments or liabilities due will be set out in the Loan Agreement.

8.3.    All amounts of principal and interest paid by you will be paid by us to the relevant Lenders in accordance with the amount each Lender advanced to you pursuant to the Loan Agreement.

8.4.    You have the right to repay what you owe under the Loan Agreement early, either in full or in part without being charged any additional or early repayment fees. To do so you must complete the required repayment actions on the Website by logging in with your personal login details and requesting an early settlement statement, which will set out details of the repayment amount and explain how you should make the payment.

8.5.    The loan is for the period set out above but if repaid early in whole, you will be charged interest and fees accrued only up to the day when your full repayment reaches us. This will be calculated as a rebate that will be apply to the total amount payable under the loan, and will be equal to the sum of your monthly interest charges multiplied by the number of full and fractional months between your early payment date and the Loan End Date.

8.6.    In the event of partial early payment, such payment will be used to pay the accrued fees and charges under the Loan Agreement for the preceding months. The surplus (if any) will be used to pay off the Loan capital. In all such cases, the monthly interest charges for the remaining period of the Loan will be reduced by the proportion of the capital repaid.

8.7.    Any payments to our Client Account must be by bank transfer from an account held in your own name with a bank with a UK branch or online network or by any other means that we offer Borrowers on the Website.

9.      Reporting

9.1.    Details of your current Loans will be available to view at any time through your Unbolted Account page, including details of how much is due if you were to repay on that day, total amount repayable, details of payments made so far and the Loan End Date.

9.2.    You can also log in to your Unbolted Account page to view, at any time, details of all Loan Agreements that you have entered into with us over the last one year, including Loans that you have repaid fully or Loans that you have defaulted on.

9.3.    After any repayment, we will provide you with a statement of your account by email, including particulars such as loan amount, interest charges accrued, total repayment made and outstanding amounts. The statement of account can also be viewed and downloaded anytime by logging into your Unbolted Account.

9.4.    You may request the Lender Reference Numbers and amounts lent to you per Lender from us by emailing us.  We will provide you with such a breakdown within 5 working days.

10.   Loan Management Services

10.1. It is our role, as agent for each Lender of a Loan to you to perform debt collecting and/or debt administration services in respect of the Loan made to you.  This involves:

10.1.1.                  the administration of each Loan Agreement (including any Transfer Contract in relation thereto);

10.1.2.                  the exercise and enforcement of the rights of each Lender (in addition to and not in place of the rights of the Security Trustee pursuant to the Loan Agreement); and

10.1.3.                  procuring the payment of all sums due under each Loan Agreement (subject to our discretion to act fairly towards Borrowers in managing such payments).

10.2. You agree that we will be acting as your agent in relation to the negotiation and amendments to the Loan Agreement and in completing any relevant Transfer Contract to effect the novation of the Loan Agreement from the existing Lender to a new Lender.

11.   Default and non-redemption

11.1. Seven days before the Loan End Date, we will write to you on email to let you know that the redemption period of your Pledged Asset is due to expire, along with total amount that is repayable by you.

11.2. If you fail to pay the amounts you owe pursuant to the Loan Agreement and redeem your Pledged Asset, we will write to you again immediately after the Loan End Date to let you know that you have defaulted under this Loan Agreement, that the security that you have provided to the Security Trustee is now enforceable and about our intention to sell your Pledged Asset after another 14 days.

11.3. You agree that in the event that you default on this Loan (as provided in clause 11.2), fail to redeem your Pledged Asset, or fail to comply with any material obligations of this Loan Agreement, the Security Trustee will enforce the security over your Pledged Asset for the benefit of each Lender. This means that your Pledged Asset will be sold either by public auction or private treaty (as set out below), and the sale proceeds applied towards the sums outstanding under the Loan Agreement.

11.4. Once the Security Trustee has started sale proceedings, we will write to you to let you know of the processes and intended periods within which we reasonably expect to conclude them, along with the indicative associated costs to you.

11.5. Once we have completed sale of your Pledged Asset, we will write to you to let you know the outcome of the sale and if any surplus is due to you from the sale proceeds.

11.6. If you fail to redeem the Pledged Asset by the Loan End Date, the interest and fees payable pursuant to the Loan Agreement will continue to be charged until the amount either due under the Loan Agreement is paid in full, by the sale of the Pledged Asset or its redemption before it is sold in accordance with clause 11.8.

11.7. When the security over the Pledged Asset is enforceable, and prior to its sale, we may, at our discretion but at your cost, make such reasonable repairs or improvements to the Pledged Asset, as we deem necessary. We may deliver it to a third party approved by us to facilitate the sale of the Pledged Asset, or any of it, or to try to achieve an improved sale price and the cost of that shall be a sum payable by you under the Loan Agreement.

11.8. Once we have started sale proceedings, any vendor commission due to our sub-contracted auction houses or selling agents and for costs incurred by them in preparation of the Pledged Assets for sale remain payable by you. Such costs and any costs incurred in accordance with clause 11.7 must be paid if the Pledged Asset is to be redeemed before it is sold.

11.9. We may choose to sell a Pledged Asset by private treaty, if we reasonably believe that it will be in the best interest of the Lenders (as a group). Where we sell the Pledged Asset by private treaty, such sale may be effected at our sub-contractors or delegates premises or at any other trade premises which we may at our sole discretion determine, and we shall be entitled to accept any reasonable offer for the Pledged Asset according to the market conditions prevailing at the time of any such offer.

11.10.             Where the Pledged Asset comprises more than one Pledged Asset, the net proceeds of sale shall mean and refer to the net proceeds of sale of all the Pledged Assets for all purposes, including the purposes of the Loan Agreement. However, we shall not be obliged to sell the Pledged Asset as one lot, or on one date, and the date of sale shall be the date of sale of the last Pledged Asset.

11.11.             If there is any surplus following the sale of the Pledged Asset and deduction of all interests, fees and charges, including those payable under clause 11.8, we will return any surplus to you within 10 working days.

11.12.             You shall not in any circumstances be entitled to interest on any surplus, which arises on the sale of the Pledged Asset.

11.13.             If you are an individual, and the proceeds are less than the amount you owe, no Lender will, and no agent of a Lender, (including us and the Security Trustee), successors or assignees will pursue you for the shortfall.

11.14.              

11.15.             If you are an individual, your total financial liability (from capital, interest and all charges) under the Loan Agreement cannot amount to more than the proceeds of sale of the Pledged Asset.

12.   Enquiries by Police and Counterfeit Goods

12.1. You agree and acknowledge that we, the Security Trustee or any of its sub-contractors or delegates are each authorised to provide information to the police in respect of your Pledged Asset, should they request. In the event that the Police in any circumstances require possession of the Pledged Asset, you authorise the Security Trustee to surrender possession of the Pledged Asset to the police, provided that a receipt or similar proof of collection is obtained, which will be provided to you on request._

12.2. Where, the Security Trustee or any of its sub-contractors or delegates have surrendered any or all of the Pledged Asset to the police, the fact that the police are in possession of it shall for all purposes deemed reasonable cause for our, the Security Trustee's or any of our sub-contractor's or delegate's refusal to deliver it to anyone entitled thereto. If the Pledged Asset is found to be fraudulent or stolen by the police, this will be considered to be an event of default under the Loan Agreement and all monies in connection with the Loan Agreement shall become immediately repayable and that you may be pursued through court action for recovery of all amounts due to the Secured Parties (as defined in the Loan Agreement) under the Loan Agreement.

12.3. Under Copyright and Counterfeit Goods legislation, we are obliged to destroy any replica branded watches we receive and are unable to return such Pledged Asset to you. Under UK Hallmarking legislation, we are obliged to destroy any Pledged Asset carrying fraudulent UK Hallmarks, or Pledged Asset carrying UK Hallmarks that make up a part of Pledged Asset that are intended to deceive.

12.4. To determine the purity (carat) of gold Pledged Asset, we will first look at any UK hallmarking on Pledged Asset. For non-UK hallmarked Pledged Asset, or if there is any question of the veracity of markings or hallmarking, we will test the Pledged Asset with an electronic testing machine and if required with acid. You accept that the process of appraisal of your Pledged Asset may result in tarnishing, staining and/or scratches and you agree that we shall not be liable for any such damage to Pledged Asset

13.   Data Protection

13.1. Personal information that you provide to us as part of the registration process or thereafter is subject to our Privacy Policy (here).

14.   Complaints, liability and compensation

14.1. If you are not satisfied with Unbolted's service, we have a complaint handling process that you can use to resolve such matters. You can contact us by phone on: 02035671300, by post at: Unbolted, Token House, 11-12 Token House Yard, London, EC2R 7AS or by email at complaints@unbolted.com. You may also have rights to refer unresolved complaints to the Financial Ombudsman Service.  Further details are available from the Financial Ombudsman Service at www.financial-ombudsman.org.uk. You may request a copy of our complaints-handling procedure at any time.

14.2. The Financial Services Compensation Scheme will not apply to us as a peer-to-peer lending platform.

14.3. We shall not be responsible for any losses to the extent arising from any information provided by you being untrue, inaccurate or incomplete.

14.4. We shall not be liable for any consequential, indirect, special, incidental, punitive or exemplary loss, liability or cost which you may suffer or incur arising out of our acts or omissions regardless of how that loss, liability or cost is caused and regardless of whether it was foreseeable or not.

14.5. We do not guarantee that there will be sufficient Lenders committing to Loans to fully fund the Loan Amount you require.

14.6. We will act in good faith and with due diligence in providing the services to you through the Website in accordance with the Terms and Conditions. We accept responsibility for loss to you only to the extent that such loss is due to our negligence, wilful default or fraud. For the avoidance of doubt, nothing in the Terms and Conditions shall exclude or restrict any liability we have to you under the UK regulatory system.

14.7. Our total liability to you shall not exceed the limit of our professional indemnity insurance at the time a claim is made.

15.   Delegation

15.1. Any of our functions under the Terms and Conditions may be delegated to an associate or competent (and if relevant, appropriately regulated) third party of our choosing to perform such functions. We will act in good faith and with reasonable skill, care and diligence in the selection, use and monitoring of third party agents and delegates.

15.2. The appointment of an appropriately regulated third party to discharge our obligations in the event of our insolvency shall not require your consent.

15.3. We may appoint other members of our group who are suitably qualified to provide advisory services to us in respect of your money and the Loans you have entered into. We will give you written notice of any such delegation and will not, without your consent in writing, delegate the whole or substantially the whole of such powers to a third party. We will act in good faith and with due diligence in the selection, use and monitoring of third party agents and delegates. We will use reasonable skill and care in our selection, monitoring and use of agents.

16.   Conflicts of interest

16.1. This clause constitutes our conflicts policy. In the event that any conflicts arise which we could not effectively manage, we would not be in a position to provide our services to you. In managing Loans, we will protect the interests of Lenders as well as your interests and the interests of Lenders may prevail over yours in certain circumstances.

16.2. You agree that we or any associate may effect transactions in which we or an associate has directly or indirectly a material interest or a relationship of any description with another party which involves or may involve a potential conflict with our duty to you. For example, an associate may enter into a loan with you. We shall ensure that such transactions are effected on terms that are not less favourable to you than if the conflict or potential conflict of interest had not existed. We will not fund Loans as a Lender through the Website.

16.3. Subject to the terms of this conflicts policy neither we nor any of our associates shall be required to account to you for any profit, commission or remuneration made or received from or because of such transactions. It is possible that the entities which you may lend to, deal or co-invest with entities in which Unbolted, the Security Trustee and associates or clients have financial interest or to which Unbolted, the Security Trustee or an associate provide services. Accordingly, we or any member of our group (including any associate) may be entitled to gains, profits or fees from or in relation to such companies and entities.

17.   Notices

17.1. We may send any communications to you at the email address which you provide to us in the registration process (or to any updated email address that you may notify to us in writing from time to time). Any original documents will be sent to the last postal address you have notified to us.

17.2. You may communicate with us by email at support@unbolted.com. If we require information to be sent to us by post, this should be sent to: Unbolted, Token House, 11-12 Tokenhouse Yard, London, EC2R 7AS,. Notice sent by first class post to such address is deemed to have arrived on the second business Day after posting. Notice sent by email or hand delivered is deemed to be delivered immediately (or on the next business Day if sent after 5pm on a business Day or on a non-business Day). Our telephone number is 02035671300. Telephone calls may be recorded or monitored for our mutual protection.

18.   Assignment and delegation

18.1. The provisions of the Terms and Conditions are personal to you and you shall not assign or transfer any of your rights and obligations under the Terms and Conditions.

18.2. Subject to FCA Rules, we may delegate our functions and responsibilities under the Terms and Conditions. In such case, but except where stated otherwise in the Terms and Conditions, we will remain responsible to you for the performance of such function or responsibility.

18.3. We may assign any of our rights and obligations under the Terms and Conditions to an third party by giving you not less than 30 days' notice in accordance with the Terms and Conditions.

19.   Changes to the Terms and Conditions

19.1. We may, at any time, amend, modify or replace the Terms and Conditions by giving you written notice. Such changes will take effect on the date specified in the written notice. For the avoidance of doubt, these changes may impact our fees and charges or the level of service provided.  Any amendment that adversely affects you will not apply to sums already advanced to you.

19.2. We may amend, modify or replace the Terms and Conditions if we believe it is necessary in order to respond proportionally to changes in applicable law and regulations.

19.3. We may also amend, modify or replace the Terms and Conditions to reflect changes to our systems, administrative processes and procedures, market practice or Lender or Borrower requirements and to reflect other legitimate cost increases (or reductions) associated with the services provided by the Website.

19.4. You will be given at least 30 days' written notice in respect of any amendments, modification or the replacement of the Terms and Conditions that are not in your favour or required or desirable in order to comply with our legal or regulatory requirements, unless the specific circumstances require a shorter or longer period.

19.5. You may assign your rights to redeem the Pledged Asset under the Agreement to a third party. To do so, you must notify us by email to support@unbolted.com of your intention to do so and the full name, gender, current address, date of birth and contact details of the third party you wish to assign the redemption rights to. We reserve the right to refuse to accept repayments from and release the Pledged Asset to any person or entity unless, acting in our discretion, we are able to do so in compliance with our anti-money laundering obligations.

20.   Back-up Services

20.1.      If Unbolted permanently fails or ceases to operate for any reason, including if we become insolvent as a firm, we will transfer our obligations under these Terms and Conditions in respect of servicing and collections to a third party back-up service provider with whom we have in place a back-up servicing arrangement.

20.2.      The back-up service provider will charge a quarterly fee for carrying out our obligations under these Terms and Conditions under the arrangement set out in clause 25.1. This fee will not exceed any ongoing income receivable by us.

20.3.      Details of our back-up service provider are as follows:
Resolution Compliance Ltd, 4 St. Paul’s Churchyard, London EC4M 8AY.
If you would like further details of our third-party back-up service provider, please email us at support@unbolted.com and we will provide you with the appropriate details.

20.4.      We can at any time, at our entire discretion, change our back-up service provider or the specific details of the arrangement we have with them. We will provide you with written notice if we do so.

21.   Interpretation

21.1. The Terms and Conditions are governed by, and construed in accordance with, the laws of England and Wales, and the appropriate Court of Law in England is to have non-exclusive jurisdiction in relation to all matters, claims and disputes arising out of or in connection with the Terms and Conditions.

21.2. It is not intended that any term contained in the Terms and Conditions shall be enforceable, whether by virtue of Contracts (Rights of Third Parties) Act 1999, common law or otherwise, by any person who is not a party to the Terms and Conditions save that third parties referred to in it may rely on any authority granted to them under the Terms and Conditions, including the ability to accept our instructions to carry out functions on your behalf in accordance with the Terms and Conditions. Any group company of ours shall be entitled to enforce terms on our behalf.

21.3. If any part of the wording of the Terms and Conditions shall become or is declared to be illegal, invalid or unenforceable for any reason, such part or wording will be deleted and shall be divisible from the rest of the Terms and Conditions, which will continue in force.

21.4. Our failure to exercise or delay in exercising a right or remedy provided by the Terms or Conditions or by law does not constitute a waiver of other rights or remedies.

21.5. The Terms and Conditions are supplied in English, and we will only be required to communicate in English during the course of our relationship with you.

22.   Electronic signature

22.1. By clicking at the box below, you acknowledge that you have read and understood the Terms and Conditions and agree to be bound by them.

22.2. You will thereby provide an electronic signature, which will have the same effect as if you had signed the Terms and Conditions in writing.