LOQBOX SAVINGS LIMITED
OUR TERMS OF BUSINESS
1. THESE TERMS
1.1. What these terms cover. These are the terms and conditions on which we supply our various products to you.
1.2. Why you should read them. Please read these terms carefully before you submit your order to us. These terms tell you who we are, how we will provide our product to you, how you and we may change or end the contract, what to do if there is a problem and other important information. If you think that there is a mistake in these terms or require any changes, please contact us to discuss.
1.3. Are these terms and conditions binding you? If we accept your order for our product then you agree to be bound by these terms and conditions which, subject to clause 1.4, will regulate your purchase of our product to the exclusion of any other terms and conditions.
1.4. Additional terms that apply. These terms and conditions should be read in conjunction with the following additional terms, which are intended to supplement these terms and conditions:
1.4.1. Our Terms of Website Use at www.loqbox.co.uk/terms-of-use, which sets out general terms applicable to your use of our website;
1.4.3. Our Acceptable Use Policy at www.loqbox.co.uk/acceptable-use-policy, which sets out the permitted uses and prohibited uses of our site. When using our site, you must comply with this Acceptable Use Policy; and
If there is any conflict between the provisions of these terms and conditions and the content of any of the documents referred to at clauses 1.4.1 to 1.4.4 above, then the provisions of these terms and conditions shall prevail over the conflicting provision(s) in the other document.
2. INFORMATION ABOUT US AND HOW TO CONTACT US
2.1. Who we are. We are LOQBOX SAVINGS LIMITED (company number 10583182) whose registered office address is Bridgewater House Finzels Reach, Counterslip, Bristol, England, BS1 6BX.
2.2. How to contact us. You can contact us by writing to us at firstname.lastname@example.org.
2.3. How we may contact you. If we have to contact you we will do so by telephone or by writing to you at the email address or postal address you provided to us in your order.
2.4. “Writing” includes emails. When we use the words “writing” or “written” in these terms, this includes emails.
3. OUR CONTRACT WITH YOU
3.1. How we will accept your order. Our acceptance of your order will take place when you complete the application process for any of our products by clicking to confirm your order and your acceptance of these terms on our website at www.loqbox.co.uk. In the case of LOQBOX credit builder we will then email you your LOQBOX, at which point a contract will come into existence between you and us. From that point you will be permitted to access our website where you will be able to use your unique username and password to monitor your LOQBOX and other information via your Members’ Area. In the case of LOQBOX 10-point Promise, LOQBOX 25-point Promise or LOQBOX 50-point Promise, at the point of clicking to accept the terms and conditions of any of these three subscription products, the relevant terms and conditions from these terms of business will apply from that moment.
3.2. If we cannot accept your order. If we are unable to accept your order, we will inform you of this in writing and will not charge you for the product. This might be (without limitation) because of unexpected limits on our resources which we could not reasonably plan for, because we have identified an error in the price or description of the product or because we are unable to meet a purchase deadline you have specified.
3.3. Your reference number. We will assign a reference number to your LOQBOX and tell you what it is when we accept your order. It will help us if you can tell us the reference number whenever you contact us about your order.
3.4. We only sell to the UK. Our website is solely for the promotion of our products in the UK. Unfortunately, we do not accept orders from or sell to addresses outside the UK.
3.5. Are you over 18? If you are not over the age of 18 years, we will not enter into a contract with you. By entering into a contract with us you warrant that you are older than 18.
3.6. Changes to these terms and conditions. We may change these terms and conditions, or indeed any of the documents referred to at clauses 1.4.1 to 1.4.4 above, from time to time. The version of the terms and conditions that will initially apply to you is the version posted on our web site at www.loqbox.co.uk/terms-of-business on the day on which we accept your order for our product. For your records, we will maintain a copy of this version in your Members’ Area. We reserve the right to make minor amendments to these terms of business, in accordance with clause 5.2 below, without informing you. Where we make such changes, the amended version of these terms and conditions will be posted on our web site at www.loqbox.co.uk/terms-of-business on the day on which the amendments become effective. From that date, the amended terms of business will apply to you, superseding the original terms of business.
4. OUR PRODUCTS
4.1. A LOQBOX. Our basic product is called a LOQBOX, a LOQBOX voucher or LOQBOX credit builder. A LOQBOX is a face value voucher with a fixed cash value which can only be redeemed by us. Each LOQBOX is a single purpose voucher redeemable only with LOQBOX Savings Limited for its face value in cash. A LOQBOX can be redeemed in full at one time if it has been purchased outright or it is automatically partially redeemed each month if it is purchased using a credit agreement. A LOQBOX confers on the owner the right to access the LOQBOX Members’ Area and the information and content maintained therein for the Term (see below). Your LOQBOX will be delivered to you by email in digital format for your convenience. In addition, we provide three subscription products called LOQBOX 10-point Promise, LOQBOX 25-point Promise and LOQBOX 50-point Promise.
LOQBOX credit builder
4.2. One-year term. Your contract for the purchase of your LOQBOX will last for one year (the ‘Term’). During the Term of your LOQBOX and/or until such time as you exercise your right to “unlock your LOQBOX” (see clause 4.5 below), whichever is earlier, you will have access to the LOQBOX Members’ Area which contains information about your LOQBOX and details of any credit that you have with DDC to purchase your LOQBOX. During the Term of your LOQBOX and/or until such time as you exercise your right to unlock your LOQBOX, whichever is earlier, you will have access to LOQBOX LEARN, our proprietary educational journey which provides helpful financial tips and information. If you do not use credit to buy your LOQBOX voucher (see clause 4.3 below), you can exercise your right to redeem your LOQBOX at any time from acquisition until 5 years after the last day of the Term, after which our obligation to pay you the face value of your LOQBOX voucher in cash expires and your LOQBOX voucher ceases to have any monetary value. If you do use credit to buy your LOQBOX, then each monthly repayment, excluding the first £20 that we receive, will trigger a partial redemption of an equal value of your LOQBOX voucher. Clause 4.8 details how we hold these funds as they accumulate.
4.3. Credit to buy your LOQBOX. You may choose to finance the acquisition of your LOQBOX using credit. We can arrange credit for the acquisition of your LOQBOX through DDC Financial Solutions Limited (“DDC”), (company number 07586243) whose registered office address is Bridgewater House Finzels Reach, Counterslip, Bristol, England, BS1 6BX. If you enter into a credit agreement with DDC for the acquisition of your LOQBOX, you authorise us to receive and store the full details of this credit agreement, payments that you make in respect of this credit agreement for the duration of its term, including whether you made those payments on time or not, and the outstanding amount of credit due to DDC under this credit agreement. We will use, and you expressly authorise us to use, the information described in this clause in the same way and with the same purpose as we will use your other personal information as described in clause 13.2.
4.4. No sale or assignment: You will not voluntarily, or by operation of law, sell, assign, novate, pledge or otherwise transfer your obligations under this Agreement without our prior written approval, except that you may pledge your LOQBOX to DDC as security for a credit agreement to buy your LOQBOX.
4.5. Unlocking your LOQBOX. At any time, you can choose to redeem the full amount of your LOQBOX or, if you have used credit to buy your LOQBOX and have partially redeemed it in the course of making finance repayments, the remaining unredeemed part of your LOQBOX. We guarantee to exchange your LOQBOX for the combined value of any unredeemed portion of your LOQBOX 10-point Promise any accumulated partially redeemed LOQBOX Funds upon notification by you. Subject to clause 4.6 below, the amount that we will pay to you when you redeem your LOQBOX will be exactly equal to the amount that your LOQBOX cost when you purchased it from us, which is the same as the amount written in the voucher that we delivered to you by email, (the “Initial Amount”) unless we have gifted an additional amount to you as part of a special offer or we have notified you for any other reason that we will pay you an additional amount (the “Additional Amount”), in which case the amount that we will pay you will be the Initial Amount plus the Additional Amount (the “Full Proceeds”). Notification that you are exercising your right to repayment under this clause should be given by clicking on “Unlock your LOQBOX” in the Members’ Area. This will send a notification to us, triggering our obligation to repay you.
4.6. Direct Settlement Clause. If you have purchased your LOQBOX using credit provided by DDC, you authorise us, when you unlock your LOQBOX, to notify DDC that you have exercised your right to repayment in accordance with clause 4.5 above. Further, to the extent that you are indebted to DDC, we shall first use the proceeds of your LOQBOX in full or part (as applicable) settlement of any amounts you have due to or outstanding with DDC and you expressly and irrevocably authorise us to make that payment to DDC on your behalf and, where we do make that payment on your behalf, our liability to make that payment to you will thereby be extinguished (“Direct Settlement Clause”). Only after any payment to DDC has been made will the balance of any remaining proceeds from unlocking your LOQBOX be available to be paid to you. For the avoidance of doubt, the amount that you will receive in full settlement of our obligation to exchange your LOQBOX for its face value will be the Full Proceeds less your indebtedness to DDC (if any) on the date that you unlock your LOQBOX (the “Remaining Proceeds”).
4.7. Receiving the proceeds on unlocking your LOQBOX. After we have settled any amounts you have due to or outstanding with DDC, we will notify you of the Remaining Proceeds to be paid to you. We will explain to you how you can receive the Remaining Proceeds. These will consist of one or more repayment options which are free and may include but will not be limited to opening an account with one of our affiliate organisations and electing to have the Remaining Proceeds transferred to this account or using the Remaining Proceeds to open an Individual Savings Account (“ISA”) or to buy another product with an affiliate organisation (our “Free Options”). If you choose to receive the Remaining Proceeds of your LOQBOX through one of our Free Options, then you will be presented with the relevant application form and procedure and, once the Free Option that you have selected is operational, we will pay the Remaining Proceeds into this account or product, as appropriate. In this case, we will be paid a commission by the affiliate organisation which is why we can make LOQBOX completely free for you. If, having tried to use all of the available Free Options to receive your Remaining Proceeds, you are unable to use any of these Free Options, or if you are not offered any Free Options for any reason, we will transfer the Remaining Proceeds to a UK bank account of your choosing within three business days without any charge to you. In this case, to be eligible to have your Remaining Proceeds paid into an account of your choosing without any charge, you must present to us a letter of rejection from each provider of Free Options that was offered to you. You may choose to add Flexi Unlock to your LOQBOX. Flexi Unlock allows you to redeem your Remaining Proceeds into an account of your choosing, in your name, after a £30 deduction has been made. If you choose not to use any of our Free Options or Flexi Unlock to receive the Remaining Proceeds, then, within three months of unlocking your LOQBOX, we reserve the right to transfer the Remaining Proceeds through Flexi Unlock. Once you have provided us with your bank account details, we will transfer the Remaining Proceeds, less the Flexi Unlock redemption charge of £30, to this account within three business days. Once we have transferred all amounts due to you through one of our Free Options or our Flexi Unlock Option, your LOQBOX voucher is deemed to be fully settled and no further rights accrue to you in respect of LOQBOX, including but not limited to access to the Members’ Area and LOQBOX LEARN. We may, at our discretion, allow you continued access to the LOQBOX Members’ Area, the information and content contained therein and LOQBOX LEARN, although this does not signify that any further rights associated with owning a LOQBOX accrue to you, including but not limited to the right to any further payment to you in respect of the LOQBOX that you have unlocked and we have fully settled.
4.8. LOQBOX money. Throughout the Term of your LOQBOX, the Remaining Proceeds that are due to you upon unlocking your LOQBOX less the Recoverable Amount (see below) (your “LOQBOX Funds”), are specifically attributed to you and, together with the LOQBOX Funds of all other LOQBOX customers, are maintained in a client account at one or more of the following banks (the “LOQBOX Funds Accounts”): Barclays PLC, Royal Bank of Scotland Group PLC (RBS), National Westminster Bank PLC, TSB Bank PLC, Lloyds Bank PLC, or HSBC Bank PLC. Upon redeeming your LOQBOX, the Recoverable Amount is transferred into the LOQBOX Funds Account where the LOQBOX Funds attributable to you are maintained at which point the full value of the Remaining Proceeds is available to be transferred to you through one of our Free Options or our Paid-for Option. The Recoverable Amount is an amount equal to not more than the average income per user earned from commission paid to us by our affiliate organisations as a result of users selecting one of our Free Options or the £30 fee from our users as a result of them selecting our Paid-for-Option as described in clause 4.7.
4.9. Refer your Friends. We may, at our discretion, provide you with the opportunity to formally refer your friends to LOQBOX through our Refer your Friends scheme. In your Members’ Area, you can enter the names and contact details of those friends you wish to refer. We will email these friends on your behalf to inform them about LOQBOX and the fact that they have been referred to LOQBOX by you. The email will contain a unique tracking link that will enable them to sign up for LOQBOX. Also in your Members’ Area, there is an alphanumeric code which you can give to friends whose emails you do not wish to provide to us. If an individual that you have referred through the Refer your Friends scheme subsequently purchases a LOQBOX either by clicking on the unique tracking link or by inputting the alphanumeric code and then makes at least one monthly payment we will add £5 to your LOQBOX. This amount will be treated as an Additional Amount in calculating your Full Proceeds and will be paid to you as part of your Remaining Proceeds when you unlock your LOQBOX. If you refer a friend who subsequently purchases a LOQBOX but does not use either the unique tracking link provided or the alphanumeric code you will not receive the Additional Amount of £5 in respect of that customer.
4.10. LOQBOX LEARN. LOQBOX LEARN is our proprietary educational journey which provides helpful financial tips and information. LOQBOX LEARN is delivered to you through emails containing generic information about finance and financial management. Nothing in LOQBOX LEARN constitutes advice.
4.11. Products may vary slightly from their pictures. Any images of the products used on our website are for illustrative purposes only. The product that you receive may vary slightly from those images.
LOQBOX 10-point Promise, LOQBOX 25-point Promise and LOQBOX 50-point Promise
4.12. LOQBOX 10-point Promise, LOQBOX 25-point Promise and LOQBOX 50-point Promise (each individually a “Subscription Product” and, together, the “Subscription Products”) are subscription products. On clicking to accept the terms and conditions for any of these three subscription products, the relevant clauses in these terms of business will immediately apply to you.
4.13. When you purchase one of the Subscription Products, you will have access to the following features:
|LOQBOX 50-point Promise||LOQBOX 25-point Promise||LOQBOX 10-point Promise|
|Cost £10 per calendar month||£5 per calendar month||Free|
|Points promise Grow your credit score by 50 points or we will pay 5.0% interest equivalent on all sums that you have paid into your LOQBOX. This is calculated as 1% AER equivalent on funds made available through payment towards your LOQBOX finance, not on the whole sum of the LOQBOX||Grow your credit score by 25 points or we will pay 2.5% interest equivalent on all sums that you have paid into your LOQBOX. This is calculated as 2.5% AER equivalent on funds made available through payment towards your LOQBOX finance, not on the whole sum of the LOQBOX||Grow your credit score by 10 points or we will pay 1.0% interest equivalent on all sums that you have paid into your LOQBOX. This is calculated as 5% AER equivalent on funds made available through payment towards your LOQBOX finance, not on the whole sum of the LOQBOX|
|We will provide you with a financial plan, that is tailored for your particular circumstances||We will provide you with a financial plan, that is tailored for your particular circumstances||We will provide you with a financial plan, that is tailored for your particular circumstances|
|After 8 months of subscribing to LOQBOX 50-point Promise, you can use Flexi Unlock for free||After 8 months of subscribing to LOQBOX 25-point Promise, you can use Flexi Unlock for free||Not applicable|
|Jump-the queue support You will go right to the front of the queue for user support||Not applicable||Not applicable|
|Perks and Cashback This feature is not always available. When available, you will have access to Perks and Cashback that will enable you to save more each month.||Not applicable||Not applicable|
4.14. The features of your Subscription Product, as outlined in the table at clause 4.13, become available as soon as you click to sign up for one of the Subscription Products and continue until you cancel it. The features that apply to you from the table in clause 4.13 and the terms and conditions governing those conditions depend on which Subscription Product you have selected. If you have selected LOQBOX 10-point Promise, you will not have access to the features in LOQBOX 25-point Promise and LOQBOX 50-point Promise. If you have selected LOQBOX 25-point Promise, you will not have access to the features in LOQBOX 10-point Promise and LOQBOX 50-point Promise. If you have selected LOQBOX 50-point Promise, you will not have access to the features in LOQBOX 10-point Promise and LOQBOX 25-point Promise.
4.15. You can cancel your Subscription Product at any time by clicking to cancel in the Points Promise page of your Members’ Area area. From the moment that you cancel your Subscription Product, you no longer have access to any of the features of that Subscription Product, with the exception of free access to Flexi Unlock if you have subscribed to either LOQBOX 50-point Promise or LOQBOX 25-point Promise, or a mixture of both in the case that you have changed from one Subscription Product to another, for a minimum of eight consecutive months. For the avoidance of doubt, your Points Promise will not apply if you cancel your Subscription Product before you complete the 12th payment of your LOQBOX.
4.16. The Points Promise is only applicable if all credit payments that appear on your credit report while you have owned a LOQBOX are made on time. For the avoidance of doubt, if you have missed any credit payments to any providers of credit and such missed payments appear on your credit report between the date that you purchased a LOQBOX up to the date that you made your 12th LOQBOX payment, then the Points Promise will not apply.
4.17. The Points Promise works as follows. If from the moment that you buy a LOQBOX to the day that you complete your 12th LOQBOX payment your credit score does not increase by the number of points stated in the table at clause 4.13 as applied to the particular Subscription Product that you have purchased (“Your Subscription Product”) then we will pay you interest at the percentage rate stated for your Subscription Product. In the case where your credit score has not increased by the number of points stated for Your Subscription Product, the calculation of interest will only apply to payments made while you have been a subscriber to that Subscription Product. In the case where you have changed Your Subscription Product during the course of your LOQBOX, but you have had a Subscription Product for each consecutive month since you first subscribed for a Subscription Product, then the points promise that will apply to each LOQBOX payment will be the Points Promise stated for the Subscription Product to which you were subscribing when you made that payment.
4.18. The Points Promise will only be valid where you are able to provide evidence of your credit score on the date that you purchased your LOQBOX and then again on the date that you completed your 12th payment. Sufficient evidence will be provided by supplying us with a copy of your relevant credit reports at the end of your LOQBOX credit builder term. For the avoidance of doubt, if you cannot provide a copy of your relevant credit reports, then the Points Promise will not be valid.
4.19. Where your credit score has not increased by the number of points stated for Your Subscription Product, the calculation of interest will be as follows: The amount of the LOQBOX payment less the amount of the subscription for Your Subscription Product multiplied by the term multiplied by the interest rate applicable for Your Subscription Product. For each payment that you have made, the term for calculating the interest due on that payment will be calculated as the number of calendar days from the date that the payment was made to the date that you unlocked your LOQBOX divided 365. Adjustment will be made for years where there are 366 calendar days.
4.20. An example of how Points Promise interest is calculated in practice is as follows: User A buys a LOQBOX on 3 April 2019. The LOQBOX costs £600, which means that the monthly payment is £50. Payments are taken on the 1st day of every month, Thus User A’s first payment is taken on 1 May 2019 and their 12th payment is taken on 1 April 2020. On 3 April 2019, User A’s credit score with Experian was 503. On 1 April 2020, User A’s credit score was 526, meaning that their score had increased by 23 points during the time that they had used LOQBOX. For the first two months, User A does not subscribe to any of the Subscription Products. In month 3, User A subscribes to LOQBOX 10-point Promise. In month 6, User A upgrades to LOQBOX 25-point Promise. In month 7, User A upgrades to LOQBOX 50-point Promise and continues with LOQBOX 50-point Promise until they complete their 12th LOQBOX payment. The interest due to User A to fulfil the points promise is as follows:
|Date||LOQBOX payment||Subscription deduction||Savings||Qualifying?||Number of days||Calculation Interest due|
|1 May 2019||£50||£0||£50||No (not subscribed)||N/A||N/A|
|1 June 2019||£50||£0||£50||No (not subscribed)||N/A||N/A|
|1 July 2019||£50||£0||£50||No (points increase > 10)||N/A||N/A|
|1 August 2019||£50||£0||£50||No (points increase > 10)||N/A||N/A|
|1 September 2019||£50||£0||£50||No (points increase > 10)||N/A||N/A|
|1 October 2019||£50||£0||£50||No (points increase > 10)||N/A||N/A|
|1 November 2019||£50||£5||£45||Yes (points increase < 25)||152||£45 x 152/365 x 2.5%=£0.47|
|1 December 2019||£50||£10||£40||Yes (points increase < 50)||122||£40 x 122/365 x 5.0%=£0.67|
|1 January 2020||£50||£10||£40||Yes (points increase < 50)||91||£40 x 91/365 x 5.0%=£0.50|
|1 February 2020||£50||£10||£40||Yes (points increase < 50)||60||£40 x 60/365 x 5.0%=£0.33|
|1 March 2020||£50||£10||£40||Yes (points increase < 50)||32||£40 x 32/365 x 5.0%=£0.18|
|1 April 2020||£50||£10||£40||Yes (points increase < 50)||1||£40 x 1/365 x 5.0%=£0.01|
4.21. The financial plan that is provided with the Subscription Products does not constitute financial advice. All findings included in the financial plan are generic.
4.22. Where free Flexi Unlock is applicable, you may use Flexi Unlock for free when unlocking our LOQBOX.
4.23. Where Jump-the-queue support is applicable, whenever you contact support using the contact form in your Members’ Area your query will be prioritised such that you will be ahead of all users who do not qualify for Jump-the-queue support but behind any other users who have raised a query and who qualify for Jump-the-queue support.
4.24. When available, Perks and Cashback will be provided to you through a separate app. You will accept separate terms and conditions for the use of the Perks and Cashback app that you will agree to when you download the app. These separate terms and conditions will govern your rights and obligations in respect to Perks and Cashback. By agreeing to these terms and conditions, you also accept that you have been provided with all the features of LOQBOX 50-point Promise even if Perks and Cashback is not available while you subscribe to LOQBOX 50-point Promise. For the avoidance of doubt, even if Perks and Cashback has not been provided to you while you have subscribed to LOQBOX 50-point Promise, you cannot claim that you have not been provided with the LOQBOX 50-point Promise service and recover the cost of your subscription.
5. OUR RIGHTS TO MAKE CHANGES
5.1. Changes to the Members’ Area. We reserve the right to change the content within the Members’ Area or website at any time and without the need to give you prior notice of that change.
5.2. Minor changes to the product. We may change the product:
5.2.1. to reflect changes in relevant laws and regulatory requirements; and
5.2.2. to implement minor technical adjustments and improvements, for example to address a security threat. These changes will not affect your use of the product.
5.3. More significant changes to the product and these terms. We may make more significant changes to these terms or the product, but if we do so we will notify you and you may then contact us to end the contract before any of these more significant changes take effect in accordance with clause 7.2.
5.4. Updates to website content. We may update or require you to update the website content of our product, provided that the website content shall always match the description that we provided to you immediately before you bought it.
5.5. Interruption to the Service. If it is necessary for us to interrupt the provision of the services associated with our product then we may do so without telling you first. You acknowledge that the services may also be interrupted for reasons beyond our control (see clause 14.10). You agree that we are not liable to you for any loss whether foreseeable or not, arising as a result of interruption to the services.
6. PROVIDING OUR PRODUCTS
6.1. Delivery. Delivery of a LOQBOX to you will be by email. Delivery of the reportable elements of the Subscription Products will be through the Members’ Area.
6.2. When we will provide the product. The product will be delivered to you on the same day that you complete the application process by clicking to confirm your order and your acceptance of these terms on our website at www.loqbox.co.uk, whether for LOQBOX credit builder or for a Subscription Product.
6.3. We are not responsible for delays outside our control. If our supply of any product is delayed by an event outside our control then we will contact you as soon as possible to let you know and we will take steps to minimise the effect of the delay. Provided we do this we will not be liable for delays caused by the event, but if there is a risk of substantial delay in the delivery of a LOQBOX you may unlock your LOQBOX and receive the Remaining Proceeds into the UK bank account of your choice without them being subject to the deduction of any fee. Please contact customer services at email@example.com if you wish to unlock your LOQBOX because of risk of substantial delay.
6.4. If you do not receive the email with your LOQBOX voucher. If you do not receive the email with your LOQBOX voucher, please contact customer services at firstname.lastname@example.org to inform us of this and we will send another email with your LOQBOX voucher. Your LOQBOX voucher has a unique reference number that identifies it. If you receive more than one mail with your LOQBOX voucher, this does not signify that you have received more than one LOQBOX voucher. In respect of LOQBOX credit builder, these terms will apply to your LOQBOX voucher, as identified by its unique reference number. For the avoidance of doubt, you can only exercise your right to redeem your LOQBOX voucher, with its unique reference number, once. Once we have paid the Remaining Proceeds to you in respect of the LOQBOX voucher with that unique reference number, our obligations in respect of these terms have been fulfilled.
6.5. Your legal rights if we deliver goods late. You have legal rights if we deliver the product late. If we miss the delivery deadline then you may treat the contract as at an end straight away if any of the following apply:
6.5.1. we have refused to deliver the product;
6.5.2. delivery within the delivery deadline was essential (taking into account all the relevant circumstances); or
6.5.3. you told us before we accepted your order that delivery within the delivery deadline was essential.
6.6. Setting a new deadline for delivery. If you do not wish to treat the contract as at an end straight away, or do not have the right to do so under clause 6.5, you can give us a new deadline for delivery, which must be reasonable, and you can treat the contract as at an end if we do not meet the new deadline.
6.7. Ending the contract for late delivery. If you do choose to treat the contract as at an end for late delivery under clause 6.5 or clause 6.6, you can unlock your LOQBOX and you will receive the Remaining Proceeds into the UK bank account of your choice without them being subject to the deduction of any fee. Please contact customer services at email@example.com if you wish to unlock your LOQBOX because of late delivery.
6.8. When you become responsible for the goods. Your LOQBOX will be your responsibility from the time we deliver it to you by email.
6.9. When you own your LOQBOX. You will own your LOQBOX once we have received payment in full. If you have used DDC’s finance to buy your LOQBOX, see clause 7.4 below for information about when we have received payment in full.
6.10. Our status (and that of any identified contributors) as the authors of any content available in the Members’ Area or elsewhere on the LOQBOX website or included within the LOQBOX LEARN educational journey must always be acknowledged.
6.11. You must not use any part of the content available in the Members’ Area or elsewhere on the LOQBOX website or within the LOQBOX LEARN education journey for commercial purposes without obtaining a licence to do so from us or our licensors.
6.12. What will happen if you do not give required information to us. We may need certain information from you (for example your address, age or employment status) so that we can supply our products to you. If so, this will have been stated on our website. If you do not give us this information within a reasonable time of us asking for it, or if you give us incomplete or incorrect information, we may end the contract (and clause 9.2 will apply). We will not be responsible for supplying any product late if this is caused by you not giving us the information we need within a reasonable time of us asking for it.
6.13. Reasons we may suspend the supply of products to you. We may have to suspend the supply of a product to:
6.13.1. deal with technical problems or make minor technical changes;
6.13.2. update any product to reflect changes in relevant laws and regulatory requirements;
6.13.3. identify you where DDC has been unable to suitably identify you and you have opted to purchase your LOQBOX using DDC supplied finance. DDC will attempt to digitally identify you during your application stage. If DDC is unable to identify you digitally, you will have 15 days to provide certified copies of a valid identification document;
6.13.4. make changes to any product as requested by you or notified by us to you (see clause 5).
6.14. Your rights if we suspend the supply of our products. We will contact you in advance to tell you we will be suspending supply of any product, unless the problem is urgent or an emergency. If we have to suspend your LOQBOX we will give you the option to unlock your LOQBOX. If you choose to unlock your LOQBOX in these circumstances, then you will receive the Remaining Proceeds into the UK bank account of your choice without them being subject to deduction of any fee.
6.15. We may also suspend supply of our products if you do not pay. If you do not pay us for a product when you are supposed to (see clause 11.3) and you still do not make payment within 30 days of us reminding you that payment is due, we may suspend the supply of that product until you have paid us the outstanding amounts. In such a case, we will contact you to tell you we are suspending our supply of the product. We will not suspend the product where you dispute your obligation to pay. We will not charge you for the product during the period for which it is suspended.
7. YOUR RIGHTS TO END THE CONTRACT
7.1. You can always end your contract with us. Your rights when you end the contract will normally depend on what you have bought, whether there is anything wrong with it, how we are performing and when you decide to end the contract:
7.1.1. If what you have bought is faulty or misdescribed you may have a legal right to end the contract (or to get the product repaired or replaced or to get some or all of your money back), see clause 10;
7.1.2. If you want to end the contract because of something we have done or have told you we are going to do, see clause 7.2;
7.1.3. If you have just changed your mind about a product, see clauses 7.3 and 7.4;
7.1.4. In all other cases (if we are not at fault) see clause 7.5.
7.2. Ending the contract because of something we have done or are going to do. If you are ending a contract for a reason set out at 7.2.1 to 7.2.5 below the contract will end immediately. In the case of LOQBOX credit builder, we will pay the Remaining Proceeds from your LOQBOX into the UK bank account of your choice without them being subject to deduction of any fee and you may also be entitled to compensation.
The reasons are:
7.2.1. we have told you about a significant upcoming change to the product or these terms which you do not agree to (see clause 5.3);
7.2.2. we have told you about an error in the price or description of the product you have ordered and you do not wish to proceed;
7.2.3. there is a risk that supply of the product may be significantly delayed because of events outside our control;
7.2.4. we have suspended our supply of the product for technical reasons, or we notify you that we are going to suspend our product for technical reasons, in each case for a period of more than 30 days; or
7.2.5. you have a legal right to end the contract because of something we have done wrong.
7.3. Changing your mind. As you will have immediate access to, in the case of LOQBOX credit builder, the content in the Members’ Area and will be deemed to have received your LOQBOX by email immediately that the email has been sent and, in the case of the Subscription Products, the financial plan and the Points Promise, except as detailed in clause 7.4, you will not have a right to change your mind after that point and you agree to waive your rights to change your mind regarding the purchase of the product.
7.4. Withdrawing from the credit agreement. If you have purchased a LOQBOX using credit provided by DDC, payment for your LOQBOX is received by LOQBOX Savings Limited on the fifteenth day following the date you entered into your credit agreement with DDC. If you withdraw from the credit agreement with DDC within 14 days of accepting it, you authorise DDC to inform us that you have withdrawn from the credit agreement and your LOQBOX contract is automatically ended. Notwithstanding that you may have received your LOQBOX by email in digital format and may have had access to the LOQBOX Members’ Area, you never owned your LOQBOX because we did not receive payment in full and no rights associated with owning a LOQBOX accrue to you, including but not limited to the right to any payment to you in respect of that LOQBOX. Any payments that you may have made to DDC under the credit agreement from which you have now withdrawn will be refunded to you by DDC.
7.5. Ending the contract where we are not at fault and there is no right to change your mind. Even if we are not at fault and you do not have a right to change your mind (see clause 7.1), you can still end the contract before it is completed. The contract for your LOQBOX is completed when the product is sent to you by email and paid for (see clauses 7.3 and 7.4). The contract for a Subscription Product is completed when you accept these terms of business. If you want to end the contract, as it applies to a Subscription Product in these circumstances, just contact us to let us know. This will have the effect of ending your Subscription Product with immediate effect. It will not, however, automatically end your LOQBOX contract unless you also let us know that you wish to end it as well. On informing us that you wish to end your LOQBOX contract, this will have the effect of ending your LOQBOX contract meaning that you do not own that LOQBOX and, notwithstanding that you may have received that LOQBOX by email in digital format and may have had access to the LOQBOX Members’ Area, you are deemed never to have owned that LOQBOX because the contract has not completed. From this point, no rights associated with owning a LOQBOX accrue to you, including but not limited to the right to any payment to you in respect of that LOQBOX. If you have paid us in full but not received an email with your LOQBOX in digital format, then the full amount of your payment will be refunded into the UK bank account of your choice without being subject to deduction of any fee.
8. HOW TO END THE CONTRACT WITH US (INCLUDING IF YOU HAVE CHANGED YOUR MIND) OTHER THAN BY UNLOCKING YOUR LOQBOX
8.1. Tell us you want to end the contract. To end the contract with us, please let us know by doing one of the following:
8.1.1. Email. email us at firstname.lastname@example.org. Please provide your name, home address, details of the order and, where available, your phone number and email address.
8.1.2. By post. Print off the form which appears in the Schedule to these terms and post it to us at the address on the form. Or simply write to us at that address, including details of what you bought, when you ordered or received it and your name and address.
9. OUR RIGHTS TO END THE CONTRACT
9.1. We may end the contract if you break it. We may end the contract for a product at any time by writing to you if:
9.1.1. you do not make any payment to us when it is due and you still do not make payment within 30 days of us reminding you that payment is due;
9.1.2. you do not, within a reasonable time of us asking for it, provide us with information that is necessary for us to provide the products, for example (without limitation) your address for delivery;
9.1.3. you do not, within a reasonable time, allow us to deliver the products to you; or
9.1.4. if you are more than six months in arrears with your contractual duty (arising out of your credit agreement) to make payments to DDC Financial Solutions Limited.
9.2. You must compensate us if you break the contract. If we end the contract in the situations set out in clause 9.1 we will refund any money you have paid in advance for products we have not provided (and representing the remainder of the Term) but we may deduct or charge you reasonable compensation for the net costs we will incur as a result of your breaking the contract.
9.3. We may withdraw the product. We may write to you to let you know that we are going to stop providing the product. We will let you know at least 14 days in advance of our stopping the supply of the product and will refund any sums you have paid in advance for products (representing the remainder of the Term) which will not be provided.
9.4. If your contract with us ends for any reason then your right to use our product will immediately cease.
10. IF THERE IS A PROBLEM WITH A PRODUCT
10.1. How to tell us about problems. If you have any questions or complaints about any product, please contact us. You can write to us at email@example.com. You can find a copy of our complaints handling procedure at www.loqbox.co.uk/complaints-procedure if you wish to make a complaint.
10.2. Summary of your legal rights. We are under a legal duty to supply a product that is in conformity with this contract. See the box below for a summary of your key legal rights in relation to the product. Nothing in these terms will affect your legal rights.
Summary of your key legal rights:
This is a summary of your key legal rights. These are subject to certain exceptions. For detailed information please visit the Citizens Advice website www.adviceguide.org.uk or call 03454 04 05 06.
If your product is goods, for example a book, the Consumer Rights Act 2015 says goods must be as described, fit for purpose and of satisfactory quality. During the expected lifespan of your product your legal rights entitle you to the following:
(a) up to 30 days: if your goods are faulty, then you can get an immediate refund.
(b) up to six months: if your goods can’t be repaired or replaced, then you’re entitled to a full refund, in most cases.
(c) up to six years: if your goods do not last a reasonable length of time you may be entitled to some money back.
(d) See also clause 7.3.
If your product is digital content the Consumer Rights Act 2015 says digital content must be as described, fit for purpose and of satisfactory quality:
(a) if your digital content is faulty, you’re entitled to a repair or a replacement.
(b) if the fault can’t be fixed, or if it hasn’t been fixed within a reasonable time and without significant inconvenience, you can get some or all of your money back
(c) if you can show the fault has damaged your device and we haven’t used reasonable care and skill, you may be entitled to a repair or compensation
(d) See also clause 7.3.
11. PRICE AND PAYMENT
11.1. Where to find the price for a product. The price of a product will be the cash price indicated on the order pages of our website at www.loqbox.co.uk as at the date on which you place your order.
11.2. VAT. The price of a LOQBOX is quoted as exclusive of VAT. The price of a Subscription Product is quoted inclusive of VAT.
11.3. When you must pay and how you must pay. We accept payment with most debit cards. Payment must be made in full by contacting us using the details found on our website at www.loqbox.co.uk prior to your accessing any digital content or any use by you of the product.
11.4. Procuring finance to settle payment of the price. In respect of LOQBOX credit builder, the price of your LOQBOX may be settled through your raising of finance through DDC, on an interest free basis. DDC is a separate legal entity to us. If you elect to do this then you will need to enter into a separate credit agreement with DDC. In such a case, we will (subject to clause 11.6) look to DDC to pay us the full price for the product on your behalf and you will then be required repay DDC. Your repayments to DDC will typically involve you having to make 12 monthly instalment payments.
11.5. The amount of the monthly instalment payments that you will need to make to DDC will depend upon the terms of your credit agreement with DDC.
11.6. In all cases, including where you have raised finance through DDC, you will remain responsible for the payment in full of the price for the product on the due date for payment, being the date specified in clause 11.3.
11.7. You authorise the disclosure to us by DDC of financial information relevant to you (including but not limited to loan repayment data) and the capturing and retention by us of that information in your Members’ Area, which only you and we may access.
12. OUR RESPONSIBILITY FOR LOSS OR DAMAGE SUFFERED BY YOU
12.1. We are responsible to you for foreseeable loss and damage caused by us. If we fail to comply with these terms, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill, but we are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during the sales process.
12.2. We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation; for breach of your legal rights in relation to the products as summarised at clause 10.2 and for defective products under the Consumer Protection Act 1987.
12.3. If defective digital content which we have supplied damages a device or digital content belonging to you and this is caused by our failure to use reasonable care and skill we will either repair the damage or pay you reasonable compensation. However, we will not be liable for damage which you could have avoided by following our advice to apply an update offered to you free of charge or for damage which was caused by you failing to correctly follow installation instructions or to have in place the minimum system requirements advised by us.
12.4. We are not liable for business losses. We only supply the products for private use. If you use the products for any commercial, business or re-sale purpose we will have no liability to you whatsoever for any loss of profit, loss of business, business interruption, or loss of business opportunity.
12.5. Our Web Site may contain links to other internet web sites. We have neither power nor control over any such web site. You acknowledge and agree that we shall not be liable in any way for the content of any such linked web site, nor for any loss or damage arising from your use of any such web site.
12.6. Upper limit of our liability to you. Subject to clause 12.2, the upper limit of our liability to you shall under no circumstances exceed the price that you have paid for the product.
12.7. Clauses 12.1 to 12.6 form an essential part of this agreement. Each clause in these terms is independent and severable from each other clause and enforceable accordingly. If any restriction or limitation is unenforceable for any reason but would be enforceable if part of the wording were deleted, it will apply with such minimal deletions as may be necessary to make it valid and enforceable.
13. HOW WE MAY USE YOUR PERSONAL INFORMATION
13.1. The need for accurate personal information. You warrant that the information that you provide to us is accurate, up to date, and complete.
13.2. How we will use your personal information. We will use, and you expressly authorise us to use, the personal information you provide to us:
13.2.1. to supply the products to you;
13.2.2. to process your payment for the products;
13.2.3. to provide it to third parties for them to offer you credit and other financial products and services that are tailored to your specific requirements;
13.2.4. if you agreed to this during the order process, to give you information about similar products that we provide, but you may stop receiving this at any time by contacting us; and
13.2.5. for our marketing purposes provided that we do so in a way that does not disclose your identity.
13.3. You hereby expressly give us your permission to include your name in any communication that we may have with any friends who you have referred to LOQBOX through our Invite your Friends scheme. In addition, where you have been referred to LOQBOX by a friend through our Invite your Friends scheme, you expressly agree that we may share your name with the customer that has referred you to LOQBOX. This information is available only in the Members’ Area and is only used to support the payment of an Additional Amount to that customer when they unlock their LOQBOX.
13.4. We may provide to you the facility to upload information or documents directly onto our website, such as your initial credit report and your final credit report. If you take advantage of this facility you agree that we may have access to these files and the information contained therein for the purpose set out in clause 13.2.
13.5. We may at any time seek to procure and access a copy of your credit information as held with one or all of the Credit Reference Agencies operating within the UK. This will be done with your consent, which, if given, authorises us to store such information and to use it to monitor your credit account activity and any changes to your credit score in order to provide you with tailored education information and additional value added products or services.
13.6. We will email you with a unique tracking link and details of any promotions from time to time. Promotions will only be available to clients who have made each payment due to DDC on time each month. If you do not use the unique tracking link that we send you, you will not qualify to participate in the promotion.
13.7. We reserve the right to remove any promotion at any time.
14. OTHER IMPORTANT TERMS
14.1. We may transfer this agreement to someone else. We may transfer our rights and obligations under these terms to another organisation. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under the contract.
14.2. You need our consent to transfer your rights to someone else. You may only transfer your rights or your obligations under these terms to another person if we agree to this in writing.
14.3. Nobody else has any rights under this contract. This contract is between you and us. No other person shall have any rights to enforce any of its terms. Neither of us will need to get the agreement of any other person in order to end the contract or make any changes to these terms.
14.4. Treatment of your LOQBOX upon your death. Upon your death your LOQBOX will become an asset of your estate. Notification of your death will automatically unlock your LOQBOX and end your subscription to any of the Subscription Products, triggering the Direct Settlement Clause, if appropriate. We will, upon presentation of an executed and certified copy of a death certificate, transfer any Remaining Proceeds, less any fee described in clause 4.7, to the executor of your estate.
14.5. If a court finds part of this contract illegal, the rest will continue in force. Each of the clauses of these terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining clauses will remain in full force and effect.
14.6. Even if we delay in enforcing this contract, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under these terms, or if we delay in taking steps against you in respect of your breaking this contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you miss a payment and we do not chase you but we continue to provide the products, we can still require you to make the payment at a later date.
14.7. Entire Agreement. These terms constitute the entire agreement between us and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between us, whether written or oral, relating to its subject matter.
14.8. No partnership or agency. Nothing in these terms is intended to, or shall be deemed to, establish any partnership or joint venture between us, constitute any party the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other party except as expressly provided in these terms.
14.9. You confirm that, by entering into a contract with us, you are acting on your own behalf and not for the benefit of any other person.
14.10. Force majeure. We shall not be in breach of these terms nor liable for delay in performing, or failure to perform, any of our obligations under this agreement if such delay or failure result from events, circumstances or causes beyond our reasonable control. In such circumstances the time for performance shall be extended by a period equivalent to the period during which performance of the obligation has been delayed or failed to be performed.
14.11. Dispute resolution. If any dispute arises in connection with this agreement, then you agree to attempt to settle the dispute by engaging in good faith with us in a process of mediation before commencing litigation. We have a complaints procedure in place that you must use to raise any complaint or dispute. If we are unable to resolve the dispute between us then you agree to enter into mediation to settle such a dispute and will do so in accordance with the Centre for Effective Dispute Resolution (CEDR) Model Mediation Procedure. Unless otherwise agreed between us within 14 days of notice of the dispute being referred to mediation, the mediator will be nominated by CEDR. You can also submit your complaint through the European Commission’s online dispute resolution platform directly. You can find the platform and more information on how it works here: http://ec.europa.eu/consumers/odr/
14.12. Which laws apply to this contract and where you may bring legal proceedings. These terms are governed by English law and you can bring legal proceedings in respect of the products in the English courts.
Model Cancellation Form
(Complete and return this form only if you wish to withdraw from the contract)
LOQBOX SAVINGS LIMITED, Bridgewater House Finzels Reach, Counterslip, Bristol, England, BS1 6BX and via https://www.loqbox.co.uk/support/.
I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the following goods [*]:
Name of consumer(s),
Address of consumer(s),
Signature of consumer(s) (only if this form is notified on paper),
Date[*] Delete as appropriate