These Terms and Conditions of business explain our obligations to you and yours to us
"Agreement" means the agreement between you and us made mainly on these terms and conditions of business.
“Advocate and Lawyers” means panel of Advocate and Lawyers that work with City Credit Management LLP.
"Creditors" means all your unsecured creditors whose details you will provide us with in accordance with section 7.
“Personal Debt Programme (PDP)” Means a blend of specially designed financial and debt solutions and legal services to help those individuals who are struggling with their debts.
"Debt Management Program" means the plan of repayments by which you repay your Creditors through us (as may be revised from time to time).
“Disposable Income (DI)” is the total Income minus the total cost of living (the amount of money needed to sustain a certain standard of living e.g. housing, food, taxes, education, and healthcare).
"Fees" means the initial Fee and the Monthly Payment Fee (as defined below) payable by you to us when enrolled onto a DMP, in accordance with section 7.
"Initial Fee" (Administration Payment) means your first two Monthly Payments which is paid by you to us as an initial fee for preparation of the Debt Management Program and which is not used to pay your Creditors This is subject to a minimum of 10,000/ Rupees (Exclusive of Government Taxes) unless authorized by a manager to be reduced.
"Monthly Fee" means the monthly fee payable by you to us for the service whiles enrolled on the DMP. This is an amount equal to 12.5% + GST of the total DI, subject to a minimum of 1,200/ Rupees + GST.
"Monthly Payment" means the total amount which is paid every month by you to us throughout the period as worked out under your “Your Financial Statement”. Apart from your first two Monthly Payment which is the initial Fee this is made up of the Monthly Repayment to be made to your Creditors our Monthly Fee and any other payments as instructed or agreed with you.
"Monthly Repayment" means the part of the Monthly Repayment to be paid by us on your behalf to your Creditors.
"Period" means the period during which the Debt Management Program will operate.
“Your Financial Statement” is the total income, expenditure and debts as per provided by you in accordance with section 7.
“Your Debts” means the full details of your total unsecured debts, including creditor’s name, main and branch addresses, account number, NEFT number, outstanding balance, EMI, and mode of payment of EMI.
“Authority to Act” means you will provide us with a letter of authority to act and/or a power of attorney.
"Services" means the services we agree to provide you with under this Agreement.
"Business Day" means a day (other than a public holiday) on which banks are open for general business in Mumbai.
"Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by Credit Information Companies like Experian.
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian & other companies.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
"Term and Conditions of Business" - (T & C) means these terms and conditions of business.
"Us" and "We" mean City Credit Management LLP trading as SingleDebt or anyone to whom we transfer our obligations and rights under this Agreement.
"You" means you whose name is recorded overleaf (and your partner where any of the debts are in joint names.)
1.1 City Credit Management LLP trading as SingleDebt shall access your Credit Information as your authorized representative, agent and Attorney and City Credit Management LLP trading as SingleDebt shall use the Credit Information for limited End Use Purpose consisting of and in relation to the services proposed to be availed by you from City Credit Management LLP trading as SingleDebt. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein and in furtherance to CICRA Act.
1.2 The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you or received on by us on your behalf shall be destroyed, purged, erased promptly within 1 (one) Business Day of upon the completion of the transaction/ End Use Purpose for which the Credit Information report was procured.
- You appoint us and we agree to provide the Services(as defined below)
- This Agreement will commence the date we receive the “Authority to Act”, the T & C and your first payment or your first part payment.
- The day we receive the initial Fee from you may not be the same day you have received the T & Cs the payment date will not affect the commencement of your plan or your ability to cancel.
- This Agreement will continue for the period unless ended earlier by you as set out in the sections detailed below.