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Terms and Conditions of Business of City Credit Management LLP.

The 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 Program(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(DMP)" means the plan of repayments by which you repay your Creditors through us (as may be revised from time to time).

"Fees" means the initial Fee and the Monthly Payment Fee (as defined below) payable by you to us when enrolled onto a PDP, in accordance with section 7.1 & 7.2.

"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 Personal Debt 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 PDP. This is an amount equal to 12.5% + GST of your total debt divided into the total number of instalments subject to a minimum of 875/ Rupees + GST depending on the number of creditors we must deal with apart from your first two Monthly Payment which is the initial Fee.

"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”” whiles you are enrolled on PDP. 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 Personal Debt Programme (PDP) will operate.

“Your Financial Statement” is the total income, expenditure and debts as per provided by you in accordance with section 6.

“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.

"Transaction"means the individual acts performed by our professionals to you or your PDP account, like taking each creditor call by our paralegal, each legal and financial (settlement) advice, letter/draft or Notice that our Advocates or Financial Advisor has provided or undertaken.

"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 (the person that is enrolled onto PDP) 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.

  • 3.1 We will review your finances covering your income, expenditure, debts, and assets. We will also require you to provide us with a copy of your credit file to get a true picture of your financial standing. These must include all debt secured on property or goods which we will take into consideration but cannot negotiate reduced payments on. We will calculate your disposable income based on reasonable living expenses. We may on investigation deem that the Personal Debt program is not best advice, and in that case, we will inform you of any other plans or services that we can offer.
  • 3.2 In consultation with you we will produce a Personal Debt Program by which you can pay off your creditors out of your disposable income at rates that you can afford. The Personal Debt Program will let you make monthly payments to us and will take account of your Creditors and of our Fees. It will not take account of any matters you have not told us about in accordance with section 6, it will also take account of the differing requirements of your different Creditors if there is more than one.
  • 3.3 We will negotiate with your Creditors and attempt to agree repayment terms with them of the amounts outstanding. In doing so we shall use the Personal Debt Programme and we will try to convince that the periodic payments that we agree with your Creditors on your behalf do not exceed your disposable income (after taking into account the fees charged by us) as calculated by us for the same period. We cannot guarantee they will freeze your interest and charges if the level of Payment you can afford is below your creditors’ minimum level of acceptance. The payment you make may not offset any charges your Creditors choose to add to the opening balance. We shall attempt to agree with your Creditors where appropriate that they Freeze or reduce their interest and charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them. We shall make payments to your Creditors in accordance with the Personal Debt Programme, and the payment shall be made by electronic means or cheques. We, under no circumstances will be responsible for any delays made to your creditors accounts due to the accounting processes your creditors choose to use or any delay in banking or crediting your payments to your account with your creditor.
  • 3.4 Should your circumstances change during the Period we shall review the Personal Debt Programme and if necessary make changes to it in agreement with you and with any Creditors concerned, it is your responsibility to make us aware of all charges that affect the payment and continuity of your program. All payments to us will be made into our client account. This account is separate to our own business accounts and funds held for distribution to your Creditors and shall be retained for that purpose only. No interest will be payable to you on funds that we hold. At all-time funds held for distribution to your Creditors will be classed as client monies.
  • 3.5 During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will be added to your balance and be paid off as part of your Personal Debt Programme. We draw attention to section 6.3
  • We also offer to negotiate Full & Final settlements on behalf of our clients. Our fees are negotiable but will be a minimum of 10% of the agreed settlement.
  • We take any complaint regarding our practices seriously. Any complaints can be sent in writing to Complaints Officer at Your complaint will be acknowledged within 7 working days, and a response to your complaint will be made within 14 days. If you are not happy with the response your complaint will be escalated to the compliance officer and all communication regarding the complaint will only be in writing. You will receive a copy of our Code of Conduct and Complaint procedure. Any Data Access requests must be completed on our company access request form and accompanied by a fee of 500/- Rupees this request must be made in writing only by the data subject.
  • To protect us against “troll-like” virulent reviews, often posted solely for vengeance purposes,and false or misleading, inappropriate, or irrelevant reviews. You would need to inform us of your dissatisfaction or complaint and give us the opportunity to re-address it to both of our satisfaction as above. If we are unable to resolve the complaint, arising out of this Agreement then this will be resolved by way of procedure provided in the Arbitration and Conciliation Act, 1996. The Venue and the seat of the Arbitration shall be Mumbai. The Arbitration is to be conducted by a sole Arbitrator appointed by City Credit Management LLP, (As per sec. 14.5). Thereafter you will be entitled to post a review, prior to this you will be in violation of this provision and would have to pay liquidated damages and Company’s legal fees.
  • In respect to any legal matters, our panel of Lawyers will advise you on any legal points in respect to the Personal Debt Programme and legal notices, bounced cheques, power of attorney, Banking Ombudsman, mediation & arbitration hearings. If you thereafter engage our panel of lawyers to deal with attending any hearings related to your legal notices, bounced cheque, Banking Ombudsman, mediation, arbitration & any litigation than the Advocate or Lawyer will inform you of their charges in handling that particular matter.
  • 6.1 It will be your responsibly to obtain all the documents from all your creditors, if there is a delay in you not providing us with these documents that we have requested than this will impact on the service that we can provide, including and not limited to freezing of interest and charges. You will provide to us on request information relating to your finances. This will include but will not be limited to details & evidence of your income and expenditure, your creditors and any agreement you have with them, any loans or home loans you have, your dependents and any Notices that has been served against you or any other enforcement action or Arbitration hearing being taken against you.
  • 6.2 You will sign any necessary forms of authority i.e. power of attorney or any other documents so that we may negotiate and make payments to your Creditors on your behalf.
  • 6.3 You will forward to us copies of all correspondence from your Creditors and keep us informed of any dealings you have with any Creditors whether we are negotiating with them or not. Once the Personal Debt Programme has been agreed, you will not make any expenditure over and above your reasonable living expenses as calculated in the Personal Debt Programme. You will not use your credit cards nor incur further debts during the period.
  • 6.4 You will consult with us in relation to your Personal Debt Programme and in relation to any alterations and/or reviews of it. Your payments to us will need to be amended to reflect any reasonable changes which your circumstances dictate. You will make payments to us under and in accordance with the Personal Debt Programme promptly and without any deductions.
  • 6.5 On occasion your Creditors may not provide us with balances and documents of your accounts due to their own company procedures. If these circumstances arise then you will obtain this information and documents for us and supply us accordingly.
  • 6.6 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of acquiring a loan, EMI agreement, credit card or any other form of credit.
  • 6.7 Lack of contact from you will not be considered a cancellation of the Agreement.
  • 6.8 If you do not maintain regular payments, we will suspend any action and payments on your account. Your creditors may have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action against you for which we cannot be held responsible.
  • 6.9 If your payments are late your creditors may continue or re-commence adding interest and charges, we cannot be held responsible for these charges.
  • 6.10 You remain responsible for continuing to pay any secured loans, mortgages or consumer goods agreements and all household bills (including insurances).
  • 7.1 When you enrol on the PDP you will pay to us the initial Fee, the monthly Fee, and the Monthly Repayments and other fees agreed in writing between you and us for additional services.
  • 7.2 We reserve the right to increase our fees at any time. You will be informed before your next payment.
  • 8.1 All payments that we receive from you in cleared funds will be paid directly into our client accounts. The only deductions which we will make out of our client account are
    (a) Payment of our Fees.
    (b) Payment of Monthly Repayments to your Creditors in accordance with the Personal Debt Program and
    (c) Any other payments as instructed or agreed with you.
  • 8.2 We will distribute the Monthly Repayments amongst your Creditors in accordance with the Personal Debt Programme normally within seven working days of clearance of the Monthly Payment from you. If there is a delay in any payment which is not beyond our control, we shall take appropriate action to ensure that these payments are made in a timely manner. The Company will not be responsible for any loss because of the delay weather due to us or third parties.
  • 8.3 You must ensure that your payment to us reaches us in sufficient time to be cleared and transferred to your creditor. Any late payment charges made by the creditor will not be the responsibility of City Credit Management LLP trading as SingleDebt.
    It is imperative that your payments are made on due date of every month, this will ensure that all your creditors are paid as per the new arrangements. Otherwise, this will make it difficult for us to negotiate a new arrangement with your creditors and then there is the probability that your creditors will not approve the new arrangements and will continue with their recovery processes and legal action against you.
    We will email and WhatsApp you, five days prior to your due date for payment, please ensure that payment is made on a timely manner to ensure smooth running of your debt program.
    All payments to your creditors will be done by cheque to ensure full transparency in our transactions, if payments are received by us on due date than we will pay all your creditors within seven working days (this process is all computerized). If payments are not made by due date than payments to your creditors will be delayed, because our accounts department will have to manually process these payments, and this would take much longer to process.
    • 9.1 Any notice of termination must be emailed to
    • 9.2 You have the right to cancel this Agreement. In the event of cancellation under this section you may cancel the plan in the first month by giving us written notice within 7 (seven) working days of signing the T & C. It is only then that we will refund your first month initial fee or part payment that you have made and that has cleared through our bank account, notwithstanding section 9.3.
    • 9.3 In the event of a refund during your second month, your first two monthly payments (initial fee), we will deduct the fee pertaining towards any legal work undertaken in dealing with your Creditors and any concerned instances of harassment, like writing to your creditors, attending telephone calls, drafting non-cognizable (NC), First Information Report (FIR), attending police stations, courts, replies and drafting to legal notices, power of attorney and dealing with Banking Ombudsman, mediation & initial arbitration matters. We will deduct ₹3,000 rupees for dealing with each one of these transactions from the initial fee. Otherwise, these legal services will be provided free of charge if you stay on the PDP.
    • 9.4 You may also cancel this Agreement at any time if the total Fees payable under the Personal Debt Programme increase from the fees we estimated to you at the commencement of the Agreement provided that this right to cancellation will not be available in the event that such difference in Fees is due to any misrepresentation by you of your finances, including without limitation, your Creditors in the event of cancellation under this section 9.4, we reserve the right to retain the initial Fee.
    • 9.5 In addition to your right to cancel under section 9.2, 9.3, and 9.4, you may also end this agreement at any time by giving us two weeks prior written notice which you may serve at any time whether or not you believe we may have been in breach of our obligations under this Agreement. In the event of cancellation under this section 9.5 we will refund any “Monthly Payment” that has not been issued to the Creditors minus our “Monthly fee”.
    • We hold the right to terminate this Agreement in case:
    • (a) You fail to make two successive Monthly Payments or
    • (b) You are otherwise in serious breach of this Agreement or have persistently committed a series of minor breaches (even if anyone individual breach would not necessarily be regarded as a serious breach or its own): or
    • (c) You become bankrupt, make an agreement or composition with your Creditors.
    • (d) We are prevented from fulfilling our obligations by reason of force majeure..
    • All parties can terminate this agreement at any time. Any money held by us on customer behalf will then be paid to customer or paid to customer’s creditors if payment has been processed.
    • 12.1 We will not make charge anything for services in the general course of business. However, to help pay for the service we are entitled to retain any credit interest earned prior to the distribution of customer PDP payment.
    • 12.2 You shall be fully liable to bear the costs which we incur because of all claims against us because of inaccurate, incorrect, or incomplete information provided by you.
    • 13.1 You as a customer permits us to hold data about yourself and share it with others in accordance with the law the Data Protection Consent in this Agreement.
    • 14.1 This Agreement sets out the entire understanding between the parties and supersedes all prior agreements understandings or arrangements (whether oral or written) relating to the provision of the Services..
    • 14.2 You acknowledge that you have entered into this Agreement in reliance only on the representations, warranties and promises specifically contained or incorporated in the agreement and except as expressly set out in this Agreement and that we shall bear no liability in respect of any representation, warranty or promise made prior to the start of this Agreement unless it was made fraudulently.
    • 14.3 We shall not be deemed to be in breach of this Agreement or otherwise liable to you if we are prevented from performing our obligations under this Agreement by reason of any event beyond our reasonable control.
    • 14.4 The Governing Law of this Agreement shall be the Substantive law of India.
    • 14.5 Any Dispute arising out of this Agreement shall be resolved as and by way of procedure provided in the Arbitration and Conciliation Act, 1996. The Venue and the seat of the Arbitration shall be Mumbai. The Arbitration is to be conducted by a sole Arbitrator appointed by City Credit Management LLP.
    • 14.6 That all disputes are subject to Mumbai jurisdiction only.
    • 14.7 That you also represent that you have signed the present agreement out of your own free Will and consent without any undue influence or pressure from any side.
      If you have a debt with a Bank where you have an account they may use the money in your account to pay off the debt you have with them. It is advisable and your responsibility to open a new account with a Bank that is not connected to any of your creditors. This will ensure that you remain in control of your money and that you are able to pay your priority payments such as a home loan or rent etc. by doing this you will also be ensuring you are treating all your creditors on a fair and equitable basis.
    • 15.1 Do not use where you have your home loan.
    • 15.2 Tell your employer about the new account and check that there is time to make the change and have your next salary paid in.
    • 15.3 Remember to move any EMI payments such as your home loan, secured loans, car EMI, utilities, insurances, etc. to your new account.
    • 15.4 Do not move any payments for the creditors that you are enable to service that is included in your Personal Debt Programme you may wish to consider cancelling these to ensure that you do not incur bank charges for returned payment fees
    • 15.5 You may wish to consider and will be your responsibility for cancelling all your ECS that are connected to your debts that are under the Personal Debt Programme that you are enable to service to ensure that you do not incur bank charge for returned payment fees.
    • 15.6 We suggest that you apply to open a simple account. Explain that you need a basic account to receive your salary that you require a debit card and that you will not require any borrowing. This should ensure that the account can be opened without difficulty.