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Credit Agreement regulated by the Consumer Credit Act 1974

Parties to the agreement

This agreement is between us, Frasers Group Financial Services Limited, Express House, Clayton Business Park, Clayton-le-Moors, Accrington, Lancs BB5 5JY and you.

Useful definitions

Studio Pay Credit Account a type of personal credit account where you can order and receive goods and services from Studio and certain Frasers Group brands (and any other selected retailers we will tell you about from time to time) and pay for them later. Your Studio Pay Credit Account has a credit limit and you must pay a monthly minimum amount when you have an unpaid balance. We charge interest on the unpaid balance. From time to time, we may offer you a Credit Option. This is a different way of paying for purchases on your Studio Pay Credit Account.
Credit Option - a different way of paying for purchases on your Studio Pay Credit Account. The options we offer are:

• Interest Saver Option.
• Buy Now, Pay Later (BNPL) Option
• Fixed Payment Option

If one of these options is available, we'll tell you when you place your order. You can read more about Credit Options under Additional Terms below.

Plan - If you accept a Credit Option when you place an order, you'll start a Plan. We'll tell you how long the Plan will last.

Plan Balance - the amount you owe on a Plan. We'll remind you of this amount on your statement each month and you can view this online in My Account.

Plan Expiry Date - the date a Plan will end. We'll remind you of this date on your statement each month. In the statement we send before your Plan ends, we'll also tell you about any action you need to take to avoid paying interest.

What type of agreement is this?

This agreement is for a running credit account requiring regular payment. It is sometimes called revolving credit.

Studio Pay Credit Account

Interest rate

The interest rate is 34.1% per year (variable). We may vary it at any time by giving you notice. You can read more about this in the section Can the terms of this agreement ever change?. We calculate the rate as 2.84 pence in the 1 every calendar month.

Minimum payments

You must make at least the minimum payment each month. Please see What are my repayments and when are they due? below. If you only make the minimum payment each month, it will take you longer to pay what you owe. It will also cost you more as we charge interest on your outstanding balance. We recommend that you pay as much as you can reasonably afford.

Period of the agreement

This is an open-ended agreement. This means it doesn't have a fixed end date. It will continue until you or we end the agreement (see below for information regarding how and when this can be done).

What is the credit provided for?

The credit we provide under this agreement is for you to purchase goods and services from Studio and certain Frasers Group brands (and any other selected retailers we will tell you about from time to time) enabling you to spread the cost of those purchases.

What will my credit limit be and could this change?

We'll choose a suitable credit limit for you when we open your account. We'll tell your current credit limit on statements and you can also find it in the My Account section online. We base your initial credit limit on your personal circumstances and publicly available data from credit-reference agencies. (The data shows information about you including how you manage accounts run by other companies.) When you apply for an account, you can tell us if you'd like us to consider you for credit-limit increases in the future. We'll also explain how you can accept or reject increases.

We regularly review your credit limit to make sure it’s still right for you and your circumstances. We use internal data (which shows how you have been managing your account) and data from credit-reference agencies. If we think you are at risk of financial difficulties, we may not be able to offer you a credit-limit increase even if you have requested one.

Credit-limit increases: If you've opted in to credit-limit increase offers, we'll let you know if one is available to you. We'll normally give you at least 28 days notice of the proposed increase. You have the option of refusing the increase if you wish. If you request a credit-limit increase or agree to us applying a credit-limit increase earlier, we may apply it before the 28-day period ends. You can refuse any credit-limit increases or tell us not to offer them in the future. If you tell us you don't want a credit-limit increase, we won’t increase it. You can change your preference at any time. We'll only offer you a credit-limit increase if we think you can afford it. A higher credit limit may offer greater flexibility and convenience to meet your financial needs, but it may also increase the risk of borrowing too much, which could be expensive or take a long time to pay off. You should carefully consider whether you need a higher limit and if you can keep up your payments in the future.

 Credit-limit decreases: We may reduce your credit limit if our review indicates you may struggle to repay it or if your circumstances have changed. You can also ask us to increase or decrease your credit limit by completing a short form in My Account on our website To speak to us about your credit limit, please contact the Financial Services team as shown in the contact details section below. You can change your credit-limit preferences at any time online in My Account.

How and when will you provide credit to me?

Credit is subject to status. When you satisfactorily complete our identification, verification and credit checks, we'll give you a credit limit.

What have you assumed when calculating the annual percentage rate (APR)?

39.9% APR variable

• Example based on a credit limit of £1000: the total amount payable would be £1188.98 and our total charge for credit under this agreement would be £188.98. This example is based on the following assumptions: -You order £1000 of goods and services from us immediately at the start of the agreement.
• You repay the whole amount (including interest) in 12 equal monthly instalments.
• The interest rate stays the same.
• The agreement remains valid for the whole 12-month period.
• Both of us meet all our obligations under the agreement.

As we don't know when this agreement is made, we have assumed (as required by regulations) the APR and total amount payable allowing you to compare this agreement with those of other providers at the time you sign it. 

How do you calculate interest?

We calculate the interest daily using the account balance, once we have processed all transactions for that day. We then add the total of the daily interest charges to the account balance on your statement date. This means that the earlier you make your payment(s), less interest will be charged as the balance will have been lower for a longer period. Interest is compounded, which means we charge interest on interest. We don't compound interest on default charges.

When will you charge interest to my account?

If you pay off your full balance by the payment due date, we won’t charge interest on purchases made during your current statement period. But if you choose not to do so, we'll charge interest from the date we added the goods or services (or both) to your account until the date you pay off your balance.

What other charges can you apply to my account?

We may apply a default charge of £12 to your account: 

• if you don't make your minimum payment on time or if you don't pay enough to cover the minimum payment in full.

Can the terms of this agreement ever change?

We may change the terms of the agreement (including charges and the interest rate) when we believe we need to reflect:

• changes in relevant laws or regulations
• changes in our systems
• changes in market conditions affecting our business
• new developments in products, technology or other changes in lending practices
• additional, improved or revised product features
• new promotional offers
• changes in your personal circumstances and how you operate your account
• changes that in our view affect your credit status
• changes needed to operate our business in a profitable and prudent way
• if we are switching the type of account you have with us, for example because we stop offering the account you have

We'll only make changes for a valid reason and in a proportionate way. We won’t change or introduce any fees to cover the same cost twice. As this contract has no fixed end date, we may from time to time need to make changes for other valid reasons not set out here. If we do this, you can end this agreement without charge.

If the change is in your favour, we may introduce it without notice and inform you at the next available opportunity. If the change is not in your favour, we'll give you 30 days' notice of it. You'll have 60 days from the notification date to:

• do nothing and accept the new terms, or
• reject the new terms. If you reject them, your balance will stay on the prevailing terms but you won’t be able to place any more orders with your account. We'll give you a reasonable amount of time to pay off any balance.

We won’t increase your interest rate if we think you are at risk of financial difficulty for example you have currently missed two or more payments, we have agreed a repayment plan or you are in serious discussion with a debt-counselling organisation and they have told us about this.

We may also increase your minimum payment or change the interest rate if you are in persistent debt or at risk of being in persistent debt.

What are my repayments and when are they due?

Each month you must make at least the minimum payment. 

If you have a Fixed Payment Plan the minimum payment will be: Any Fixed Payment Plan instalments plus 6% of the non-Fixed Payment Plan balance, including any Interest Saver Plan Balances (less any BNPL Plans that have not reached their Plan Expiry Date).

•  6% of the total balance, including any Interest Saver Plan Balances (less any BNPL Plans that have not reached their Plan Expiry Date).
• £10.

If your balance is less than £10, the whole balance will be due.

Each month we'll  send you a statement showing purchases, charges, payments made and refunds. The statement will also show your minimum payment and a payment due date. If you pay off your balance in full and on time every month, we won’t charge any interest to your account. If there hasn't been any activity on your account during a month and you do not have a Plan, we won’t send you a monthly statement. 

We  recommend you pay off as much as you can reasonably afford. If you don't pay the minimum payment or you are late paying it, we may charge you a fee of 12 even if you've made a payment to a specific Plan. Refunds and returns do not count as payments. If you are waiting for a refund or have a dispute on your account, you should still pay at least the minimum payment.

How do you apply my repayments to my account?

We allocate your payments as follows:

1. Repaying any amounts in arrears as shown on your statement.

2. Then repaying the Fixed Payment Plan up to the instalment amount.
3. Then, 6% of the non-Plan balances on your Studio Pay Credit Account. We allocate this in the following order: first
to interest, then to purchases of goods or services, and then finally to charges and fees.
4. Then repaying 6% of any Interest Saver Plans you have.
5. Then repaying any BNPL Plans that will expire by the date of your next statement.
6. Then repaying any Interest Saver Plans that will expire by the date of your next statement.
7. Then repaying any balance on your Studio Pay Credit Account not on a Plan.

8. Then repaying any Fixed Payment Plan
9. Then repaying any other BNPL Plans or Interest Saver Plans.
10. Then, finally, repaying any amounts we have added to your account since the previous statement date in the following order: first to any Studio Pay Credit Account amounts not on a plan, then to any Fixed Payment Plans, then to any BNPL or Interest Saver
plans in the date order they are due to expire (BNPL takes priority if the expiry dates are the same). Any remaining payment will put your Studio Pay Credit Account into credit. If you have two or more Plans in the same Credit Option, the Plans will be repaid in the order they are due to expire, starting with the Plan that is closest to expiry. If a particular Credit Option is repaid in a different order, we'll tell you before you make a purchase using the Credit Option. We'll allocate payments in a different way, for example against a specific Plan, if you tell us to do it. Do not pay more than you owe. If you pay more than you owe, your account will go into credit and you will need to contact us to arrange a refund. 

What happens if I can’t make a payment?

If you have a Plan, and do not make your minimum payment this may mean we withdraw it and any Credit Options that might have been available to you. Withdrawing the Plan means the Plan Balance is transferred to your Studio Pay credit account, we’ll add interest backdated to the date the goods were despatched and we will charge interest on the transferred balance moving forward.

We must also report your payment behaviour to the credit-reference agencies. It could lead to you having to pay extra costs and make it more difficult for you to get credit in the future. It will raise the total cost of repaying the debt as the ongoing interest we charge will increase the amount you owe. Also, we may pass your debt to a debt-collection agency to collect on our behalf. We may also sell your debt to a debt-purchasing company who may take legal action.

If you are in financial difficulty or can’t make a payment, it’s important that you contact us quickly. Please call us on the number shown at the end of this agreement.

We may from time to time (if you wish) suspend, defer or reduce the minimum payment that would otherwise be due for the period we specify. This revised amount, if any, will then be the amount due under your agreement. If we do this, we will provide you with written notice and we will also let you know whether interest will continue to be charged under this agreement.

What happens if I’m in persistent debt?

Persistent debt means that over the last 18 months, you’ve paid more in interest, fees and charges than in repaying what you borrowed. If  you meet this definition, we’ll contact you to explain how we can help.

If you remain in persistent debt for 36 months, we will contact you to set out the options available to you to increase payments and request that you respond within a reasonable period. If we don’t receive a response, we will suspend the use of your Studio Pay account.

The options available include Fixed Payment Plans, which will ensure paydown of the persistent debt balance within a reasonable timeframe. You will also be offered forbearance if you don’t consider the Fixed Payment Plans to be sustainable.

Can I repay my balance early?

You have a right to repay your balance (in full or in part) at any time. You can do this by using any of the payment methods shown in our catalogue, on our website, or on your statement, or by calling our Financial Services team. We encourage you to pay off any BNPL or Interest Saver Plans before their plan expiry date to avoid being charged interest.

How can I withdraw from this agreement?

You have the right to withdraw from this agreement without giving a reason. Your right to do this starts on the day after the agreement is made (or the date we confirm your credit limit, if later) and continues for 14 days (the ‘withdrawal period’). 

To withdraw, you must notify us that you intend to do so within the withdrawal period. You can do this by calling us on 0371 200 0379 or by posting notice of your withdrawal to: Customer Care Department, Frasers Group Financial Services Limited, Preston, PR0 2RP. If you withdraw, you must repay any credit and accrued interest using any of the payment methods shown on your statement, on our website or in the Information Point in our catalogue without delay and no later than 30 days after giving us notice of withdrawal. At your request, we’ll give you details of the amount of interest payable per day.

Do I have any rights under the Consumer Credit Act 1974?

Under section 75, of the Consumer Credit Act 1974, you may have the right to sue the supplier, us or both if you have received unsatisfactory goods or services paid for under this agreement costing more than £100 and less than £30,000.  

Can you or I terminate this agreement early?

You can terminate this agreement at any time by:

• writing to us at our Customer Care Department (the address is below), and
• paying off your full balance using any of the payment methods shown in the Information Point in our catalogue, on your statement or on our website.

We can terminate this agreement immediately (after giving you notice under the Consumer Credit Act 1974) if you are in breach of the terms of the agreement. We may also end it at any time if you are not in breach of the agreement by giving you two months’ written notice.

We may terminate or suspend your right to use your account if you breach this agreement. We also reserve the right to terminate or suspend your right to use this account for other justifiable reasons such as:

• to prevent unauthorised or fraudulent use of credit
• we suspect you are using your account for business purposes or for re-sale
• you’ve given us false or misleading information on which we’ve relied
• you fail to make the minimum payment by the due date
• there’s a risk of you being unable to meet your repayments or if you are showing signs of financial difficulty on this account or another account you have with us, or you become bankrupt, enter into a voluntary arrangement or make a proposal for reduced payments.

We’ll try to let you know before we terminate or suspend your right to use this account. If we can’t tell you before, we’ll tell you immediately after.

If you don’t use your account for 36 months, we may terminate this agreement under our rules on dormant accounts. If, after 36 months, you wish to use your account again and we’ve closed it under those rules, you must reapply to open an account as a new applicant. Two months before we close your account, we’ll write to let you know we’re terminating this agreement. Our rules on dormant accounts help to protect you and us from fraud.

How do I complain?

If you want to complain about our consumer-credit activities under this agreement, please contact us first. If we cannot resolve your complaint to your satisfaction, you may be able to ask the Financial Ombudsman Service (FOS) to consider it. As part of our complaint-handling processes, we’ll make you aware of your rights of referral to FOS and how you can do that.

You can contact FOS at: Financial Ombudsman Service, Exchange Tower, London E14 9SR; by telephone on 0800 023 4567, by an online complaints form at www.financial-ombudsman.org.uk/contact-us or email at [email protected].

Can this agreement and its rights and duties be transferred to a third party?

As the lender, we may at any time transfer our rights or duties (or both) under this agreement to someone else. Doing this won’t affect your statutory rights or obligations (or both). You may not transfer your rights or obligations (or both) under this agreement.

What is the governing law and who regulates you?

This agreement is governed by English law. You agree that any legal cases concerning this agreement are heard by the courts of England and Wales. By law we must inform you that we supply the information in this agreement in English only. We’ll continue to communicate in English during your agreement with us.

Frasers Group Financial Services Limited is regulated and authorised by the Financial Conduct Authority (FCA) for consumer credit and general insurance activities. Our FCA registration number is 311908. You can find a list of our permissions by checking the FCA register at www.fca.org.uk/firms/financial-services-register. You can contact the FCA at 12 Endeavour Square, London E20 1JN.

Do you subscribe to any lending codes?

Yes. We are members of the Finance and Leasing Association (FLA). We keep to their Lending Code. You can ask us for a copy of the FLA Lending Code or view it by visiting http://www.fla.org.uk/index.php/consumer-information/lending-code/.

ADDITIONAL TERMS

Promotional Credit Options

BNPL Option

Interest

If you repay the balance of a BNPL Plan in full before the Plan Expiry Date, we won’t charge any interest.

If you choose not to pay off the Plan Balance in full, we’ll charge interest on the unpaid Plan Balance. We’ll calculate interest from the date the goods were despatched and use the interest rate shown in the Interest Rate section above. We’ll add this interest and Plan Balance to your account balance on the first statement after the Plan Expiry Date. We charge interest on your account balance if you don’t pay it in full.

If we end this Plan due to a breach of the agreement before the Plan Expiry Date, we’ll charge interest on the Plan Balance. We’ll calculate it from the date the goods were despatched.

Minimum payments

You don’t need to make any payments towards a BNPL Plan before the Plan Expiry Date but you are free to do so. We don’t include your BNPL balance when we calculate your minimum payment. If you have a balance from purchases that are not on a BNPL Plan, you must make a minimum payment each month; this will be shown on your statement.

If you fail to make any minimum payment requested on your account, the BNPL Plan may end.

Early Maturity

We may mature any open BNPL plans before the expiry date if:-

• you enter into a payment arrangement
• your account status is updated to reflect an identified vulnerability

your BNPL plan balance reaches zero or goes into credit

Interest Saver Option

Interest

If you repay the balance of an Interest Saver Plan in full before the Plan Expiry Date, we won’t charge any interest.

If you choose not to repay the Plan Balance in full, we’ll charge you interest on the unpaid Plan Balance. We’ll calculate interest from the date the goods were despatched and use the interest rate shown in the Interest Rate section above. We’ll add this interest and Plan Balance to your account balance on the first statement after the Plan Expiry Date. We charge interest on your account balance if you don’t repay your account balance in full.

If we end this Plan due to a breach of the agreement before the Plan Expiry Date, we’ll charge interest on the Plan Balance. We calculate it from the date the goods were despatched.

Minimum payments

You must make the minimum payment each month. When we calculate your minimum payment, we’ll include Interest Saver Plan Balances in the calculation.

If you fail to make a minimum payment, the Interest Saver Plan may end.

Early Maturity

We may mature any open Interest Saver plans before the expiry date if: -

• you enter into a payment arrangement
• your account status is updated to reflect an identified vulnerability
• your Interest Saver plan balance reaches zero or goes into credit

Fixed Payment Option

Interest

We’ll charge interest at 39.9% per year (variable) on the outstanding balance in the Fixed Payment Plan. It will be charged from the date the Plan is created.

Minimum Payments

You must pay the equal monthly instalments of the Fixed Payment Option over the fixed period. You can choose to pay more than the equal instalments at any time, and this may shorten the fixed period.  We’ll tell you the amount of each instalment in your monthly statement. Your monthly payment will form part of your minimum payment requirement.

Our rights of set-off

If we owe you any money, we’ll be entitled to set off the amount we owe you against any debt you owe us across this and other Frasers Group Financial Services Limited accounts.

Continuous payment authority

We may suggest using a continuous payment authority to debit your card as an alternative payment method. If you agree to this, you authorise us to take payments due by debiting the card you provided at the time. This will allow us to take agreed payments directly from your bank or credit card account. We’ll do this up to the date of any other payment arrangement you and we agree or until you cancel the arrangement, which you can do by contacting us. The amounts we’ll take in this way will be the minimum payment due from you, or the amounts we agree with you at the time if you are making reduced or alternative payments to pay off arrears. We’ll let you know if we cannot take any agreed payment in this way. If your card issuer refuses payment, we won’t request any further payments until we’ve contacted you. We’ll never insist that you set up a continuous payment authority as a condition of us accepting lower or rescheduled repayments.

Statements & Notices

We’ll send you an electronic notification to let you know when your e-statement is ready. You can then view your statement by logging into the My Account section of our website. We may also make certain relevant regulatory notices (for example notices of variation, notice of sums in arrears and notice of default sums) regarding your account available to you electronically. If you want to receive paper statements or notices, please log into My Account online and update your preferences

You are responsible for checking each statement, regardless of how you receive it. You should let us know straight away if:

• you don’t receive a statement when you expect one
• you can’t access your statement, or
• you think there is something wrong on your statement.

We reserve the right to change the way we send your statements.

You receive your first statement after your first order. You can ask us to change your payment due date by asking us to change your statement date. You can only change your statement date twice in a 12-month period. Any changes made to your statement date will start from the next statement period.

My Account

Please be aware that while we take reasonable care to ensure the completeness, accuracy and integrity of the information displayed on our website(s) and App, the information is only a reproduction of the information held on our systems at the relevant time or, where information is received from a third party, an accurate reproduction of the information received by us from that third party, at the relevant time.

If you view your account balance, any available credit displayed at the time of viewing will not necessarily be available in full for your use at that time. The balance shown may not take into account any debits, credits or other transactions in respect of your account that have not yet cleared through the relevant systems.

 You must keep all security details in connection with your account strictly confidential, and you must take care not to disclose them to anyone else, or use the Studio or certain Frasers Group brands (and any other selected retailers we will tell you about from time to time) websites or App in such a way that third parties would be able to see, access or obtain your security details.

Changes to your circumstances and personal details

You must notify us immediately via the contact details below, if you change any part of your name, address, telephone number(s) or your email address or if you make your payments to us by Direct Debit and you change the bank or building society from which you make your payments 

We want to make sure you can afford to repay the credit account you are applying for. If you are aware of any future changes in your circumstances that could reduce your income or increase your outgoings, please contact our Financial Services team. This could be a decrease in your working hours, maternity/paternity leave, an increase in your living costs such as rent or bills, or retirement.

Contact details 

• Call Financial Services on 0371 376 5686
• Customer Care Department, Frasers Group Financial Services, Express House, Clayton Business Park, Clayton-le-moors, Accrington, Lancashire, BB5 5JY

 For and on behalf of Frasers Group Financial Services Limited.