Terms and Conditions

 

Terms and Conditions

1.    DEFINITIONS

In these Terms and Conditions, the following words shall have the following meanings:

Account” means the account we provide to you.

Account Balance” means the balance on your Account with us which represents monies less withdrawals plus interest on completed Loans less default losses on Loans.

Active Loans” means a window on our Platform which displays Lenders’ shares in Loans that are active (i.e. the Borrower has received the Loan monies and interest is accruing).

Assets” means the assets used which are pledge as security for a Loan.

 “Available Loans” means a list of potential Loans shown on our Platform.

Borrowers” means Members who borrow money from Lenders using our Platform and in accordance with these Terms and Conditions.
“Cancelled” means a Loan which has been withdrawn from our Platform by us or the Borrower and is no longer available for funding.  

CCA” means the Consumer Credit Act 1974 (as the same may be amended, modified or re-enacted from time to time and any regulation made pursuant to that Act).

Client Account” means the account where we hold the amounts you wish to lend, including amounts you have committed to lend but have not yet been disbursed to the Borrower through our Platform and is the account from which all Loans are disbursed to a Borrower.

Client Money” means money that we hold on behalf of our client.  

Commencement Date” has the meaning given in clause 2.5.

Connective Lending Content” means information delivered in content, Documentation, images, or any other format in providing information to its Members.  

Connective Lending Information” means all information delivered to you by us during your use of our Platform, including Intellectual Property Rights.

Cookie Policy” means our policy that sets out guidance and information on our use of cookies. This information can be found by clicking on the following link [?].

Default” means any late payment Repayments, interest payments or charges due under the Loan Agreement by a Borrower.

Documentation” means the document(s) made available to Members online via our Platform or such other web address notified by us to Members from time to time which sets out a description of our Platform (and the services available thereunder) and the user instructions for the use of our Platform and such services.

Eligibility Criteria” means conditions set out in clause 3 of these Terms and Conditions which you have to satisfy to be registered as a Member.

Fulfilment” means a Loan that has been fully funded by Lenders.

GDPR” means (I) the General Data Protection Regulation as enacted into English law (GDPR) as revised and superseded from time to time; (ii) Directive 2002/58/EC as updated by Directive 2009/136/EC; and (iii) any other laws and regulations relating to the processing of personal data and privacy which apply to a party and, if applicable, the guidance and codes of practice issued by the relevant data protection or supervisory authority.

Intellectual Property Rights” means all patents, rights to inventions, copyright and related rights , [moral rights] , database rights, trademarks  and trade names, rights to goodwill and to sue for passing off, rights in designs, rights in Confidential Information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered, and including all applications (and rights to apply) for, and renewals and extensions of and rights to claim priority from such rights and all similar or equivalent rights and forms of protection which subsist or will subsist now or in the future in any part of the world.

Lend” means placing your money into loans with the expectation of receiving interest.    

Lenders” means users who have registered an Account and who Lend money to Borrowers using our Platform in accordance with these Terms and Conditions.

Loan” means a loan/each loan made to a Borrower on these Terms and Conditions as evidenced by a Loan Agreement.

Loan Agreement” means the bilateral Loan agreement entered into between a Borrower and Connective Lending Limited as agent and security trustee for and on behalf of the Lenders in the form set out on our Platform which contains the terms of the Loan (and such updated or amended form as we may from time to time upload to connectivelending.com and as notified to you). Loan Agreements shall be construed as “article 36H agreements” within the meaning of Article 36H(4) of the RAO.

Loan Parts” means where a Lender as funded a share of an active loan.  

Loan Term” has the meaning given in clause 5.2(k).

LTV” means the Loan amount against the value of the Asset.

Market Value” means the price the goods will sell for on the open market from time to time.

Members” means Lenders or Borrowers registered with our Platform.

Member Content” means photos, profiles, messages, notes, text, information, music, video, advertisements and other content that a Member uploads, publishes or displays on or through our Platform, Connective Lending website(s) or Connective Lending’s blog or discussion boards, or transmits to or shares with other Members.

Nominated Bank Account” means sort-code and account number held in your name, as provided to us by a Borrower, where the Loan monies are to be transmitted or the Lender’s account details (where any Repayments or interest payments received from the Borrower are to be transmitted (as the context determines)).

Personal Information” means the information we obtain about you from you, from our enquiries and from other organisations, such as fraud prevention agencies. Examples of Personal Information include: information from application and assessment forms; your requests and instructions; details and analysis of how you meet your obligations under this agreement or other agreements you have with us; and other information we get from making offers to you.

Platform” means the website ‘ConnectiveLending.com’ that facilitates the arrangement in putting Lenders and Borrowers together for the provision of Loans by Lenders to Borrowers.  

RAO” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 SI 2001/544 (as the same may be amended, modified or re-made from time to time).

 “Repayment” means monies returned to the Lenders upon the settlement of the Loan by the Borrower.  

 “Priority Ranking” has the meaning given in clause 5.2(c).

Term” has the meaning given in clause 12.1.

 “Tranches” means a category of each Loan that a Lender can select. Each Loan is split into three different categories (known as Tranches) based upon different levels of risk and potential return as specified on our Platform.  

Unique Reference Number” means a 10 letter and number code unique to your Account used to make transfer to the Client Account.

Where we refer to “you” this includes you and any third parties you’ve authorised to act on your behalf (where applicable).  

Connective Lending Terms and Conditions
 
We provide an online marketplace that facilitates the arrangement in putting Lenders and Borrowers together to arrange secured credit agreements.
 
2.    INTRODUCTION

2.1     These Terms and Conditions  are entered into by you, the user of our Platform (“you”, “your”) and Connective Lending Ltd (“Connective Lending”, “us”, “we”, “our”). Our registered office is Connective Lending, 14 The Marlands Centre, Portland Terrace, Southampton, England, SO14 7SJ. We are authorised and regulated by the Financial Conduct Authority with firm reference number 923900.

2.2    We operate the Platform, which is an electronic system in relation to lending for the purposes of article 36H(1) of the RAO.  The Platform is capable of determining which Loans should be made available to each of the Lenders and Borrowers (whether in accordance with general instructions provided to us by Lenders or Borrowers or otherwise).

2.3     Nothing which Connective Lending does should be construed as advice to a Lender in relation to any particular Loan.

2.4     Your use of our Platform, whether as a Lender or a Borrower, is governed by these Terms and Conditions. We are not a party to any Loan Agreements between Lenders and Borrowers and accordingly, we do not provide credit, assume the rights (by assignment or operation of law) of a Lender, or receive credit under Loan Agreements.

2.5     We shall:

(a)    facilitate the entering into of Loan Agreements between prospective Lenders and Borrowers;

(b)    provide valuation and logistics services and hold Borrowers’ pledged Assets as security for Loans entered into;

(c)    sign Loan Agreements with the Borrower electronically, acting as agent and security trustee for Lenders;

(d)    provide/present/offer the form of Loan Agreement which each Lender and Borrower enters into via our Platform;

(e)    facilitate the disposal of Assets in the event of Default, and

(f)    provide the payment mechanisms via our Platform for Lenders to Lend and Borrowers to make payments. This includes an undertaking by us to receive and make payments in respect of interest or capital (or both) due under Loan Agreements.

2.6     Your agreement to these Terms and Conditions shall start on the day of registration (“Commencement Date”).

3.    ELIGIBILITY CRITERIA

3.1         To register with us as a Member you must meet our Eligibility Criteria. You hereby confirm that:

(a)    if you are an individual, you are living and at least 18 years old;

(b)    all information you provide about yourself is accurate and true to the best of your knowledge, and

(c)    in order to be able to use our Platform you must provide us with the account number and sort-code of a bank account in your own name from which funds are to be transferred to or from us. All funds must be sent from a bank account in your name which we have authenticated to be your Nominated Bank Account.

3.2     If you meet our Eligibility Criteria, you can register with us as a Member. As part of this process:

(a)    we may make identity, fraud, credit checks and anti-money laundering checks on our own behalf and on behalf of Members using a third-party credit reference agency. This will be a soft-check and will have no impact on your credit scoring. Checks are performed at the time of registration if you are a Lender and prior to Loan finalising a Loan Agreement for Borrowers; and

(b)    you will be required to specify a username and password that meets the criteria of our Platform to access your Account.  

3.3     To be eligible as a Lender, you must also:

(a)    use cleared funds held in your sole name;  

(b)    not be a credit broker or Lend money to other persons in the course of any business, and

(c)    carefully read the Risk statement page (click here) and consider the risks involved with using our Platform and risks associated with peer-to-peer lending, including but not limited to the possibility of all of your capital being lost. We do not provide guidance or advice relating to tax. You should seek independent tax advice from your consultant.

3.4     When these steps, described above, have been completed, we will register you as a Member and set up your Account.

If we are unable to complete any steps in this clause 3, we will not register you as a Member. We have absolute discretion to choose to decline an application for Membership.

4.    REGISTRATION FOR MEMBERS 
 
4.1     To use our Platform you must register an Account.

4.2     Registration is a two-step process, starting with providing your email address, name and choosing a password. The second step of full authorisation will require more details about you.

4.3     For full registration, we require you to provide us with details of your Nominated Bank Account, your current address, date of birth and contact number.  

4.4     By completing the full-registration and providing your details, you authorise us to carry out an identity, fraud and anti-money laundering checks via a third- party credit reference agency. You will not be able to Lend or obtain a Loan until the checks under clause 3.2(a) have been completed.  

4.5     You warrant and represent that all information provided to us during the registration and lending process is true, accurate and complete. You must update your Account as soon as possible if any of the information you have provided to us becomes untrue, inaccurate or incomplete, and in any event within five (5) days.

4.6     You will be entirely responsible for keeping your username and password strictly confidential. You are responsible for any misuse of your Account whether by you or any other person.

4.7     You must tell us as soon as possible if you think that someone else knows your password or can use our Platform by impersonating you. You can contact us by email at customerservice@connectivelending.com or by telephone at 02381 277030. Until you tell us that there may be a problem:

(a)    you will be responsible for any instruction which we receive and act on, even if it was not given by you; and

(b)    we will not be responsible for any unauthorised access to confidential information about you on our Platform.

4.8     Your Account will show:

(a)    if you are a Lender, the amount credited to your Account, the amount of money you have loaned (if any) and/or have committed to lend;

(b)    for Lenders and Borrowers, details, including visual images, of any Assets that Borrowers have pledged as security for Loan Agreements they have entered into; and

(c)    for Lenders and Borrowers, your personal details and information about our Platform.  

4.9     You have the right to cancel your Account with Connective Lending within the first fourteen (14) days, beginning on the day after the date when your Account was opened. You acknowledge and agree that you will lose this cancellation right if you enter into a Loan Agreement before the expiry of that period.

5.    LENDING PROCESS

5.1     Adding or withdrawing funds

(a)    “Your Account” provides an overview of the funds we are currently holding pending application towards loans and/or pending your instructions to pay out to your Nominated Bank Account.

(b)    In order to begin the process of making a Loan, you must credit your Account by transferring funds into our Client Account via bank transfer or direct debit from your Nominated Bank Account. The account sort-code and account number for our Client Account are displayed on your Account. You must quote your Unique Reference Number in the “Your Account: section of our Platform on each bank transfer.

(c)    As soon as we receive cleared funds into our Client Account, we will credit your Account. There is no charge for adding or withdrawing funds from your Account.

(d)    Any available balance, which you have not allocated to new Loans can be withdrawn. We will only pay these funds into the Nominated Bank Account you have registered. Withdrawal requests are dealt within twenty-four (24) hours of a request, or, the following Monday if submitted over the weekend.

(e)    Funds held in the Client Account are held with no interest earned by you or paid to you on your Account Balance.

5.2     Lending

(a)    Once funds are credited to your Account, you are able to lend. Loans can be selected from our ‘Available loans’ listing based on the default criteria set by the platform upon login into your Account. Information contained in Available Loans includes the Loan amount, the interest rate offered by the Borrower to the Lender, the Market Value of the Assets and the LTV and description of the Asset.

(b)    Connective Lending makes available Loans of up-to 70% of the LTV.

(c)    Each Lender can Lend in relation to Loans which are split into three separate parts (“Tranches”). Each part carries a different risk and a different interest rate of return. The higher the risk (this would be Tranche C) the higher the return. Different Tranches hold different priority in respect of Repayments (“Priority Ranking”). LTV’s per Tranche are:

(i)    “Tranche A”, is 0%-45% LTV, where the total amount of the Loan equals up to 45% of the LTV,  

(ii)    “Tranche B” is 46%-60% LTV, where the total amount of the Loan equals up to 60% of the LTV; and

(iii)    “Tranche C” is 61%-70% LTV, where the total amount of the Loan equals up to 70% of the LTV.
 
(d)    Each Tranche offers a different rate of return to Lenders, reflecting the risk and position of the Loan in the overall facility. Tranche C will hold the highest risk and hence offer the highest return rate. The above LTVs will not apply where the overall LTV of an individual Loan is below 70%.

(e)    By lending pursuant to these Terms, you are agreeing to enter into a Loan Agreement with a Borrower. Once you have made an offer to lend, your money will be committed to that Loan, and you will not be able to access it before the expiry of the Loan Term unless the Loan is Cancelled. Funds are deducted automatically from your Account and will be held in the Client Account pending Fulfilment of the Loan.

(f)    We may offer additional incentives to Lenders in the form of bonuses and/or cash back. Such incentives are paid for by Connective Lending.

(g)    Available Loans will be placed on our Platform and will remain there until the amount sought by the Borrower is reached or the Loan is Cancelled or removed from listing at the discretion of Connective Lending.
(h)    Our role is to facilitate the introduction of each Lender to a Borrower via our Platform as set out in clause 2.3. Connective Lending does not provide any warranty or guarantee as to Repayment from Borrowers. Lenders should make their own enquiries and take such advice as they deem necessary ahead of any lending activity as it relates to a Loan or Loans.  

(i)    The Loan Agreement is an agreement between a Lender and a Borrower which will be in the form which you agree to be bound by as part of the registration process by ticking the box headed “I have read and agreed to the standard Loan Agreement terms” (and such updated or amended form as we may from time to time upload to our Platform and as notified to you).

(j)    Once a Loan Agreement has been electronically signed by the Borrower, Connective Lending will sign the agreement on behalf of each Lender. Funds are then transferred from the Client Account to the Nominated Bank Account. Once the transfer has been completed, the Loan will show in your Active Loans window.

(k)    The period of the Loan (“Loan Term”) will be, in all cases, a fixed term of six (6) months, subject to renewal in accordance with clauses 7.3 to 7.5.

(l)    As set out in clause 7.1, Borrowers may settle their Loan Agreement in full or in part at any time, although Borrowers will not be able to redeem Assets unless the applicable Loan Agreement is settled in full. Early settlement of a Loan Agreement may reduce the return available to Lenders.

(m)    You can buy or sell your interest in a Loan via our secondary market.

6.    LOAN AGREEMENTS

6.1     Our Platform operates by each Lender entering into Loans of their choice. Once sufficient funds have been loaned in a Loan request, the Loan request achieves the Fulfilment stage and a Loan Agreement will be entered into in accordance with clause 5.2(h). This means that Lenders will not be given the opportunity to review the Loan Agreement after you have entered into a Loan. By accepting these Terms and Conditions, you agree to be bound by, and Connective Lending signing on behalf of each individual Lender, the Loan Agreement, as set out in clause 6.

6.2     Each time a Loan Agreement is made, details of the amount lent and borrowed will be recorded on your Account, including the number of Loan Agreements that make up your total lending amount. The name of the Lender(s) does not appear in the Loan Agreement. The name of the Borrower does appear in the Loan Agreement. The identity of each Member will not be disclosed to any other Members, except where it is reasonably necessary for us to do so to comply with the law, regulation, or as part of legal proceedings.

6.3     All Loan Agreements are for a fixed period of six (6) months. The Loan Term commences in accordance with the provisions of the Loan Agreement.

6.4     All Loans including accrued interest and fees must be repaid in full at the end of the Loan Term (subject to the possibility for Loan renewals set out in clauses 7.3 to 7.5).

6.5     Connective Lending may, at its discretion, set a maximum LTV in respect of any proposed Loan and refuse to allow a Loan request to proceed if the LTV is exceeded.
 
7.    REPAYMENTS, DEFAULTS AND RENEWALS

7.1     Repayment Process

(a)    Borrowers may pay off their Loans in full or in part at any time during the Loan Term. Interest and charges will be calculated on a daily basis up to the effective date that the Loan is repaid (which is the date that all Repayments due under the Loan Agreement have been made to the Connective Lending Client Account) subject to a minimum of thirty (30) days’ worth of interest and charges.

(b)    Funds must be received into our Client Account from the Borrower. Once these funds are cleared Repayment will proceed. The Repayment is paid out to each Lender depending on the Priority Ranking of the Lenders tranche. By agreeing to these Terms and Conditions each Lender agrees that repayments will be made in the following order of Priority Ranking:

(i)    Each Lender in Tranche A facility will rank first, pro rata of any principals and interest due to the Lenders, meaning all monies owed to those. Lenders in Tranche A will take priority over Tranche B and C;

(ii)    Each Lender in Tranche B facility will rank second, pro rata of any principals and interest due to the Lenders meaning all monies owed to those.
Lenders in Tranche B will take priority over Tranches C;  

(iii)    Each Lender in Tranche C will be paid out third, pro rata of any principals and interest due to the Lenders, meaning all monies owed to those Lenders in Tranche C will be paid after Tranches A and B;

(iv)    administration fees will be paid last in the order of Priority Ranking due to Connective Lending

(c)    If the borrower makes a partial payment, the gross funds received into our Client Account will be used to pay down the Loan amount in accordance with clause 7.1(b).

7.2     Loan Defaulted

If the Loan Term has elapsed and the balance outstanding under the Loan Agreement has not been repaid, Connective Lending, acting on behalf of the Lenders, undertakes to take steps to procure the payment of a debt under a Loan Agreement and to exercise or enforce rights including the Default procedures set out in the Loan Agreement, including:

(a)    Connective Lending will send a letter to the Borrower explaining the process which it intends to follow in disposing of the Assets at auction at a specified date and location. The letter will be included with any statutory notice which we are required to serve under the CCA before exercising our rights to invoke the Default provisions set out in the Loan Agreement. The auction date will be a minimum of fourteen (14) days from the date of such notice. The Borrower will have until the auction date to repay the balance outstanding under the Loan Agreement or to renew the Loan in accordance with clause 7.3. Interest will continue to be charged up until the point at which the Assets are sold by Connective Lending (either at auction or otherwise). In the event that the Borrower repays the amount due prior to the auction, Connective Lending may, at its sole discretion, waive interest between the due date and the date of Repayment;

(b)    Connective Lending may, at its discretion, find a private buyer for the Assets instead of sending to auction providing that the price achieved exceeds fair market value;

(c)    Connective Lending provides no guarantee or warranty that the value of any Asset listed on the Loan will be realised at auction or private sale;

(d)    We will deduct from the net proceeds of the sale of the Asset any cost reasonable incurred in connection with the sale of asset  and paid to Connective Lending (after deduction of all selling expenses such as commissions);

(e)    net proceeds of the sale of Assets shall be used to settle amounts due in the following order:

(i)    direct costs incurred by Connective Lending through the setting up and the administration of the Loan including, but not limited to, storage costs, referral fees and valuation fees up to the date of sale;
 
(ii)    Each Lender in Tranche A facility will rank first, pro rata of any principals and interest due to the Lenders, meaning all monies owed to those Lenders in Tranche A take will priority over Tranches B and C;
 
(iii)    Each Lender in Tranche B facility will rank second, pro rata of any principals and Interest due to the Lenders meaning all monies owed to those
Lenders in Tranche B will take priority over Tranches C;  

(iv)    Each Lender in Tranche C will be paid out third, pro rata of any principals and interest due to the Lenders, meaning all monies owed to those Lenders in Tranche C will be paid after Tranches A and B;

(v)    administration fees will be paid last in order of Priority Ranking due to Connective Lending not recovered through clause 6.1, and
 
(vi)    the balance (if any) will be returned to the Borrower.

(f)    If the sale proceeds are insufficient to repay in full all Lenders’ capital and interest, Connective Lending may, at its discretion, choose to fund this out of its own reserves.

(g)    Any amount due back to Lenders will only be settled once cleared funds have been received from the auction house or the private buyer. Interest will not accrue between the date of the auction and the settlement date.

(h)    If the Asset fails to sell at auction, the Borrower’s debt will be cancelled as if the Asset had been sold at the reserve price and legal title to the Asset will pass to Connective Lending, as agent for the Lenders, in accordance with the terms of the Loan Agreement and the CCA. Connective Lending will then, at its discretion, seek to find a private buyer for the Assets or arrange a further auction. If Connective Lending sells an Asset privately or at a subsequent auction, the net proceeds of the sale shall be used to settle amounts in the following order:

(i)    direct costs incurred by Connective Lending through the setting up and the administration of the Loan including, but not limited to, storage costs, referral fees and valuation fees up to the date of sale;

(ii)    Each Lender in Tranche A facility will rank first, pro rata of any principals and interest due to the Lenders, meaning all monies owed to those Lenders in Tranche A take will priority over Tranches B and C;
 
(iii)    Each Lender in Tranche B facility will rank second, pro rata of any principals and interest due to the Lenders meaning all monies owed to those
Lenders in Tranche B will take priority over Tranches C;  

(iv)    Each Lender in Tranche C will be paid out third, pro rata of any principals and interest due to the Lenders, meaning all monies owed to those Lenders in Tranche C will be paid after Tranches A and B;

(v)    the balance (if any) will be paid last in order of Priority Ranking to Connective Lending.

(i)    Connective Lending does not guarantee the period of time taken to dispose of an Asset and realise proceeds for reimbursing the Lenders.

(j)    Connective Lending may, at its discretion, elect to delay enforcement of the Default procedures if it believes the debt will be repaid by the borrower and that, by not enforcing the Default procedures, a better outcome will be achieved for Lenders.

Renewals

7.3    A Loan Agreement may be renewed at the end of the Loan Term by the Borrower. In such circumstances, Connective Lending will revalue the Assets and provide the Borrower with a new Market Value of the Asset (and, consequently, a maximum Loan amount) determined at the time of renewal.

7.4    A Loan will only be eligible for renewal if all interest and charges due under the Loan Agreement and/or these Terms and Conditions have been paid in full. If interest and charges have not been paid in full within three (3) days after the end of the Loan Term, the Default procedures set out in clause 7.2 shall apply. If interest and charges are paid in full after the due date, Connective Lending may still choose to post the Loan for renewal.

7.5    A Loan renewal will appear on Available Investments and will be available for Lenders. Lenders in the original Loan may, at their discretion, choose to advance further lending in the renewed Loan. In the event of insufficient Lenders lending, the Borrower will have the option to renew the Loan for a lesser amount.

7.6    Once the renewed Loan has been sufficiently funded and the interest and charges under the original Loan have been repaid up-to-the ending date of the Loan Term, a new Loan Agreement will be entered into in accordance with the provisions of clauses 6 to 7 (inclusive).

8.    CLIENT MONEY

8.1     Funds transferred to us are held in the Client Account until they are disbursed to the Borrower upon the signing of the Loan Agreement or Lenders upon loan repayment.

8.2     Money is held in a segregated Client Account and will not be treated as our assets in the unlikely event we were to become insolvent.

8.3     Client Money may be transferred to a third party Client Account such as an account operated by a solicitor to complete a certain financial transaction. Such funds are held under the Solicitors Regulation Authority client money rules and our fiduciary duty to client money is not discharged.

8.4     Interest is not paid to Lenders on funds held in the Client Account.

9.    FEES AND CHARGES

9.1     Connective Lending charges Borrowers a one-off arrangement fee and a monthly administration fee on every Loan depending on the amount of the loan. The rate charged is for the duration of the loan.

9.2     We have the right to change our administration fee without prior notice. Fees are as listed on our website.

9.3         Connective Lending does not charge Lenders any fees or commissions.

10.    LIABILITY

10.1     Nothing in these Terms and Conditions shall limit either party’s liability for death or personal injury caused by its negligence, for fraud or fraudulent misrepresentation or for any other liability which may not be lawfully limited or excluded.

10.2     Subject to clause 10.1, Connective Lending shall not be liable, whether for breach of contract, in tort (including negligence or breach of statutory duty), for misrepresentation or otherwise for:

(a)    any indirect or consequential loss; nor
(b)    any loss of data, profits, goodwill or opportunity (in each case whether direct or indirect).

10.3     Subject to clauses 10.1 and 10.2, Connective Lending’s maximum aggregate liability under or in connection with these Terms and Conditions, whether for breach of contract, in tort (including negligence or breach of statutory duty), for misrepresentation or otherwise, shall not exceed the greater of (i) the fees paid by the Member to Connective Lending; and (ii) £50.  

11.    INTELLECTUAL PROPERTY

11.1     You acknowledge and agree that Connective Lending and/or its licensors own all Intellectual Property Rights in our Platform. Except as expressly stated herein, these Terms and Conditions do not grant to you any rights to, under or in, any patents, copyright, database right, trade secrets, trade names, trademarks (whether registered or unregistered), or any other rights or licences in respect of our Platform.

11.2     We hereby grant you a limited, non-transferable, non-exclusive, revocable licence (without the right to sublicense) to access and use our Platform during the Term in accordance with these Terms and Conditions and in accordance with any Documentation made available and updated from time to time.

12.    TERM AND TERMINATION OF YOUR ACCOUNT

12.1     Your Account shall become effective on the Commencement Date and continue until otherwise terminated in accordance with these Terms and Conditions (“Term”).

12.2    Once all your Loan Agreements are repaid, you may terminate your Account by sending an email to customerservice@connectivelending.com expressing your wish to terminate. After such termination has taken effect you shall no longer be able to access our Platform. Lenders may terminate their account at any time, by sending an email to customerservice@connectivelending.com, provided that they have no funds in Loans at the time of termination. Borrowers may terminate their account once Loan Agreement has been settled.  

12.3     We may terminate or suspend your Account immediately:  

(a)    if you have provided us with materially false information;  

(b)    if you have seriously or repeatedly breached any part of these Terms and Conditions;

(c)    if you die, become bankrupt or make a voluntary arrangement with anyone you owe money to;

(d)    without notice, if we are aware or reasonably suspect that you are engaged in, or maybe the victim of, any fraudulent activity. We will then notify you of any such termination or suspension as soon as is reasonably practicable, to the extent we are permitted to do so by applicable law; and

(e)    for convenience by providing thirty (30) days’ notice to you.

12.4     When we terminate your Account:

(a)    if you are an Lender, we will send you the amount credited to your Account at that time to your Nominated Bank Account; and

(b)    in respect to all Members, we will continue to maintain records to the extent that we are required by law to do so.

13.    USE OF PERSONAL INFORMATION

13.1 Connective Lending will never send you unsolicited or spam emails. There are some emails that we will need to send you. These include notifications about your Loan activations and information about your balance and account status if you are an Lender. The full list is:

(a)    welcome emails with the information you need to get started;

(b)    legal information about your lending;

(c)    alerts about your lending and upcoming Loans on our Platform;

(d)    notification of Repayment.

13.2    We, as data controller, may use your Personal Information for statistical analysis; to develop and improve our products; to update your records; to identify, prevent, detect or tackle fraud, money laundering and other crime; to carry out regulatory checks; keeping you informed about your lending and for market research. In addition, if false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.

13.3    We and other organisations may also access and use this information to prevent fraud and money laundering.

13.4    Please contact us at customerservice@connectivelending.com if you want to receive details of the relevant fraud prevention agencies.

13.5    We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

13.6    We will keep your Personal Information confidential and only give it to others for the purposes we explained when you applied to us, and:

(a)    if you ask us to or give us your permission to do so;

(b)    to investigate, prevent or detect fraud or carry out checks against money laundering;

(c)    to share information via an organisation which provides a centralised application matching service which it collects from and about the mortgage and/or credit applications, for the purpose of preventing and detecting fraud;

(d)    to meet our obligations to any relevant regulatory authority or taxing authority;

(e)    may disclose it if we are required to do so to comply with law or regulation; and

(f)    if our business and/or Assets (or a substantial part of them) are acquired by a third party, we may transfer personal data we then hold to that party so that the acquirer can continue to operate our Platform.

13.7    We will check your details with a fraud prevention agency or agencies, and if you give us false or inaccurate information and we suspect fraud, we will record this. We and other organisations (including law enforcement agencies) may use, search and access these records from the UK and other countries (e.g. offshore operations of UK businesses) to check your identity to prevent money laundering unless you furnish us with other satisfactory proof of identity.

13.8    We may transfer your Personal Information abroad to countries other than the UK. If so, we will ensure the information is held securely to standards as least as good as those required under the GDPR and only used for the purposes set out in these Terms and Conditions.

13.9    Under the GDPR, you have a right to access certain records which contain your Personal Information we and fraud prevention agencies hold about you. This is called a “subject access request”, which you can make by writing to us at customerservice@connectivelending.com. A fee may be payable, but we will not charge you until we have told you how much the fee is and what it is for, and you have told us you still want to proceed.

13.10    We do not disclose your Personal Information to any other Members unless it is necessary to enforce any of your Loan Agreements to obtain Repayment. If you receive such information, you are not permitted to use it directly, other than in communication with us about your Loan Agreements.

13.11    As Members you agree that, in the course of generating and managing your Loan Agreements, and operating our Platform, we will need to send to Lenders (and their assignees) or the Borrower, as the case may be, certain transactional data (for example, username, Loan amount and Repayment details) but not your full name, postcode address or payment details. We will not be liable for any use or misuse of the transactional data by others, but you must inform us of any misuse of our Platform of which you are aware.

13.12    You represent, warrant and undertake that none of your Member Content will violate or infringe upon the Intellectual Property Rights of any third party or contains libellous, defamatory or otherwise unlawful material. In addition, you undertake not to use our Platform, blog or discussion board(s) to:

(a)    harvest or collect email addresses or other financial, personal or contact information of Members or other users from our Platform by electronic or other means for the purposes of sending unsolicited communications or inviting any person to Lend or borrow outside our Platform;

(b)    use our Platform in any unlawful manner or in any other manner that could damage, disable, overload or impair our Platform or the servers on which it is hosted;
(c)    use automated scripts to collect information from or otherwise interact with our Platform;

(d)    upload, post, publish, display, transmit, share, store or otherwise make available on our Platform any content that we may deem:

(i)    to be misleading, harmful, threatening, unlawful, libellous, defamatory, infringing of any intellectual property rights, abusive, inflammatory, harassing, vulgar, obscene, fraudulent, invasive of privacy or publicity rights, hateful, or racially, ethnically or otherwise objectionable;

(ii)    to contain software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;

(iii)    to be unsolicited or unauthorised advertising, solicitations, promotional materials, “junk mail,” “spam,” “chain letters,” “pyramid schemes,” or any other form of solicitation;

(iv)    to be the private information of any third party, including, without limitation, addresses, phone numbers, email addresses, National Insurance numbers or other identifiers, credit card numbers and/or debit card numbers;

(v)    to be an attempt to promote or market any goods or services for your own financial benefit;

(e)    register at our Platform more than once or on behalf of an individual other than yourself, or on behalf of any entity without that entity’s prior written authorisation;

(f)    impersonate any person or entity, or falsely state or otherwise misrepresent yourself, your age, your financial employment or personal circumstances or your affiliation with any person or entity; use or attempt to use another’s account, service or system without authorisation from us, or create a false identity on our Platform;

(g)    solicit Personal Information from anyone under the age of eighteen (18) or solicit passwords or personally identifying information for commercial or unlawful purposes; and

(h)    invite any person to Lend or borrow money outside our Platform or to transact based on any change (other than a change agreed with Connective Lending) to these Terms and Conditions, the Loan Agreement or any other terms or conditions made available on our Platform.

13.13    You are solely responsible for your Member Content. You may not post, transmit, or share Member Content on our Platform that you did not create or that you do not have permission to display, publish or post. You understand and agree that we may, but are not obligated to, review our Platform and may delete or remove (without notice) any Connective Lending Content or Member Content in our sole discretion, for any reason or no reason, including without limitation Member Content that in our own absolute discretion violates any provision(s) of these Terms and Conditions. You are solely responsible at your sole cost and expense for creating backup copies and replacing any Member Content.

13.14    When you post your Member Content, you authorise and direct us to make such copies thereof as we deem necessary to facilitate the publication, display and storage of the Member Content on our Platform. By posting Member Content to any part of our Platform, you automatically grant, and you represent and warrant that you have the right to grant, to us an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to use, copy, publicly perform, publicly display, reformat, translate, excerpt (in whole or in part) and distribute such Member Content for any purpose on or in connection with our Platform, Connective Lending web site(s), blog or discussion board(s) or the promotion thereof, to prepare derivative works of, or incorporate into other works, such Member Content, and to grant and authorise sublicenses of the foregoing. You may remove your Member Content from our Platform at any time. If you choose to remove your Member Content, the license granted above will automatically expire, however you acknowledge that we may retain archived copies of your Member Content.

13.15    You agree to compensate us, and each other Member for any loss we suffer and costs we incur (including reasonable legal costs), arising out of or in connection with (i) any of your Member Content; or (ii) your breach of these Terms and Conditions which give rise to t a third-party claim against us or any another Member.

13.16    You are solely responsible for your interactions with other Members. We reserve the right, but have no obligation, to monitor disputes between you and other Members.

13.17    Connective Lending uses cookies to improve the performance of our Platform and give you a better experience. On first registering on our website, you will be asked to read and accept our Cookie Policy.

13.18    Please note that by deleting our cookies or disabling future cookies you may not be able to access certain areas or features of our web site or our Platform.

13.19    When a visitor requests any web page from our web site or our Platform, our web servers automatically obtain that visitor’s domain name and IP address. The domain name and IP address reveal nothing personal about you other than the IP address from which you have accessed our site. We use this information to examine our traffic in aggregate, to investigate abuse of our web site or our Platform and its users, and/or to cooperate with law enforcement. We do not disseminate this information to third parties except in aggregate.

14.    PROTECTING CONNECTIVE LENDING INFORMATION

14.1 Connective Lending Information is owned by us. Any use of Connective Lending Information otherwise than in accordance with these Terms and Conditions entitles us to cancel your membership. You may:

(a)    display Connective Lending Information on a computer screen or take a reasonable number of copies for your records or store the Connective Lending Information in electronic form on your computer, provided that such copies and any stored Connective Lending Information is only used for your own personal and non-commercial purposes;

(b)    not reproduce, modify or in any other way commercially exploit any of the Connective Lending Information. In particular, but without limiting the generality of the previous sentence, you may not do any of the following without our prior written consent (which may be withheld for any reason);

(c)    redistribute any of the Connective Lending Information;

(d)    remove any copyright, trademark or other notice included with the Connective Lending Information; and

(e)    create a database in electronic or structured manual form by systematically downloading and storing all or any such Connective Lending Information.

14.2    The Connective Lending Information may include Asset descriptions and Asset Market Values. Such Connective Lending Information does not constitute any form of advice, recommendation or endorsement by us, and is not intended to be relied upon by you as the sole basis for making (or refraining from making) any specific decision.

14.3    We will use reasonable skill and care in the supply of the Connective Lending Information to you. We cannot guarantee, warrant or represent that:

(a)    the Connective Lending Information is complete, accurate, up-to-date or error-free; and

(b)    our Platform or web site is virus free or that their operation will be continuous, uninterrupted or error-free.

14.4    Our Platform contains links to other Internet sites and telephone numbers for services provided by others. The availability of such third-party sites, services or material does not constitute any form of recommendation, advice, endorsement or publication of any such third-party sites, services or material and we are not responsible for their availability or content.

14.5    None of the content on our Platform, and in particular, neither the Member Content nor the Connective Lending Content, can be relied upon by you or any third party as a guarantee of any particular result, nor does any such content constitute any form of advice, recommendation or endorsement by us, and it is not intended to be relied upon by you as the basis for making (or refraining from making) any specific decision.

14.6    You download the content on our Platform, and in particular the Member Content and the Connective Lending Content, at your own discretion and will be exclusively responsible for any damage to your computer or any lost data that results from you downloading any such Member Content.

14.7    We are not responsible or liable in any manner for any Member Content or any content posted on our Platform by third parties. Although we provide rules for user conduct and postings, we do not control and are not responsible for what Members or other users post, display, upload, publish transmit or share on our Platform and are not responsible for any content that breaches or is of a kind that might breach any provision of these Terms and Conditions. We are not responsible for the conduct, whether online or offline, of any Member or other user of our Platform.

15.    FORCE MAJEURE  

15.1 No party shall have any liability under these Terms and Conditions for any delay or non-performance of its obligations under this Terms and Conditions arising from any cause beyond its reasonable control.

16.    VARIATIONS

16.1 We may vary these Terms and Conditions from time to time for any reason (including, but not limited to, the accommodation of Members’ feedback; changes required by third party service providers; improvements in our Platform; changes in applicable law, rules, regulations or market practice; decisions or orders of any court, ombudsman, arbitrator, regulator or any undertakings given in one of these contexts).

16.2 We will always try to give you reasonable notice by email before making the change, but in any event, we shall post an updated version of these Terms and Conditions on our Platform.  We recommend you regularly visit our Platform to review the Terms and Conditions. If you continue to use our Platform after we have given you such notice you will be treated as having accepted these Terms and Conditions, as amended.

17.    SEVERANCE

17.1 If and to the extent that any provision of these Terms and Conditions (or part of any provision) is invalid, unenforceable or illegal, that provision shall be deemed to be deleted and the other provisions shall remain unaffected and in full force.

18.    NO PARTNERSHIP OR AGENCY

18.1 Nothing in these Terms and Conditions shall be construed as constituting or evidencing any partnership, contract of employment or joint venture of any kind between the parties. No party shall have authority to make any representation for or act as agent for or in the name or on behalf of another party in any way.

19.    FURTHER ASSURANCE

19.1 Each party shall, at the request of the other party and its own cost, do (and use reasonable endeavours to procure that others do) everything necessary to give full effect to these Terms and Conditions.

20.    WAIVER AND REMEDIES

20.1 No forbearance or delay by any party in exercising or enforcing any right (and/or the continued performance of these Terms and Conditions) shall prejudice or restrict the rights of that party, and no waiver of any right or of any breach of any contractual term shall be deemed to be a waiver of any other right or other breaches. No single or partial exercise of any right or remedy shall restrict the further exercise of that or any other right or remedy. The rights and remedies provided in these Terms and Conditions are in addition to and not exclusive of any right or remedy provided by law.

21.    ENTIRE AGREEMENT
 
21.1 These Terms and Conditions constitute the entire agreement and understanding between the parties relating to its subject matter and supersedes any previous agreement between the parties relating to any such subject matter.  

21.2 Each party acknowledges and agrees that in entering into these Terms and Conditions, it does not rely on (and shall have no remedy in respect of) any statement, representation, warranty or understanding (whether negligently or innocently made) of any person (whether party to these Terms and Conditions or not) except as expressly set out in these Terms and Conditions. The only remedy available to each party for breach of these Terms and Conditions shall be for breach of contract under the terms of these Terms and Conditions.

22.    Complaints

22.1 Connective Lending has a policy and procedure in place to investigate and resolve complaints promptly, fully and impartially.  You can make a complaint by contacting Connective Lending by telephone, email or in writing at [Connective Lending, 14 The Marlands Centre, Portland Terrace, Southampton, England, SO14 7SJ.  Connective Lending’s full complaints policy is available on our website at Complaints. Should you make a complaint to us and subsequently be unhappy with our response, you may have the right to refer your complaint to the Financial Ombudsman Service.  Further details are set out in our complaints policy and will be explained to you in any correspondence we send you in connection with your complaint.

23.    GOVERNING LAW AND JURISDICTION

23.1 These Terms and Conditions (and any non-contractual obligations arising out of or in connection with it and any claim or dispute in relation to its formation) shall be governed by and interpreted in accordance with English law.

23.2 Each party irrevocably submits to the exclusive jurisdiction of the English Courts over any claim or matter arising out of, under or in connection with these Terms and Conditions (and any non-contractual obligations arising out of or in connection with it and any claim or dispute in relation to its formation).