Terms & conditions

This is the Agreement between the Borrower and the Lender for each individual loan slice resulting from a successful lender Bid.

The Parties

This is the Loan Agreement between:

a. the Borrower; and 

b. the Lender .

for each Loan resulting from a successful Bid and Loan Request (“Loan Agreement”). 

Madiston, LLI and/or the Site are not parties to any Loan Agreement.

1. Introduction

1.1. This Loan Agreement governs the lending between the Members.

1.2. A separate Loan Agreement is automatically created for each successful Bid in respect of each Loan and agreed between the Borrower and the Lender via the LLI person to person unsecured lending system (“PU”).

1.3. In this Loan Agreement "We", "Us" and "Our" mean LLI and/or Madiston and "you" and "your" mean the Member or Members (acting as a Borrower and/or a Lender as the context requires), “Lender/s” or “Borrower/s”). Other words to which We have given a particular meaning begin with a capital letter. These words and meanings are set out at the end of the Loan Agreement in Schedule 1

1.4. Clause, Schedule and paragraph headings shall not affect the interpretation of this Loan Agreement.

1.5. A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person's personal representatives, successors and permitted assigns.

1.6. The Schedules form part of this Loan Agreement and shall have effect as if set out in full in the body of this agreement. Any reference to this Loan Agreement includes the Schedules.

1.7. A reference to a company shall include any company, corporation or other body corporate, wherever and however incorporated or established. 

1.8. Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

1.9. Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

1.10. A reference to any party shall include that party's personal representatives, successors and permitted assigns.

1.11. Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

1.12. A reference to "this agreement" or to the “Loan Agreement” or to any other agreement or document referred to in this agreement is a reference to this agreement or such other document or agreement as varied or novated (in each case, other than in breach of the provisions of this agreement) from time to time.

1.13. References to clauses and Schedules are to the clauses and Schedules of this Loan Agreement and references to paragraphs are to paragraphs of the relevant Schedule.

1.14. Any words following the terms including, include, in particular or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

2. Loan Agreement Terms and Conditions

2.1. These Loan Agreement terms and conditions are incorporated into every Loan Agreement.

2.2. Madiston and/or LLI will process the Borrowers' direct debit payments in relation to the repayment of amounts under each Loan Agreement.

2.3. The details of the amount lent or borrowed and Loan Repayment Instalments expected and paid will be recorded in the Loan Details in the Borrowers  Account, including the number of Loan Agreements that make up that Borrower’s  total lending or borrowing.

3. Loan

3.1. The Lender agrees to lend to the Borrower the amount set out in the successful Bid and detailed in the Loan Details in the  Account of the Borrower.

3.2. The Borrower agrees to accept from LLI any monies to be paid by the Lender in accordance with clause 3.1 on the Lender(s) behalf and the Borrower agrees that if LLI has made any deduction from such monies to pay any LLI fees or any other fees including but not limited to payments to the CSF that the net sum of the monies paid to the Borrower and the fees paid to Us and any other fees or monies to be paid in accordance with this Loan Agreement will in aggregate be the total amount owed to the Lender by the Borrower. 

4. Loan Disbursal, Payments & Late Payments

4.1. The Borrower agrees to repay the Loan to the Lender by procuring the payment of the full amount of each Loan Repayment Instalment and any other monies due including but not limited to any contribution to the CSF to LLI into the Members' Account on or before the due date, as set out in the Repayment Plan for the Loan.

4.2. If the Borrower is late in paying the full amount of a Loan Repayment Instalment to Us on behalf of the Lender and into the Members’ Account, in addition to the rights of the Lender under clause 3, the Borrower will pay the Lender through Us interest on the Loan Repayment Instalment from when it is due until it is actually paid to Us (“Arrears Interest”) at the interest rate of the Loan specified on the corresponding successful Bid and shown in the  Account of the Borrower for the relevant Loan.

4.3. On receipt of such payments We will pay the appropriate share of the Loan Repayment Instalment, without deduction of income tax, to the Lender calculated based on the amount and interest rate for each successful Bid, as set out in the Loan Details in the Borrower’s Account.

4.4. Each Loan Instalment Repayment will be divided up between the relevant Lenders associated with the successful Bid(s) in accordance with the relevant Repayment Plan, as set out in the Loan Details in the Borrower’s  Account, and used:

4.4.1. first repaying any Arrears and Arrears Interest on the Loan and any Administration Charges due to Us by the Lender or Borrower;

4.4.2. then towards payment of the monthly Loan Repayment Instalment.

4.5. The Borrower agrees that We can on the Lenders' behalf demand repayment of the full amount owed including the Principal, Interest, Arrears Interest and any Failed Direct Debit Payment Fees or Administration Charges owed by the Borrower under any Loan Agreement in respect of a Loan, and the Lender assigns to Us, or anyone We may appoint, their right to pursue the Borrower for repayment to Us if the Borrower:

4.5.1. is late in paying three consecutive Loan Repayment Instalments ; or

4.5.2. has provided to Us incorrect information; or

4.5.3. has broken the terms of any Loan Agreement; or  

4.5.4. if notice has been given to the Borrower to terminate a Loan Agreement and We have reasonable grounds to believe that  the Borrower will breach the terms of the Loan Agreement ; or

4.5.5. any of the other event(s) of termination envisaged in this Loan  Agreement will occur; or

4.5.6. dies, becomes bankrupt or makes a voluntary arrangement with his creditors the Borrower owes money to.

4.6. Before making any demand the Lender will take all the steps the Lender is required to take by law for the Borrower's protection.

4.7. The Borrower agrees to allow the Lender to assign to Us and/or a Debt Collection Agency the right to recover any outstanding monies the Borrower owes to the Lender. 

4.8. Upon the appointment of the debt to the Debt Collection Agency, the Debt Collection Agency will commence actions to recover the outstanding debt owed by the Borrower to the Lender and any sums recovered by Debt Collection Agency will be returned to the relevant Lender subject to deduction of a due proportion of the costs of recovery represented by that Lender's original Principal.

4.9. All amounts are stated in, and all deposits, withdrawals and payments will be made in Great British Pounds Sterling (GBP) and will be made via the Site payment systems – Direct Debit or Credit, Bank Transfer or PayPal (or any alternatives that may be made available from time to time).

5. Fees and Charges

5.1. Each time the Lender lends money to the Borrower resulting from a successful or part successful Bid at the Loan Request We may deduct a flat fee and or any relevant payments including any contributions towards the CSF into the Members' Account and/or a percentage of the loan Principal outstanding to the Lender under the  Loan Agreement. The amounts of such flat fees and percentage fees are those applying on the date of the Loan as set out in the Fees Section.

5.2. The Borrower agrees that if they are late in paying the full amount of a Loan Repayment Instalment, We may charge a Failed Direct Debit Payment Fee as applying at the time as set out in the Fees Section.

5.3. When the Borrower is in Arrears or in Default, and a Debt Collection Agency has been appointed, the Borrower agrees to pay to the Debt Collection Agency administration fees for the work they do in attempting to collect the repayments. The fee will be based on a percentage of the amount that is overdue to the Lenders, including any interest that accrues on all monies owed by the Borrower to the Lender(s). The actual percentages and fees are those applying at the time as set out in the Fees Section.

5.4. We reserve the right to vary any fees at any time, but only after first publishing the increased fees for at least seven days on the Site prior to the change being made.

6. Loan Agreement Termination and Early Repayment

6.1. The Borrower may cancel this Loan Agreement without giving a reason within 14 days beginning the day of acceptance of the Loan. This cancellation may be notified by emailing us at admin@lendloaninvest.co.uk or by using the Contact Us menu item on the Site. The outstanding balance and accrued interest must be repaid within 30 days from notification of cancellation. Borrowers and Lenders will not have to pay any fees or other charges. Lenders will be repaid any interest due. The Borrower may make the repayment by bank transfer to the Members' Account or we can advise of alternative payment options on request. The details of the total amount to be repaid including accrued interest each day and the daily amount of interest increment is shown on the Borrower's account on the Site.

6.2. If the Borrower wishes to repay the Loan earlier than the Repayment Plan envisages or if they wish to change the Repayment Plan the Borrower agrees to pay a Subscription for such action and, in addition, We may charge a fee on behalf of the Lender in compensation for the change in their Loan Agreements in respect of that Loan and for Our fees. The details of such Subscriptions and fees are those applying at the time as set out in the Fees Section of the Site.

6.3. Subject to clause 6.2 above, the Borrower may at any time end all but not some of the Loan Agreements they are party to by following the instructions given by Us and repaying the full amount the Borrower owes under each Loan Agreement at that time.

6.4. Subject to clause 6.2 above, the Borrower may at any time shorten the term of the Loan Agreement provided that they do the same for all the Loan Agreements they have with all other Members and Lenders by following the instructions given by Us and agree to a changed Repayment plan.

6.5. Subject to Us receiving on behalf of the Lender and Us the fee mentioned in clause 6.1 above, the Borrower is entitled to make early full repayment or to shorten the term of the Loan and to amend the Repayment Plan, and subject to the Borrower having agreed the relevant terms, all the Lenders with Loan Agreements in respect of such a Loan agree to such changes to their respective Loan Agreements.

6.6. When full repayment of the amount outstanding on the Loan including the Principal, Interest and any other outstanding Fees has occurred, the Loan Agreement in respect of that Loan terminates.

7. Assignment of Loan Agreements

7.1. The Borrower shall not be entitled to assign any Loan Agreement.

7.2. The Lender shall only be entitled to assign (or novate if appropriate) the Loan Agreement by using the Secondary Market on the Site.

8. General

8.1. This Loan Agreement is governed by and construed in accordance with English law, and the Lender and Borrower submit to the exclusive jurisdiction of the English courts.

8.2. If any part of this Loan Agreement is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the Loan Agreement or its terms and conditions.

8.3. Any waiver by either party of a breach of any provision of this Loan Agreement shall not be considered to be a waiver of any subsequent breach of the same, or any other, provision.

8.4. Any notices given to the parties in relation to the Loan Agreement shall be put on the Members's Account and/or sent by email to the Member's email address with a prompt to refer to his/her Account.

8.5. The records kept by LLI shall be conclusive of the facts and matters they purport to record except where there is an obvious mistake.

Schedule 1. Definitions