CREDIT AGREEMENT

Subsidised level 1 9 month Full Time Sound Engineering & Music Production Diploma instalment scheme.

 

This agreement is made on the terms set out below between:

 

The Recording Workshop Ltd and ……….. (name of applicant)

Type of Agreement:

Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974

 

Key Financial Information

This agreement commences on (date of the deposit payment) and continues for a period of 9 months thereafter.

 

The total amount of credit is £ 3500 and the total amount payable is £ 3500 [this will be the same figure as the amount of credit]. The annual percentage rate of the total charge for credit is 0%.

 

The total amount payable is payable by a first installment of  £ 350 payable on ………………. followed by 9 equal installments of £ 350 due on the 14th of the month.

 

Key Information

You have a right to end this Agreement at any time by paying the amount outstanding under the Agreement.

 

Missing Payments

Missing payments could have severe consequences and make obtaining credit more difficult. If you default on payment, we may charge you for any legal or other costs we incur in recovering the debt, including a fee for our reasonable administrative costs. A student may also be withdrawn from the course for non-payment of tuition fees. No diplomas, certificates or work experience placements will be provided until the payments have been made in full.

 

IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS

The Consumer Credit Act 1974 lays down certain requirements for your protection, which should have been complied with when this Agreement was made. If they were not, the creditor cannot enforce this Agreement without getting a court order. The Act also gives you a number of rights. You can settle this Agreement at any time by giving notice in writing and paying off the amount you owe under the Agreement.

 

If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens’ Advice Bureau.

 

This is a Loan Agreement regulated by the Consumer Credit Act 1974. Sign and keep a copy only if you want to be legally bound by its terms.

 

Signature of Student …………………………………………………………

 

 

Signature on behalf of the Recording Workshop ………………………………………

 

 

Date of Signature ………………………