These Payment Plan Terms apply where a payment arrangement has been agreed between the Debtor and the Creditor through Credvanta Recovery Group Limited (“Credvanta”).
Credvanta acts solely as the Creditor’s authorised commercial debt recovery and collection agent.
1. Payment Arrangements
Any payment arrangement agreed through Credvanta is entered into on behalf of the Creditor and is subject to these Terms.
Acceptance of a payment arrangement does not:
- reduce the amount owed unless expressly confirmed in writing by the Creditor;
- waive the Creditor’s legal rights;
- prevent the Creditor from taking further recovery action if the arrangement is not maintained; or
- create a new contract between the Debtor and Credvanta.
The Debtor agrees to make each payment on or before the agreed due date.
2. Payment Methods
Payments shall be made using the payment methods or payment instructions provided by Credvanta.
Where authorised by the Creditor, payments may be made using Credvanta’s payment processing facilities.
Credvanta receives and administers payments solely in its capacity as the Creditor’s authorised commercial debt recovery and collection agent.
Payment made to Credvanta in accordance with these Terms shall constitute valid payment to the Creditor to the extent of the amount received by Credvanta on the Creditor’s behalf.
Unless otherwise agreed by the Creditor, payments received may be allocated against the outstanding balance in such order as the Creditor determines, including principal, contractual charges, statutory interest, statutory compensation and any lawful recovery costs.
3. Continuous Payment Authority
Where a recurring card payment has been agreed, the Debtor authorises Credvanta to collect payments using the agreed payment method on the agreed dates.
The Debtor is responsible for ensuring that sufficient cleared funds are available on each collection date.
The Debtor may cancel a recurring payment authority at any time by notifying Credvanta before the next scheduled payment date.
Cancellation of a recurring payment authority does not cancel or reduce the outstanding debt owed to the Creditor.
4. Missed or Late Payments
If a scheduled payment is missed or returned unpaid, Credvanta may:
- contact the Debtor to discuss the missed payment;
- seek to agree revised payment arrangements where authorised by the Creditor;
- cancel the payment arrangement;
- require immediate payment of the outstanding balance;
- resume recovery activity; or
- refer the matter for legal action where authorised by the Creditor.
Nothing in these Terms obliges the Creditor to accept revised payment proposals.
5. Early Settlement
The Debtor may repay the outstanding balance in full at any time unless otherwise agreed with the Creditor.
Receipt of early settlement does not affect the Creditor’s entitlement to any contractual interest, statutory interest, statutory compensation or other sums lawfully recoverable unless expressly agreed otherwise.
6. Payment Allocation
Payments received shall ordinarily be allocated against the outstanding balance in accordance with the Creditor’s instructions.
Where applicable, payments may be applied towards:
- principal debt;
- contractual interest;
- statutory interest;
- statutory compensation;
- recovery costs; or
- any other sums lawfully recoverable.
7. Creditor Relationship
The Debtor acknowledges that:
- Credvanta acts solely as the Creditor’s authorised commercial debt recovery and collection agent;
- the underlying debt remains owed to the Creditor;
- Credvanta is authorised to negotiate payment arrangements on the Creditor’s behalf;
- Credvanta is authorised to receive and administer payments on behalf of the Creditor;
- Credvanta is not the Creditor;
- Credvanta is not a party to the underlying contract or commercial agreement between the Debtor and the Creditor; and
- payment made to Credvanta constitutes payment made to the Creditor to the extent received.
8. Legal Action
Where a payment arrangement is not maintained, the Creditor may authorise Credvanta to:
- continue recovery activity;
- instruct one of Credvanta’s trusted independent partner law firms on the Creditor’s behalf;
- commence legal proceedings;
- seek judgment;
- seek enforcement action; or
- pursue any other lawful remedy available to the Creditor.
Any legal proceedings are undertaken by the appointed law firm acting on behalf of the Creditor.
9. Regulatory Status
Credvanta undertakes commercial business-to-business (B2B) debt recovery activities only.
Credvanta does not undertake any regulated activity.
Credvanta is not authorised or regulated by the Financial Conduct Authority (FCA).
Credvanta does not provide:
- consumer credit services;
- regulated commercial credit activities;
- debt counselling;
- debt adjusting;
- legal advice;
- insolvency advice;
- financial advice;
- investment services;
- banking services;
- electronic money services;
- payment institution services;
- money remittance services; or
- any other regulated activity.
Credvanta’s payment collection arrangements form part of its commercial debt recovery services carried out under the authority granted by the Creditor.
Nothing contained within these Terms constitutes legal advice or financial advice.
10. Data Protection
Credvanta processes personal information in accordance with applicable data protection legislation and its published Data Protection & Privacy Policy.
Information relating to payment arrangements may be shared with the Creditor, payment processors, banking providers, appointed partner law firms, tracing agents and other third parties where reasonably necessary for the administration or recovery of the debt.
11. General
If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
Failure by the Creditor or Credvanta to enforce any provision of these Terms shall not constitute a waiver of that provision or any other right.
These Terms shall be governed by the laws of England and Wales unless otherwise required by applicable law.
12. Acceptance of Payment Arrangement
By signing below, the Debtor confirms that they:
- Have read and understood these Debtor Payment Plan Terms;
- Agree to be bound by these Terms;
- Confirm that the information provided to Credvanta is accurate to the best of their knowledge;
- Authorise Credvanta to administer the agreed payment arrangement on behalf of the Creditor;
- Understand that payment made to Credvanta constitutes payment made to the Creditor to the extent of the amount received by Credvanta on the Creditor’s behalf.
This Payment Arrangement shall become effective on the date it is signed by or on behalf of both the Debtor and Credvanta or, where accepted electronically, on the date the Debtor confirms acceptance by electronic signature, online acceptance, email confirmation or by making the first payment under the agreed arrangement.
Debtor Details
Business Name: ____________________________________________
Debtor Name: _____________________________________________
Position (if signing on behalf of a business): _______________________
Email Address: ____________________________________________
Telephone Number: ________________________________________
Agreed Payment Arrangement
Creditor: _________________________________________________
Credvanta Reference: ______________________________________
Outstanding Balance: £_____________________________________
Agreed Monthly Payment: £_________________________________
First Payment Date: _______________________________________
Payment Frequency: _______________________________________
Debtor Acceptance
Signature: _______________________________________________
Print Name: ______________________________________________
Date: ____________________________________________________
For and on Behalf of Credvanta Recovery Group Limited
Authorised Representative: _________________________________
Position: ________________________________________________
Signature: _______________________________________________
Date: ____________________________________________________
Credvanta Recovery Group Limited (Company No. 17251971) undertakes commercial business-to-business (B2B) debt recovery activity only. Credvanta does not undertake regulated consumer debt collection activity and is not authorised or regulated by the Financial Conduct Authority (FCA).