Loan Terms & Conditions

Wyvern Savings and Loans is a savings and loans co-operative providing a credible and responsible way of banking and working to benefit its members.

Applying for a loan

  • You must be over 18 to apply for a loan.
  • You must be a member of Wyvern Savings and Loans to apply for a loan.
  • Only members who have completed a loan application in full will be considered for a loan.
    • You must provide your National Insurance Number
    • You must provide an address history for the last three years
    • You must read, understand and sign the declaration
    • You must provide details of your income and expenditure
    • You must provide details of any existing debts or liabilities which you have, including County Court Judgements (CCJ’s)
    • If you use your partners income and expenditure to help us assess the loan, they must sign the application
  • You must be able to afford the repayments.
  • You must not have an undischarged Bankruptcy or Debt Relief Order.

Loan Agreement

  • The Lender will lend and the Borrower acknowledges that they have received the sum borrowed under the Agreement. The Borrower will repay the Loan (i.e. the Total Amount Owing) by the repayments set out in the Loan Details.
  • Two Members agreeing to take out a loan on a joint account shall be held jointly and severally liable for repayment of the loan.
  • Interest will be charged daily on the unpaid balance of the Loan and any unpaid interest at the rate shown in the Loan Details.
  • The Borrower has the right to settle the Agreement early at any time by paying the full balance of the Loan and any interest outstanding. The Lender will on request provide the Borrower with a written statement of the sums which have been paid and which remain outstanding.
  • The Borrower acknowledges that the details given on the Loan Application for the Agreement are correct and will inform the Lender immediately of any change in financial circumstances which may affect their ability to repay the Loan or any change in their address.
  • The Borrower may not withdraw monies from an attached share account unless the credit balance held in that account exceeds the amount outstanding under the loan, and then only to the amount of that excess, and only following a prior application to the Credit Union Office.
  • If the Borrower fails to pay any amount due to the Lender under the Agreement or breaches any of its terms, the Lender has the right to demand early repayment of all or part of the balance of the Loan outstanding together with any unpaid interest. The Lender will give the Borrower written notice not less than seven days before taking any action to recover any such sum. The Borrower acknowledges that, if any Loan Repayments are not paid or are not paid after the agreed time this may result in the Total Amount Payable under the Agreement being greater than the sum set out the Loan Details.
  • In the event of default the Credit Union reserves the right to pass information held about the defaulting member to third parties.
  • In the event of default the Credit Union may, if applicable, apply to The Department of Work and Pensions to deduct payment from the individual Borrower’s benefits.
  • The Borrower will be liable for any and all costs the Lender incurs in recovering sums due under the Agreement. If a loan and/or the interest due has not been paid as signed for in the loan agreement then the following charges may be added to the loan:-
    • Sending a default letter - £15.00
    • Notified visit by a Credit Union agent - £25.00
    • Preparation of a County Court claim - £10.00
    • Telephone Call - £0.20
    • Text Message (SMS) - £0.08

If a Borrower moves and fails to inform the Lender of their new address causing the Lender to undertake a trace, then the tracing charge of £25 will be made.

  • In taking out a Loan the Borrower has committed to an agreed programme of Repayments including capital and interest. In the event of default the Wyvern Savings and Loans Ltd reserves the right to notify its Credit Referencing Agency of that default.
  • Any Guarantor under the Agreement will be liable for sums under it which the Borrower fails to pay.

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