Zilch Account Agreement

INTRODUCTION

What this agreement covers. This agreement sets out the terms on which we provide you with a Zilch Account that allows you to make interest and fee-free credit Transactions using a Zilch Card at Eligible Stores. The agreement also includes the provision of Payment Services to you by Monavate. The Zilch Account also allows you to access and use other products and services detailed in this agreement as well as other products we make available through the Zilch Account including our Zilch Regulated Credit Agreement.

The Zilch Card. The virtual Zilch Card is issued by Monavate. The Zilch Card can be used to make purchases at any Merchant that accepts MasterCard.

Unregulated credit agreement. For the avoidance of doubt, this Zilch Account Agreement details how we provide you with interest and fee-free unregulated credit that is not subject to the Consumer Credit Act 1974. You can also enter into a Zilch Regulated Credit Agreement with us if you wish to make credit Transactions at Non-Eligible Stores and/or which attract a Transaction Fee.

Accepting this agreement. You will be required to accept and agree to the then-current version of this agreement:

when you make an Application for a Zilch Account; and each time you use the Zilch Card to make an interest- and fee-free credit Transaction at an Eligible Store. Once you have accepted this agreement and we have approved your credit Transaction (an Approved Transaction) a new contract will be formed on the then-current version of this agreement in respect of each Approved Transaction.

Why you should read this agreement. Please read this agreement carefully before you make an Application for a Zilch Account or make a Transaction. This agreement tells you who provides services to you under this agreement, how you can make Transactions using the Zilch Card, how you and we may change or end this agreement, what to do if there is a problem and other important information. If you do not understand any part of this agreement or you think that there is a mistake in this agreement, please contact us to discuss.

Definitions. A list of defined terms that are used in this agreement is provided in Condition 43.

Conflict. If there is any conflict between the terms that are used in this Zilch Account Agreement and the Zilch Regulated Credit Agreement:

if the matter does not relate to the provision of regulated credit, the terms of the Zilch Account Agreement will apply in preference to the Zilch Regulated Credit Agreement; or

if the matter relates to the provision of regulated credit to you, such as credit Transactions that require you to pay a Transaction Fee, the terms of the Zilch Regulated Credit Agreement will apply in preference to the Zilch Account Agreement.

FAQs. We have a frequently asked questions section on both our App and Website that provides explanations about the Zilch Card, how to use it and this agreement. Please view the FAQs by clicking here. The FAQs are for guidance only and are not legally binding.

DURATION OF AGREEMENT

This agreement has no fixed or minimum duration and will begin on the date that we email you to confirm that your Application for a Zilch Account has been accepted (see Condition 30.4).

CREDIT LIMIT

We will tell you your credit limit when we have accepted your Application and will also issue you a virtual Zilch Card. We will determine your credit limit in accordance with this agreement and based on information provided by you and third parties such as credit reference agencies. You can view your Credit Limit at any time on the App or Website. We may vary the credit limit to such sum as we may determine from time to time under the agreement and notice of it will be given you in accordance with Condition 29.

USING THE ZILCH CARD

The Zilch Card allows you to make credit Transactions (Pay over 6 weeks) at Eligible Stores by logging on to our App or Website, selecting the Eligible Store you want, going to their website and selecting the goods and/or services you want to buy and making a credit Transaction using the Zilch Card as detailed in Condition 32. The Zilch Card also allows you to make debit Transactions (Pay Now) using the debit card you registered with us, and mixed Transactions which involve both credit Transactions and debit Transactions. See Condition 27 for further details.

The Zilch Card is enabled for Tap and Pay Transactions in-store and online at Merchants.

NO INTEREST OR FEES

You will not be charged either interest or fees for making Transactions at Eligible Stores using the App or Website.

TIMING AND AMOUNT OF REPAYMENTS

In relation to each credit Transaction you make (Pay over 6 weeks), you must pay us:

25% of the sum of credit Transaction at the time the purchase is made;

25% of the credit Transaction 14 days after the day of purchase;

25% of the credit Transaction 28 days after the day of purchase; and

25% of the credit Transaction 42 days after the day of purchase.

STATEMENTS

You can view an up-to-date statement of your Zilch Account, including your Balance, all Transactions and repayments you have made and payments due to us at any time by logging into the App or Website. A statement showing amounts owed in respect of each credit Transaction will be emailed to you every time you make a credit Transaction.

MISSING PAYMENTS

Missing payments could have severe consequences. For example:

it may impair your credit rating and make it more difficult or expensive for you to obtain credit in the future; you may lose the ability to borrow from Zilch again; and legal proceedings may be taken against you to recover any amounts you owe.

EARLY REPAYMENT

You have the right to repay the credit early at any time in full or partially. You will not be charged any fees for doing so. In order to repay us early you can simply make an additional payment using our App or Website.

TERMINATION BY YOU

You can terminate this agreement at any time by giving us notice that you wish to do so and by repaying all amounts you owe us in accordance with the repayment instalment schedule. Please see Condition 37 for further details.

ZILCH FEATURES

Pay Now. The Pay Now service allows you to use the Zilch Card to make debit Transactions using the debit card you have provided a CPA for (a Pay Now Transaction). In order to do this you must use the App or Website to select the Pay Now option and then make a Transaction at an Eligible Store. You will not be charged a Transaction Fee for making a Pay Now Transaction.

We impose a limit on the value of Pay Now Transactions you can make using the Zilch Card of £2,000 per rolling 30 day period or such other amount as notified to you from time to time. You must ensure that your Default Debit Card has sufficient funds to cover the Transaction.

Boost. The Boost service allows you to make Transactions for amounts larger than your Available Funds. Boost Transactions involve you making both a credit Transaction up to the value of your Available Funds, and making a larger down payment that includes the usual 25% down payment (25% of Available Funds) plus the difference between your Available Funds and the Transaction value (a Boost Transaction).

Boost Repayment. For each Boost Transaction you make, you must repay us:

the Boost Value plus 25% of the Boost Credit as a down payment at the time the purchase is made;

25% of the Boost Credit 14 days after the day of purchase;

25% of the Boost Credit 28 days after the day of purchase; and

25% of the Boost Credit 42 days after the day of purchase.

To make a Boost Transaction you must use our App or our Website to request it before attempting to make your Transaction. Once you have done this, and we have approved your request, you should make the Transaction at the Eligible Store as you usually would.

Default Account Settings. You can use the App and Website to set defaults for your use of the Zilch Account under both the Zilch Account Agreement and the Zilch Regulated Credit Agreement.

Commercial Offers and Fee Free Transactions. From time to time we may make various promotional offers available to you from our Eligible Stores and other organisations we have agreements with. Such offers will be subject to additional terms and conditions which we will make available to you.

CHANGES TO THIS AGREEMENT

You must let us know promptly if any of your contact details change including, but not limited to, your address, phone number (mobile and landline) and email address. Please also let us know if your name changes (e.g. due to marriage, or any other legally recognised name changes) or if your circumstances change to the extent that it may impact your ability to repay the amounts you owe us under this agreement. You must inform us of such changes by emailing us at [email protected] or by calling us on +44 (0)20 3405 9775.

We may change this agreement at any time by giving you 30 days’ prior notice in writing for any of the following reasons:

to comply with anticipated legal, financial or regulatory changes;

to make changes in the way we provide services to reflect changes in the financial system, technology or systems we use;

to reflect alterations in the nature and extent of the service which we are able to provide to you having regard to our systems capabilities and to market practice and to the level of customer demand;

to ensure the pricing of your Zilch Account is appropriate for your risk profile if your risk profile changes meaning that there is an increased risk that you may not be able to repay the money you owe us;

to respond to actual or expected changes to our costs in providing the Zilch Account;

to ensure that our business remains profitable;

to ensure the Zilch Card remains competitive;

to ensure that our business is run prudently;

to reflect any corporate change which affects us;

to rectify errors, inconsistencies, ambiguities or omissions in the Conditions; or

for any other valid business reason.

If the change is not to your disadvantage we may make the change immediately and notify you of the change within 30 days of doing so.

If you object to the changes you can notify us that you do not wish to accept the changes and that you wish to end the agreement in accordance with Condition 37. This will mean that our agreement with you will end and you will have to repay us all amounts you owe in line with the repayment instalment schedule.

CHANGES TO YOUR CREDIT LIMIT

We may increase or decrease your credit limit at any time depending on your ability to repay us.

If you have also entered into a Zilch Regulated Credit Agreement with us:

this Condition 29 will not apply to credit limit changes; and

the provisions relating to credit limit changes in the Zilch Regulated Credit Agreement will apply in place of this Condition 29.

APPLYING FOR A ZILCH ACCOUNT

Applying. You can Apply for a Zilch Account using our App or Website and by following the instructions to Apply. You may only use our services once we have accepted your Application, and we are under no obligation to accept your Application. In order to Apply for a Zilch Account you must: (a) be resident in the UK (excluding the Isle of Man and the Channel Islands); (b) be 18 years of age or older; and (c) have a valid debit card issued in the UK that is not a credit card, corporate card or proxy card.

Correcting input errors. Our Application process allows you to check and amend any errors before submitting your Application to us. Please check the Application carefully before confirming it. You are responsible for ensuring that your Application is complete and accurate. You must agree to the terms of this agreement when submitting your Application.

Acknowledging receipt of your Application. After you submit your Application, you will receive an email from us acknowledging that we have received it, but please note that this does not mean that we have accepted your Application. Our acceptance of your Application is at our discretion and will take place as described in Condition 30.4.

Accepting your Application. Our acceptance of your Application takes place when we send an email to you to accept it and confirm that we have entered into an agreement with you and we will also send you a copy of the executed agreement. You will also be issued a Zilch Card.

Credit and identity checks. Before we accept your Application we may carry out relevant credit checks with credit reference agencies, and identification verification checks. If the checks are not satisfactory we may decline your Application. If we decline your Application on the basis of information from a credit reference agency we will inform you of our decision and inform you of the details of the relevant credit reference agency.

Only UK residents can use the Zilch Account. We can only make our services available to you whilst you are resident in the UK (excluding the Isle of Man and the Channel Islands) and have a UK debit card that you are authorised to use and have registered with us. Our services cannot be used in connection with credit cards, corporate debit cards or proxy cards.

Your right to a copy of the agreement. You have the right, upon request, to obtain a copy of this agreement.

CONTINUOUS PAYMENT AUTHORITY

When you complete your Application we will ask you to provide us with at least one Continuous Payment Authority (CPA) for a debit card you are authorised to use. A CPA allows us to collect payments you owe us under this agreement directly from your chosen debit card. We may allow you to register more than one debit card with us and if we do:

you can select which debit card is your preferred option for us collecting payment from you (which will be your Default Debit Card); or

if you do not select a default card we will automatically use the first debit card you registered with us (which will be your Default Debit Card).

We will collect the repayments due, as set out in Condition 22.1, by CPA for every credit Transaction you make. We will collect Boost and Pay Now debit Transactions at the time you make such Transactions. It is important that you ensure your chosen debit card has sufficient funds to make payment as otherwise you may be charged returned payment fees by your card issuer.

If a payment fails we will make a further attempt to collect payment, using the CPA you have provided, the following day.

If the further attempt to collect payment also fails we will attempt to contact you by email in order to notify you that the payment has failed, find out why you have not made the payment and to attempt to take payment from you.

You can make repayments by alternative methods such as additional debit card payments.

You can cancel the CPA at any time by contacting us using our contact details in Condition 38.1. If you cancel the CPA either:

you must provide us with another CPA for another debit card; or

this agreement will end in accordance with Condition 37 and you must repay all amounts you owe us in line with the repayment instalment schedule.

USING THE ZILCH CARD

Monavate will provide the Payment Services to you including issuing the Zilch Card to you and the use of the card to make Transactions. Zilch is the Lender under this agreement and underwrites the credit that is used to fund credit Transactions made using the Zilch Card.

You will be issued a Zilch Card immediately after your Application has been approved and you can start using it as soon as you receive it subject to the Conditions of this agreement. You can access the Zilch Card details through the App and Website and you may be able to add it to any e-wallet you hold. Under this agreement you can only use the Zilch Card to make credit and debit Transactions at Eligible Stores through our App or Website. If you wish to use the Zilch Card in different ways and/or at Non-Eligible Stores you will need to sign up to the Zilch Regulated Credit Agreement.

When you use the Zilch Card to make a purchase via our App or Website we give you the option to either make a credit Transaction (Pay over 6 weeks) a debit transaction (Pay Now). See Condition 27 about our Boost and Pay Now products.

Unless you have also entered into a Zilch Regulated Credit Agreement with us you can only use the Zilch Card to make Transactions at Eligible Stores using our App or Website as Pay Now or Pay over 6 weeks, or Tap and Pay at Merchants as Pay Now.

Authorising Transactions. We will consider Transactions to be authorised by you when you use the App or Website to provide the Zilch Card details to an Eligible Store to purchase

goods and/or services from them.

You can only withdraw Authorisation in limited circumstances. As the Zilch Card cannot generally be used to make future-dated Transactions you cannot withdraw your authorisation for Transactions that take place on the same day as you authorise them.

Restrictions on making Transactions. If you have followed the steps in Condition 32.5 to make a Transaction, we will authorise the Transaction unless:

it is a Prohibited Transaction;

it is a credit Transaction, or a mixed credit and debit Transaction, and it would result in your Balance exceeding your credit limit;

you do not have an active CPA or your CPA fails when we attempt to debit your nominated debit card;

we are concerned about the security of the Zilch Card and/or Zilch Account;

we suspect your Zilch Account is being used for fraudulent or illegal purposes;

we suspect it is not you attempting to authorise a Transaction;

you have not paid us money you owed us by the due date;

we believe you have broken your agreement with us;

when we attempt to debit your chosen debit card, whether in relation to a credit or debit Transaction, your debit card issuer declines the transaction;

we are unable to satisfactorily verify your identity; or

we need to decline the Transaction in order to comply with the law.

If we decline a Transaction. If we decline a Transaction we will inform you of the reason for doing so as soon as possible after the event, provided we are not are not prevented from doing so by law.

WHAT YOU ARE RESPONSIBLE FOR

You authorise us to use any CPA you have provided, as you may update from time to time, to collect the amounts you owe us from your debit card under this agreement.

Late payments. If at any time you think that you will not be able to pay us by the required dates set out above, please contact us as soon as possible. If you are late in paying us at any time, we will attempt to debit the required amount from your debit card again within 24 hours and will contact you to discuss how your payments can be made.

You represent and warrant to us that in opening a Zilch Account with us you are not acting on behalf of, or for the benefit of, anyone else. Further, it is your responsibility to ensure that:

the information you provided in your Application is complete and accurate and that you tell us about any changes to your details, including to your debit card details;

you co-operate with us in all matters relating to your Zilch Account, including complying with the terms of this agreement and following any instructions we may provide you about the use of your Zilch Account;

you keep the Zilch Card and Zilch Account details safe and secure at all times and do not allow anyone else to use them;

you keep any Device that you use Zilch on (whether through the App, Website or e-wallet) safe and secure at all times;

you regularly check your Zilch Account for any unauthorised or unusual activity;

you provide us with such information and documents as we may reasonably require in order to make funds available for a Transaction or in investigating any unauthorised access to or use of your Account, or any access to or use of funds in breach of this agreement, and ensure that such information is complete and accurate in all material respects;

you comply with all applicable laws, and do not use your Zilch Account, including making Transactions, for any unlawful, fraudulent or improper purchases or activity;

you do not allow anyone else to access or use your Zilch Account or funds through your Zilch Account, or provide anyone else with your Zilch Account or login details;

you do not use any technology to damage, intercept or interfere with the products and services we provide;

you do not make any untrue or exaggerated statements on the App, Website or elsewhere that could damage our reputation;

you have sufficient funds in your chosen debit card account to make the payments you owe us under this agreement;

you are a UK resident; and

you do not open more than one Zilch Account with us.

You are liable for any fees or charges imposed by the bank your debit card account is provided by, except to the extent that such fees or charges arise as a result of our error.

If you fail to meet any responsibility listed in Condition 33.3 we will be entitled to decline any Transactions you attempt to make until you do meet that responsibility.

Our right to set off. We may at any time and without notice to you set off any liability you owe to us (such as any overdue repayments in respect of a Transaction) against any liability we owe to you (such as any refunded amount that we receive in respect of another Transaction that would otherwise be owed to you).

UNAUTHORISED AND INCORRECTLY EXECUTED TRANSACTIONS

You must contact us immediately if:

you identify an unauthorised Transaction on your Zilch Account;

the Zilch Card, Zilch Account username or password are lost, stolen or compromised;

any Device you use to access your Zilch Account or use the Zilch Card is lost, stolen or compromised,

by calling us on +44 (0)20 3405 9775 or using the “Want to raise a dispute” button that is displayed in the App or Website when you view Transactions on your Zilch Account.

If you identify any Transaction which you think has not been executed correctly (e.g. incorrect amount or duplicated Transaction) you should contact us using our contact details in Condition 38.1 or using the “Want to raise a dispute” button as soon as possible, and in any event within 13 months of the date of the Transaction.

You will not be liable to us for unauthorised use of the Zilch Card after you have notified us as detailed in Condition 34.1. You will not be liable for unauthorised use of the Zilch Card prior to notification unless we can prove that:

you made the Transaction;

you have acted with gross negligence, or intent, and failed to keep your Zilch Account and Zilch Card details safe; or

you gave someone else the Zilch Card details required to make a Transaction,

in which case you will be liable to us for the full amount of any Transactions and associated Transaction Fees incurred as a result.

You may not be responsible for a Transaction if we have carried it out without complying with this agreement and our obligations under the laws that apply to the execution of such Transactions.

If you are not responsible for a Transaction we will refund it to your Zilch Account unless you have not acted fraudulently or with gross negligence as outlined in Condition 34.3.

REFUNDS AND DISPUTES

If you have a dispute with a Merchant in respect of a Transaction, or the goods and/or services you purchased, you should contact the Merchant directly in the first instance and attempt to resolve the issue.

Refunds for Credit Transactions

If you decide to return goods to an Eligible Store that were purchased by a credit Transaction using the Zilch Card, and request a refund, it will be your responsibility to arrange the return directly with the Eligible Store, in accordance with the Eligible Store’s lawful requirements, their returns policy, and all other applicable laws. This also applies if you are intending to obtain a refund in respect of services provided by an Eligible Store. Once you return goods to a Merchant that were purchased by a credit Transaction using your Zilch Account, in accordance with your legal rights or contract with them, our credit relationship in respect of those goods comes to an end.

You should inform us when you return goods in line with the process set out in our App or on our Website. Once we know that a return has been processed we will pause instalments. We will cancel or suspend your repayments as set out in Condition 22.1 when we have confirmation that the return has been accepted by the Eligible Store and a refund, or partial refund as the case may be, has been paid to us. If the Merchant does not provide us with the appropriate refund because you were not entitled to a refund under law, regulation or your contract with the Eligible Store, your repayment instalments will re-start. To make sure that we can recover money you owe us in this case, until the Eligible Store has provided us with the appropriate refund, whilst the instalments are paused, you will continue remain liable to us for the full amount of any credit Transaction, in accordance with Condition 22.1. Subject to Condition 35.5 below, once we have received a refund from the Eligible Store, we will in turn issue you with a refund to your Default Debit Card with which you have registered with us.

If the Eligible Store only makes a partial refund we will in turn set the amount refunded off against each of the instalments paid and/or payable by you, starting with the last instalment and ending with the first instalment.

For example, if you make a credit Transaction worth £100 and, having paid your first instalment of £25 to us, you agree a partial refund of £50 with the Eligible Store: we will keep the £50 refunded by the Eligible Store and your payment plan will be altered such that the third and fourth instalments will be cancelled, and you will only be liable to pay the second instalment of £25. Alternatively, if in the same scenario you agree a £50 refund after your third instalment of £25 has been paid to us (so you have paid £75 in total), we will keep £25 of the £50 refunded, cancel your fourth instalment, and refund you with the remaining £25 from the Eligible Store.

If the Eligible Store issues store credit or any other form of credit instead of a monetary refund, we will not be able to collect the refund. In such circumstances, you shall repay to us all remaining or outstanding amounts in accordance with Condition 22.1.

If the Merchant issues store credit or any other form of credit instead of a monetary refund, we will not be able to collect the refund. In such circumstances, you shall repay to us all remaining or outstanding amounts in accordance with the repayment instalment schedule.

If you decide you wish to return your purchase and agree a refund with the Eligible Store after you have repaid the credit Transaction to us in full the Eligible Store will send the refund to the Zilch Card and the refund amount will be used to repay any amounts you owe us and any amount that remains after that will be credited to your Default Debit Card.

Refunds for Debit Transactions

Any refunds received in respect of debit Transactions you have made will be credited to your Default Debit Card.

OUR RESPONSIBILITY FOR LOSS OR DAMAGE SUFFERED BY YOU

We are responsible to you for foreseeable loss and damage caused by us. If we fail to comply with this agreement, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this agreement or our failing to use reasonable care and skill.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation.

We are not responsible to you for losses you suffer as a result of:

an Eligible Store, or their Payment Service Provider, not accepting the Zilch Card;

unforeseeable events outside of our control, including the acts of third parties;

actions we are obliged to take due to a legal requirement and/or by a regulator; or

any delays, failures, or any other loss or damage resulting from the transfer of data over communications networks and facilities, including the Internet, and you acknowledge that the services we provide (including providing you with credit) may be subject to limitations, delays and other problems inherent in the use of such communications facilities.

CLOSING AND SUSPENDING YOUR ZILCH ACCOUNT

This agreement, and your Zilch Account, will continue until terminated by you or us in accordance with this Condition 37.

You or we may terminate this agreement at any time by giving notice to the other. We will be required to give you at least two months’ notice in writing but you may do so immediately via the App or Website or contacting us using the details in Condition 38.1.

To end this agreement with us and/or have your Zilch Account deleted, please let us know by contacting us using any of our contact details in Condition 38.1.

If you or we notify the other that they wish to terminate this agreement, you must repay all amounts you owe us in full in accordance with the repayment instalment schedule.

We may suspend or close your Zilch Account or decline transactions. We reserve the right to suspend, restrict or terminate your Zilch Account and this agreement, or decline any Transactions, for any of the following reasons:

you materially breach the terms of this agreement;

your use of your Zilch Account, or any Transaction you attempt, would breach the restrictions in Condition 32.6;

you do not have an active CPA or your CPA fails when we attempt to debit your nominated debit card;

we become aware of any suspicious or high-risk activity connected with your Zilch Account, aa Eligible Store, or a particular Transaction or series of Transactions;

we are concerned about the security of your Zilch Account or access to it;

we discover that any information you have provided to us is false or incorrect;

you attempt to execute one or more Transactions prohibited by Condition 32.7;

you are engaged, or we suspect you may be engaged, in fraudulent, money laundering, terrorism financing or illegal activity or we reasonably suspect the same;

you break an important term of this agreement or repeatedly break any term in this agreement and fail to resolve the matter in a timely manner after we have asked you to;

you are abusive towards us or any of our employees or agents;

your Zilch Account has been inactive for a period of at least six months and you have repaid us in full; or

we reasonably believe that there is a need to do so to comply with any law.

This agreement will continue to apply to existing Transactions. If this agreement is terminated for any reason, the terms of this agreement will continue to apply to any credit Transactions applied to your Zilch Account until all amounts owing to us are received in full.

CONTACTING EACH OTHER

How to contact us. You can contact our Customer Support team online, via the App or Website, or write to us at [email protected] and Zilch Technology Limited, 111 Buckingham Place Road, London, SW1W 0SR or call us on +44 (0)20 3405 9775.

How we may contact you. If we have to contact you, we will do so by telephone or by writing to you at the email address or postal address you provided in your Application.

“Writing” includes emails. When we use the words “writing” or “written” in this agreement, this includes emails.

IF YOU BREAK THIS AGREEMENT

In the event of any breach by you of the Conditions of this agreement, we may, in circumstances where you fail to comply or to procure compliance with the terms of a notice served by us on you, require repayment in full of all amounts owed to us by you. We may also add to the Balance any costs or expenses we incur in enforcing our rights under this agreement.

COMPLAINTS AND REPORTING PROBLEMS

If you have any questions or complaints about the services provided to you under this agreement, whether it relates to credit or Payment Services, please write to us at [email protected]. If we do not resolve your complaint to your satisfaction and it relates to the provision of Payment Services you may be able to refer it to the Financial Service Ombudsman at:

South Quay Plaza, 183 Marsh Wall, London, E14 9SR;

Telephone: 0300 123 9123; or

Email: [email protected].

DATA PROTECTION AND CREDIT REFERENCE AGENCIES

How we may use your personal information. We will only use your personal information as set out in this agreement and our Privacy Policy.

Credit Record. If you pay us late, we may provide details of your late payment or failure to pay us to credit reference agencies, who may update your credit record accordingly. This may affect your credit rating and make it more difficult, or expensive, for you to obtain credit in the future. If you wish to contact the credit reference agencies we use their details are provided below:

Experian

Website: www.experian.co.uk

Post: Experience Customer Service team, Experian ltd., PO Box 8000

Nottingham, NG80 7WF

Tel: 0115 828 6738 (Monday – Friday 9am – 5pm)

Equifax

Website: https://www.equifax.co.uk/

Post: Equifax Ltd, Customer Service Centre, PO Box 10036, Leicester, LE3 4FS

Tel: 0800 014 2955 (Monday – Friday 9am – 5pm)

OTHER LEGAL INFORMATION

We may transfer this agreement to someone else. We may transfer our rights and obligations under this agreement to another organisation. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under this agreement.

You may not transfer your rights to someone else. Our services are made available to you personally and you may not transfer your rights or your obligations under this agreement to another person without our written consent.

Nobody else has any rights under this agreement. This agreement is between you, us and Monavate. No other person shall have any rights to enforce any of its terms.

This agreement does not affect your statutory rights, including any rights that you may have in relation to defective goods, digital content, or services.

We will not be liable for our obligations under this agreement if we are prevented from carrying them out due to factors beyond our control including, but not limited to:

acts of God, flood, drought, earthquake or other natural disaster;

epidemic or pandemic;

terrorist attack, civil war, civil commotion or riots, war, threat of or preparation for war, armed conflict, imposition of sanctions, embargo, or breaking off of diplomatic relations;

nuclear, chemical or biological contamination or sonic boom;

collapse of buildings, fire, explosion or accident;

a banking system failure;

or interruption or failure of utility service.

If a court finds part of this agreement illegal, the rest will continue in force. Each of the Conditions of this agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining Conditions will remain in full force and effect.

Even if we delay in enforcing this agreement, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under this agreement, or if we delay in taking steps against you in respect of your breaking this agreement, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you miss a payment and we do not chase you, we can still require you to make the payment at a later date.

English Language. This agreement, and all communications relating to it, shall be in English.

Which laws apply to this agreement and where you may bring legal proceedings. This agreement is governed by English law and you can bring legal proceedings in respect of this agreement in the English courts. If you live in Scotland you can bring legal proceedings in respect of this agreement in either the Scottish or the English courts. If you live in Northern Ireland you can bring legal proceedings in respect of this agreement in either the Northern Irish or the English courts.

DEFINITIONS

The following definitions apply in this agreement:

App: means the Zilch application available on Apple and Android platforms.

Application: means the process by which you apply for a Zilch Account with us as detailed in Condition 30.4. Apply and Applying shall be interpreted accordingly.

Approved Transaction: has the meaning given to it in Condition 17.4(b).

Available Funds: means the amount of credit you have available on your Zilch Account with which to make a credit Transaction. This equals your credit limit less your Balance and taking into account any pending Transactions.

Balance: means the total amount of credit Transactions on your Zilch Account at any time that you owe us less any repayments received from you. For the avoidance of doubt, any debit Transactions (including Boost and Pay Now Transactions) you make using the Zilch Card do not affect the Balance.

Boost: has the meaning given to it in Condition 27.

Boost Credit: means the value of the Boost Transaction less the Boost Value.

Boost Transaction: has the meaning given to it in Condition 27.4.

Boost Value: means the value of a Boost Transaction less the Available Funds used to make the Boost Transaction.

Borrower: means you, the person signing this agreement, to whom the Lender is providing credit.

Condition: means a condition of this agreement.

CPA or Continuous Payment Authority: has the meaning given to it in Condition 31.1.

Default Debit Card: means:.

Device: means your mobile phone, tablet, smartwatch or other mobile smart devices that you use to access and use the App and Website.

Eligible Store: means a Merchant with whom Zilch has a commercial agreement in place.

e-wallet: means an electronic money wallet or account issued by a Payment Service Provider that allows the holder to make transactions using payment accounts or cards they hold with other Payment Service Providers (referred to as Account Servicing Payment Service Providers or ASPSPs). Examples of e-wallet providers include, but are not limited to, Apple Pay, Samsung Pay and Google Pay.

Lender: means Zilch Technology Limited.

Merchant: means a retailer that sells goods and/or services.

Monavate: means Monavate Ltd, a company registered in England and Wales with Company Number: 12472532 and registered address at The Officers Mess Business Centre Royston Road, Duxford, Cambridge, England, CB22 4QH. Monavate Ltd is authorised in the UK by the Financial Conduct Authority to issue electronic money (e-money) and provide Payment Services and has Firm Reference Number 901097.

Non-Eligible Store: means a Merchant that is not an Eligible Store.

Pay Now: has the meaning given to it in Condition 27.

Payment Service Provider: means an entity which carries out regulated Payment Services, including, but not limited to, ASPSPs (such as banks, credit card providers, payment institutions and electronic money issuers), AISPs, PISPs, and ASPSPs.

Payment Services: means the Payment Services provided to you under this agreement by Monavate and includes the issuance of the Zilch Card and the execution of Transactions using the Zilch Card.

Prohibited Transaction means: (a) a Transaction for the purchase of alcohol, gambling, gaming, adult products and content, vouchers, gift cards, foreign currency, virtual currency, coins or precious metals; (b) a Transaction where you do not know the exact amount of the payment at the time you authorise it; (c) a Transaction to repay any credit (such as a loan or credit card) you have with another financial institution ; or (d) a purchase requiring you to authorise a Recurring Transaction.

Recurring Transaction: means a Transaction which requires a person to provide authorisation for a Merchant to take regular or repeat payments from their payment card or account.

Merchant: means a business that sells goods and/or services to the public and accepts the Zilch Card.

Tap and Pay: is defined as a Transaction where a Zilch Card is used at a Merchant either in-store or online via contactless payment and includes where the Zilch Card has been downloaded into an e-wallet.

Transaction: means a transaction you make using the Zilch Card to pay for the purchase of goods and/or services from an Eligible Store as well as any refunds or adjustments that may be applied to your Zilch Account.

Website: means our website: www.zilch.com.

Zilch Account: means the user account we will create for you if we accept your Application and enter into an agreement with you. The Zilch Account can be accessed via the App and Website and can be used to make credit and debit Transactions using the Zilch Card. The Zilch Account may also be used to access other products and services we may provide from time to time.

Zilch Card: means the virtual MasterCard Zilch payment card issued to you through our App and Website or such other branded payment card as we may issue to you from time to time.

Zilch Regulated Credit Agreement: means an agreement regulated by the Consumer Credit Act 1974 for running account a credit that you can enter into with us through our App or Website and which allows you to make purchases with the Zilch Card at any Merchant for which you will be charged a Transaction fee.

These terms were last updated on 10 August 2022.