Is my wageday further finance agreement 10 months after I started using them?

[Lafabe01]

I started using wage day in March 2013 and here and them I have taken out further finance but have not received an agreement or contact document and having done my research I have seen in section 4.1 and 4.6 it mentions about it briefly but not going into greater detail and my question is I took out a loan in December and was not provided with a loan agreement, to be precise I have never received once expect the first one I received when I first used the.

does the first agreement I made with them still apply 10 months letter or it is not longer valid and for anyone who understand more of the law relating to this issue please quotes relative sections that I can refer to when challenging them.


Please see the document with the information or term of condition below I copied in their website



4. OUR CHARGES, RESPONSIBLE LENDING & LEGAL COMPLIANCE
4.1 This is a running account agreement; this means that when you take out a payday loan with us you open an account with WageDay Advance under which you may be able to draw down further loans from us in the future. Please note, however, that a payday loan is a short term product, designed to provide you with a cash advance until your next pay day and alleviate temporary cash flow problems and is an expensive means of credit.
4.2 We operate a transparent, fixed charging policy - there are no hidden fees or charges, so you know how much you will repay before committing to the loan.
4.3 The total cost of credit is £29.50 per £100 borrowed, over a period of between 11 and 40 days. It is a relatively expensive form of credit which is not suitable for long term or regular borrowing. This is a running account agreement under which you may apply from time to time to draw down further credit up to your credit limit and repay on your next payday. We will consider your application in accordance with our assessment of your creditworthiness and our responsible lending criteria.
4.4 Transfer of your funds is free of charge via BACS, which can take up to 3 working days (due to normal banking procedure). However, you also have the option to receive funds quicker via an Express Payment Option. If you choose to use this service you will pay an optional fee of £15.00 (due to banking costs along with further administrative output) and you should receive the funds the same working day your loan is approved. If you choose this option the £15.00 fee will be deducted from your loan amount unless you pay by another means prior to transfer. Our faster payment is fee is included in the total charge for credit and is reflected in the APR.
4.5 Each drawdown may be repayable within 11-40 days and the length of the loan as well as the amount you borrow will affect the APR. The APR stated in this agreement is based on the stated assumptions set out in the Consumer Credit (Total Charge for Credit) Regulations 2010. However, we have also set out below a table which illustrates the actual APR on each drawdown if you were to borrow £100 over a variety of different periods:
DAYS 11 14 28 40
%APR 534,300.2 84,845.5 2814.2 959.7
4.6 Opening an account with us does not mean you have to borrow on more than one occasion and you may close the account at any time once you have repaid the outstanding balance in full.
4.7 We may reduce or increase your Credit Limit in accordance with our responsible lending criteria and regulatory guidance.
4.8 WageDay Advance Ltd is committed to responsible lending. As part of our adherence to this policy, we will only lend an amount of credit that we are reasonably satisfied that you are able to repay, including any charges, on your pay day. We credit-score you according to the information you provide,
evidence of incomings and outgoings, credit reference searches and records of previous dealings with you.
4.9 We consider each lending decision individually on the basis of what we know about your circumstances and your credit and repayment history. We strictly observe the requirement to undertake due diligence on all our customers, this means we will not complete any transaction and pay out funds until
we are sure we know who you are in accordance with the provisions of the Money Laundering Regulations 2007. We strictly observe 'Know Your
Customer' principles, this means we will not complete any transaction and pay out funds until we are sure we know who you are.
4.10 We are licensed under the Consumer Credit Act 1974 (Licence number 623347) and hold a Registration with the Information Commissioners Office
(Number: Z1687106). We are required to comply with the Consumer Credit Act 1974 and the Data Protection Act 1998.

[teaboy2]

Re: Is my wageday further finance agreement 10 months after I started using them?

With Wage day advance your opening a credit account with them, where the maximum sum you can borrow is set, but when you pay back on time, they increase your maximum credit limit. Its basically a credit card, with different terms, and not actually a loan. So when you open an account with them, its no different to getting a credit card with a set maximum credit limit, which then increases over time.

So its running credit account, just like an credit card is, so there is no need to have a new agreement. So it is not a fixed term agreement that lasts for just the duration of the loan you take out.

Best thing to do, is close the account each time you have repaid the balance owed, and open a new one next time you wish to borrow, if you want a new agreement each time that is. Otherwise, leave it as it is, as you do not incur any interest when your balance is 0.