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Terms and Conditions

Standard European Consumer Credit Information (SECCI) and Credit Agreement

We recommend that you read both the Explanation of Credit - PDF (new window) and the SECCI - PDF (new window) before you scroll through and read the Credit agreement.

Express Gifts Limited has the right to cancel the application or decline credit at any time before details of your credit limit are provided to you.

Credit Agreement regulated by the Consumer Credit Act 1974

This is an agreement for a running-account credit facility.

Parties to the agreement

This agreement is between Express Gifts Limited (trading as Studio), whose principal postal address is at Church Bridge House, Church, Accrington, Lancashire, BB5 4EE ("our/us/we") and you ("you").

Duration of the agreement

This agreement has no fixed duration.

Credit Limit

We will determine from time to time how much credit you may have under this agreement and will notify you of that amount. The amount of credit available to you may be advised on statements you receive and in other communications that may be sent to you.

How and when credit will be provided

The credit under this agreement is to be used by you to purchase goods/services from us from time to time.

Rate of interest

The rate of interest is variable and is calculated as follows: 2.0 pence in the £1 every 28 days (if you pay by direct debit) or 2.9 pence in the £1 every 28 days (if you pay by other methods). This equates to a per annum interest rate of 28.3% (if you pay by direct debit) or 40.7% (if you pay by other methods). We may change the rate of interest. We will tell you about any such changes by either notifying them in or with any invoice, statement, catalogue, or any other separate written notice. Changes will happen at least 7 days after we tell you about them or upon the expiry of such notice period as is required by law. Where any part of an outstanding balance shown on any statement ("Previous Statement") is brought forward to the next statement, we will add an amount of interest (“Service Charge”) to such brought forward balance, together with a pro-rata Service Charge in relation to any purchases added to the outstanding balance on your Previous Statement for the period between despatch of each item purchased and the date of the Previous Statement. A minimum Service Charge of £1 shall always apply. No Service Charge will be charged on any default sums. Provided that we receive payment of the entire balance by the date shown on the statement no Service Charge will be applied.

Total amount payable

Example credit limit of £300: If you make purchases up to the full amount of this credit limit, assuming that you repay your outstanding balance over a 12 month period by way of equal instalments (first instalment within 28 days) and that any interest rates remain the same throughout this period, the total charge for credit under this agreement will be £44.10p (if you pay by direct debit) and £64.55p (if you pay by other methods). The total amount payable will therefore be £344.10p (if you pay by direct debit) and £364.55p (if you pay by other methods).

APR

The APR is 29.5% (variable) (if you pay by direct debit) or 44.9% (variable) (if you pay by other methods). The assumptions used in this calculation are that you make purchases totalling £300 and that you repay your outstanding balance over a 12 month period by way of equal instalments (first instalment within 28 days). We have not taken into account any changes which we may make to our interest rates or any other charges which we may introduce or vary at any time by giving you notice.

Repayments

Every 28 days we will send you a statement showing your outstanding balance and the minimum payment amount payable by you within 21 days (from the date of the statement). The minimum payment amount will be 6% of your outstanding balance or £10 (whichever is the greater).

Allocation of payments

You hereby direct us and you agree that such direction is repeated at the time of making every payment, to allocate payment to the sums which make up your outstanding balance in the following order: 1. All default sums as charged and shown on your statements; 2. All interest charges as charged and shown on your statements; 3. All Payment Protection Plus Property premiums as charged and shown on your statements 4; All other financial service products supplied as charged and shown on your statements; 5. All purchases of goods and services shown on your statements; 6. All purchases of goods and services not yet shown on your statements.

Charges

If you make payments to us by credit card, debit card or any other payment card we may apply a card processing charge to your outstanding balance, which is equal to 1.5% of the amount of such payment. Any purchases made by you may be subject to compulsory postage and packing charges notified by us to you from time to time.

Late payment warning

Should you fail to make a payment or pay less than the minimum amount due by the specified date and we or someone acting for us have to remind you to make such payment, we reserve the right to charge you a default sum of up to £20 each time that we have to remind you.

Failing to make your minimum payments could result in us taking legal action against you. It could lead to you having to pay additional costs and make it more difficult for you to obtain credit in the future. If you are late in making payments to us, we may pass your details to an external debt collection agency who may chase and collect any late payments on our behalf.

Right of Withdrawal

You have a right to withdraw from this agreement without having to give us any reason. You have the right to give us this notice of withdrawal for a period of 14 days, such period beginning on the later of the day after the date on which this agreement is made or the day after the date on which we notify you of your credit limit. You are required to give us this notice of withdrawal by writing to us at Studio, Customer Care Department, Preston PR0 2BP or orally by phoning us on 0871 200 0378. Once you have notified us, you shall without delay and no later than 30 days after giving notice of withdrawal, repay any credit and accrued interest, using any of the payment methods detailed in the Information Point in our catalogue. We shall provide you with details of any accrued interest, at your request.

Early Repayment

You have a right to repay your outstanding balance (in full or in part) at any time, using any of the payment methods detailed in the Information Point in our catalogue.

Termination by the debtor

You can terminate this agreement at any time by writing to us at Studio, Customer Care Department, Preston PR0 2BP and by paying off your outstanding balance (in full) using any of the payment methods detailed in the Information Point in our catalogue.

Ombudsman scheme

If you have cause to make a complaint relating to our consumer credit activities you have the right to refer your complaint to the Financial Ombudsman Service.

Contractual terms and conditions

We may terminate or suspend your right to draw down credit if you breach the agreement. We also reserve the right to terminate or suspend your right to draw down credit for other reasons, for example, to prevent unauthorised or fraudulent use of credit.

We may change the terms of this agreement where we think it is necessary to reflect: 1. Changes in applicable laws or regulation; 2. Changes in our systems; 3. Changes in market conditions affecting our business; 4. New developments in products, technology or other changes in lending practices; 5. Additional, enhanced or revised product features; 6. New promotional offers; 7. Changes in your personal circumstances; 8. Changes which in our view effect your credit status. Changes will happen at least 7 days after we tell you about them.

Should you fail to make payments or pay less than the minimum amount due by the specified dates, we reserve the right to treat this failure as a material breach of your obligation to us, in which case we may ask for an immediate repayment of your entire outstanding balance in accordance with the Consumer Credit Act 1974. We also reserve the right to recover from you any other losses and reasonable costs we incur as a result of your default. These will include (but are not limited to) the costs of tracing you, notifying you of your default and enforcing payment of any amount due.

We may transfer to any other party any or all of our rights and duties under this agreement at any time (including, without limitation, our duty to provide credit to you). Your rights under this agreement and your legal rights (including those under the Consumer Credit Act 1974) will not be affected.

If any provisions of this agreement are found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

The Information Point pages in our catalogue contain specific terms and conditions relating to the goods or services which you purchase, the general operation of you account, and the processing of your personal data by us.

Supervisory Authority

The Office of Fair Trading of Fleetbank House, 2-6 Salisbury Square, London, EC4Y 8JX is the supervisory authority under the Consumer Credit Act 1974.

 
For and on behalf of Express Gifts Limited