AK Management (UK) Ltd, trading as Money Essentials
Terms and Conditions
We want your decision to use AK Management (UK) Ltd to be the best decision you ever make towards understanding and regaining control of your circumstances. We aim to be transparent in all our dealings with you, so that you understand every aspect of your Consultation.
Important Note: These Terms and Conditions apply to all AK Management (UK) Ltd and explain our obligations to You and Yours to Us. They will be at the heart of our relationship and also apply as soon as We send them to You, so please take time to read them carefully. Please Note: In the event you have applied for Credit as part of Your Consultation, these Terms and Conditions apply to Money Essentials (part of AK Management (UK) Ltd) who will carry out any credit brokerage services you have applied for during your Consultation on Our behalf.
Definition of Terms
"Agreement" means the agreement between You and Us made in these Terms and Conditions.
"Cleared Funds" means:
1. Any cash, postal orders or banker's drafts made payable to Us which We have received from You;
2. Any monies which We have received into our bank account from You by electronic transfer (such as standing order, direct debit, bank giro credit transfer) which We know came from You and which have not been returned unpaid and/or
3. Any cheques which We have received from You which have not been returned unpaid within seven working days.
"Consultation" means the overview of circumstances You hold and the solutions which We discuss and put in place with You, chargeable and prepared by Us based on the information provided by You, as revised periodically.
"One-Off Fee" means the Consultancy Fee
"Services" means the services We agree to provide You under this Agreement.
“Service Providers” means the 3rd party companies we may identify for you, as suitable (and on your part, optional) solutions
"Terms" means the period running from the start of this Agreement as explained in section 1.b until We stop providing You with Services.
"Terms and Conditions" means these Terms and Conditions of Business.
"Us" and "We" means AK Management UK Ltd, whose registered address is; : First Floor, Pilgrim House, Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE. Company Registration No. 6990907, or anyone to whom we transfer our obligations and rights under this Agreement.
"You" and “Your” means you, the person entering into this Agreement named in the Consultation
“They” or “Them” means the service providers we refer you to resolve the queries and/or issues around your circumstances, as established in Your Consultation.
1. Appointment and Term
1a. You appoint Us and We agree to act on your behalf, as Consultants to provide the Services.
1b. This agreement will last for a minimum of 6 months from the date that You confirm your acceptance of these Terms of Business by telephone when We schedule the One-Off Fee from You for a later date post-consultation. We do not have to provide the service to You unless; you have scheduled a payment with Us for the necessary One-Off Fee. We may cancel this Agreement without notice if any payment for the One-off Fee for the service is returned unpaid from our bank after one month.
1c. This Agreement will continue for the Term, unless ended earlier either by You or by Us as set out in section 7a/8.
1d. Under the Financial Services (Distant Marketing) Regulations 2004, You have the right to cancel the Agreement within 14 days of receiving these terms and conditions. You can write to,tell us verbally or email us. In this event We will refund your fee within 30 days of the date on which We receive your request to cancel your application. Any written requests should be made to: Compliance Manager, A K Management (UK) Ltd, 1st Floor, St James House, Northbridge Road, Berkhamsted HP4 1EF. "Days" here include Saturdays, Sundays and Bank Holidays.
2. Our Obligations to You.
2a. Based upon information provided by You to Us, We will review your income, outgoings, and living expenses and look at ways to save you money and ensure any assets are protected. If relevant, we will also look at any debts to assess your manageability. We will look at your existing policies and assess how comprehensive or cost-effective they are. We will identify any areas for attention and identify suitable solutions. All of our findings and referrals to service providers will be relevant and agreed with you first. This fact-find during the Consultation will indicate a solution which We believe is suitable for You. You will also be advised what the One-Off Fee payable by You to Us is, for the services which We provide under the Agreement.
2b. Once the Agreement starts We will notify the relevant Service Providers of which You have qualified, of Your circumstances. We will attempt to enter You into an agreement with one or more service providers, as deemed necessary on Your behalf, by providing You with all the necessary information, education, contacts and customer care to aid You to make a decision for Yourself without our influence. We will endeavour to provide as much assistance to You as We can based on our expertise and experience of dealing with service providers and providing a thorough Consultation.
2c. If your circumstances change and You are no longer in need for, or no longer eligible for the services that the service providers we have referred You to have offered, We will attempt to seek an alternative solution to your circumstances and offer further consultations as per necessary at no further cost to You.
3. What You Pay
3a. A One-Off Fee is payable by You, to Us, for our Services. This One-Off Fee is retained by Us, for providing a thorough consultation of your current circumstances, to decipher which products or services You may benefit from. This is worked out from the financial and personal information You provided to Us in the early part of the consultation process. It will be used to cover our initial costs, to prepare any necessary administration, for referring your information to relevant service providers in relation to the outcome of the consultation and for our professional services in reviewing your circumstances fully. This One-Off Fee payable by You, to Us, is £89. We reserve the right to vary this One-Off Fee at our own discretion, should the Consultation demand more detailed work, however this will always be agreed with You before any work is carried out.
3b. You will pay Us the One-Off Fee, and if relevant, any other fees between You and Us for additional services thereafter. The One-Off Fee and the fees for additional services thereafter will always be agreed with you first.
3c. If You pay Us an amount which is less or more than One-Off Fee, We will refund the difference, or take a further payment at a later date proportionate to the One-Off Fee total.
3d. Our One-Off Fee is due to Us, on or after a minimum of 7 days, from the date that Our initial Consultation is given, regardless if You have or have not taken up the services of the Service Providers of which You were referred by Us, following Your Consultation.
3e. You are paying for the Consultation and information required in order to make Your own informed decision as to what solution will best suit Your needs.
3f. If your loan is completed with Amigo loans then a 10% broker fee will be charged as our revenue, this is outlined in your loan agreement terms and conditions.
3g. We act as a Credit Broker
4. Credit Checks
4a. ‘We’ or associate companies (including lenders and financiers) may use credit scoring or other automated systems to assess ‘Your’ credit worthiness, make decisions and verify ‘Your’ identity. These systems include searching ‘Your’ records with credit reference agencies, employers, fraud and money laundering prevention agencies and the electoral register as well as providing them with information. These agencies can add ‘Your’ details to their records for other organisations to do searches. If ‘You’ make a joint enquiry, both records are processed by the agencies and a link between ‘You’ can be created.
4b.To help ‘Our’ fraud prevention and data protection strategy, ‘You’ agree to Us and ‘Our’ associate companies, credit reference agencies and selected third parties processing and using personal data (whether provided electronically, in writing or orally) ‘You’ give Us. ‘You’ agree to ‘Us’ using the data to advise ‘You’ of other products and services unless ‘You’ notify ‘Us’ to the contrary.
4c.The information ‘You’ give ‘Us’ must be true and accurate. ‘You’ warrant and undertake to comply with legal and regulatory disclosure requirements so that ‘We’ can comply with ‘Our’ obligations. If ‘You’ provide Us with false or inaccurate information and/or ‘We’ suspect fraud ‘We’ may notify agencies which would have a detrimental impact on ‘Your’ credit records. In the event that ‘You’ provide ‘Us’ with inaccurate or misleading information, ‘We’ reserve the right to reclaim any losses incurred by ‘Us’ in performing ‘Our’ service to ‘You’.
5. What we won't do
5a. We do not lend You money or give You any credit facilities.
5b. We do not commence Our service without having first received authorisation from You to schedule Your One-Off Fee.
5c. We do not give You legal advice.
5d.We do not reduce payments, on Your behalf, on secured loans. You must make sure that You continue to make your usual payments in full towards any mortgage or other secured loans.
5e. We do not influence or insist that you accept a service offered through one of the service providers we refer you to.
5f. We do not charge the One-Off Fee only once You have entered into an agreement with the service providers we have referred You to. Your One-Off Fee is taken on the date scheduled, as per the Agreement, for the purpose of Your Consultation; in order for Us to identify which services (offered by Our service providers) are options for You to choose from, for Yourself. This is irrespective of the status of your application at the time the payment is chargeable.
6. Your Obligations to Us
6a. If We are to provide the service, You must co-operate with Us, making sure that the information you give Us is correct to the date of the Consultation and that the decision You make, reflects your financial position as decided by You. You must follow the instructions of AK Management (UK) Ltd to become fully informed of and introduced to the relevant Service Providers as discussed during your Consultation, so we may provide our service to you.
6b.You agree to paying the One-Off Fee for the Consultation to include information given to You by Us in order for You to make Your own informed decision as to what will best suit Your personal needs.
6c. You will give Us any information We may legitimately request relating to your finances or personal circumstances. This will include, but not be limited to, all details of:
1. Your income and expenses;
2. Your dependants;
3. Your assets;
4. Your Creditors (if relevant)and all your agreements you have taken out with them;
5. Any mortgages, secured or unsecured loans you have;
6. Copies of any judgements made against you; and any other enforcement action.
7. Details of any insurance policies you have in place
8. Details of any Pensions
9. Any Debt Management Plans, IVA‟s or Bankruptcy
10. Your debit card details for payment for Our services
Using this information we will work on your behalf.
6d. You must provide us with full, accurate and truthful details in order for Us to make the correct referrals and Consult accurately.
6e. You will accept that the One-Off Fee is retained by Us and will not be paid to any Service Providers.
6f. You will accept that we may be in receipt of commissions from the Service Providers if our referral results in you taking up a service with Them.
6g. By agreeing to the service of A K Management (UK) Ltd:
1. You authorise Us to liaise and exchange Personal Information with third party Service Providers or their authorised agents (to include financial details raised in your Consultation) on your behalf, to let them know about your circumstances, so that We may provide Our service to You.
2. You agree to provide Us with the necessary information (if requested) to enable Us to ensure that our client verification requirements are met.
3. You authorise us to take our One-Off Fee as agreed during your consultation
7. How you may end this agreement
7a. You have the right to cancel this agreement under section 1d. You may also end this agreement at any time and for any reason thereafter, by giving Us written notice by post or email which You may serve at any time whether or not You believe We may have been in breach of our obligations under this Agreement. In the event of cancellation under this section 7a, we will discontinue any further referrals or future consultations on Your behalf. We will refund You any Fees already paid to Us that are cleared funds, where We have been in breach of our obligations under this Agreement. We reserve the right to retain £5 of the One-Off Fee total for administration purposes.
7b. If You have applied and cancelled through A K Management (UK) Ltd, trading as Money Essentials for a loan finding service through one of our subsidiary companies, we will comply at all times with the Credit Consumer Act 1974. You will be refunded (if requested), regardless if We have fulfilled Our obligations under this Agreement, if you have not entered into a Credit Agreement with one of the service providers We introduce You to within 6 months of the commencement of the Agreement.
7c. If you have entered into an Agreement (Credit or otherwise) with one or more of the service providers we have introduced You to, You will not be entitled to a refund of Your One-Off Fee
8. How we may end this agreement
8a. We may end this agreement at any time without notice if any of the following happens:
8b. If You fail (within a reasonable timescale of One month) to pay in full the One-Off Fee.
8c. It becomes, in our view, no longer economically viable for Us to run your referrals and Consultation reviews
8d. If the information You have given Us turns out to be or We suspect that it is materially incorrect, incomplete, fraudulent or otherwise misleading.
8e. If the information You gave at the time of Consultation in acquiring a facility or service was materially incorrect, incomplete or fraudulent.
8f. If You die or (if „"You" includes more than one person) one of You dies.
8g. If We cannot perform our obligations under this Agreement because of something beyond our reasonable control. In this case, We will do everything We reasonably can to let You know as soon as possible.
8h. You do or fail to do something, which in our reasonable opinion could damage our reputation or otherwise bring Us into disrepute.
9. The effect of ending the Agreement
9a. When this Agreement ends, our duties and obligations under this Agreement will come to an end. Your One-Off Fee will be returned in full (if requested), only if we failed to perform our obligations under the Agreement due to no fault of Your own. If we did fulfil Our obligations under the Agreement, Your One-Off Fee will be returned to You in full (less £5 for administration) by Us, unless section 7b applies. You will not have to pay Us any more money.
9b. Any agreements You have in place with Our referred service providers will still stand
9c. If You cancel or end this Agreement with Us, it is Your responsibility to cancel the scheduled One-Off Fee to service Your Consultation with Your bank.
9d. If your financial circumstances change during the Term of this Agreement We may refer You to our Insurance Providers, Utility Firms, Pension Providers, Debt Advisors, Insolvency Practitioners or any other Financial Service Providers to identify a solution which better meets your needs at that time.
10. Data Protection Scheme
10a. We know how important it is to protect Your personal information. Any personal information We hold will be subject to the appropriate legal safeguards under the Data Protection Act 1998. When You apply for Our service, You will provide Us with information about Your financial and personal circumstances. Any information You give to Us will be confidential and only shared under this Agreement to relevant Financial Service Providers as required for the purposes of performing the obligations under this Agreement. We will not pass this information to any third parties without your express permission during the Consultation, except in accordance with our Data Protection Statement. We will process your personal information in accordance with the Terms and Conditions for the purposes of the Agreement.
10b. We collect personal information about You both directly from You when You apply for our services
10c. We will use your personal information to provide our services to you, and in particular to:
1. Prepare and issue to You your carefully selected Service Providers to meet the needs of your circumstances as identified in your Consultation.
2. Keep You informed about your Consultation and our service providers.
10d. Subject to section 10, we may also use your personal information to contact you to provide you with details of other products and services which we may think may be of interest to you, including those offered by selected third party service providers. We may share personal information with these selected third party service providers as agreed in your Consultation and they may contact you directly to provide you with details of such products and services.
10e. You should inform us if You do not want Us to use or disclose your personal information and/or sensitive personal data as set out in section 10c or 10d above or if You wish to amend the way We communicate with You.
10f. You may contact Us in writing at any time to the Data Protection Officer at our address given above for further information or if You want to request a copy of the personal information We hold about You or to ask Us to amend any inaccurate information held by Us. If You would like to request a copy of the personal information which We hold about You We will charge You a Fee of £10 to provide this.
10g. Please note that We may record and monitor Your calls to help Us improve Our Service and for our mutual protection.
10h. We may share personal information within our company and with any other associated subsidiary companies within AK Management (UK) Ltd in order to fulfil Our obligations under the Agreement. We may communicate with You by the following means (post, telephone, fax, email or SMS text) using the contact details that You have provided. If You do not wish to receive information by SMS or email You should inform Us immediately.
10i. You are responsible for the security of your mobile telephone or personal computer – and must take all reasonable precautions to prevent anyone else from accessing your information, including using all security features available to you – and for informing Us immediately if your mobile telephone or personal computer is lost or stolen, your telephone number or email address changes or if you suspect someone may have access to the information We send You.
10j. By scheduling the One-Off Fee and accepting our Consultancy services You will be giving consent for your details to be used as stated. You can tell us if You do not want to receive marketing information from Us, an associated company or third parties by writing to the address below. Otherwise, We will only disclose your Personal Information in accordance with relevant laws or regulations (including fraud prevention).
11. Other Information
11a. All Fees are inclusive of any applicable added tax (VAT).
11b. We may subcontract any or all of our obligations under this Agreement to another person or organisation. If We do this, We will still be responsible to You under this Agreement.
11c. We may transfer any or all of our rights and obligations under this Agreement. If We do this, We will write to You to let You know the details.
11d. We shall not be deemed in breach of this Agreement or otherwise liable to You if We are prevented or hindered from performing our obligations under this Agreement by reason of any event beyond our reasonable control.
11e. If any part of these Terms and Conditions is found to be invalid or unenforceable, that part shall be deemed severed from our Agreement which will otherwise remain in full force and effect.
11f. Any failure on our part to insist on strict performance of any part of these Terms and Conditions will not be deemed a waiver of our rights and remedies in respect of any future breach.
11g. We may vary these Terms and Conditions from time to time and will write to give You at least 30 days prior notice of any changes.
11h. This Agreement shall be governed and constructed by English Law and that the courts of England shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement.
At AK Management (UK) Ltd, We do everything We can to make sure our clients get the best possible service. We are committed to 100% client satisfaction.
However if You are not happy with our service, We'd like to hear about it. That way, We can do something to put it right as soon as We can.
If You wish to contact Us please do so in writing to:
A K Management (UK) Ltd
1st Floor, St James House
For all General Enquiries, please call our customer services team on: 01442 449009 (Monday – Friday 9am-4:30pm) or