# Your Loan Agreement > Hello {{ .firstName }}, > > Here’s all the important information you will need about your new Manchester Credit Union Loan. Today you are borrowing **£{{ .loanAmount }}**. As you already owe us **£{{ .loanBalance }}**, that takes the amount you will owe to **£{{ .newLoanAmount }}**. When you take out a loan, you have to pay interest. Based on what you’ll owe, the amount of interest you will pay is **£{{ .loanInterestAmount }}**. (The interest rate is **{{ .guaranteedApr }}%** APR). That means you’ll have to pay us back **£{{ .totalRepayable }}** in total. **To pay it back you will need to pay £{{ .totalRepaymentAmount }} {{ .loanFrequency }}.** You will pay us **£{{ .totalRepaymentAmount }}** each month (**£{{ .monthlyRepayment }}** for your loan and **£{{ .savingsCommitment }}** for your savings. All borrowers are required to save when they have a loan from us). Your payments will start on **{{ .firstPaymentDate }}** for **{{ .totalPayments }}** **{{ .loanFrequency }}** payments, your final payment will be **{{ .finalPaymentDate }}**. We will pay the loan into your bank account by 4pm today. We also need you to read the following statements before signing your loan agreement. ## Terms of the Agreement I agree that the interest amount may vary if the repayment plan is not kept to. If you change the day you make your payments on, we’ll change your loan schedule to match. ## What happens if I can’t make my repayments? If you are struggling to make your agreed repayments, please get in touch. The sooner you let us know there’s a problem, the easier it will be to sort out. We may be able to create a new payment plan for you. If you don’t let us know and don’t make the agreed repayments: - You could have to pay the loan back in full straight away. - Any savings you have with the credit union could be used to reduce the loan - Your account may be sent to a 3rd party debt collection agency and all costs of recovery (including legal and court costs) will be added to your debt. - Information about your loan may be passed on to Department of Work and Pensions. They may take money from the benefits that you are or will become entitled to. ## Important - Use of your personal information We may use credit reference and fraud prevention agencies to help us make decisions. A short guide to what we do and how both we and credit reference and fraud prevention agencies will use your information is detailed [below](#accordian-title). If you would like to read the full details of how your data may be used please visit our website at manchestercreditunion.co.uk. By confirming your agreement to proceed you are accepting that we may each use your information in this way. More information about the use of your personal information can be found below.

A condensed guide to the use of your personal information by ourselves and at Credit Reference and Fraud Prevention Agencies

1. When you apply to us to open an account, this organisation will check the following records about you and others (see 2 below) a. Our own; b.Those at credit reference agencies (CRAs). When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. They supply to us both public (including the electoral register) and shared credit and fraud prevention information. c.Those at fraud prevention agencies (FPAs). d. We will make checks such as: assessing this application for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage your account with us. 2. If you are making a joint application or tell us that you have a spouse or financial associate, we will link your records together so you must be sure that you have their agreement to disclose information about them. CRAs also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link. 3. Information on applications will be sent to CRAs and will be recorded by them. Where you borrow from us, we will give details of your accounts and how you manage/repay them to CRAs. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain for 6 years after they are closed, whether settled or defaulted. 4. If you give us false or inaccurate information and we suspect or identify fraud we will record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention. 5. If you have borrowed from us and do not make payments that you owe us, we will trace your whereabouts and recover debts. 6. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies. 7. Your data may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998. How to find out more This is a condensed version and if you would like to read the full details of how your data may be used please visit our website at manchestercreditunion.co.uk or phone 0161 231 5222 or ask one of our staff. You can contact the CRAs currently operating in the UK; the information they hold may not be the same so it is worth contacting them all. They will charge you a small statutory fee. TransUnion
Consumer Services Team, PO Box 491,
Leeds, LS3 1WZ or call 0870 0601414 Equifax PLC
Credit File Advice Centre, PO Box 3001,
Bradford, BD1 5US or call 0870 010 0583
or log on to www.myequifax.co.uk. Experian
Consumer Help Service, PO Box 8000,
Nottingham NG80 7WF or call 0844 4818000
or log on to www.experian.co.uk. Please contact us at 0161 231 5222 if you want to receive details of the relevant fraud prevention agencies.

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