Knoma is a lender and not a broker. "Knoma" is the trading name of Knoma Limited with the Company Number 11650366. Knoma Limited is authorised and regulated by the Financial Conduct Authority (ref. 973083)
*Missed Payments *
Missing one or more payments could have severe consequences for you, including the referral of your account to our collections team who may issue legal proceedings or refer your account to an external debt collection agency who may issue legal proceedings themselves. Such legal proceedings may include seeking an attachment of earnings order, or a charging order against any property you own which may result in your home being repossessed. Missing payments could make obtaining credit more difficult and/or more expensive due to the impact on your credit record if we report your default to credit reference agencies.
*Early Repayment *
You can repay all or part of the credit at any time. If you want to do this, please contact us in writing through [email protected] if you wish to repay all or part of your loan early.
If you pay off part of the credit, the remaining amount you owe us will be reduced by the payment you made. If you pay off part of the credit early, you can ask us to reduce the term remaining on your loan or reduce your monthly repayment. If you do not tell us what you want to do, we will reduce the term of your loan.
Please note that we will use early payments to your account to pay off the oldest outstanding debt first.
*Cancellation and Refund *
If you want to cancel your educational course then you can either contact your Education Provider directly, or you can contact us and we will let your Education Provider know. Your Education Provider will then consider your request to cancel your educational course in line with their cancellation and refund policy.
If you decide to cancel your educational course and have made a request to cancel directly to your Education Provider, you should let us know as soon as possible by emailing us on [email protected]. We will then speak to the Education Provider directly to confirm that you have requested to cancel your course.
If your Education Provider agrees to cancel your course and issues a full or partial refund, that refund will be processed by the Education Provider and issued directly to us. We will treat the refund as an early repayment in accordance with the Consumer Credit Act 1974 and use that refund to pay off your outstanding balance as soon as we receive it from the Education Provider.
If the refund we receive from the Education Provider is less than the total outstanding balance under your agreement then at that point you will still have to pay us the remainder of the outstanding balance that you owe.
If the refund is more than the total outstanding balance we will pay off your outstanding balance and then pay any additional amount (i.e. that would be a credit balance on your account) back to you and your agreement with us will then end. If the Education Provider does not issue a refund, your agreement with us will continue as normal and you will still have to repay us the remainder of the outstanding balance that you owe.
If you would like to make a complaint about this agreement, please send an email to [email protected]. If you have a complaint about this agreement which you are unable to resolve with us, then you have the right to refer it to the Financial Ombudsman Service at Exchange Tower, London, E14 9SR, website http://financial-ombudsman.org.uk/ or telephone 0800 023 4567.