Saving Stream

Terms & Conditions

If you decide to become a member of www.savingstream.co.uk (the "Saving Stream Website"), you must comply with these terms and conditions. These terms and conditions should be read alongside, and are in addition to, our privacy and cookie policy (each as amended from time to time) (accessible online at https://savingstream.co.uk/privacy-policy) (the "Terms").

Please read these terms and conditions carefully and print a copy for your future reference. By using these systems and the services provided via the Saving Stream Website, you confirm that you have read, understood and agree to the Terms and where you are acting on behalf of a, limited company, LLP, partnership or public body (a "Corporate Entity") that they agree to the Terms. If you do not agree to the Terms you must stop using the Saving Stream Website immediately.

References in these terms and conditions to "we", "us" and "our" means Saving Stream, a trading name of Lendy Ltd. References to "systems", or "platform" means the Saving Stream Website, any other online services provided by us and any data managed by, displayed on or transmitted from such services. References to "you", "your" and "lender" mean a registered user of the platform and the services provided via our systems, whether as an individual or on behalf of an entity which meets the lender criteria set out below.

Each agreement between each lender and borrower comprises our standard loan conditions and term sheet (together the "Loan Contract"). There will be more than one Lender for each loan. The Loan Contract is a separate agreement between you and the borrower and is governed by separate terms and conditions. If there is a conflict between these terms and conditions and the Loan Contract, the Loan Contract will prevail.

Please note that under clause 9 of these terms and conditions in certain circumstances you grant us the authority to amend the Loan Contract, without the need for your agreement to those changes and you will be bound by those amendments.

If you are using our systems and the services provided via the platform, agreeing to these terms and conditions or entering into a Loan Contract on behalf of a Corporate Entity you warrant that you are duly authorised to act on the Corporate Entity’s behalf.

  1. About Us
    1. Saving Stream and Lendy Finance are trading names of Lendy Ltd, a company incorporated in England and Wales whose registered office is Brankesmere House, Queens Crescent, Southsea, Portsmouth, PO5 3HT with company number 8244913. Lendy Ltd is registered with the Office of the Information Commissioner with registered number Z3404040, is regulated by the Financial Conduct Authority ("FCA") with registered number 622666 and is the holder of a Consumer Credit Licence with number 654326.
    2. Saving Stream will act as agent on behalf of the lenders in relation to the Loan Contract.
    3. Saving Stream Security Holding Limited is a company incorporated in England and Wales with company number 9736866 whose registered office is at Brankesmere House, Queens Crescent, Southsea, Portsmouth, PO5 3HT (“Saving Stream Security Holding”). Saving Stream Security Holding will act as security trustee on behalf of lenders in relation to any security held in respect of the loan and will also enforce any security on behalf of lenders under instruction from Saving Stream.
  2. How to become a lender
    1. To be a lender on Saving Stream you must meet the following criteria:
      1. you must be an individual, partnership, LLP, limited company or public body;
      2. if you are lending in your capacity as an individual or member of a partnership you must be over 18 years old;
      3. you must have a valid bank or building society account;
      4. you must register your details on the Saving Stream Website;
      5. you must only lend your own monies; and
      6. you must not be a credit broker or lend money to other persons in the course of any business.
      Where a prospective lender does not meet the criteria listed above, the lender may be otherwise permitted to become a lender on the Saving Stream Website by written confirmation from Saving Stream.
    2. Saving Stream may in its sole discretion refuse any prospective lender from becoming a lender on the Saving Stream Website regardless of whether the prospective lender meets the criteria in clause 2.1.
    3. Saving Stream's principal role is to perform introductory functions on behalf of borrowers and lenders in order to bring together prospective borrowers and lenders, to provide a stream-lined process for entering into loans and to facilitate the payment and collection of sums due under or in connection with those loans (together with Saving Stream Security Holding) and to enter into Loan Contracts on behalf of lenders (including Saving Stream Security Holding taking certain actions on behalf of lenders upon a borrower's default or if the borrower becomes, or is likely to become, insolvent as set out in these terms and conditions).
    4. Save as set out in clause 9 of these terms and conditions in connection with any amendments that Saving Stream may make to the Loan Contract in your best interests when acting as agent on your behalf, Saving Stream will not perform any management functions on a lender's behalf; the lender retains complete control and discretion over whether or not to make a loan to a borrower and over all other aspects of its participation in the Saving Stream Website and loans made through it. Nothing Saving Stream does and nothing on the platform is intended to operate or be construed as advice or recommendation by Saving Stream to enter into a particular loan.
    5. A lender must form its own opinion regarding the security offered against a loan to a borrower and undertake its own research, analysis and assessment of the valuation for each loan and, where appropriate, seek their own independent financial advice.
    6. While Saving Stream believes that the security documents might provide additional comfort as to the likelihood of repayment, Saving Stream accepts no responsibility for the likelihood of a borrower meeting its financial obligations to lenders through the Saving Stream platform in circumstances where such recourse to the assets of the borrower is available.
    7. Saving Stream accepts no responsibility and disclaims all liability for any information about a borrower made available to prospective lenders through the Saving Stream platform. Saving Stream may from time to time at the end of each month, but accepts no obligation to, update or amend at any time borrower's information (including between when the loan request is first made and when it is entered into, and during the term of any loan).
    8. You warrant to Saving Stream that all information provided to us in the course of the registration and lending process is true and accurate in all respects. You will update us if any of the information you provide to us changes.
    9. Once you are registered on the platform and have applied to lend through Saving Stream, we may carry out identity and fraud checks on you as the proprietor, member or director, your business and other members, or directors of the business. Saving Stream uses its own internal guidelines and policies when assessing applications but has complete discretion as to whether to allow you to be a lender on the Saving Stream platform. If we cannot get adequate information from the credit reference agency then we will ask you to send us copies of relevant passports or other identification documents plus a utility bill no more than 3 months old for your home address and anything else that we may require. If you do not provide all appropriate identification documents you will not be able to lend on the Saving Stream platform. We may also suspend or place limitations on trading on your account at any time if we believe it is appropriate in order to comply with our legal obligations. For more details about how we use your information, please refer to our privacy and cookie policy at https://savingstream.co.uk/privacy-policy. We will then set up a Saving Stream lender account for you.
    10. Once you are registered on the platform and we have completed our checks you can then use our auto deposit function (as detailed in clause 3) and/or transfer money into your Saving Stream lender account by bank transfer. It is important that you quote your Saving Stream lender account number in the narrative box when you transfer money using a bank transfer. We require you to use an account held with a bank or building society maintained in your sole or joint name.
    11. There are no fees payable to set up a Saving Stream lender account.
    12. Money in your Saving Stream lender account will be held by us in a segregated client account with Barclays Bank Plc until or unless it is lent to a borrower at which time it will be transferred to the relevant borrower's Saving Stream account.
    13. Lending money on the platform involves risk to your capital. If you suffer a loss, either by the borrower not repaying the loan or otherwise, you are not entitled to compensation from the Financial Services Compensation Scheme ("FSCS").
    14. The client money account with Barclays Bank PLC is interest bearing but interest payments are retained by Lendy Ltd and will not be dispersed among investors.
  3. Auto deposit
    1. You can select a loan request using the Saving Stream search tool. Your funds will be allocated against that loan request and you will start accruing interest in accordance with the Loan Contract immediately by using the auto deposit function, on the condition that you transfer funds to Saving Stream in accordance with clause 3.2 ("Auto Deposit Function").
    2. If you use the Auto Deposit Function you are required to transfer the funds allocated against the loan request to Saving Stream within 48 hours of selecting a loan request in full and cleared funds and you will only be deemed to have lent such funds to the borrower if these funds have been received in full and cleared funds within 48 hours of being allocated.
    3. If you fail to transfer the funds in accordance with clause 3.2 then (unless Saving Stream notifies you otherwise) you will be deemed to have never allocated the funds against the loan request and no interest will be due to you.
  4. Username and password
    1. On registering with us, you must provide a username and email address and enter a password. These must be used in order to access certain restricted parts of the platform. Each time you access your Saving Stream lender account you will need to enter your username and password. Your username and password are unique to your Saving Stream lender account and are not transferable. If you access the site using your mobile phone you will received a PIN number and must use this PIN to login.
    2. Your username and password (and PIN, if applicable) are how we identify you, and so you must keep them secure at all times. You are responsible for all information and activity on the platform by anyone using your username and password (and PIN, if applicable). If you authorise an employee, sub-contractor or agent to use your Saving Stream lender account you will be responsible for their activity on the platform. Any breach of security, loss, theft or unauthorised use of a username, password or PIN must be notified to us immediately using the contact us form or by telephoning us on 08454 747141. Until you notify us you will be responsible for any unauthorised access to confidential information on the platform.
    3. You agree not to adapt or circumvent the systems in place in connection with the platform, nor access our systems other than by using the credentials assigned to you and by following the instructions that we have provided for that type of connection.
    4. We reserve the right not to act on your instructions where we suspect that the person logged into your Saving Stream lender account is not you or we suspect illegal or fraudulent activity or unauthorised use.
    5. We can refuse to act on any instruction that we believe was unclear, not given by you, might cause us to breach a legal or other duty or if we think the platform is being used for an illegal purpose.
    6. Your Saving Stream lender account will show:
      1. the amount of credit in your Saving Stream lender account and the amount you have loaned;
      2. details, including visual images of any assets borrowers have pledged as security for Loan Contracts, redacted valuation reports, a short description of borrower’s requirements;
      3. certain personal details; and
      4. information about the platform.
  5. Cancellation rights
    1. If you are a consumer, you have the ability to cancel your membership with Saving Stream and these terms and conditions within 14 days after the date that you receive an e-mail from Saving Stream to confirm that you have registered with the website. Advice about your legal rights to cancel is available from your local Citizens' Advice Bureau or Trading Standards office, or you can seek independent legal advice from a solicitor.
    2. In the event that any monies have been paid by you to Saving Stream which has not been invested in a Loan Contract, these shall be reimbursed to you in full as soon as we are able to process a withdrawal request from you. If you have invested in a Loan Contract, then your right to cancel your membership of Saving Stream will no longer be enforceable until such time as you no longer have any live investments in any Loan Contracts.
  6. The lending process
    1. You can lend money by selecting opportunities using a Saving Stream search tool to identify loan requests which have not been completed that you might be interested in and this might include purchasing parts of a loan (we call these "loan parts") already lent from an existing lender who wishes to sell that loan part.
    2. We reserve the right to remove loan requests from the platform at any time for any reason.
    3. Saving Stream will make statements available to you electronically and may charge you an administrative fee of £10 for each paper copy of such statements.
    4. Information in the loans page includes: the loan amount; the security value of the security assets; the loan to value ratio; the description and a photo of the asset; a redacted valuation report where available, a short description of the borrower’s requirements and how much of the loan is available to fund.
  7. The Loan Contract
    1. Once you have paid funds into your Saving Stream lender account or used the Auto Deposit Function in accordance with clause 3 and selected loan requests and agreed to transfer funds to those loan requests using the tick box, you automatically enter into a Loan Contract with the borrower for the loan part and your money is then transferred from your Saving Stream lender account to the Saving Stream account of the borrower. The loan documentation will be generated automatically to include the term sheet, setting out the specific details of the loan, and to incorporate our standard loan conditions, comprising together the Loan Contract. The first time you lend funds you will be required to accept the loan conditions for all your on-going lending. You will be deemed to accept the loan conditions by ticking a box when prompted.
    2. Until the monies in your lender account have been allocated to a loan request no interest will be earned by you or paid to you on monies in your Saving Stream lender account.
    3. If you purchase a loan part from another lender ("Existing Lender"), you agree to the provisions set out in clause 10 (selling your loan part). Your money will be transferred from your Saving Stream lender account to the Saving Stream account of the Existing Lender. Information on the transfer of loan parts is set out in clause 10 and in the Loan Contract.
    4. In all Loan Contracts we will quote a lender's address as being "c/o Saving Stream (acting as agent on behalf of the lenders)" and state Saving Stream's postal address. Each lender agrees that all notices and communications given to it by a borrower may be sent to Saving Stream acting as agent on their behalf.
    5. Each loan will be for the period specified in the Loan Contract applying to it. The period of the Loan Contract will in all cases be a minimum term of 30 days and a maximum term of 364 days.
    6. A Loan Contract may be renewed at the end of the term by agreement between Saving Stream and the borrower.
    7. A Loan Contract is between the lender and the borrower. Saving Stream and/or Saving Stream Security Holding has no liability in relation to the Loan Contract.
  8. Role of security trustee
    1. When you lend money on the platform you:
      1. appoint Saving Stream to act as agent on your behalf in relation to the loan and instruct Saving Stream to sign the Loan Contract as agent on your behalf;
      2. appoint Saving Stream Security Holding to act as security trustee on your behalf in relation to the security documents set out in clause 12 and instruct Saving Stream Security Holding to sign such security documents as agent on your behalf using Saving Stream’s standard form security documents; and
      3. authorise Saving Stream to instruct Saving Stream Security Holding in relation to the security documents and their enforcement.
    2. Saving Stream shall not be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of Saving Stream Security Holding.
  9. Interest and repayments
    1. The Loan Contract governs the terms of repayment and payment of interest by the borrower.
    2. Borrowers are liable to repay the loans to lenders and pay any interest on such loans and Saving Stream and/or Saving Stream Security Holding has no liability in respect of the repayment of loans and payment of any interest.
    3. Borrowers may pay off their loans in full or in part at any time during the term of the Loan Contract. Interest and charges will be calculated on a daily basis up to the date the loan is repaid (which is the date all repayments due under the Loan Contract have been made to your Saving Stream lender account). The outstanding balance is updated daily on your Saving Stream lender account. The Loan Contract governs the payment of these amounts.
    4. All repayments and any interest received which is due to you will be paid to your Saving Stream lender account.
    5. All repayments and interest paid will be made to lenders without deduction of income tax. It is your responsibility to account for any income tax and other personal taxes that may be payable to the appropriate authorities.
    6. Notwithstanding any other clause in these terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Saving Stream (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract and you will be bound by these amendments.
    7. Where Saving Stream and/or Saving Stream Security Holding believes that an agreement to restructure the loan and amend the Loan Contract is in the interests of the relevant lenders as a group, and intends to amend the terms of the Loan Contract in accordance with clause 9.6 above, we will notify you of our intention to amend not less than 5 business days before making such amendment.
    8. You agree that Saving Stream will be acting as your agent on your behalf in:
      1. negotiating and agreeing amendments to the Loan Contract; and
      2. negotiating and settling any dispute relating to the Loan Contract.
    9. You hereby appoint Saving Stream (for the duration of your membership of the Saving Stream Website) as your agent on your behalf with full power to carry out those amendments without your specific agreement. You will then be bound by those amendments. You agree and acknowledge that Saving Stream shall take on no liabilities, obligations or rights under the Loan Contract as a result of such agency, and you agree that you will continue to be solely liable and responsible for the rights and obligations under the Loan Contract (as amended) and Saving Stream and/or Saving Stream Security Holding will not be liable for any amendments to the Loan Contract.
  10. Selling your loan part
    1. If you want access to the money you have lent before it has been repaid by the borrower, you can sell your loan parts to other lenders on the Saving Stream Website, by selling your loan parts individually.
    2. You can sell loan parts on an individual basis, which allows you to decide exactly which loans you wish to sell. You can select the loans you want to sell in the login section of the platform, and these loans will be listed on the platform for sale unless you decide to remove them. You will continue to be the lender for the loan part until it is sold.
    3. The loan parts may be transferred by way of repayment and redrawing to another lender. Loan parts can only be transferred at their par value and you cannot apply a premium to the outstanding value of the loan part being transferred. If you put your loan part up for sale you will stop accruing and receiving interest on the relevant loan part.
    4. On the effective date of the transfer of the loan part, you and the borrower shall be released from further obligations to each other under the relevant Loan Contract in respect of that loan part ("Discharged Obligations") and shall be treated as if the loan represented by the relevant loan parts had been repaid by the borrower in full. At the same time the borrower and the transferee shall be treated as if the loan represented by the relevant loan parts had been advanced by the transferee to the borrower. At that point the borrower and the transferee shall assume the Discharged Obligations towards each other as if the transferee had been the original lender in respect of the relevant loan parts, including the right to collect unpaid interest and capital.
    5. On the effective date of the transfer, the purchase price of the transferred loan parts will be paid from the Saving Stream account of the transferee to the Saving Stream account of the transferor.
  11. The role of Saving Stream

    We and Saving Stream Security Holding perform an administrative role in matching borrowers and lenders and in facilitating payments, collection of sums due and onward distribution of funds. If we or Saving Stream Security Holding cease trading, we have arrangements in place with a third party back-up servicer who would take on our servicing obligations (see clause 16 for more details). We and/or Saving Stream Security Holding may perform additional tasks in the event that a loan or a loan part is secured, as outlined in the next clause. We may pass on to lenders available data on borrowers from credit reference agencies to assist each lender's analysis of each loan request.

  12. Security
    1. Saving Stream and/or Saving Stream Security Holding may require directors or members of the borrower to provide personal guarantees as security for the loan.
    2. Where the loan is secured, the following security provisions will apply:
      1. If the borrower is a Corporate Entity, where the loan is to be a secured against a property, the borrower's obligation under the Loan Contract to you will be secured by a legal charge over the property and/or a debenture and any other security held by Saving Stream Security Holding on trust for the lenders and in the event that a borrower fails to make a payment when due or defaults in meeting any material obligations of the loan you agree that Saving Stream may instruct Saving Stream Security Holding (as security trustee on your behalf) to enforce the security on your behalf constituted by the legal charge, the debenture and any other security.
      2. If the borrower is an individual, where a loan is to be a secured against a property, the borrower's obligation under the Loan Contract to you will be secured by a legal charge over the property and any other security held by Saving Stream Security Holding and in the event that a borrower fails to make a payment when due or defaults in meeting any material obligations of the loan you agree that Saving Stream may instruct Saving Stream Security Holding (as security trustee on your behalf) to enforce the security on your behalf constituted by the legal charge and any other security.
    3. If a borrower has existing liabilities in place which are secured by existing security, then the existing security holder may require Saving Stream Security Holding (as security trustee) to enter into a deed of priority or intercreditor deed and you agree that Saving Stream Security Holding may enter into such deed and acknowledge that Saving Stream Security Holding’s security may rank behind the existing security.
    4. In the circumstances described at clause 12.1 and/or clause 12.2, you agree that Saving Stream Security Holding will act on your behalf as security trustee in respect of any borrower's liabilities to you under each loan. All communications to a borrower in connection with any such security will be made through Saving Stream Security Holding or Saving Stream.
    5. Where we or Saving Stream Security Holding have been provided with information by a relevant borrower, we or Saving Stream Security Holding may provide to you as a lender certain information about the assets of that borrower and/or an asset register detailing such assets together with estimated sale value of such assets on enforcement. In such circumstances, any asset valuation provided will be indicative of the value of the asset or assets only and realisation on enforcement in connection with the sale of such asset or assets may be lower (or higher) than the value set out in the asset register. Saving Stream accepts no liability for any information provided in the assets register.
    6. Saving Stream Security Holding will hold the assets charged under any security upon trust for itself and for all lenders to that borrower (including you) and Saving Stream (in respect of any amounts due to Saving Stream). From time to time Saving Stream Security Holding may perform (before or after any enforcement under the terms of the security) all obligations, rights and benefits given to Saving Stream Security Holding by any debenture and/or charge and by any other security that Saving Stream Security Holding may take in respect of the debt due under the loan or under any document entered into pursuant to such debenture, legal charge and/or other security. Saving Stream Security Holding (as security trustee) shall have certain powers and discretions conferred upon trustees and may also rely on any representation, notice or document believed by it to be genuine, correct and appropriately authorised and any statement made by any director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify. All costs incurred by Saving Stream Security Holding and/or Saving Stream will be deducted from any amounts recovered by Saving Stream Security Holding before the monies are paid to lenders.
    7. Where Saving Stream Security Holding holds a debenture, a legal charge and/or other security in respect of a particular loan or the liabilities of a particular borrower, that debenture, legal charge and/or other security will generally operate to secure all monies due from that borrower to lenders on the Saving Stream platform from time to time. If Saving Stream Security Holding is required to enforce any security agreement, and any proceeds of recovery become available (after allowing for all of Saving Stream Security Holding and/or Saving Stream’s costs of enforcement), it is possible that the available proceeds will not be sufficient to discharge all obligations owed by the borrower at that time to lenders on the Saving Stream platform. If that is the case, then the lenders shall only be entitled to recover their proportionate share of such recoveries. In addition, it is possible that there may be other creditors of the borrower that have claims that may be recovered in priority to those of Saving Stream Security Holding and the Saving Stream lenders, so the existence of such debenture, legal charge and/or other security should not be considered to be a guarantee of certain repayment in the event of failure by the borrower in meeting its payments.
    8. You agree that Saving Stream Security Holding and Saving Stream shall be entitled to be repaid and reimbursed out of the proceeds of any recovery under any debenture, legal charge and/or other security and that you will pay all reasonable costs incurred by Saving Stream Security Holding in enforcing the security or in complying with any instructions from you in connection with any security agreement. You will only be responsible for payment of such costs out of the proceeds of any recovery and to the extent that such costs cannot be recovered by Saving Stream Security Holding and/or Saving Stream from the relevant borrower.
    9. You agree that Saving Stream Security Holding will in its sole discretion determine whether to pursue any recovery.
  13. Borrower event of default and enforceability
    1. Saving Stream (acting as agent on behalf of the lenders) and Saving Stream Security Holding may enforce payment of the debt and enforce the security against the borrower.
  14. Terminating your membership of Saving Stream
    1. If you no longer want to be a member of Saving Stream, and provided you have no Loan Contracts currently in force, you can let us know and we will end your membership.
    2. We may end your membership of Saving Stream at any time and for any reason, including but not limited to if:
      1. you breach any of the Terms;
      2. you breach any Loan Contract;
      3. we suspect that you have committed fraud, been involved in money laundering or other criminal activities;
      4. you suspend, or threaten to suspend, payment of your debts, or are unable to pay your debts as they fall due or admit inability to pay your debts, or (being a company or limited liability partnership) are deemed unable to pay your debts within the meaning of section 123 of the Insolvency Act 1986, or (being an individual) are deemed either unable to pay your debts or as having no reasonable prospect of so doing, in either case, within the meaning of section 268 of the Insolvency Act 1986, or (being a partnership) have any partner to whom any of the foregoing apply;
      5. you commence negotiations with all or any class of your creditors with a view to rescheduling any of your debts, or make a proposal for or enter into any compromise or arrangement with your creditors other than (where you are a company) where these events take place for the sole purpose of a scheme for your solvent amalgamation with one or more other companies or your solvent reconstruction;
      6. (being a company) a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with your winding up, other than for the sole purpose of a scheme for your solvent amalgamation with one or more other companies or your solvent reconstruction;
      7. (being a company or an LLP) an application is made to court, or an order is made, for the appointment of an administrator or if a notice of intention to appoint an administrator is given or if an administrator is appointed over you;
      8. a person becomes entitled to appoint a receiver over your assets or a receiver is appointed over your assets;
      9. (being an individual) you are the subject of a bankruptcy petition or order;
      10. a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of your assets and such attachment or process is not discharged within 10 business days;
      11. any event occurs, or proceeding is taken, in any jurisdiction to which you are subject that has an effect equivalent or similar to any of the events mentioned in clause 14.2.4 to clause 14.2.10 (inclusive);
      12. you suspend, threaten to suspend, cease or threaten to cease to carry on all or a substantial part of your business;
      13. your financial position deteriorates to such an extent that in Saving Stream’s opinion your capability to adequately fulfil your obligations under these terms and conditions has been placed in jeopardy;
      14. (being an individual) you die or, by reason of illness or incapacity (whether mental or physical), are incapable of managing your own affairs or become a patient under any mental health legislation;
      15. you use the Saving Stream platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Saving Stream;
      16. you use the Saving Stream platform in any of the following ways:
        1. in any way that causes, or is likely to cause, the platform or access to it to be interrupted or damaged in any way;
        2. for fraudulent purposes, or in connection with a criminal offence;
        3. to send, use or reuse any material that is illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any “spam”;
        4. to cause annoyance, inconvenience or needless anxiety; or
        5. there is no activity in your Saving Stream lender account within a 12 month period.
    3. Within 10 business days of termination we will credit your bank or building society account with any funds left in your Saving Stream lender account.
  15. Lender's agreements with Saving Stream
    1. You agree that Saving Stream is making no warranty or representation as to the ability of borrowers to repay loans or pay interest or fees on those loans, and their credit risk, and that we are in no way liable for the debts of borrowers to you. You acknowledge that you are lending entirely at your own risk.
    2. Calculations we may provide on the platform of the likely rate of return on loans are for guidance purposes only and are not guaranteed.
    3. The information on the platform does not constitute advice, recommendation or an endorsement of loan requests or borrowers. The information is not intended to be relied upon as a sole basis for deciding whether or not to lend to a particular business.
    4. We make no representation or warranty as to the accuracy of the data displayed for loan requests, nor whether the information is up to date or error free.
    5. We do not guarantee that loans will be fully funded, that there will be sufficient borrowers for you to lend to or that there are sufficient other lenders to buy your loan parts should you wish to sell them.
    6. We do not guarantee that loan parts listed for sale will be bought by other lenders or the time it will take to withdraw funds from Saving Stream by selling loan parts.
    7. Where Saving Stream and/or Saving Stream Security Holding has implemented any form of personal guarantee or other personal security in support of a loan on your behalf as a lender, you accept that the enforceability of such personal guarantee shall be subject to normal legal risks and limitations and that Saving Stream will not have ensured that any individual providing such a guarantee has been independently advised on the impact of such a personal guarantee. Such guarantees can be open to challenge in circumstances where the individual granting the guarantee has been subject to undue pressure or influence from a third party.
  16. Back-up servicer arrangements

    If our platform were to fail or we and/or Saving Stream Security Holding become insolvent we would transfer our obligations under the Terms and the Loan Contract to a third party back up servicer, with whom we have entered into a back up servicing arrangement.

  17. General terms
    1. The information provided on the platform is directed solely at and is for use solely by persons and organisations that meet the criteria set out in clause 2. The content provided through the platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.
    2. You are permitted to download and print content from this platform solely for your own personal use or in the course of your business to the extent required to use the services provided on this platform. Saving Stream supplied content must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.
    3. We are not responsible for content downloaded or posted by lenders on the platform.
    4. We will endeavour to allow uninterrupted access to the platform, but access to the platform may be suspended, restricted or terminated at any time.
    5. You agree to use the platform only for lawful purposes and in a way which does not infringe the rights of any anyone else or restrict or inhibit anyone else's use and enjoyment of the platform.
    6. You agree not to use the Saving Stream platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Saving Stream.
    7. You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to the platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the platform or any other technology.
    8. The content and material available through the platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. If you are unsure about whether a product is suitable you should contact an independent financial adviser.
    9. You are responsible for all costs incurred by you in accessing the platform.
    10. We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.
    11. Information transmitted via our systems will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third parties or incorrectly delivered or not delivered.
    12. The platform may contain links to third party websites. We accept no responsibility or liability for any material supplied by or contained on any third party website which is linked from or to the platform, or any use of personal data by such third party.
    13. We may update the Saving Stream Website from time to time. However, please note that any of the content on the platform may be out of date at any given time, and we are under no obligation to update it. We do not guarantee that the platform, or any content on it, will be free from errors or omissions.
    14. You cannot include a link to the platform on any other website, computer or network without our prior written consent.
  18. Privacy

    You agree that any and all personal information you provide to us via this platform may be collected, stored, processed and used in accordance with our current privacy and cookie policy (accessible online at https://savingstream.co.uk/privacy-policy).

  19. Intellectual property rights
    1. Subject to clause 19.3 below, as between you and us, we own all present and future copyright, registered and unregistered trademarks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the Saving Stream platform.
    2. If and to the extent that any such intellectual property rights vest in you by operation of law or otherwise, you agree to do any and all such acts and execute any and all such documents as we may reasonably request in order to assign such intellectual property rights back to us.
    3. You shall retain ownership of all copyright in data you upload or submit to the platform. You grant us a world-wide exclusive, royalty-free, non-terminable licence to use, copy, distribute, publish and transmit such data in any manner.
    4. We do not warrant or represent that the content of the platform does not infringe the rights of any third party.
  20. Your liability to us

    You shall be liable to us for any loss or damage suffered by Saving Stream and/or Saving Stream Security Holding as a result of any breach of the Terms or any Loan Contract, or any fraudulent use of the Saving Stream platform. You will also be liable to us as contemplated in clause 12.8 above in circumstances where a loan is a secured loan.

  21. Our liability to you
    1. Saving Stream and/or Saving Stream Security Holding shall not be liable to you for any loss or damage which you may suffer as a result of being a member of Saving Stream or using the services provided via the platform, except where such loss or damage arises from our breach of these terms and conditions or was caused by negligence, wilful default or fraud by us or our employees. We are not responsible for any breach of these terms and conditions arising from circumstances outside our reasonable control. Saving Stream’s and/or Saving Stream Security Holding’s total liability to you in connection with these terms and conditions, your membership of Saving Stream and your use of the services provided via the platform shall not exceed the amount of money you have lent giving rise to the liability.
    2. Nothing in these terms and conditions shall limit Saving Stream and/or Saving Stream Security Holding’s liability for personal injury or death, fraud, or for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.
  22. Contacting us

    Should you have any questions about these terms and conditions, or wish to contact us for any reason whatsoever, please contact us on the Saving Stream website https://savingstream.co.uk/contact.

  23. Amendments to these terms and conditions
    1. We expect to need to update or amend these terms and conditions from time to time to comply with the Financial Conduct Authority rules and any other laws or regulations or to meet our changing business requirements. We may make such changes without your specific agreement and we may not always be able to give you advanced notice of such updates or amendments but we will always post them on the platform so you can view them when you next log in. By continuing to use the platform, or our services in allocating funds you have deposited, you agree to be bound by the terms of any updates and amendments implemented in accordance with this clause 23.
    2. These terms and conditions were last updated on 13/01/2017.
  24. Other important terms
    1. If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
    2. All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us for any reason.
    3. We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed. A waiver of any right is only effective if it is in writing and shall not been deemed to be a waiver of any subsequent breach or default.
    4. No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
    5. These terms and conditions and the Loan Contracts set out the entire agreement between you and us with respect to your use of the platform and the services provided via the platform and supersede any and all representations, communications and prior agreements (written or oral) made by you or us.
    6. Saving Stream may exercise any of its rights under these terms and conditions by itself or through any company or other legal entity which is under the control or ownership of Saving Stream.
    7. Any notice of other communication given to a party under or in connection with these terms and conditions shall be in writing, addressed to that party at its registered office (if it is a company or LLP), its principal place of business or address provided in writing and shall be delivered personally, by pre-paid first class post or e-mail. The notice shall be deemed to have been received, if sent by post at 9.00am on the second business day after posting and if sent by e-mail, one business day after transmission.
    8. Nothing in these terms and conditions is intended to, or shall be deemed to, establish any partnership or joint venture between the parties, nor constitute either party the agent of the other party for any purpose.
    9. A person who is not party to these terms and conditions shall not have any rights to enforce its terms.
    10. These terms and conditions and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales.
    11. Each party irrevocably agrees that, subject as provided below, the courts of England and Wales shall have exclusive jurisdiction over any dispute or claim that arises out of, or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims). Nothing in this clause shall limit the right of the Agent (in its own right or as agent for the Lenders) to take proceedings against the Borrower in any other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdictions, whether concurrently or not, to the extent permitted by the law of such other jurisdiction.