Introduction

These are the terms of supply for services available on our website ("Website"), on our mobile applications, through your Facebook messenger application made available through our mobile applications and/or directly via SMS ("Applications"). The Website and Applications (together referred to as the "Site") are operated by or on behalf of Fairscore Ltd (Updraft, we, us and our). We are a limited company, registered in England. Our registered company number is 10868865 and our registered office is at 20-22 Wenlock Road, London, N1 7GU. Your use of any of the services offered on the Site (the "Services") is subject to these terms and by signing up for or using any Service you agree to be bound by them. You should print a copy of these terms for future reference. Use of your personal information submitted to us as part of the provision of the Services is governed by our Privacy notice and Cookies Policy.
These terms were last updated March 2019

Registering with us

To use any of the Services, you must first register to set up an account with us by completing the account registration form available on the Site. You only need to register once.To register, you must be at least 18 years of age.

Please note that additional eligibility criteria may apply to a particular Service, where indicated on the Site. It is your responsibility to ensure you satisfy all of the minimum eligibility criteria set out above before choosing to register with us. By doing so, you confirm to us that you do meet all of the minimum eligibility criteria

To register, you must provide us with accurate, complete and up-to-date contact information, including email address and mobile telephone number. You are responsible for the information you provide to us. You must promptly update your Updraft account in the event of any changes to information you have provided.

Registration is subject to approval by us in all cases, and we reserve the right, in our sole and absolute discretion, to decline any application for registration, without giving a reason. If we approve your registration, you will receive a notification from us. We may be required by law to carry out checks (including checks with credit reference agencies) for the purposes of confirming your identity.

Username and password

Upon registration for an account with us, you will be asked to create a username and personalised security credentials to access your account. You must take all reasonable precautions to keep your username and personalised security credentials confidential and secure at all times and use it only to access and use your Updraft account and not for any other purpose. For example, you should not write down your personalised security credentials and you must take care that nobody sees (or overhears) you when using them. You are the only authorised user of your account and, accordingly, you must not disclose your username or personalised security credentials to anyone else. You are responsible for all activities that occur using your username and personalised security credentials and you must contact us immediately if you discover or suspect any unauthorised use of your Updraft account or error in the operation of your username and/or personalised security credentials (see Contacting us and complaints). If you discover or suspect any unauthorised use of a payment or financial account linked to your Updraft account, you should immediately notify the provider of that account. We may, from time to time, with or without prior notice, temporarily suspend the operation of any Service if we believe there has been unauthorised access to your Updraft account or we suspect it is being used to gain unauthorised access to any payment or financial account linked to the Services.

Our services

The Services are described more fully on the Site. We will provide the Services with reasonable care and skill.
Our  services include the following :

  • We offer alerts to help you better understand the cost of unsecured debt and and nudge you to reduce your reliance on overdrafts, credit cards and other forms of high cost debt.
  • we might offer you an Updraft loan if it meets your needs. This will be subject to our creditworthiness and affordability assessment we are required to do as a responsible lender.
  • As part of the Updraft loan application we might offer you the Updraft ‘soft search’ service, if you do not become a Updraft loan customer straightaway, we will keep and may use the information you’ve submitted to review your credit file in future.  We will use it to carry out regular ‘soft searches’ over the next 12 months which won’t affect your credit score and we may then contact you (by mobile app or email, and/or SMS) about the Updraft loan, similar products and services offered by us. Please note that an Updraft ‘soft search’ will result in an additional ‘hard search’ on your credit file if you decide to take the Updraft loan product.
  • For loan repayments we will also offer a Direct Debit service through our partner Modulr Finance and London & Zurich Ltd. Your payments will be covered under the Direct Debit Guarantee.
  • We partner with TrueLayer and act as their agent for the provision of account information services. For additional details on the service, please see the section on Account Information Services. You will be accessing TrueLayer's services through Updraft. By connecting your bank account you are permitting TrueLayer to access account information from your bank account and share it with Updraft. We use data on your bank account to offer personal financial management services. These include timely alerts, nudges, budgets and spending plan.

We are authorised by the UK Financial Conduct Authority (Firm Reference Number: 810923 ). Any additional terms related to these services will be shown to you in our applications before you enrol.

Account Information Services

We partner with TrueLayer and act as their agent for the provision of account information services.
In using TrueLayer’s Account Information Services  you agree that TrueLayer may process, aggregate or analyse information from one or more Linked Account in order to provide you with the following Services:
• Providing information regarding your transactions and financial position acros all Linked Accounts.
• Responding to messages you have submitted through your Updraft account concerning the account information services
By agreeing to these Terms of Service, you also agree to TrueLayer's end user terms which are available here; https://truelayer.com/enduser_tos/. The Terms of Service set out the terms on which you agree to Truelayer accessing information on your payment accounts . Truelayer is subject to UK and EU data protection laws and is required to treat your data in accordance with those laws. You can find  Truelayer’s Privacy Policy here.

Truelayer is authorised by the Financial Conduct Authority in the UK under the Payment Services Regulations 2017 to provide account information services and payment initiation services (Firm Reference Number: 793171 ).”

Communications between us

When we refer in these terms, to "in writing", this will include e-mail and instant messaging.
You may contact us:

  • through the mobile app in-app chat functionality.
  • emailing us at support@updraft.com
  • calling us on 08081649210
  • writing to us at “Fairscore Ltd”, 20-22 Wenlock Road, London, N1 7GU.

Complaints

If you have a complaint about our Service you've received, please contact us at:

  • Email us at complaints@updraft.com;
  • Write to us at “Fairscore Ltd”, 20-22 Wenlock Road, London, N1 7GU;
  • Call us on 08081649210

For complaints related to the provision of account information services, you can contact TrueLayer directly by emailing:  agents@truelayer.zendesk.com.

Should you wish to raise a complaint in relation to the service with your ASPSP or your Provider, please refer to the complaints policy of your ASPSP and/ or Provider.
If we're unable to resolve your complaint, you may have a right to refer your complaint to the Financial Ombudsman Service by:
• Writing to them at The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
• Calling them on 0800 023 4567
• Emailing them at complaint.info@financialombudsman.org.uk
The FOS website is financial-ombudsman.org.uk

Alternatively, you may log your complaint to the Financial Ombudsman Service through the European Commission's online dispute resolution platform at http://ec.europa.eu/consumers/odr.
If you do not take up your complaint with us first, you will not be entitled to refer it to the Financial Ombudsman Service.

Lost or stolen mobile device

If your mobile device is lost or stolen or if you suspect someone has gained unauthorised access to your username or password, you must contact us immediately at support@updraft.com.

In order to take any action, you will need to provide certain account information used to setup the account so we can verify your identity.

Canceling your account

You can cancel the Service at anytime via our site or through the mobile app via the in-app chat.
We can cancel our provision of the Service to you if:

  • Your use of the Service has been inactive for an extended period of time; or
  • You commit a serious breach of these Terms.

If you have cancelled any of your Personal Accounts or transferred a Personal Account to another bank, you must inform us as soon as reasonably possible via our mobile application

Other important terms

  • We can transfer our rights and obligations under a Contract to another organisation, but this will not affect your rights or our obligations under these Terms. We will always notify you if this happens.
  • This Contract is between you and us. No other person will have any rights to enforce any of its terms.
  • Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.
  • If we fail to insist that you perform any of your obligations under these Terms, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations. If we do waive a default by you, we will only do so in writing, and that will not mean that we will automatically waive any later default by you.
  • These Terms are governed by English law. This means any dispute or claim arising out of or in connection with these Terms will be governed by English law. You and we both agree to that the courts of England and Wales will have non-exclusive jurisdiction.