You must read this Policy carefully. By using Your Account, you will be deemed to have accepted this Policy. If You do not accept the terms contained in this Policy, You should not use Your Account.
This document outlines the policies for Bloom Money customers who wish to leave a Bloom Money circle. It details the responsibilities of members, potential consequences of departure, and the limited role of Bloom Money in accordance with Financial Conduct Authority (FCA) regulations.
Definitions
"Account" means the electronic money account held by You with Us and to which Your Card(s) may be linked.
"App” means the Bloom Money mobile application which is available online as a Web App and/or for download from Apple's App Store and the Google Play Market.
“Bloom Money” is a trading name and means Finance for All Limited, a company registered in England and Wales with registration number 13652983 whose registered office is at 71-75 Shelton Street, London, WC2H 9JQ.
"Terms and Conditions" means these terms and conditions together with the Fees Table and any supplementary terms and conditions and amendments to them that We may notify You of from time to time.
"You" or "Your" means the person agreeing to this Policy with Us.
"Us" or "We" or "Our" means Bloom Money
"Customer Services" can be contacted on:
Email: contact@bloommoney.co
Post: 71-75 Shelton Street, London, WC2H 9JQ
Member Departure Scenarios
Leaving After Receiving Payout, Before Completing Contributions:
Procedure:
Member initiates a leave request via the Bloom Money app.
Automatic notification to the circle admin.
Member engages in discussions with the circle admin about outstanding contributions, and agrees to a payment plan or other arrangement to fulfil their obligations.
Consequences:
Financial Obligations: The member may need to fulfil outstanding contributions through a negotiated payment plan.
Credit Impact: Failure to settle outstanding contributions within the app may lead to negative reporting to credit reference agencies.
Restrictions: The member may face restrictions on using the App and services, including barred access to future circles.
Community Impact: Notification to circle members, particularly circle admins of other circles the member is part of, potentially affecting the member's reputation within the Bloom Money community.
Leaving Before Payout, After Making Contributions:
Procedure:
Adjustment of the circle's payout and contribution schedule.
Refund of the member's contributions on the original payout date.
Consequences:
Member will receive a refund of contributions made. This will be arranged by Bloom Money.
Potential reorganisation of the circle's payout structure to accommodate the departure which will include other circle member’s payout dates and amounts.
Notification to circle members, particularly circle admins of other circles the member is part of, potentially affecting the member's reputation within the Bloom Money community.
Responsibilities of Circle Members
Members are expected to uphold their financial and participatory commitments to the circle.
Essential to maintain open lines of communication with circle admins and creators, especially in the event of a change in participation.
Members are responsible for managing their financial wellbeing to ensure they can make payments into the circle.
Limitation of Bloom Money's Responsibility
Bloom Money's role is confined to facilitating the administrative aspects of the circle and ensuring compliance with FCA regulations.
Bloom Money does not typically intervene in disputes between members, which should be resolved internally within the circle.
Need further support?
If you have any questions, please contact Customer Services via email at contact@bloommoney.co.