GoCardless Terms

Please note: We have recently concluded redemption of our platform investors in full as part of the Resolution Event (please refer to our Investor Terms for more information) declared in June 2020. As of 13th January 2021, all remaining funds have been returned to peer-to-peer investors and our investor platform is in the process of closing. Growth Street continues to streamline business operations, whilst continuing to recover the remaining loans outstanding from borrowers, with the ultimate aim of winding down operations. We will not be conducting any further lending activities, or accepting any new investors or deposits from existing investors. If you were an investor and have any questions, please contact us on Live Chat or by calling 0808 123 1231 (Option 3). If you are an existing Growth Street borrower and have any questions, please contact your Relationship Manager.

Your capital is at risk when you invest through Growth Street. Our investment products are not covered by the Financial Services Compensation Scheme. Read about our Loan Loss Provision here.

Last Update: 15th December 2017

  1. To make participation on the Growth Street Platform as simple as possible, Growth Street integrates its service with carefully selected payment service providers.  Borrowers on the Platform are required to have a merchant account (a “GoCardless Account”) and a direct debit mandate with GoCardless Ltd (“GoCardless”), which helps us to facilitate automated payments to Growth Street.
  2. GoCardless is a company registered in England and Wales with company number 07495895 and their registered office is at 338-346 Goswell Road, London EC1V 7LQ, United Kingdom. GoCardless Ltd is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration number 597190, for the provision of payment services.
  3. The following sets out the terms relating to your use of this service. 
  4. Unless otherwise defined, capitalised terms shall have the same meanings given to them in your GrowthLine Agreement. 
  5. You authorise Growth Street to create a GoCardless Account on your behalf (as defined in the GoCardless merchant terms of service, which can be viewed at https://gocardless.com/legal/m... (the “GoCardless Terms of Service”).
  6. By doing so we will provide certain of your information to GoCardless to enable GoCardless to perform identity checks on you.  We will also agree to the GoCardless Terms of Service from time to time as your agent, and you agree to be bound by all the terms of service as if you had agreed to those terms of service yourself. 
  7. You agree that:
    1. we will be a permitted user of your GoCardless Account, and associated access details (including username and password) as if we were you;
    2. we may create the GoCardless Account using an email address managed and controlled by us; and
    3. all notifications or instructions in relation to the GoCardless Account will be received or initiated by us unless you request otherwise.
  8. You will create a direct debit mandate as part of activating or maintaining your Growth Street account with us.  The direct debit mandate will allow your GoCardless account to initiate a direct debit from your nominated bank account. 
  9. Once you have an operational Payment Account, as defined in your GrowthLine Agreement, (but not before), we will operate your GoCardless account to charge your nominated bank account with any Loan Rate, Service Fee, or other charges that you owe.  Funds collected in your GoCardless Account will be paid out to your Payment Account in accordance with GoCardless’s terms of service, less any applicable GoCardless fees.
  10. We agree to indemnify you for any fees charged to your GoCardless Account and we will credit your Payment Account with the amount of any fees charged to your GoCardless Account by GoCardless on the same day that those fees are charged.
  11. We will only operate the GoCardless Account as described in these terms.  
  12. Any of our rights and your obligations under these terms may be relied upon and enforced by GoCardless.
The Loan Loss Provision we offer does not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The fund has absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Loan Loss Provision when considering whether or how much to invest. You can read our Loan Loss Provision Policy here.