en 
Last update date: 15.04.2022
Table of content:
1. Registration on the Portal and creation of a User Profile
2. User identification and confirmation of transactions
3. Virtual Account and adding funds
4. Purchasing Claims
5. Conclusion and execution of the Assignment Agreement
6. User’s rights and obligations
7. Portal’s rights and obligations
8. Payment for services of the Portal
9. Resale of Claims
10. Liability
11. User’s personal data
12. Termination of the Agreement
13. Conduct in case of Portal’s insolvency
14. Auto Invest
15. iuvoUP/ iuvoSAVE
16. Currency Exchange
17. Other Terms and Conditions
18. Complaints
19. List of fees
Definitions
Agreement / User Terms – this agreement of a user of the Portal concluded electronically between each User and the Portal upon creating the User Account.
Assignment Agreement – an assignment agreement concluded between the Loan Originator as the Assignor and the User as the Assignee, and pursuant to which the Creditor (the Assignor) transfers a Claim arising from the Loan Agreement to the User (the Assignee).
Assignor – a Creditor (a Loan Originator or another User), who, pursuant to the Assignment Agreement, assigns the Claim to another User (the Assignee).
Assignee – a User, who has purchased a Claim from the Assignor.
Borrower – a natural person or legal entity, wherewith the Loan Originator has concluded a Loan Agreement, where the respective person is a borrower or other type of party whois obligated to return monetary assets or is entitled to payment of money.
Borrower’s Payments – payments executed by the Borrower for the Loan repayment, Interest, contractual penalty, late fees, and other ancillary claims arising from the Loan Agreement, which the Borrower shall pay to the Creditor (a Loan Originator or another User) and the Creditor shall transfer to IUVO for paying to the Assignee.
Business Day – Any day, on which banks in Estonia or the respective EU member state are operating, except Saturdays, Sundays, and public holidays.
Creditor – a User, who owns a Claim towards the Borrower.
Claim – a Creditor’s claim or a part thereof towards the Borrower, arising from the Loan Agreement. The Claim can consist of the Loan principal, Interest, and other ancillary claims in full. The detailed Claim Amount is established in the Assignment Agreement.
Claim Amount – a Loan or a part thereof, to the extent whereof the Assignor transfers a Claim to the Assignee and which, together with a mark-up or discount (if any) forms the Claim Price.
Claim Application – a User’s application, created in their User Account and filled in on the Portal, concerning a purchase (transfer) of a single or multiple Claims selected by the User, by the electronic submission of which the User shall certify its intent to acquire the selected Claim.
Claim Price – the fee for a Claim transfer agreed upon between the Creditor and User and established in the Assignment Agreement, consisting of the Claim Amount and the discount or mark-up (if any).
Collateral – a Loan Originator’s pledge rights on real estate, movable property, or aggregation of property, a third party guarantee, title to a vehicle or any other legally permissible means of securing the fulfillment of the the Borrower’s obligations arising from the Loan Agreement if expressly indicated among other information about the Claim on the Portal (if any). The Claim can be without Collateral. For the purposes of the Agreement, the contractual penalty, late payment interest and other ancillary claims arising from the Loan Agreement shall not be considered as a Collateral. IUVO does not mediate loans secured with real estate pledges for the purpose of acquring residential immovable.
Iuvo – Iuvo group OÜ, registration code 14063375, maintaining and administrating the Portal, managing the Claims of the Assignee and fulfilling other responsibilities specified in the Assignment Agreement and these User Terms.
Interest – remuneration for the use of the Loan, calculated pursuant to the Loan Agreement and paid by the Borrower or remuneration for the purchase of a Product, listen on the Portal, paid to the Assignee, which have purchase it..
Loan – the principal amount of the credit issued to the Borrower in compliance with the Loan Agreement and yet not repaid or a part thereof, which, pursuant to the Assignment Agreement shall be repaid by the Borrower to the Loan Originator, and which the Portal transfers to the Assignee after it is received from the Loan Originator.
Loan Agreement – a loan, lease, credit agreement or a financial arrangement of different nature concluded between Loan Originator and the Borrower.
Loan Originator – a lending company which is Creditor, who in compliance with the co-operation agreement concluded with the Portal, has authorized the Portal to transfer the Loan Originator’s Claim towards the Borrower, by using the Portal, and on behalf of the Creditor, and to take other steps prescribed in the Agreement and in the Assignment Agreement.
Management of Claim – The actions that the Loan Originator, IUVO or other party are permitted to take, according to the Assignment Agreement or any other agreement or agreements concluded with the Assignee, as the fiduciary of the Assignee with respect to the Claim.Management of the Claim may be referred to as servicing of the Claim in some Assignment Agreements and other agreements.
Minimum Claim Amount – the minimum amount of a single Claim as established by the Portal for the different currencies of the listed Claims and as such indicated on the Portal, excluding any mark-ups or discounts, for which a User can purchase a single Claim. The amount of the Claim, along with mark-ups and discounts (if any) form the Claim Price.
Parties – the User and the Portal.
Personal Data – any information processed by the Portal relating to a natural person which enables the person to be identified, either directly or indirectly.
Portal – means iuvo and the sites created and serviced by IUVO under a domain name www.iuvo-group.com and allow its Users to use various interactive services offered thereby, operating in the scope of this site.
Portal Account/s – the bank account/-s indicated on the Portal, to which, pursuant to the present terms and conditions, the User transfers funds to add them to the User’s Virtual Account and which is held separate from other property of the Portal.
Price List – the effective price list of the Portal services published in the Portal, which is an integral part of the Agreement.
Privacy Policy – document available on the website of the Portal disclosing information on the Portal’s Personal Data processing activities.
Registration Application – an application prepared by the User on the Portal in compliance with Section 1 of these User Terms.
Service Fee – a fee indicated on the Price List paid by the User to the Portal for processing Claims in compliance with the provisions of the Agreement and/or the Assignment Agreement, or any other fee as agreed in this Agreement and indicated in the Price List for other services provided by IUVO on the Portal.
Summary – a summary automatically created on the Portal regarding the User’s selected Claims and the User’s indicated sums, for which the User wishes to purchase Claims.
User – a person registered on the Portal as its user, including an Assignor, an Assignee, and a Creditor.
User’s Bank Account – an account opened in the name of the User in a credit institution, payment institution, registered on the teritorry of the European Union, subject to the provisions of Law On the Prevention of Money Laundering and Terrorism Financing concerning the prevention of money laundering and terrorism financing.
User’s ID Number – a personalized number of each User of the Portal, used by Principal to identify the User. The User’s ID Number is also used to outline the transfers of funds made by the User to the Portal’s Account.
User’s Profile – the User’s personal profile on the Portal, which is automatically created after the User registers on the Portal and is constantly available to the User after entering the User’s e-mail address and password on the Portal.
Virtual Account – a separate account provided for each User by the Portal for recording settlements and transactions arising from the User Terms, Assignment Agreement and Loan Agreement.
Auto invest – an application available to the Portal Users which allows Users (investors) to fund the Claims, listed on the Portal, automatically in accordance with the criteria set by the User.
Currency exchange – tool in the Portal, which enables the Users to exchange funds from their Virtual Account from one currency indicated on the Portal to another.
Politically Exposed Person means any individual who is or who has been at any time in the preceeding 12 months entrusted with prominent public function (e.g.heads of State, heads of government, ministers and deputy or assistant ministers, senior members of parliament or of similar legislative bodies, senior members of the governing bodies of political parties, senior members of supreme courts, of constitutional courts or of other high-level judicial bodies, the decisions of which are not subject to further appeal, except in exceptional circumstances, senior members of courts of auditors or of the boards of central banks, ambassadors, chargés d’affaires and high-ranking officers in the armed forces, senior members of the administrative, management or supervisory bodies of State-owned enterprises, directors, deputy directors and senior members of the board or equivalent function of an international organisation) and their immediate family members (e.g. a spouse; or a person who is considered as equivalent to a spouse, a child and a child’s spouse or partner; or a parent) and any individual who is known to have joint beneficial ownership of a legal entity or legal arrangement, or any other close relationship, with high officials or any individual who has sole beneficial ownership of a legal entity or legal arrangement that is known to exist for the benefit of a high official.
iuvoUP/ iuvoSAVE – Predefined products , available on a specific sub-section on the Portal, which have fixed annual interest rates and a predetermined duration, the specific parameters/criteria of which are pre-approved by the User.
1. Registration on the Portal and creation of a User Profile
1.1. Only the registered User, who has entered into the Agreement with IUVO and who has User Profile created on the Portal, shall have the right to use the services offered on the Portal.
1.2. When submitting the Registration Application and confirming these User Terms, as well as when using the Portal and the services offered on the Portal, the User each time represents and warrants to IUVO that it meets the following criteria:
1.2.1. the User is a natural person or legal entity, information about which was provided during the registration on the Portal;
1.2.2. if the User is a natural person, the User must be at least 18 years old;
1.2.3. the User must have a User’s Bank Account, and the User must be authorized to freely handle such account and funds contained therein (if any), without any limitation;
1.2.4. The User is not subject to any insolvency, bankruptcy, liquidation or proceedings having the same effect and meaning as insolvency, bankruptcy or liquidation in any jurisdictions;
1.2.5. pursuant to a judgment that has taken effect, the User does not have limited legal capacity;
1.3. The User shall inform the Portal whether they are a Politically Exposed Person at the time of submitting the Registration Application. If the User becomes a Politically Exposed Person after submitting the Registration Application or after the Agreement is concluded, the User must inform the Portal within 3 (three) Business Days after becoming aware of the aforementioned fact.
1.4. The User shall acknowledge that, at the time of submitting the Registration Application and confirming of the User Terms, he/she/it has full legal capacity and is not under the influence of alcohol, drugs, psychoactive, toxic or other intoxicating substances.
1.5. The User shall register on the Portal by filling in a Registration Application, performing identification procedures in line with Section 2 of these User Terms, and confirming the present User Terms. After the User registration, a User’s Profile and a Virtual Account is automatically created on the Portal. Upon registration of the User on the Portal, the Portal assigns a unique User’s ID number.
1.6. To access and use the User’s Profile, the Portal identifies the User by the User’s e-mail address and password. The User shall be entitled to change the e-mail address and password used for User’s identification in compliance with procedures established on the Portal.
1.7. If the User is a legal entity, which has confirmed the User Terms, then the Portal is entitled to perform identification of the representative of the User by applying the same procedures as in the case of a User who is natural person (an individual).
1.8. To confirm the User Terms, to use services offered on the Portal, and to purchase Claims, the User must take the steps prescribed in Section 3 of these User Terms to enable Portal to identify the User.
1.9. The Portal may refuse the registration of a new User on the Portal without giving a reason for refusal.
1.10. The User’s Profile is private, and only the owner of the User’s Profile (the User) is authorized to enter into and use it.
2. User identification and confirmation of transactions
2.1. In order to fulfill the legal obligations under the applicable laws and regulations, before the User may use the services on the Portal and during the cooperation with the User under the Agreement, the Portal can perform identification procedures of the User, which includes, but is not limited to, identification of the User, obtaining information on country of residence, citizenship and/or country of birth, asserting the beneficial owner, obtaining information on the source of funds, obtaining information on the purpose and nature of the business relationship. Such identification can be also done by partners of IUVO or IUVO can rely on information gathered by partners of IUVO.
2.2. The Portal identifies the User according to the rules of the internal control system of the Portal in one of the following ways:
2.2.1. in person, before the conclusion of the Agreement, the User fills in the User data form and produces or submits identification documents requested by the Portal;
2.2.2. remotely, as the User transfers funds to the Portal Account from their Account, opened in their name in a credit institution, after the User registers on the Portal. In such case the Portal identifies the User, by using the information received from the bank. The User must indicate the User’s ID Number indicated in the User’s Profile as the purpose of payment.
2.2.3. remotely, as the User shall send electronically to the IUVO’s email address or upload or IUVO requests from its partners the following documents to the IUVO’s Portal: a copy of a personal identification document (ID card) or a copy of a passport valid for travel with a clearly visible first name, last name, personal identity number (or an equivalent identification code issued by the person’s country of origin) and photograph of the User; a copy of heating, power supply or other utility invoice issued at the address specified by the User.
2.3. In order to identify the User adequately, the Portal may, at its sole discretion, at any time, upon getting in touch with the User, request additional documents or information confirming the User’s identity, origin of funds, beneficial owners and any other information about the User that the Portal finds necessary for its identification. The Portal is entitled to unilaterally determine any additional requirements for the User identification, as well as introduce changes in the User identification process. Such documents can also be requested by partners used by IUVO for such purposes.
2.4. If the Agreement is concluded in person, the Agreement between the Portal and the User shall be deemed entered into and it shall become effective at the time when both Parties have signed it. If the Agreement is concluded remotely, the Agreement between the Portal and the User shall be deemed entered into and it shall become effective at the time, when the User has confirmed the present User Terms on the Portal and the Portal has identified the User. The Portal notifies the User about the fact of conclusion of the Agreement by sending a written notification to the User’s e-mail address. The User can examine the concluded Agreement and all Assignment Agreements on the User’s Profile.
2.5. A Registration Application filed in compliance with procedures established in the User Terms and transferring funds to the Portal Account to add them to the User’s Virtual Account confirms that the User wishes to use the Portal and the services offered therein pursuant to the Agreement provisions. By submitting the Registration Application, the User shall certify that he/she/it has read this Agreement and terms and conditions of the Portal included therein; they are clear and acceptable to him/her/it, and the User wishes to use the Portal and the services offered therein pursuant to the terms and conditions of this Agreement.
2.6. When registering and logging into (entering) the User’s Profile on the Portal, the User must enter the User’s e-mail address and password.
2.7. The entering of the User’s e-mail address and password, when registering and logging into the User’s Profile, shall be deemed as the User’s signature or acceptance/consent to the following User Terms. All payments, created payment orders, orders, instructions, applications, agreements, as well as other documents, confirmed or submitted by the User on the Portal after entering the User’s e-mail address and password, as prescribed on the Portal, shall be binding upon the User and the Portal and considered as an act of will either itself or provided in order to enter into binding and valid agreements or transactions.
2.8. The User’s password is deemed confidential information that the User and the Portal undertake not to divulge and shall undertake to prevent that third parties can find it out. The User must keep the User’s password in a secure manner, as well as regularly, however, not less frequently than after a period prescribed by the Portal, change/update the password.
2.9. If the User’s password has become known or may have become known to a third party, the User must immediately inform the Portal about it in writing or over the telephone, at which time the Portal shall block access to the User’s Profile as soon as possible, until, on the grounds of the User’s application, the User is given a new User’s password and the User has given an instruction to the Portal to unblock the User’s Profile.
2.10. Access to the User’s Profile is temporarily blocked, if the User’s password is entered incorrectly 5 (five) times in a row.
2.11. The Portal is entitled to, however is not obliged to, block access to the User’s Profile in cases, when the Portal suspects that the User’s Profile has been accessed without due authorization, including, if the Portal suspects that the User’s password has become known or may have become known to a third party or the Portal has suspicions of the execution of illegal transactions, as well as in other cases at the discretion of the Portal, in order to ensure safety of services, inviolability, confidentiality of the User and/or other Portal’s clients or to prevent losses that might be inflicted upon the Portal or the clients.
2.12. The Portal shall be entitled not to approve a transaction and/or not to execute any application or instruction given by the User and not to provide Services to the User if:
2.12.1. the User fails to comply with the User Terms;
2.12.2. the Portal has suspicions about the identity of the User, and the Portal has not been able to contact the User to confirm the content of the transaction;
2.12.3. the User’s instruction is unclear or distorted due to interruption in communication;
2.12.4. in other cases, stipulated in Clause 2.11 of these User Terms.
3. Virtual Account, adding and withdrawing funds
3.1. Each User has a personal sub-page (“Virtual account”) opened in the Portal with the aim of record-keeping their transaction balance and certain other financial actions and claims. The account shall reflect the balance of funds that the User has transferred to the Portal with the purpose of transactions made or to be made by the user (including for performance of User’s financial obligations).
3.2. The User shall transfer funds to the Portal’s Account to add funds to their Virtual Account in the currencies, which are indicated on the Portal and which IUVO is entitled to unilaterally change without any prior notice to the User at any time at its sole discretion. If the User is making a money transfer in a currency other than that accepted by IUVO on the account it received the payment, then IUVO may at its sole discretion, order the currency to be exchanged in the relevant amount to the respective currency accepted by IUVO on the account it received the funds, according to an exchange rate established by a financial or credit institution at its choice. Any costs related to money deposits and currency exchange by the funds deposited by the User shall be borne by the User.
3.3. When transferring funds to their User Account, the User shall have the duty to specify the User ID Number in payment details. If the User has failed to specify the User ID Number in payment details, IUVO shall have the right to deem this transfer of funds as non-received until the identification thereof.
3.4. Every User can exchange their funds in a different currency via the Currency exchange tool on the Portal, following the terms and conditions, pursuant to Clause 16. The currency rates are unilaterally set by the Portal and the latter shall make changes in them at its own discretion and without any notice to the Users.
3.5. If not otherwise stated in these User Terms, the User can withdraw the positive balance reflected in their account at any time, but in the amount not less than the amount equal to: 10 BGN, 10 EUR, 25 RON, 25 PLN by instructing the Portal accordingly. In case that all funds of the User on the Portal, including purchased claims are below the thresholds specified in the previous sentence, the User can give instructions to the Portal for a single withdrawal of the entire amount. The aforementioned User’s instructions are for the Portal to make the bank transfer of the above referred positive balance to the current account of the User that they have previously given to the Portal, which conforms to the requirements of these User Terms and from which the User has previously transferred funds to the Portal operator.
3.6. The User shall pay a withdrawal fee under Clause 3.5 to the amount specified as per Clause 19.4. Such fee shall be withheld from the positive balance of the User’s Virtual Account. Each User shall be entitled to give instructions for two free of charge withdrawals per month. All withdrawal instructions per month, irrespective of their currency, shall be deducted from the total number of free of charge withdrawals for the relevant month.
3.7. In case that as per Clause 16 the User has exchanged part or all of their initially transferred funds to their Account in a different currency, the User can withdraw these exchanged funds provided that:
3.7.1. If the User does not have current bank account in the same currency as the currency of the funds, which they want to withdraw and registered on the Portal, the User must exchanges the funds back to the currency of the bank account, which they have already registered on the Portal;
3.7.2. In case the User does have a registered bank account on the Portal, which is in the same currency as the funds, which they want to withdraw from the Portal, the User withdraws these funds pursuant to the procedure, stipulated in Clause 3.5 above.
3.8. If not stated otherwise in these User Terms, the User can transfer funds to the Portal with the purpose of transactions made or to be made by the User in an amount chosen by the User by transferring the relevant funds, by using the relevant application, to the Portal in a manner specified by the Portal. The Portal can, at its own discretion, impose restrictions or requirements to the minimum or maximum amounts of funds available on the account.
3.9. The Portal keeps the funds transferred to it by a User as an Assignee (Estonian: käsundisaaja) in the Portal’s own name on a current account that the Portal has opened for that purpose (Portal’s Account) in a credit institution registered in the commercial register in Estonia, a foreign country affiliate of a credit institution registered in the commercial register in Estonia or in a credit institution which is registered or which has a place of business in another contracting member state of the European Economic Area. The Portal keeps the relevant funds separately from its own funds. No interest or any other premium shall be calculated and paid to the User for the User’s funds stored in the IUVO’s Bank account.
3.10. A User can enter into transactions via the Portal, including buying a claim, selling a claim or making other payments and/or transactions, only on account of funds that the User has transferred to the Portal for such purpose before making the relevant transaction or action, on account of which no other financial obligations or instructions of the User are to be performed under the provisions of these User Terms and which are reflected on the account as positive balance of the User’s funds.
3.11. If a User has made a transaction to the Portal, the positive balance of the User’s funds reflected on the account is reserved in the necessary extent until any payment arising from or pursuant to such transaction is made, and no other transaction or withdrawal by the User can be made on account of these funds.
3.12. The Portal may use the funds transferred to it and reflected on a User’s account with the view to carrying out any transactions made and actions taken by the user via the Portal in accordance with the User Terms and other contracts and agreements entered into by the User in the course of using the Portal. Among other things, the Portal may use the relevant funds for discharging debts owing by the User to other Users, third persons or the Portal, by making any relevant transfers within a reasonable time period. The Portal will not perform and no user may demand that the Portal performs the user’s financial obligations by using the Portal’s own funds.
3.13. In order to make the first transaction via the Portal, a user must transfer to the Portal the funds necessary for carrying out the relevant transaction by way of a bank transfer from the current account which the User had previously disclosed to the Portal and which is held in the name of that User. At any time after such first transaction is made by the user, the Portal may, at its own discretion, demand that the transfer of funds to the Portal by the User must be made by way of a bank transfer from the current account which the user had previously disclosed to the Portal and which is held in the name of that User. The current account referred to in this Clause 3.12 must meet the requirements set out in Clause 3.8 of these User Terms.
3.14. The Portal pays the funds existing in the Portal’s Account, which have been transferred by the User or for the User, to the User on the grounds of an application filed by the User on the User’s Profile, by wiring the funds in the amount established in the User’s application to the User’s Bank Account. The Portal shall ensure the disbursement of funds present in the Portal’s Bank Account to the respective User within 5 (five) Business Days after the receipt of the User’s application. The Portal shall be entitled to withhold funds for bank commission fees from the funds on the Portal’s Bank Account or from the funds to be transferred to the User.
3.15. If the User wishes that the Portal disburses the User’s funds existing in the Portal’s Account to the User to a different bank account of the User, from which the User has not previously transferred funds to the Portal Account, before submitting an application on the disbursement of funds stipulated in Clause 3.12 above, the User shall provide the Portal with all of the information that is necessary to make sure that the indicated new account is opened in the name of the User in a credit institution, which is subject to the provisions of Money Laundering and Terrorist Financing Prevention Act.
3.16. The Portal shall be entitled to make deductions from the User’s Funds in the Portal’s Account (which shall be indicated in the respective User’s Virtual Account) in order to ensure that the User’s obligations arising from the User Terms and the Assignment Agreement are performed, including for the payment of the Portal commission fees. Upon making commission fees deductions from the Portal’s Account, the Portal shall transfer an equivalent amount from the Portal Account to another bank account of the Portal, whereby the funds form a part of the Portal’s property.
3.17. If the User has owned no Claims for more than 12 (twelve) consecutive months, the Portal shall be entitled to close the Virtual Account. If the Virtual Account has a positive balance of funds, then, starting with the 13th (thirteenth) month, the Portal reserves the right to collect a monthly Virtual Account service commission fee from the User’s funds in the Portal’s Account (reflected in the Virtual Account) in the amount indicated in the Price List, and the Virtual Account may be closed, once the balance of the Virtual Account has reached 0 EUR (zero euro).
3.18. The Portal shall provide a statement to the User about the transactions performed on the Virtual Account. Statements are available on the User’s Profile.
3.19. It is illegal to transfer funds gained through illegal means into the Portal’s Account. In case of suspicious transactions, the relevant authorities shall be notified, and this can lead to freezing all funds on the account, as well as to closing of the account and confiscation of funds.
3.20. If at the time of registering a User or during the period of validity of the Agreement, suspicions arise about money laundering, terrorism financing, or an attempt at either of these activities to the Portal, the Portal shall be entitled to not register a User on the Portal, not accept funds from the User and/or block access to or close the User’s Profile and/or Virtual Account.
3.21. Without prejudice to the aforementioned, funds shall be added to the User’s Virtual Account in the manner prescribed by the Assignment Agreement when payments, which he/she/it is entitled to, are received by the Portal itself.
3.22. The funds transferred by the User to the Portal in compliance with the present User Terms shall be regarded as funds necessary for conducting of affairs in the meaning of mandate agreement (see reference in Clause 3.8.). The relevant amount of money in bank, in essence, is a claim (towards the bank) and which shall be disposed and used in the interests of the User. Accordingly, the respective funds are separated from IUVO’s assets and shall not appear on the financial statements of IUVO. When depositing the funds on the Portal’s Account, the User shall not be depositing the said funds to form part of IUVO property (i.e. there is no transfer of title), but instead he/she/it shall retain the necessary rights to demand towards IUVO for the amount indicated in the Virtual Account pursuant to this User Terms, Assignment Agreement or any other agreements with IUVO.
4. Purchasing Claims
4.1. Following User identification, pursuant to the present User Terms, if sufficient funds are available on the Portal’s Account (and respectively reflected in the Virtual Account), the User shall be entitled to purchase Claims offered on the Portal, provided that:
4.1.1. When purchasing Claims manually (without the Auto invest tool), the User shall, at their own discretion choose one or more Claims that are offered on the Portal;
4.1.2. When purchasing Claims manually (without the Auto invest tool), in the Claim Application, the User shall indicate the Claim Price, at which the User wishes to purchase one or several Claims and confirms their choice. The Claim Price consists of the Claim Amount, which may not be below the minimum Claim Amount, and a mark-up or a discount (if any);
4.1.3. When purchasing the claims using the Auto invest tool (i.e. purchasing claims not manually) the User shall at their own discretion select the criteria, which correspond to their investment strategy, which the User shall thereafter confirm in accordance with these User Terms and purchase of the Claims shall be done based on the criteria provided by IUVO as authorized representative;
4.1.4. the User may purchase all such Claims towards a Borrower offered on the Portal that arise from the Loan Agreement, to the full extent or only a part thereof depending on the Claim;
4.1.5. the User may purchase Claims, the total Claim Price whereof does not exceed the funds available in the Virtual Account at the given moment.
4.2. All Claim Applications are registered in a chronological sequence and are executed according to procedures of Claim Application execution applicable at the given moment on the Portal. The Portal system time has a decisive importance in determining the time. The Portal is entitled, at any time, without warning the User, to unilaterally amend and supplement the procedure of application execution in force.
4.3. In case of manual investments, after the User has selected the Claims and indicated the amounts, a Summary is provided to the User on the Portal. Next to each Claim in the Summary, the Portal ensures the User with the rights to examine each Assignment Agreement to be concluded. The User shall examine the completeness and accuracy of information included in the Summary on the Portal, and, if the User wishes to, they may introduce changes in the information included in the Summary. If the information included in the Summary corresponds to the User’s expressed will, the User shall confirm the Summary in compliance with procedures established on the Portal. Acquisition of Claims through the Auto invest tool is stipulated in Clause 14. In case of any conflict between Clause 4 and Clause 14, Clause 14 shall prevail.
4.4. Upon the confirmation stipulated in Clause 4.3, the User’s purchase shall become binding upon the User and the Portal shall immediately withdraw the funds indicated on the Summary from the User’s funds on the Portal’s Account. The relevant Claim shall be considered as transferred to the User once the funds are withdrawn from the Portal’s Account and respective transaction is reflected in the User’s Virtual Account. In case of purchase of Claims with the Auto invest tool no Summary is generated, and as requested by the relevant User, the User’s purchase shall become binding upon the User when the tool finds a matching Claim and the respective Assignment Agreement is concluded and IUVO shall immediately withdraw the funds indicated on the Assignment Agreement as Claim Price from the User’s Virtual Account.
4.5. The Portal shall transfer immediately, but not later than within 5 Business Days after the Claim as stipulated in Clause 5.5., the funds to the Creditor’s Account.
4.6. By submitting a Claim Application, the User authorizes the Portal to perform a transfer of funds stated on the Claim Application from the User’s funds on the Portal’s Account to the relevant Creditor, in compliance with the provisions of the Assignment Agreement. By enabling the Auto invest tool the User authorizes IUVO to perform the transfer of funds stated in the Assignment Agreement with respect to the Claim to the relevant Assignor, in compliance with the provisions of the Agreement and the Assignment Agreement.
4.7. The User confirms and understands that the User may purchase only the parts of the Claims towards a Borrower that arise from the Loan Agreement which have been listed by the Loan Originator on the Portal. By purchasing only a part of the Claim, the User confirms and understands that the Claims are not all of the Creditor’s claims towards the Borrower, and the User shall not become the sole creditor of the Borrower pursuant to the Loan Agreement, and in such case, the Portal, in compliance with the General Terms of Assignment Agreement and these User Terms, shall process the Claim together with such claims of other Users of the Portal that arise from the Loan Agreement.
4.8. The User may, at any time, examine information on the User’s Profile about all transactions performed by the User on the Portal, about payments executed by the Portal to the User, and deductions made by the Portal from the User pursuant to the present User Terms and the provisions of the Assignment Agreement.
4.9. If, due to interrupted system operations of the Portal, the User’s Virtual Account is mistakenly credited or debited, the Portal shall reserve the rights to debit or credit of the User’s Virtual Account accordingly. If the balance in the Virtual Account is negative after making the adjustments of payments, the User must, within 3 (three) Business Days from the receipt of a notification from the Portal, add funds to the Portal’s Account to clear the negative balance.
5. Conclusion and execution of the Assignment Agreement
5.1. Simultaneously with the approval, stipulated in Clause 4.3 above, the User confirms the provisions of the Assignment Agreement of the Claim to be purchased, in compliance with procedures established on the Portal. In case of investments through Auto Invest tool, the User shall confirm the provisions of the Assignment Agreements with the activation of the tool.
5.2. The Assignment Agreement shall be deemed entered into at the time when the User has confirmed the provisions of the Assignment Agreement in compliance with the procedures established in the Portal, and the User shall become a Creditor. In the case of Auto invest the Assigment Agreement shall be deemed entered into when concluded by IUVO as representative of the Client.
5.3. After the Assignment Agreement is concluded and throughout the period of validity thereof, the Assignment Agreement shall be available to the User on the User’s Profile and the Portal shall immediately ensure the authorization to the User to examine the schedule of repayment of the purchased Claim and the planned Loan repayment and Interest payment. The Loan Agreement and other related documents resulting from the conclusion of the Assignment Agreement shall not be handed over to the User (the Assignee) and shall be kept with the Portal or the Assignor. The identity of the Borrower will under no circumstances be disclosed to any User.
5.4. The Borrower shall make the Borrower’s Payments pursuant to the Loan Agreement. The Portal upon the receipt of the Borrower’s Payments shall distribute the received funds among all Creditors of the Borrower having claims against the Borrower as follows:
5.4.1. the received principal amount of the Loan shall be divided proportionately to the amount of the Claim of each Creditor against the Borrower;
5.4.2. the received Interest and other ancillary claims arising from the respective Claim are paid to the User having the respective Claim;
5.4.3. if one or several Claims arising from the Loan Agreement in the scope whereof the Borrower has made the Borrower’s Payment from the moment of receipt of the previous Borrower’s Payment until the receipt of the last Borrower’s Payment has been assigned in favour of another Creditor (Assignee), the Interest and other ancillary claims arising from the respective Claim pursuant to the procedure specified in Clause 5.4.2 are divided among the Creditor (the Assignor) and the Creditor (the Assignee). This shall be done taking into account the number of days between the receipt of the previous and last Borrower’s Payment and how long the respective Claim has been owned by the respective Creditor.
5.5. The Portal shall immediately reflect the transaction in the User’s Virtual Account, displaying the funds transferred by or to the User. The Portal shall transfer the funds to the User’s Bank Account not later than within 5 (five) Business Days after the respective written request and shall withhold a Service Fee (if any) and other payments (if any) pursuant to the Price List from the funds transferred.
5.6. The Assignee is informed and agrees to the fact that a year consists of 365 days for the purpose of calculation of the Interest, legal default interest and other ancillary claims, as well as the amounts to be paid based on the User Terms or the Assignment Agreement.
5.7. The User is aware of the risk of default on Borrower’s obligations, as a result of which the User might not fully recover the Claim. The Portal shall perform all the necessary and allowed actions to facilitate timely and full recovery of the Claim without an involvement of the User. In event of the Borrower’s default, the Portal shall not assume the responsibility for the security of the Claim, and the Portal does not have an obligation to repay to the User its paid Claim Price or a part thereof.
5.8. The procedure of paying the Claim Price, the provisions of recovering Claims and other conditions of Assignment are stipulated in the Assignment Agreement.
6. User’s rights and obligations
6.1. The User shall undertake:
6.1.1. not to use the Portal for illicit conduct, including fraud and money laundering;
6.1.2. upon registration on the Portal and when using the Portal, to provide only true information both to IUVO and to partners used by IUVO;
6.1.3. to use only secure means and devices of electronic communications and data transfer;
6.1.4. to promptly, however, no later than 3 (three) Business Days, inform the Portal in writing, if the User’s name, surname, e-mail address, bank account number or other information provided on the Portal changes;
6.1.5. in communication with the Portal, exercise decency and observe universal moral standards.
6.2. By confirming the present User Terms, the User asserts that he/she/it is capable of making decisions on purchases of Claims and concluding Assignment Agreements, as well as that he/she/it understands all risks including the risk not to recover the Claim or a part thereof.
6.3. The User is aware of and understands that third parties, who have obtained the User’s password, can access the User’s Profile and assume obligations on behalf of the User. If the User’s Profile is used to carry out activities on the Portal (incl., buying Claims) using a correct User’s e-mail address and password, it shall be considered that the activities with the respective User’s Profile have been performed by the User themself.
6.4. The User shall ensure that there are sufficient User funds on the Portal’s Account for performing payments that are payable for purchase of the Claims as well as for withdrawal of funds. If the funds are insufficient, the Portal does not execute the payment and/or transaction. The Portal shall not be held liable for any damage or loss, which the User might suffer in this regard.
6.5. The User understands and is informed that the Portal has an obligation to ensure the confidentiality of the Borrowers’ personal data, therefore the Portal, in the scope of the Assignment Agreement, shall disclose only a limited content information about the Borrower that shall not in any way identify the Borrower neither directly, nor indirectly. The User shall not request the Portal to disclose such confidential information about the Borrower and shall not make any complaints against the Portal and the Borrower in this regard.
6.6. The User (Assignee), during the validity period of the Assignment Agreement, shall not contact the Borrower in respect of the concluded Assignment Agreement and the transferred Claim, including, shall not visit the Borrower at his/her/its residence or business location, not communicate with them, using means of prompt communication or social networks, not request from the Borrower any payments without the assistance of the Portal, not make any claims against the Borrower and not initiate any claims in court or a court of arbitration against the Borrower.
6.7. In connection with processing of User’s personal data, every User has the rights stipulated in section 3 of the Privacy policy in accordance with the provisions of the General Data Protection Regulation (EU) 2016/679 and the right to object decision-making which is based solely on automated processing, including profiling, unless it is necessary for entering into an agreement, the processing is done in accordance with applicable laws or under an explicit consent of the User.
6.8. The User hereby acknowledges and agrees that he/she/it is not permitted to use the Portal, its underlying computer programs, domain names Uniform Resource Locators (URL’s), databases, functions or its content other than for private, non-commercial purpose, except when IUVO has given its explicit written consent for such use. Use of any automated system of software, whether operated by a third party or otherwise, to extract any data from the Portal for commercial purposes is prohibited by these User Terms, except when IUVO give its explicit written consent for such use.
6.9. The User shall not:
6.9.1. use any automated means to access the Portal or collect any information from the Portal (including, without limitation, robots, spiders, scripts or other automatic devices or programs);
6.9.2. reproduce, modify, adapt, translate or otherwise make any changes to to Portal/ Its services, in any medium, including without limitation, by any automated or non-automated “screen scraping”, “database scraping” or any other activity with the purpose of obtaining content or other information for any purpose unless for non-commercial and private use, permitted by this Agreement or explicitly by the Portal;
6.9.3. frame or mirror the Portal, utilize framing techniques to enclose any content or other proprietary information, place pop-up windows over the Portal, or otherwise affect the display of the Portal;
6.9.4. interfere with, circumvent or disable any security or other technological features or measures of any of the Services or attempt to gain unauthorized access to the Portal (any of its services) or its related systems and/or networks;
6.9.5. use data provided by IUVO or other persons on the Portal, provided in any manner whatsoever, for any competing uses or purposes with respect to IUVO, Loan Originators or other parties who have provided that data;
6.9.6. use any of the services of the Portal for any unlawful or inappropriate activities;
6.9.7. take any action not explicitly permitted by these User Terms that imposes or may impose, at IUVO’s discretion, an unreasonable or disproportionately large loan on IUVO’s infrastructure.
7. Portal’s rights and obligations
7.1. The Portal shall, on the instructions of the User and in line with orders given by the User on the Portal, conclude Assignment Agreements and manage the User’s Claims. The User shall instruct and authorize, and the Portal shall assume the task in the interests of the former, but in its own name manage the Claim.
7.2. Should the Loan Originator breach the Assignment Agreement the User authorizes the Portal with the power of attorney to take some or all of the following actions:
7.2.1. negotiate with the Loan Originator on behalf of the User, including signing additional Agreements for deferral and / or rescheduling of payments;
7.2.2. authorize a lawyer / law firm to represent the User in courts and before bailiffs, other public institutions and legal entities;
7.2.3. initiate any legal action and/or enforcement action against the Loan Originator on behalf of the User but at the expense of the Portal;
7.3. All costs incurred by the Portal under clause 7.2 are reimbursed with priority from the amount received by the Loan Originator The Portal shall manage the Claims transferred to the User (Assignee), separate from own Property, to the extent as set out in the Assignment Agreement. Hereby, by accepting these User Terms the Assignee gives the Portal his/her/its consent to manage the Claim in the interests of the Assignee and agrees to transfer of the Claim to the Portal if needed or if the default situation for the Claim occurs. The Portal reserves the right to acquire the title of the Claim and/or transfer the Claim back to the User if the Portal deems it necessary. The User and the Portal declare this provision of the User Terms as a valid transfer of the Claim and the User accepts the Portal to have every right to issue the Claim on the Portal´s own name. The User shall give the legal power to the Portal to manage the Claim, which the Portal shall use in its own name, but in the interests of the User. The User shall undertake not to unilaterally revoke the authorization included in the present User Terms and in the Assignment Agreement.
7.4. The Portal must process some of the personal data of the Users to fulfill its legal obligations. Most of the data processing activities are performed under such legal obligations or in order to fulfill the contractual obligations deriving from the agreement concluded between the User and the Portal. Thus, depending on the relevant circumstances, it can be impossible for the Portal to fulfill some requests of the Users in connection with their Personal Data. The Portal is obliged to provide explanations in that matter to the User.
7.5. IUVO is entitled to carry out promotional campaigns from time to time and offer loyalty programs or other benefits to all or selected Users. IUVO will publish terms and conditions of such campaigns, programs and/or other benefits on the Portal and/or will send information on the terms and conditions and other relevant information to the Users through the communication channels provided by them on the Portal (email, phone, or other). If the User wishes to benefit from the respective campaign, loyalty program or receive other benefits, it shall be deemed that the User has agreed to then current terms and conditions published on the Portal or delivered to the Users as the case may be.
7.6. IUVO is entitled to unilaterally change the terms and conditions of its campaigns, programs and other benefits with immediate effect or by giving prior written notice, at the discretion of IUVO. The terms and conditions that are applicable to the campaigns or programs may be published as page content on the Portal without being titled “Terms and Conditions / User Terms”, and they may vary User by User or certain User groups, and they may be changed at any time unilaterally by IUVO without giving Users any prior notice, at the sole discretion of IUVO.
8. Payment for services of the Portal
8.1. The User may pay to the Portal a Service Fee for the services provided by the Portal pursuant to the Price List, or a Service Fee individually established by the User and the Portal, as well as any other payments specified in the Price List, if applicable.
8.2. The Portal shall withdraw the Service Fee (if such is incurred) from the User’s funds on the Portal’s Account without additionally coordinating it with the User. The Portal withdraws the Service Fee only after funds from the Borrower accrue to the Portal’s Account pursuant to the Assignment Agreement. In case of resale of the Claim (Section 10), the Portal is entitled to withdraw the commission fee established on the Price List for the resale of Claims immediately after the conclusion of the Assignment Agreement on the resale of the relevant Claim, without making any additional arrangements with the User.
8.3. The User’s bank may deduct a commission fee for depositing funds from the User’s Bank Account into the Portal’s Account in compliance with the price list of services of the relevant User’s bank. Such commission fees shall not affect the amount of the Service Fees withdrawn by the Portal and shall be taken into Account by the User each time when making a transfer of the funds to the Portal’s Account.
8.4. The payment obligation shall be fulfilled at the moment when the payment amount is transferred into the account of the payment recipient.
8.5. The User is aware of and understands that pursuant to the taxation laws and other regulatory enactments applicable to the User taxes must be paid for the income that the User earns in relation to the Claim. The Portal shall deduct taxes, dues, and other mandatory payments pursuant to the laws of the Republic of Estonia from the funds to be disbursed to the User, if such requirements exists under applicable laws. The User shall be fully responsible for paying all taxes arising from the User’s Claim pursuant to the laws of the Republic of Estonia or the country of residence of the User.
9. Resale of Claims
9.1. The User is entitled to sell his/her/its Claims arising from the Loan Agreements to other Users. Sale of Claims between Users is performed only on the Portal. The User has no rights to sell or otherwise transfer the Claims to a third party, without using the Portal.
9.2. If the User wishes to sell a Claim, the User marks the Claim on the Portal, which the User wishes to sell within the framework of the Portal to the full extent or only partially. The User may sell the Claim in its entirety or only a part thereof.
9.3. The User is entitled to sell his/her/its Claim for the remaining principal amount of the Claim as indicated on the Portal, with or without a discount or a mark-up. If the User wishes to sell the Claim with a discount or a mark-up, then the discount or mark-up is calculated from the remaining principal amount of the Claim as indicated on the Portal. The resale price of a Claim consists of the remaining principal amount of the Claim to be sold as indicated on the Portal, and of a discount or a mark-up, if any, specified by the User.
9.4. On the Portal, the User must fill in the parameters of the Claim resale offer and confirm them according to the procedure established on the Portal.
9.5. The Claim resale offer shall be considered as binding offer by the User for all Users of the Portal and for the Portal. The offer shall be considered made at the time when the User has confirmed all parameters of the Claim resale offer on the Portal. The offered Claim becomes visible for all visitors of the Portal, and all Users are entitled to purchase it at the resale price of the Claim established by the User in compliance with procedures established in the User Terms and the Assignment Agreement. The User is entitled to call off the offer by the User proposed on the Portal at any time as long as the claim has not been resold. The User’s offer shall be deemed called off at the time, when the offer is no longer available for the Portal Users.
9.6. The purchase of Claims is performed in compliance with procedures established in Section 4 and Section 5 of the User Terms.
9.7. The Assignment Agreement shall be deemed concluded at the time, when the User (the Assignee) has accepted the offer on the Portal stipulated in Clause 10.5. At the time of concluding the Assignment Agreement, the Claim shall be deemed transferred to the User (Assignee).
9.8. After concluding the Assignment Agreement, the Portal shall transfer the resale price of the Claim indicated in the Assignment Agreement from the User’s (the Assignee’s) funds on the Portal’s Account to the other User (the Assignor) by updating the information of the respective transaction on the Users’ Virtual Accounts and, if requested by the Assignor, by transferring the funds to his/her/its bank account.
9.9. With the conclusion of the Assignment Agreement, all further Loan payments, including the principal, the interest and ancillary claims, or other monetary obligations which are calculated before or after the conclusion of the Assignment Agreement, arising from the Claim shall be received by the User (the Assignee).
9.10. Resale of a Claim within the Portal may be carried out an unlimited amount of times.
9.11. The Portal is not obliged to but is entitled to unilaterally and without prior notice to the User to suspend resale of Claims on the Portal in case of any of the following events:
9.11.1. IUVO has information, and/or suspicion and/or has determined that any of the events of default under any contract concluded between IUVO and the Loan Originator is likely to occur or has occurred;
9.11.2. any material circumstances have occurred which in the opinion of IUVO may cause substantial loses to IUVO and/or the User.
9.12. Acting in accordance with Clause 9.11 hereof IUVO is not liable to the User and third parties for any losses or expenses.
10. Liability
10.1. The User shall be held liable for all losses incurred as a result of unauthorized conduct, if the User has acted illicitly or has intentionally (on purpose) or due to gross negligence failed to fulfill the requirements prescribed in Clause 2.8 or 2.9 above.
10.2. The User shall assume liability for all losses, assumed commitments, or other activities carried out on the User’s Profile until the Portal has been warned about situations stipulated in Clause 2.8 and when the Portal has had a sufficient time to block access to the User’s Profile.
10.3. If, as a result from illicit activity of the Portal, the User suffers losses, the Portal shall reimburse all direct losses inflicted upon the User. The extent of damages is restricted with the amount of losses present in the Virtual Account at the time when the losses were incurred.
10.4. The Co-operation Partner (the Loan Originator) has asserted to the Portal that, within the scope of its activities, it observes all legal requirements applicable to the lending activities that it carries out, including, assesses the solvency and creditworthiness of Borrowers, and with due diligence makes sure of the accuracy and completeness of data provided by the Borrower. The User is aware of and confirms that the Portal is not responsible for the accuracy and completeness of the information provided by the Borrower and/or Co-operation Partner.
10.5. The Portal shall be fully released from liability towards the User for any losses that the User has or might suffer as a result of using the Portal or purchasing Claims, including:
10.5.1. if the User has sold his/her/its Claim with a discount or a mark-up;
10.5.2. if the User has failed to observe the Agreement provisions;
10.5.3. as a result of illicit conduct of third parties until the moment when the User’s Profile is blocked pursuant to procedures established in Clause 2.9;
10.5.4. due to interrupted communications and other interruptions or obstacles that are not dependent on the Portal;
10.5.5. if, pursuant to the Agreement, the User’s access to the User’s Profile has been blocked;
10.5.6. due to the Borrower infringing the Loan Agreement or the Borrower’s illicit conduct;
10.5.7. due to the performance or delayed performance of the User’s commitments arising from the Assignment Agreement.
10.5.8. breach of obligations of partners of IUVO for breach of any obligations within the agreement or agreements between such partners and the Clients.
10.6. The Portal does not have the duty to make any payments to the User, with respect to the Claim, before IUVO has received such payment from the Loan Originator.
10.7. The Portal does not have to repay or compensate the User for the paid Claim Price or any part thereof.
10.8. Users shall settle transactions on the Portal directly and on their own responsibility. Users are entitled to use the agreement forms offered on the Portal on their own responsibility and at their own risk. The Portal shall not be responsible for possible commitments arising from laws that might originate to the Users as a result of transactions concluded on the Portal.
10.9. If the User denies having authorized (given consent) the performance of a transaction, the use of the User’s Profile and password shall be deemed a sufficient evidence for that the User has given consent to the transaction or that he/she/it has acted fraudulently, or has intentionally or negligently failed to fulfill the duties prescribed in Clause 2.8 or 2.9 of the present User Terms.
10.10. The Parties shall not be held responsible for failure to fulfill their respective obligations if the non-fulfillment has occurred due to reasons that are independent on the Parties’ will and have resulted from force majeure circumstances. A Party may make a reference to force majeure circumstances only and solely in case if it has taken all steps that depend on it in order to fulfill the obligations prescribed in the User Terms or Assignment Agreement. Once the force majeure circumstances have been prevented, the Party must immediately resume the performance of its duties
The Parties shall consider such circumstances as force majeure circumstances, which the Parties could not have predicted or affected, including:
10.10.1. extraordinary and unavoidable circumstances of acts of God, including but not limited to natural disasters, fire, flood, an earthquake, warfare, terror acts, riots and strikes;
10.10.2. the delay to fulfill obligations (moratorium) established by a statutory act binding for IUVO and/or the Loan Originator;
10.10.3. technical failures, delays, malfunctions, failure of computers and/or communications systems, and/or hardware, and/or software; power supply malfunctions or other critical infrastructure malfunctions at IUVO, which IUVO could not have predicted or affected;
10.10.4. decisions and/or activities of local and/or foreign public authorities, and/or international organizations;
10.10.5. entry into force and/or amendments, and/or suspension of a statutory act binding for IUVO and/or the Loan Originator affecting the fulfillment of obligations under the present User Terms;
10.10.6. other circumstances, which the Parties could not have prevented or predicted;
10.11. As the Parties use means of communication during the performance of the Agreement, the Portal shall not be held responsible for any losses incurred due to interrupted service of mail, facsimile, electronic or other means of communication, as well as technologies ensuring the respective Portal services, including, but not limited to, interrupted service of means of communication, interruptions in the functioning of the Portal, electronic data exchange and payment system of credit institutions (incl., online banking).
10.12. IUVO reserves the absolute right to take all actions it considers necessary against all parties whatsoever involved in the unauthorized use of its Portal and without notice, in order to vindicate its rights and prevent such unauthorized use, including using blocking technology and/or issuing legal proceedings.
11. User’s personal data
11.1. In the course of conducting its business, the Portal processes information related to its users. Some further requirements apply to the Portal in connection with processing Personal Data of natural persons. For more information on the Personal Data processed by the Portal and the data processing activities conducted by the Portal, please see the Privacy Policy. The controller of the processing of personal data is the Portal. The Portal as the controller may authorize a processor to process data on behalf of the Portal in accordance with clause 11.4 of the User Terms. The Portal shall conclude a non-disclosure agreement with any respective processor. The Portal shall remain responsible for the proper fulfillment of data processing tasks.
11.2. The Portal is entitled to process all personal data of the User to fulfill its obligations arising from the User Terms or provided by law and in accordance with the General Data Protection Regulation (EU) 2016/679, including but not limited to:
11.2.1. collecting the personal data and other information from the User, third parties, databases, public registries;
11.2.2. organizing and analyzing the data;
11.2.3. storing the data as provided for by the law; and
11.2.4. performing any other activities in order to fulfill its obligations arising from the User Terms and provided for by the law.
11.3. The purpose of processing the User’s personal data is keeping client records, offering, rendering and maintaining services, financial and statistical analysis, exercising of the tasks and protection of the rights of the Portal and/or User arising from the Agreement.
11.4. The Portal is authorized to disclose the User’s personal data:
11.4.1. to employee of the Portal, whose function is to process the personal data;
11.4.2. to any person to whom to the fulfillment of commitments of the Portal arising from the User Terms is delegated (including to communications service providers, payment intermediaries, credit institutions, IT service providers, etc.);
11.4.3. to the parent company of the Portal, its governing enterprise or individuals, and any enterprises dependent on the governing enterprise, other companies or enterprises, physical persons, which directly or indirectly have obtained a significant share in the share capital of the Portal or in which the Portal has obtained direct or indirect participation, insofar as such information is necessary for the performance of functions delegated to them and where is needed – to conclude the relevant agreement with them;
11.4.4. to outsourced service providers within the European Union that the Portal has engaged in the provision of services arising from the User Terms, insofar as such information is necessary for the performance of functions delegated to them;
11.4.5. to operators of personal data processing systems, the controller whereof is the Portal, insofar as such information is necessary for the performance of functions delegated to them;
11.4.6. upon handing over (transferring) a Claim;
11.4.7. to a third party, who is taking debt collection steps to recover debt from the User (such as debt collectors, lawyers, court bailiffs, insolvency administrators, etc.);
11.4.8. to Portal legal, accounting, or auditing service providers, ensuring that the respective person has undertaken not to divulge such information.
11.5. The User may or may not give consent to the Portal to use the address, e-mail address, and/or telephone number indicated on the User’s Profile to send commercial communications about the products or promotions of the Portal or companies affiliated to the Portal. The User shall have a right to withdraw the consent given at any time at their sole discretion.
11.6. The Portal is authorized to call and send text messages (SMS) to the telephone number having the connection of a mobile communications operator as indicated on the User’s Profile, to send e-mails to the e-mail address indicated on the User’s Profile, as well as to dispatch mail to the User’s mailing address to reach the User in connection with and for the purposes of the provision of services by the Portal on the grounds of the Agreement between the Portal and the User.
11.7. The Portal shall take all necessary physical, technical and organizational measures for the protection of the personal data, to prevent any unauthorized disclosure or access to the personal data or other unauthorized processing thereof.
12. Termination of the Agreement
12.1. The Portal is entitled to restrict the User’s right to use the Portal and/or terminate the Agreement and delete the User’s Profile without a warning, if:
12.1.1. the User breaches the present Terms and Conditions or the Assignment Agreement or any other terms and conditions applied on the Portal, or otherwise illicitly uses the Portal;
12.1.2. the User has provided false or misleading information or counterfeit documents;
12.1.3. if the Portal suspects money laundering, terrorism financing, or an attempt to do so, with the involvement of the User or the User’s Profile, or IUVO shall require knowledge or suspicion of that the User is a person who is subject to international or national sanctions or is an affiliate of such person.
12.1.4. the User has not provided to IUVO the information that IUVO requires in line with the customer identification and/or know-your-customer policies and procedures of IUVO and/or as required by law and within the deadlines stipulated by IUVO.
12.2. The Portal has the right to unilaterally terminate the Agreement at any time during the validity period of the Agreement, by sending a notice to the User’s e-mail at least 10 (ten) Business Days in advance. In such case, as of the moment of sending the notice, the User is forbidden to conclude new Assignment Agreements, purchase new Claims, or use the User’s Profile. In this case, the Portal continues to manage all of the User’s Claims purchased before the notice by the Portal on unilateral termination of Agreement is sent in compliance with the present User Terms and the Assignment Agreement.
12.3. At any time during the Agreement validity period, the User is entitled to request that the User’s Profile is deleted and the Agreement is terminated on the condition that the User does not own any Claims managed by the Portal.
12.4. If the User wishes to delete the User Profile and terminate the Agreement, the User sends a relevant notification from the User’s e-mail address to the Portal or fills in the relevant notification on the User’s Profile and confirms it according to procedures established on the Portal. IUVO may retain records about the User and its transactions on the Portal for the time periods that is required to do so by law.
12.5. If the Agreement is terminated, the Portal transfers all funds of the User that are available on the Portal’s Account to the User’s Bank Account no later than 3 (three) Business Days after the termination of the Agreement. IUVO shall not be held liable for not being able to meet the said time limits for transfers due to reasons not dependent upon IUVO. In case the User has exchanged part or all of their initially transferred funds to their Account in a different currency and the User does not have a registered bank account on the Portal, which is in the same currency, IUVO shall notify the User to exchange these funds in the currency of their Bank Account/s. If the User does not take the necessary actions in the regard, IUVO at its own discretion shall exchange the User’s funds in the suitable currency (in which the User has a Bank Account).
13. Conduct in case of Portal’s insolvency
13.1. In case the Portal becomes insolvent, the conclusion of new Assignment Agreements on the Portal shall be immediately terminated. All funds deposited into the Portal’s Account shall be returned to the Users pursuant to relevant insolvency laws taking account the separation of assets as described in Section 3.21.
13.2. In case the Portal becomes insolvent, Users shall be given complete information from the database of the Portal about the transactions concluded on the Portal. Information regarding the insolvency, relevant procedure, contacts of administrator(s) or other persons dealing with transfer of the rights of obligations of the Portal shall be provided on Portal website. To ensure that the aforementioned provision is abided by, the Portal shall conclude a bailment agreement, pursuant to which the Portal shall have the right and obligation to deliver for keeping a data carrier, in which the Portal has saved all current data originating from the Portal.
13.3. Insolvency of the Portal shall not affect legal relations between the User and the Loan Originator and the Borrower.
13.4. In case of the Portal insolvency, the Portal shall be taking all the necessary steps so that a third party takes over the administration and management of all Claims originating on the Portal, about which the Portal informs all Users.
14. Auto Invest
14.1. In addition to the procedure for conclusion of Assignment Agreements as described in these User Terms (Chapters 4 and 5 mainly), the User may enter into Assignment Agreements by using Auto Invest application. Auto Invest functions in accordance with the criteria set by the User themself, which are accessible through the User’s Virtual Account.
14.2. The User is fully liable for the confirmed criteria, also for any consequences related with the confirmation of the criteria and use of Auto Invest.
14.3. The User willing to activate Auto Invest shall at their own discretion select the criteria, which correspond to their investment strategy, which the User shall thereafter confirm in accordance with these User Terms.
14.4. By activating Auto Invest application the User receives the right to use Auto Invest for the purpose of entering into Assignment Agreements pursuant to the criteria selected and confirmed by the User.
14.5. In order to enter into Assignment Agreements, the User shall have sufficient funds available at their Virtual Account, which allow to enter into Assignment Agreements corresponding to the criteria selected and confirmed by the User.
14.6. The Portal operator shall complete the transactions with the funds of the User displayed on their Virtual Account under the authorization (käsund) received from the user in accordance with the criteria set out in the provided authorization and these User Terms.
14.7. The user shall at any time have access to the overview (report) of the transactions made by and through the Auto Invest application and of the use of their funds under the provided authorization. The Portal Operator notifies the User by e-mail of the Assignment Agreement entered into under the provided authorization.
14.8. The User can at any time activate, change the criteria selected, stop or completely switch off Auto Invest application.
14.9. Allowing the Users to use Auto Invest application shall not amount to the provision of advice or assistance with regard to the acquisition of Claims listed on the Portal. Portal shall not be held liable for any and all damage which may occur to the User as a result of the use of the Portal or any services provided thereby, including the use of Auto Invest.
15. iuvoUP/ iuvoSAVE Products
15.1. Following the User entry and identification into their Portal Profile and if sufficient funds are available on their account, the User shall be able to purchase iuvoUP/ iuvoSAVE products offered on the Portal, provided that:
15.1.1 When selecting one of the Portals iuvoUP/ iuvoSAVE products, the User agrees with the corresponding criteria/parameters, which are set for the specific product and are displayed on the Portal. The User shall thereafter give their confirmation in accordance with these User Terms and the purchase of the iuvoUP/ iuvoSAVE product shall be done based on these criteria/ parameters provided by IUVO as authorized representative;
15.1.2 After the product is selected by the User, the claims shall be purchased by IUVO based on the authorization/confirmation provided by the User to IUVO and pursuant to the selected criteria/parameters. The User is fully liable for the confirmed criteria/parameters, also for any consequences related with the confirmation of the criteria.
15.1.3. The Portal, when acting on behalf of the User, cannot change the specific criteria/parameters of the iuvoUP/ iuvoSAVE products, confirmed and chosen by the User. However, the Portal, at its own discretion, can change certain parameters of the Product, after the User has already purchased it, if the aforementioned parameters do not contradict to the parameters, which are initially confirmed and chosen by the User, in case, where this is necessary for the preservation of the User’s interests.
15.2. Upon the confirmation stipulated in Clause 15.1.1, the User’s purchase shall become binding upon him/her/it and the Portal shall immediately withdraw the funds from the User’s funds on his/her Account.
15.3 By purchasing iuvoUP/ iuvoSAVE products on the Portal, the User authorizes IUVO to perform the transfer of funds to the relevant Assignor.
15.4 Before the maturity date of the iuvoUP/ iuvoSAVE product becomes due, the User shall have the right to order the Portal not to pay off his/her/its funds and interest rate on the maturity date, but to continue reinvest them in the same iuvoUP/ iuvoSAVE Product, if the said Product is still active. The User has the right to make this relocation until 1 /one/ day before the maturity date of the Products, which he/she/it have purchased.
15.5. The Portal pays the funds for the selected iuvoUP/ iuvoSAVE product with the calculated interest rate on the maturity date of the specific Product (indicated clearly to the User on the Portal) to the User’s account, except when the User has decided to continue their purchase in the same iuvoUP/ iuvoSAVE product, pursuant to Clause 15.4. above or in case he/she/it has chosen the early withdrawal option, pursuant to p.15.11 below, in which case the funds are paid, together with the accrued interest rate, calculated up to the moment of the early withdrawal.
15.6. Conclusion and execution of the Assignment Agreement in regards the iuvoUP/ iuvoSAVE products:
15.6.1. The User shall provide an authorization/confirmation to IUVO to enter into any Assignment Agreement by accepting such authorization/confirmation on the Portal. The Portal shall have the right to keep record of every confirmation given by the User.
15.6.2. The Assignment Agreement shall be deemed entered into at the time when concluded by IUVO as representative of the Client.
15.6.3. The Assignment Agreement, which is signed by IUVO on behalf of the User and the other related documents in regards the iuvoUP/ iuvoSAVE products, resulting from the conclusion of the Assignment Agreement shall not be handed over to the User and shall be kept with the Portal or the Assignor. The identity of the Borrower will under no circumstances be disclosed to any User.
15.7. The User shall receive their funds, which they have transferred to the Portal for the purchase of iuvoUP/ iuvoSAVE Products, on the maturity date of the specific iuvoUP/ iuvoSAVE Product, including the accrued interest rate, which is applicable for the specific iuvoUP/ iuvoSAVE Product. The convention for calculation of the interest rate is the following:
“30E-360 Day Count Convention (Eurobond Basis)
A day count convention is a fraction with the numerator as 30 or actual number of days to be taken in a month, and the denominator specifying how to assume the number of days in a year. Once such convention is the 30E/360, also known as the Eurobond basis. In the fraction, the letter E represents that it’s the Eurobond basis.
In this day count convention, the denominator is always 360. The numerator is always assumed to be 30, including for February. If the first date falls on the 31st, it is changed to the 30th. If the second date or end date falls on the 31st, it is changed to the 30th.
The number of days in the Calculation Period or Compounding period in respect of which payment is being made devided by 360 is calculated based on a formula as follows:
Day Count Fraction = ([360 x (Y2 – Y1)] + [30 x (M2 – M1)] + (D2 – D1)) /360
Where:
“Y1” is the year, expressed as a number, in which the first day of the Calculation Period or Compounding Period falls;
“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period or Compounding Period falls;
“M1” is the calendar month, expressed as a number, in which the first day of the Calculation Period or Compounding Period falls;
“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period or Compounding Period falls;
“D1” is the first calendar day, expressed as a number, of the Calculation Period or Compounding Period, unless such number would be 31, in which case D1 will be 30;
“D2” is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period or Compounding Period, unless such number would be 31, in which case D2 will be 30.”
15.8. At any time before the maturity date of the specific iuvoUP/ iuvoSAVE product, to which the User has already transferred funds for the purchase of Claims, the User shall be able to add additional funds to it. In this case, by adding additional funds, the maturity date of the Product does not change – only the amount of the sum, on which basis the return rate is calculated changes, to reflect the increased funds, transferred to the Product by the User.
15.9. The Portal shall perform all the necessary and allowed actions to facilitate timely and full recovery of the Claim without an involvement of the User. In event of the Borrower’s or the Loan Originator’s default, the Portal shall not assume the responsibility for the security of the Claim, and the Portal does not have an obligation to repay to the User their paid funds for the iuvoUP/ iuvoSAVE product or a part thereof.
15.10. The User agrees that the full all-around management of the claims, which he/she purchases from the Portal by purchasing a iuvoUP/ iuvoSAVE products, shall be conducted by the Portal.
15.11. The User shall have the option for an early withdrawal (before the maturity date of the selected iuvoUP/ iuvoSAVE Product) of his/her/its funds, transferred to the Portal for the purchase of a iuvoUP/ iuvoSAVE Product. In this case, the User shall receive the respective amount of his/her/its funds with the calculated interest on it up to the moment of the early withdrawal, for which the User shall be obliged to pay an early withdrawal fee to the Portal, which is based on the product parameters, and is clearly shown on the Portal. The Users shall have the right to early withdraw a specific predefined limit based on the product parameters, set by and clearly shown on the Portal.
15.12. The Portal has the right to unilaterally suspend the option of an early withdrawal of funds by the Users in regards the iuvoUP/ iuvoSAVE Products, in a force majeure situation or in any other case at its own discretion, if such suspension is necessary for the preservation of the interests of all the Users or the Portal. In such instances, after the suspension, the Portal shall promptly inform the Users for its decision to suspend the option for early withdrawal and for what time period the suspension is going to be valid.
16. Currency Exchange
16.1. Every User can exchange part or all of the funds, which are available in their Virtual Account on the Portal, from the currency in which the funds are currently in one of the other currencies, maintained by the Portal, following the terms and conditions stipulated in the following Agreement.
16.2. IUVO enables its Users to exchange currency for the purposes of purchasing Claims listed on the Portal in different currencies. Currency exchange is an ancillary service to Portal’s other services (purchasing the Claims) and is not offered as an independent service.
16.3. The Currency exchange is conducted on the Portal via the “Currency exchange” sub-page, accessible in the User’s Virtual Account. For the Currency exchange to happen, the User shall enter the amount of the sum, which they wish to exchange and the currency in which they wish to exchange it. The currency unit, which the User wishes to purchase cannot be less than 1 (one), and the User must have enough available funds in their Virtual Account in the currency, which they wish to exchange to buy the different currency.
16.4. The Currency exchanges on the Portal are conducted based on the currency exchange rates, which are current in the time of the currency exchange operation. The currency exchange rates are set unilaterally by the Portal and the latter can and will at its own discretion change them without any notice to the Users. The Currency exchange rates shall be visualized in the tool on the Portal, next to the selected currency pair.
16.5. After the User enters and confirms the currency exchange sum, the currency exchange operation shall be deemed accepted and entered into force with the submitting the “Confirm Exchange” virtual button on the Portal by the User.
16.6. Every currency exchange operation, conducted by the User shall be recorded by the Portal and made visible for the Users in the “Account Statement” sections of their Virtual Accounts as a “Outgoing currency exchange transaction” and/or “Incoming currency exchange transaction”.
17. Other Terms and Conditions
17.1. Transactions on the Portal are executed in the currencies indicated on the Portal, which IUVO is entitled to unilaterally change without any prior notice to the User at any time at its sole discretion.
17.2. If the representation of the numbers in words in the text of the Agreement differs from the representation in numbers, the representation of the numbers in words shall prevail.
17.3. All notifications of Parties must be put in writing and sent to the other Party within the Portal, by mail or e-mail, to the mailing and/or e-mail address indicated on the User’s Profile. Correspondence sent in mail shall be deemed received on the 5th (fifth) calendar day following the date indicated on the stamp by the postal service provider on the acceptance of a registered letter.
17.4. Notifications sent to the User’s e-mail address shall be deemed received within 24 hours after the dispatch.
17.5. The Portal may unilaterally amend these User Terms and the relevant amendments take effect from the moment they are published оn the Portal. The Portal may at its own discretion require that the User Terms are confirmed by the Users.
17.6. The User agrees/disagrees with the amendments to the Agreement proposed by the Portal (the new version of the User Terms), by expressing his/her/its consent/disagreement.
17.7. The Portal is entitled to unilaterally amend the Price List at any time, including to determine new commission fees and at the unilateral discretion of the Portal grant discounts from commission fees indicated on the Price List. Information about changes in the Price List is available on the Portal. Information about changes in the Price List is notified to the User at least 10 (ten) days in advance through the means of communication available to the Portal to get in touch with the User.
17.8. The Parties shall undertake not to divulge such information to any third parties, which derives from the present User Terms, except as prescribed in the laws of the Republic of Estonia and in cases established in the User Terms.
The laws and regulations of the Republic of Estonia shall govern the legal relations arising from the present Agreement.
17.9. Any disputes between the parties in relation to the use of the Portal and to the Agreement shall be resolved at the Harju County Court pursuant to the effective laws and regulations of the Republic of Estonia.
17.10 Situations that are not stipulated in this User Terms shall be resolved in compliance with the information specified in the Portal, which shall be valid upon the creation thereof.
17.11. This Agreement is concluded in electronic form pursuant to the procedures laid down herein and is valid without the signatures of the Parties.
18. Complaints
18.1. Users and Borrowers shall be entitled to lodge or file complaints in their chosen format either personally or via a representative. The contact details of the person lodging the complaint, basis for authorization (if necessary), the facts serving as basis of the complaints, the relevant provision that were breached.
18.2. Users and Borrowers can also request information regarding the process of handling of complaints and regarding facts that might be of relevance regarding lodging a complaint.
18.3. IUVO has right to ask additional information that is relevant to handle the complaint submitted. In case the complaint was submitted orally, IUVO has right to ask for the complaint to be resent in written form or as an e-mail.
18.4. The term for the processing of complaints is 2 working days of their receipt. If the information gathered within the said term is not sufficient for the settlement of the complaint, the User or Non-user Borrower shall be sent a corresponding notice and asked for an extension of the settlement term, but not more than 15 days from the receipt of the Complaint. The deadline could be extended by additional 15 days in case of need of additional time to solve the complaint.
18.5. Reply to the complaint shall be reasoned. If the complainant does not agree with the reply, they may have recourse to the Consumer Dispute Committee via the Consumer Protection Board or Financial Supervision Authority.
You can address all your concerns, questions, recommendations and complaints to our email address: [email protected]. Additionally, you could receive appropriate support and advice regarding the possibilities for submission of complaints from the European Consumer Centre Network (ECC-Net). ECC-Net that is reachable from each European country. Here the information about the ECCs in each country is published. Also, the website addresses are available on the link provided.
19. FEES
| 19.1. Primary market | Not applicable |
| 19.2. Secondary market | 1% of the amount that is sold on secondary market |
| 19.3. iuvoUP Early withdraw fee | 0.50% |
| 19.4. iuvoSAVE Early withdraw fee | 1.00% |
| 19.5. Fee for withdrawal of positive balance | For withdrawal in BGN – 2.00 BGN For withdrawal in EUR – 1.00 EUR For withdrawal in RON – 5.00 RON For withdrawal in PLN – 5.00 PLN |
| 19.6. Additional fees | Not applicable |
This list of fees has been prepared and approved by the corporate representative of Iuvo group OÜ, registration code 14063375, address of management: Narva mnt 5, Tallinn City, Harju county, 10117, Republic of Estonia, Company legal representative: Blagovest Karadzhov. In case of change in the Portal services’ fees, this list shall be dully updated.