Your Cash ATM early termination fee £7.2k

[Adinuff]

Hi Guys,
I have a cash machine at my business which i took out with Your Cash ATM. I was sure that i initially took out a 3 year contract in 2011. I am looking to change my supplier and have rung Your Cash only to be informed that my contract was 5 years. this means i have to finish in June 2016. I'm pretty good with contracts if i receive because there all filed in date order. Looking back through my file i only have a delivery note for the machine being installed. I asked Your Cash if they could give me an early settlement fee. To which i got a reply that it would cost £8k(not £7.2k) for finishing one year early. Im going to ask for my contract to be sent to me. is there anything i should be aware of before i do this.


Many Thanks


Adinuff

[Adinuff]

Re: Your Cash ATM early termination fee £7.2k

Hi Guys,
I have received T & C's from Your Cash. This paragraph i think relates to termination lawfully :

19.9 Where the Agreement is lawfully terminated by YourCash, in accordance with
clause 19.2, 19.3 or 19.4, YourCash reserves the right to charge the
Customer, by way of liquidated damages, a sum equal to the amount of
income that YourCash would have received for the period between the date of
termination of the Agreement and the date of the expiry of the Term, had the
Agreement not been terminated (“Relevant Period”), such amount of income
being calculated on a daily rate basis for the number of days during the
Relevant Period such daily rate being calculated on the basis of the aggregate
daily rate of income received from the ATM calculated over the last 3 months
of the agreement, or if three month period has not elapsed then such rate
calculated over the last month of the Agreement. This provision is without
prejudice to YourCash’s other rights and remedies. The parties hereby
acknowledge and agree that the formula specified in this clause 19.9 is a
reasonable estimation of the loss which would be incurred by YourCash as a
result of the termination of this Agreement due to the Customer’s breach.

" YourCash reserves the right to charge the
Customer, by way of liquidated damages, a sum equal to the amount of
income that YourCash would have received for the period between the date of
termination of the Agreement and the date of the expiry of the Term, had the
Agreement not been terminated (“Relevant Period”),

So basically reading this last paragraph Your Cash are stating they would of lost £8k for the relevant period? I dont think they make this amount of a cash machine. I need them to give me a breakdown of costs next. Any suggestions guys? I know your all busy. Really appreciate someone's time to have a look.


Terms and Conditions.pdf

[PlanB]

Re: Your Cash ATM early termination fee £7.2k

I have a cash machine at my business which i took out with Your Cash ATM. I was sure that i initially took out a 3 year contract in 2011. I am looking to change my supplier and have rung Your Cash only to be informed that my contract was 5 years. this means i have to finish in June 2016. I'm pretty good with contracts if i receive because there all filed in date order. Looking back through my file i only have a delivery note for the machine being installed

This is not my knowledge area but I will suggest you ask them for a copy of the contract you entered into in 2011. If you've only got a delivery note then is it possible you never signed a contract?

How did you place the order in the first place? Over the phone, online or following a visit to your business premises by their salesman who said "sign here"?

Is there a reason why you want to change supplier now? Are there problems with the cash machine or have they possibly breached the terms of the contract in some way? Contracts should be a two-way street.

Plan B

[Adinuff]

Re: Your Cash ATM early termination fee £7.2k

This is not my knowledge area but I will suggest you ask them for a copy of the contract you entered into in 2011. If you've only got a delivery note then is it possible you never signed a contract?

How did you place the order in the first place? Over the phone, online or following a visit to your business premises by their salesman who said "sign here"?

Is there a reason why you want to change supplier now? Are there problems with the cash machine or have they possibly breached the terms of the contract in some way? Contracts should be a two-way street.

Plan B

Hi Plan B,
The order was with the salesman at our premises who said sign "here". The reasons for the change is that we require another service that will enhance our footfall. But they are insisting that they require their ATM being installed. I thought we originally signed for 3 years but looking at the T & C's its 5 years. The other ATM provider says that they might buyout the contract if its reasonable. But the figures Your Cash have they have sent seem absurd.

Adinuff

[PlanB]

Re: Your Cash ATM early termination fee £7.2k

we require another service that will enhance our footfall

How would another service enhance your footfall?

Is the current provider charging a fortune for withdrawals and could that be renegotiated if they think you're going to dump them for a more competitive solution?

[Adinuff]

Re: Your Cash ATM early termination fee £7.2k

How would another service enhance your footfall?

Is the current provider charging a fortune for withdrawals and could that be renegotiated if they think you're going to dump them for a more competitive solution?

Hey plan B,
The current provider is only providing ATM. The new provider will give us access to a terminal which gives us the ability to accept all types of bill payments and many other types of transactions thus increasing footfall. Also they are willing to give us a 30% increase in commission. Its a win win situation if we can remove existing ATM..But they will not install payment terminal without ATM.

Adinuff

[PlanB]

Re: Your Cash ATM early termination fee £7.2k

The reasons for the change is that we require another service that will enhance our footfall. I

. . . . thought we originally signed for 3 years but looking at the T & C's its 5 years. The other ATM provider says that they might buyout the contract if its reasonable. But the figures Your Cash have they have sent seem absurd.

Again I'm no expert in this area but if you've got Ts & Cs which state 5 years I can't seen an obvious loophole to escape that fact. If they had broken the Ts & Cs with poor service etc then you'd have something to negotiate with.

If your reason for substituting the machine is to get a better model then I fear just like divorce you're going to have to pay through the nose for your change of mind

Having said that get hold of a copy of your signed contract to see if everything is tickety-boo with that first.

Plan B x

[Undercover Elsa]

Re: Your Cash ATM early termination fee £7.2k

You definitely need the contract, as without that those T&C's could be for anything. They may have a different set for a 3 year contract, or the salesman may have mistakenly put 3 years on the contract.

You could do a SAR, or keep it simple and politely ask in writing for a copy of the contract and a breakdown of the severance payment.

If all else fails perhaps you could state that you have been very happy with their service to date but require additional services in order to develop your business, and ask if they perhaps have any upgrade options whereby they could provide the added services that you need?

Elsa x

[Adinuff]

Re: Your Cash ATM early termination fee £7.2k

Hi Guys,
The rep from the terminal company said they will nearer to the date of termination and then will pay for the termination fee. So not a bad outcome considering would if have to waited 12 more months. Thanks everyone for the advice.

Adinuff

[Pixie]

Re: Your Cash ATM early termination fee £7.2k

I'm glad it's sorted to your satisfaction Adinuff.

[Undercover Elsa]

Re: Your Cash ATM early termination fee £7.2k

Glad it's sorted Adinuff x