We offer our customers the ability to apply for simple finance facilities to fund a purchase from us. Once you are accepted by V12 Retail Finance you will be asked to eSign the credit agreement and once in receipt of your purchase, v12 will make your agreement live and your monthly repayments will commence for the agreed term. In short retail finance gives you the flexibility to buy what you really want now, not just what you can afford today by spreading the cost of your purchase over a repayment period that suits your budget.
Subject to availability, the typical products we offer are:
· [6 months Interest Free Credit; ]
· [12 months Interest Free Credit;]
· [24 month Interest Bearing Credit at 15.9% APR representative]
We require a minimum deposit of [XX%] on our Interest Free and Interest Bearing products.
[Interest Free Credit
· This is an interest free loan with no arrangement fees
· You repay the loan amount through equal monthly payments spread over the chosen repayment period
· Minimum loan of [£#] applies]
[Interest Bearing Credit
· This is an interest bearing loan with interest charged at the given APR, there are no additional arrangement fees
· You repay the loan amount and total interest spread equally over the chosen repayment period
· Minimum loan of [£#] applies]
[Buy Now Pay Later
· This is a loan where you make no initial monthly payments for the set number of months
· After the payment free period has ended you can settle the loan off by paying it back in full along with a settlement fee (if applicable)
· If you choose not to settle in full, the loan rolls into an interest bearing loan with interest charged at the given APR. You then repay the loan and interest spread equally over the chosen repayment period]
· With this product you pay an upfront fee of 5% (of the loans value) and then spread the loan over 5 monthly repayments with no additional interest or charges applied.]
[Interest Free Credit Plus
· This is an interest free revolving credit account where you spread the cost of your purchases over the same number of months each time you spend
· You are given an initial credit limit and are able to re-spend on the account at any time but will not be allowed to spend more than the limit
· Each time you re-spend your credit records are reviewed. V12 Retail Finance reserves the right to reduce or revoke the credit limit at any time or if your credit file has deteriorated]
· Be at least 18 years of age
· Have been a UK resident for 3 years or more
· Be able to make repayments by direct debit
· Be in regular employment* (minimum of 16 hours per week) including self-employment, or in permanent residence with your spouse/partner who is in regular employment
*If you are retired and receive a pension or registered disabled and unable to work, V12 Retail Finance may ask for proof of sufficient income.
APPLYING FOR FINANCE
*Credit is subject to age and status. You must agree to the lender’s Terms and Conditions and electronically sign the Credit Agreement document before we can release the goods to you.
During the loan application process you will be asked for your personal information such as name, 3 year address history, date of birth, email and telephone contact details and employment/income information. If you are accepted you will also need a credit or debit card registered to you at your address on the credit application so that the lender can carry out an electronic identity check.
With most applications we expect that you will be given an acceptance or decline decision within 10-20 seconds. In some cases the lender may return the decision as ‘referred’. You will then receive an email with further instructions once the underwriters have made a decision. For in store applications you can usually wait in the shop whilst the underwriters review your application. Underwriting hours are between 8am and 8pm, Monday to Friday (excluding Bank holidays), 9am and 6pm on Saturday, and 10am and 5pm on Sunday. If your application is referred outside of these hours then you may have to wait until the next working day for the decision.
For finance orders made online or via mail order we are only able to deliver the goods to the address on your credit agreement (your home address). You will not be able to have the goods shipped to another address or collect the goods from us in person.
RETURNS & CANCELLATION PROCEDURE
If you wish to return the order then please refer to our returns policy. If we accept your return we will contact the lender to cancel the credit agreement. We may not able to cancel the finance if the return falls outside of our returns period.
DECLINED CREDIT APPLICATIONS
You will be informed of the decision if the lender declines your application, the lender in unable to share the reason for decline with us. Applications are usually declined for reasons such as:
· you do not meet the eligibility criteria (see above);
· adverse credit reference agency information;
· your credit score;
· you are considered to be overcommitted; or
· your existing account performance with other lenders.
The lender will give you the contact details for the credit reference agency used. They will also give you information on how to appeal the decision if you wish to discuss the matter. Please note that the lender is unable to discuss this over the telephone due to Data Protection rules. You should also note that each lender applies its own credit score to applicants so if you have recently been accepted for credit elsewhere this does not necessarily mean that appealing the decision on this basis alone will result in a change of decision.
Leonard Dews acts as a credit broker and only offers credit products from Secure Trust Bank PLC trading as V12 Retail Finance.
Secure Trust Bank is registered in England and Wales 541132. Registered office: One Arleston Way, Solihull, B90 4LH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration number: 204550.
Leonard Dews is registered in England and Wales 12345678. Registered office: 18 Church Street, Blackpool, FY1 1EW. Leonard Dews is authorised and regulated by the Financial Conduct Authority. Our registration number is 333916.