Finance FAQ

What does a representative example of finance look like?

 

Do I qualify for Novuna Credit?

• Minimum age of 18 years old
• UK resident of more than 12 months
• Own personal bank account from which a Direct Debit can be taken
• Permanent employment, working minimum 16hrs per week
• Self-employed
• Retired person
• On disability allowance
• Registered carer
• Unemployed & ‘house person’ (with the consent of co-habiting working partner)

When do my repayments start?

Payments will begin one month after the goods have been delivered.

Can I change my payment date?

Customers can change their payment date once they have received their welcome documents.

Can I make additional payments?

Yes, customers can make additional payments at any time free of charge.

Can I change my Direct Debit Details?

Yes, please call our Customer Service team on 0344 375 5500 to discuss this in further detail.

How do I view my balance?

The quickest and easiest way for customers to view their balance is by managing their accounts online. Customers can create an account or access a pre-existing account at https://my.novunapersonalfinance.co.uk/oss2/customer/

Who is eligible to apply for online finance?

To apply for finance, you must be over the age of 18, work at least 16 hours a week, or be retired with an income. You must also be a resident of the United Kingdom and have lived in the UK for the last 12 months or more.

Unfortunately, we are unable to offer finance to residents of Eire. Homemakers aren’t excluded from applying under their own names; however, the employment details of your spouse/partner will be required in order to process your application.

Are there any arrangement fees or hidden extras for credit?

No. There are no arrangement fees or hidden extras.

Applying for Finance

Applying for finance couldn’t be easier or more convenient. When you buy from us you have the choice of using finance and our staff will talk you through what is needed to process an application.

The whole process only takes a few minutes and is simple and secure. Once your finance application is approved, you will then be advised of how to sign the finance agreement and you will also receive an email confirming these details.

Please read the agreement carefully checking that all the details are correct, then electronically sign the agreement or print it.

Following receipt of your finance agreement and a few additional checks, your purchase can proceed.

How quickly will my finance application be approved?

All finance decisions will be made within seconds. Once you are approved, we will contact you (during working hours) to finalise your purchase. If your application is referred Novuna’s Underwriting Team will review your application and may request some further information from you before making their decision.

Once my application is approved, what happens next?

Within minutes of your application being approved, you will be presented with the option to e-sign your agreement.

If you choose to e-sign your agreement, a PDF of your agreement will be displayed on the screen. You should read the agreement carefully before clicking all the relevant sections agreeing to its terms. A copy of your credit agreement will be emailed to you once the e-signature has been completed.

Once you have agreed to the terms of the finance agreement the retailer will be notified and you need do nothing more.

Note that products will not be allocated to your order until your completed and signed agreement is returned and received by Novuna Personal Finance. Shipment of your goods will follow soon after your agreement has been returned and received.

Will you credit score me and if so, what does this mean?

Credit scoring is the process used by financial services companies to evaluate the credit risk of new applicants. This technique will be applied to your application for online finance. Credit scoring works by awarding points for each answer given on the application form such as age, income, and occupation, together with information obtained from credit reference agencies.

This information allows consistent decisions to be provided, ensuring all applicants are treated fairly. Credit scoring does not discriminate on the grounds of sex, race, religion, or disability.

If you decline my application, what is the reason?

In addition to credit scoring, Novuna also takes into account confirmation of your identity, validation of certain application details, existing commitments, and information held at the credit reference agencies. Though Novuna is unable to provide you with a main reason for declining your application, it is usually based on one, or a combination of the following:

• Your credit score (please note that every finance company will score you differently)
• Adverse credit reference agency information
• You are considered to be overcommitted
• You are aged under 18
• Your existing account performance with other lenders

What type of information do credit reference agencies hold about me?

Some of the information is public information, for example, electoral roll, County Court Judgments, and bankruptcies. Other lenders may also file information about accounts you hold with them for instance this could include your payment history and outstanding balance on these accounts. Any requests for credit, where a credit reference search has been undertaken, will also be filed, although the result of the request is not recorded.

How do I obtain a copy of this information?

Send a request to the relevant credit reference agency, together with details of all addresses at which you have lived over the last 6 years:

Experian Limited, Customer Support Centre, PO Box 9000, Nottingham, NG80 7WF
Equifax Ltd., Customer Service Centre, PO Box 10036, Leicester, LE3 4FS
TransUnion International UK Limited, Consumer Services, PO Box 491, Leeds, LS3 1WZ
The above-listed agencies will provide details of information relating to these addresses. If you believe that the information is incorrect, you can ask the agency to correct it.

If my application is not successful, can I re-apply?

Yes. We acknowledge that circumstances change and just because a previous application has been refused, it does not mean that a further request will automatically be turned down. We do suggest, however, that you leave at least 6 months between applications.

What is APR and Rate of Interest?

The ‘rate of interest’ is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges. The ‘APR’ is a broader measure of the cost of borrowing than the interest rate. The APR reflects the interest rate and other charges that you pay to get the loan. The FCA description of any APR is “APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. The APR takes into account not just the interest on the loan but also other charges you have to pay, for example, any arrangement fee. All lenders have to tell you what their APR is before you sign an agreement. It will vary from lender to lender

Terms & Conditions for Consumer Finance

Credit subject to status and affordability. Terms & Conditions Apply. The Log Company (Richmond) Ltd trading as The Log Company and Kirami UK is a credit broker and is Authorised and Regulated by the Financial Conduct Authority.

Credit is provided by Novuna Personal Finance, a trading style of Mitsubishi HC Capital UK PLC, authorised and regulated by the Financial Conduct Authority. Financial Services Register no. 704348. The register can be accessed through http://www.fca.org.uk

Please note that up to 12 months interest-free 0% finance is not regulated by the Financial Conduct Authority.

Any late or missed repayment may have serious consequences and your credit rating may be affected which could make it more difficult to obtain credit in the future.

The Log Company (Richmond) Ltd is Registered in England and Wales Company number 08751032. Registered Office: The Stables, Kirkbank Farm, Gilling West, Richmond, North Yorkshire DL10 5LJ.  Our FCA registration number is 949676.

Finance is available for personal purposes in the UK and is subject to status and any qualifications in government or company policy. The Log Company (Richmond) Ltd uses PayPal as a payment method at checkout. PayPal Credit may be available as funding source option.

Our Financial Complaint Procedure

Step-by-step complaints procedure

If you’re not completely happy with our service we’d like to hear about it so we can do something to put it right.

We do everything we can to make sure our customers get the best products and service possible, however, sometimes we understand that we may not get things right. If this happens, please let us know.

We want to:

●       make it easy for you to tell us what went wrong;

●       give your complaint the attention it deserves;

●       resolve your complaint without delay; and

●       Provide you with the right outcome to your complaint

How & where to complain

If you are not satisfied with any aspect of our service or products you can tell us in the following ways:

In person – call into our office at Forcett Grange, Forcett, Richmond, North Yorkshire DL11 7SQ. We are open from 8am to 5pm Monday to Friday and 9am to 12pm Saturdays 

In writing – write to us at our registered address, The Stables, Kirkbank Farm, Gilling West, Richmond, North Yorkshire DL10 5LJ

By telephone – call us on 01748 889303 during our office hours and ask for the Customer Services Department.

By email – using the email address office@thelogcompany.com 

How long will it take?

We always aim to resolve complaints in a timely manner and to the satisfaction of all concerned. We endeavour to resolve complaints quickly, through thorough investigation. 

Please see timeframes below:

●       If we are able to resolve a complaint within 3 business days, we will issue the complainant with a summary resolution letter detailing our resolution and advising the customer of their right to refer the complaint to the Financial Ombudsman Service.

●       For every complaint received that cannot be resolved within 3 business days, we will issue the complainant with an acknowledgement letter within 5 business days, along with a copy of our complaint’s procedure.

●       We will advise the complainant on each communication when they can expect to hear from us next 

●       If after 4 weeks we are still not in a position to resolve a complaint, we will issue the complainant with a ‘4 week holding letter’ advising why we are not yet in a position to resolve the complaint.

●       We will endeavour to resolve complaints in a timely manner and within 8 weeks as a maximum.

●       If we cannot resolve a complaint within 8 weeks then we will remind complainants of their right to refer their complaint to the Financial Ombudsman Service (see final response letter templates).

●       All complaints received and resolved will be recorded so we are able to identify trends and make the necessary business changes to improve the services to our customers and prevent repeat occurrences.

●       If a 3rd party is solely responsible for the complaint or the reasons for the complaint, we will refer the complaint to them within 5 business days and write to the customer to make them aware of this.

●       If a 3rd party is jointly responsible for the complaint with us, we will refer the complaint to them within 5 business days, write to the customer to make them aware of this, and then investigate and handle the complaint points relating to us as per our normal process.

If we cannot resolve your complaint

If we are unable to resolve your complaint within 8 weeks, we will:

-   Send you a letter explaining our reasons for the delay and an indication of when we expect to provide our final response

The Financial Ombudsman Service

Our aim is to resolve all complaints internally. However, if after receiving our final response letter, or if eight weeks have passed, you may have the right to refer your complaint to the Financial Ombudsman Service (FOS). Their contact details are shown overleaf.

Financial Ombudsman Service

If you would like the Financial Ombudsman Service to look into your complaint you must contact them within six months of the date of our final response letter.

The Financial Ombudsman Service
Exchange Tower
London, E14 9SR

Telephone: 0800 023 4567

Email: complaint.info@financial-ombudsman.org.uk

Further information can be obtained from the Financial Ombudsman Service’s website at www.financial-ombudsman.org.uk