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We are now able to offer interest free and low rate finance on many of our products. To get a finance quote complete the form.
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When you apply for finance through us we will contact you with the best finance available on the chosen product. If you decide to proceed with the finance we will send you a direct link to the finance company allowing you to complete the online application.
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When paying for an order with finance only complete orders can be returned and this must be within the finance cooling off period. This means if you ordered 2 items and want to return 1 of them, you cannot. Both items must be returned.
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This document explains the suitability of the credit agreement, how much you
have to pay, certain key features of the agreement, the main consequences if
you do not make payments on time and any right you have to withdraw from the
agreement.
The purpose of this document therefore is to explain the Pre-Contract Credit
Information Document (the SECCI) and other important features of the credit
agreement attached to your email.
It is important that you read the SECCI and the agreement carefully before
you sign your agreement so that you are in a better position to assess
whether the credit agreement meets your requirements and financial
circumstances.
1. Contact Details
You are entering into the fixed sum loan agreement with Secure Trust Bank
plc trading as Moneyway.
Pay4Later Limited is an intermediary that operates a secure online finance
gateway between retailers and us. Their address is 133 Houndsditch, London,
EC3A 7BX. Pay4Later is licensed by the Office of Fair Trading (Consumer
Credit Licence: 0616240).
The retailer is the credit intermediary who has arranged the finance on your
behalf.
2. Key Features of the credit product
Before entering into the agreement you should consider why you wish to take
the loan and whether the product is suitable for its intended purpose.
Please note that the loan is only suitable for the purchase of goods and
services that you have selected from the retailer and is not suitable for
any other purpose.
You may be required to pay charges if certain events set out in the
agreement happen. It is therefore important that you familiarise yourself
with these events and charges. For example, all payments under the agreement
are required to be made by direct debit and we will charge you £10 for each
payment made other than by direct debit.
It is important that you understand how much credit Moneyway is providing,
the period over which the credit has to be repaid and the details of the
payments you must make. You are required to pay a first instalment of £
80.91 followed by 9 monthly instalments of £ 80.91.
It is important that you only enter into this agreement if you can
comfortably afford the payments and are not aware of any potential changes
in your circumstances that could affect your ability to make the payments in
the future.
3. Costs of the Credit
The rate of interest, which applies to the agreement, is charged per annum
and will not change for the duration of the agreement. The Annual Percentage
Rate of Charge (APR is the total cost expressed as an annual percentage of
the total amount of credit. The APR is there to help you compare different
offers.
There may be other related costs under the agreement. For example, the
charge for using a specific payment method shows the charges that will be
made if you do not pay by direct debit. Also, we may charge you £30 for
tracing you if you move address and do not tell us.
It is important that you understand the costs associated in the case of late
payments and the consequences of missing payments. In the event that you
fail to make the scheduled payments on time we may charge you additional
interest and fees as outlined in the section. For example, we may charge you
£20 for sending you each arrears letter or payment reminder, for each
arrears telephone call, for each cheque, standing order or direct debit
which is dishonoured, stopped or not paid by you.
In addition to the additional charges there could be further consequences of
missing payments. For example, we may take legal action against you which
may add to the amount you owe us. It is therefore important that you make
your payments on time. We may also seek to obtain a county court judgment
against you and we may apply for a charging order over your home which could
lead to your home being repossessed. If you miss payments we will let credit
reference agencies know. Therefore missing payments can affect your credit
rating making it harder for them to get credit in the future.
Please note that any additional charges or interest we add will lead to the
total cost of the debt growing.
4. Other important legal aspects
There are other important legal aspects to your agreement including your
right to withdraw from the credit agreement. If you wish to withdraw from
the agreement you will have to advise us directly, by giving written or oral
notice, within 14 days beginning with the day after the day on which the
agreement is made or, if later, the date on which we will tell you that we
have signed the agreement. You will then have to repay the balance in full
within 30 days without delay. Exercising your right to withdraw does not
give you the right to cancel the purchase of the goods. We will charge a
daily interest charge for the period from the advance until full repayment
is received. Failure to repay will result in us taking legal action against
you which may have the additional consequences.
If there is anything you do not understand or if you require any further
information regarding this product please call Moneyway on 0303 30 30 091 or
seek free, independent advice from organisations such as Citizens’ Advice or
go to www.moneymadeclear.org.uk. |
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