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PaybyFinance - Frequently Asked Questions (Novuna Personal Finance)

Please be advised that PaybyFinance is an external finance service provided by Novuna Personal Finance, and as such, HBH Woolacotts is not responsible for any penalty charges, application decision reasons or any other aspect of the PaybyFinance system.

How do I choose to PaybyFinance?

Just select the finance option on the checkout page, or let the sales consultant know if you're buying in one of our stores.

Who is eligible to apply for online finance?

To apply for online 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 online 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.

When do my repayments start?

Buy now pay later agreements the monthly repayments will start 9 months after delivery.

Are there any arrangement fees or hidden extras for credit?

No. There are no arrangement fees or hidden extras.

Applying for online finance

Applying for online finance couldn't be easier or more convenient. When you buy online from HBH Woolacotts, you have the choice of applying for finance by adding your purchase to the shopping basket, selecting the finance option, and completing an online application form. Just follow the simple instructions, entering your personal details as required and we'll do the rest.

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 either electronically sign the agreement or print and sign the agreement in both boxes. Post the signed agreement to the address shown on the covering letter of the agreement.

Following receipt of your finance agreement and a few additional checks, your goods will be delivered.

Once my application is approved, what happens next?

Within minutes of your application being approved, you will be presented with the options to either e-sign or print and return your finance agreement.

If you choose to e-sign your agreement, a PDF of your agreement will be displayed on screen. You should read the agreement carefully before clicking all the relevant sections agreeing to its terms.

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

If you choose to print and return your agreement, you should print the agreement, read it carefully and then sign the document following the instructions on the covering letter. This signed document should then be posted to the address shown on the covering letter of the finance agreement.

Note that products will not be allocated to your order until your completed and signed agreement is returned and received by Novuna Personal Finance. 
Delivery 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 the decline of 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 Judgements 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?

You should send a cheque for £2.00 made payable 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.

Can I request delivery to an address other than my home?

In order to safeguard against fraudulent applications, we regret that we're able only to deliver goods to the home address of the applicant.

Countdown Interest Bearing Credit Example

Buy now pay later with payments deferred for up to 12 months.

Spread the cost with our buy now pay later finance available online and in store. Our simple buy now pay later finance option allows you to spread the cost of your purchase over 48 months with an agreed deferral period of 6, 10 or 12 months.

Monthly repayments will start 6, 10 or 12 months after signing your finance agreement. Interest is charged from day 1 of your agreement, but not charged on any repayments made during the deferral period. Unless the balance is cleared within the deferral period, monthly repayments will start and interest during the deferred period will be applied. If the loan amount is paid in full, interest will be waived but a £29 early settlement fee will apply.

All you need to do is:

1. Spend a minimum £200 and above
2. Pay a deposit (optional)
3. Minimum finance loan amount is £200 and above

We offer 3 simple countdown interesting bearing credit options to help you spread the cost of your purchases.

  • 48 months buy now pay later finance, with the first payment deferred for 6 months on orders of £200 and above
  • 48 months buy now pay later finance, with the first payment deferred for 10 months on orders of £200 and above
  • 48 months buy now pay later finance, with the first payment deferred for 12 months on orders of £200 and above

The table below shows you how much the monthly repayments will be based on the total order value.

Representative example:

  • Cash Price: £1,000
  • Deposit (Optional): £100
  • Loan Amount: £900
  • APR representative: 29.8%
  • Interest rate: 29.8% p.a. fixed
  • 48 monthly repayments of £38.78
  • Total term of loan agreement 60 months, with the first payment deferred for 12 months
  • Total Amount Payable £1,961.44
  • Early Settlement Fee: £29
  • No interest is payable on any payments made within the deferral period however will apply from day 1 once the deferral period ends.

Interest Bearing Finance Example

Up to 48 months 19.9% APR representative interest bearing finance.

Spread the cost with our interest bearing finance available online and in store.

Our simple finance options allow you to spread the cost of your purchase over 24, 36 or 48 months.

All you need to do is:

1. Spend a minimum £300 and above
2. Pay a deposit (optional)
3. Minimum finance amount after deposit £200 and above

We offer 3 simple interest bearing finance options to help you spread the cost of your purchases.

  • 24 months interest bearing finance on orders of £200 and above
  • 36 months interest bearing finance on orders of £200 and above
  • 48 months interest bearing finance on orders of £200 and above

The table below shows you how much the monthly repayments will be based on the total order value.

Representative example:

  • Cash Price: £700
  • 10% Deposit (Optional): £70
  • Loan Amount: £630
  • APR Representative: 19.9%
  • Interest Rate: 19.9% p.a. fixed
  • 36 Monthly Repayments of £22.87
  • Total term of loan agreement: 36 months
  • Total Amount Payable £893.32

Complaints

On the rare occasion that we do receive a complaint, we take it very seriously. If you are unhappy with the any aspect of the goods you purchased with us you may contact us in any way you prefer. Our contact details are as follows;

  • Phone: 01288-352269
  • Email: complaints@hbh-woolacotts.co.uk
  • Address: HBH Woolacotts, 26-30 Queen Street, Bude, Cornwall, EX23 8BB

If your complaint relates to your finance agreement

If your complaint relates to the finance linked to your purchase you can still let us know about this, but we will forward it on to your credit provider Novuna. 
Novuna will acknowledge your complaint and investigate it thoroughly and issue their response within eight weeks.

What to do if you can't reach an agreement

If you are not satisfied with Novuna’s response to your complaint relating to the finance agreement, you may be able to refer the matter to the Financial Ombudsman Service. You must contact them within six months of the date of Novuna’s final response letter to you.

They can be contacted in the following ways:

  • Write: Financial Ombudsman Service, Exchange Tower, London, E14 9SR
  • Telephone: 0300 123 9 123
  • E-mail: complaint.info@financial-ombudsman.org.uk

Further details can be found on the Financial Ombudsman Service website: www.financial-ombudsman.org.uk


If you require any further information about finance please call our head office in Bude on 01288 352269.  Alternatively, you can contact your local store - full contact details here.

Credit subject to status and affordability. Terms & Conditions Apply. H.B.H. Woolacotts Ltd is a credit broker, not a lender, 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.