Terms of Business
Terms of Business – Credit Broking
As part of our commitment to treating you fairly in all our dealings with you both now and in the future, this document details our service and arrangements for dealing with your finance requirements. Please take the opportunity to read it carefully ensuring you retain a copy for
your records.
Credit Broker Status Disclosure
We are a credit broker and have the permission to carry out the regulated activity of credit broking which includes effecting introductions between you and lenders or other credit brokers. This means that we can introduce you to a limited number of lenders and their finance products, which may have different interest rates and charges, to assist with your finance.
We will provide details of products available from the lenders that we work with, but no advice or recommendation will be made. You must decide whether the finance product is right for you and all finance is subject to status and income. We also hold the permissions of debt adjusting and debt counselling for the regulated activity of settling finance agreements on an existing car in part exchange circumstances and organising a new finance agreement to replace it.
Finance Applications Procedure
​1. Quotation: We will provide you with a quote for the finance, using all the information we have received. If you would like to proceed, the following steps will be followed to ensure compliance and transparency.
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2. Commission Disclosure: Prior to completing a proposal application, you will be issued a Commission Disclosure Form. This form must be reviewed and signed by you to acknowledge the terms of commission associated with the services being provided.
3. Proposal Form: Once the Commission Disclosure Form is signed, a Proposal Form will be completed and submitted to initiate the process of formal acceptance by the lender.
4. Documentation Completion: If accepted, you will be sent a Pre-Contract Document. This outlines the key terms of a proposed and accepted deal. If you would like to proceed, a secure link to the documentation platform will be provided. You will complete all necessary documentation through the provided link in accordance with the requirements of the lender.
5. Documentation Requirements: Extra documentation may be required which you will be made aware of at the acceptance stage.
Where your finance application has been unsuccessful, we will advise you of this and also provide you with the details of any credit reference agency consulted by the finance provider.
Commission
We do not charge you a fee for our services however, we will typically receive commission from your finance lender for introducing you to them. The lenders we work with pay commission at different rates, this is determined by the amount and term you choose. However, the amount of commission that we receive from the lender does not have an effect on the amount that you pay to that lender under your credit agreement.
The Commission Disclosure Form, mentioned under the finance application procedure, confirms the amount we receive and requires your approval and signature, prior to proceeding.