Finance Explanation and Representative Example
Interest Bearing Finance Example
Up to 48 months 10.9% 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:
- Spend a minimum £2,899 and above
- Place a 10% deposit
We offer 3 simple finance options to help you spread the cost of your purchases.
- 24 months interest bearing finance on orders of £2,899 and above
- 36 months interest bearing finance on orders of £2,899 and above
- 48 months interest bearing finance on orders of £2,899 and above
Cash Price £3299
Loan amount £2969.10
10.9% APR Representative
Interest Rate 5.61% fixed
36 monthly payments of £96.35
Total Term of Loan Agreement 36 months
Total Charge for Credit £798.50
Total Amount Payable £3798.50
Please note the above quotation is an indicative cost and actual monthly payments may vary by +/- 2p per month.
Just select the finance option on the product page or let the sales consultant know if you’re buying in our showrooms.
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 we will require the employment details of your spouse in order to process your application.
Your monthly repayments will begin one month after your purchase has been delivered.
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 Midlands Hot Tubs you have the choice of applying for finance by adding your purchase to the shopping basket, selecting the finance option on the product page, 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 e-sign the agreement or print and sign the agreement twice. 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 dispatched.
Here’s some of the most commonly asked questions regarding online finance.
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 Midlands Hot Tubs 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 the Finance company. Shipment of your goods will follow soon after your agreement has been returned and received.
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 us to produce consistent decisions, ensuring all our applicants are treated fairly. Credit scoring does not discriminate on the grounds of sex, race, religion or disability.
In addition to credit scoring, we also take into account confirmation of your identity, validation of certain application details, existing commitments and information held at the credit reference agencies. Though we are unable to provide you with a main reason for decline of your application, it is usually based on one, or a combination of the following:
- Your credit score (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
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.
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
- Callcredit 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.
Yes. We acknowledge that your circumstances change and just because we have refused a previous application, it does not mean that we’ll automatically turn down a further request. We do suggest however, that you leave at least 6 months between applications.
In order to safeguard against fraudulent applications, we regret that we’re able only to deliver goods to the home address of the applicant.
Midlands Hot Tubs Ltd
Updated 1st May 2020
Complaints Manager contact details
Name: Simon Matthews
Telephone: 01827 51010
Any complaint verbal or written will be referred to our complaint’s manager at the earliest opportunity or to a member of the senior management if the complaints manager is unavailable. We will also
- Acknowledge the complaint in writing promptly
- Record details on the firm’s system
- Make contact to seek clarification on any points where necessary
- Fully investigate the complaint
- Keep you informed of our progress
- Discuss with you our findings and proposed response
- Ensure that our firm partners have a compliant complaints procedure and are communicating with their customer using this
- Provide clear deadlines to respond
You will receive contact from us advising on progress if we cannot respond immediately. We will let you have our final response as soon as possible and not later than eight weeks.
Midlands Hot Tubs Ltd.
Customers may express dissatisfaction to us about our products and services. We will need to establish whether or not the complaint relates to the information given, the firm or the service and installation. If unclear, this must not delay investigation and we will proceed with our own investigation. The complaints manager will review this matter and take the complaint to the firm for them to investigate and provide a written explanation and any supporting information. This may include photos, checklists or remedial satisfaction notes.
The complaints manager will establish the nature and scope of the complaint having due regards to the Financial Conduct Authority’s direction:
- Deal with complaints promptly and fairly
- Give complainants clear replies and, where appropriate, fair redress
It is the firm’s policy to treat all complainants the same, however, eligible complainants are legally defined and have additional rights in law that we must acknowledge and adhere to.
The Financial Conduct Authority complaints rules apply to complaints:
- Made by, or on behalf of an eligible complainant.
- Relating to regulated activity.
- Involving an allegation that the complainant has suffered, or may suffer, financial loss, material distress or material inconvenience.
This will set out clearly our decision and the reasons for it. If any compensation is offered a clear method of calculation will be shown.
The firm must include details of the Financial Ombudsman Service in the final response if dealing with an eligible complainant and a regulated activity, we will:
- Explain that the complainant must refer the matter to the ombudsman within six months of the date of this letter or the right to use this service is lost
- Indicate whether or not we consent to waive the relevant time limits.
Complaints Settled within 3 business days
Complaints that can be settled to the customer’s satisfaction within 3 business days can be recorded and communicated differently.
Where we consider a complaint to be resolved to the customer’s satisfaction under this section, the firm will promptly send a ‘Summary Resolution Communication’, being a written communication from them which:
- refers to the fact that the customer has made a complaint and informs them that they now consider the complaint to have been resolved to the customers satisfaction.
- The firm will tell the customer that if they subsequently decide that they are dissatisfied with the resolution of the complaint they may be able to refer the complaint back to the firm for further consideration or alternatively refer the complaint to the Financial Ombudsman Service;
- Provide the website address of the Financial Ombudsman Service; and
- Refer to the availability of further information on the website of the Financial Ombudsman Service.
In addition to sending you a Summary Resolution Communication, the firm may also use other methods to communicate the information where:
- We consider that doing so may better meet the customer’s needs; or
- They have already been using another method to communicate about the complaint. This may include recorded calls, emails or text messages.
Closing a complaint
We will consider a complaint closed when we have made our final response to the customer. This does not prevent a customer from exercising any rights they may have to refer the matter to the Financial Ombudsman Service.
Financial Ombudsman Service
We will co-operate fully with the Ombudsman in resolving any complaints made against us and agree to be bound by any awards made by the Ombudsman. The firm undertakes to pay promptly any fees levied by the Ombudsman.
|The Financial Ombudsman Service, Exchange Tower, London E14 9SR|
Tel: 0800 023 4567 (free for most people ringing from a fixed line) or 0300 123 9123 (cheaper for those calling using a mobile) or 020 7964 0500 (if calling from abroad)