Q:
What can I use my loan for?
A: Absolutely anything.
The choice is yours. The majority of our customers
clear some or all of their existing credit in order
to reduce their monthly outgoings. They also tend
to raise additional cash to spend as they wish, but
others for example may make home improvements, buy
a new car, or even take a well deserved holiday. It's
your money, so how you spend it is up to you.
Debt consolidation
may increase total costs in the long term.
Back to
top |
Q: How quickly can
I get my loan?
A: Quicker than you would
imagine. We endeavour to have all loans completed within
14 days of application, although of course just as it can
occasionally take longer, it can also be quicker. The quicker
you return any documents
required to us, the quicker you will have your loan.
Back to top
Q:
What will it cost me to apply for my loan?
A: Absolutely nothing. Applying
is FREE, regardless of whether you call us or apply on line.
Simply call us FREE on 0800 032 3826 OR apply on-line now.
Either way, it could not be easier.
Back to top
Q:
Will you be contacting my employer?
A: We would never contact them
without your consent. If you have pay slips and / or a P60,
this will certainly not be necessary. If you can not produce
pay slips, we may ask your permission to obtain a brief
reference from your employer, purely asking them to confirm
your position, length in employment and your annual salary.
We will not supply them with any details of your loan application.
Back to top
Q:
What will my loan cost me?
A: That depends of course on
how much you wish to borrow and what period you wish to
repay it over. Your personal loan officer will tailor your
loan with you to ensure your repayments suit your budget.
We do not encourage people to borrow more than they can
comfortably afford to repay.
Back to top
Q:
Are there any extra costs?
A: No, with a Freedom Finance
loan, the figure on your credit agreement is the amount
you pay, nothing else.
Back to top
Q:
Is my loan application confidential?
A: YES it is. We pride ourselves
in our confidentiality. We are members of the Finance Industry
Standards Association (FISA) and also registered under the
Data Protection Act (DPA). We adhere strictly to the confidentiality
guidelines set out by FISA, as well as the letter of the
law from the Data Protection Register.
Back to top
Q:
Can I repay the loan before the stated period?
A: YES you can. If you do so,
you will benefit from a rebate of interest in accordance
with the Consumer Credit (Rebate on Early Settlement) Regulations
1983. This means you will not have to pay all the interest
that would have been due to the end of your original loan
term, so ultimately the total cost of your loan will be
less. If you repay early there will be an early repayment
charge (usually 6 months interest).
Back to top
Q:
Can I repay more than the agreed monthly repayment?
A: YES usually you can. Many
of our loans allow you to make payments over and above your
standard repayment, whether it be at the same time as your
normal monthly repayment or at any other point in the month.
The amounts you pay over and above will reduce the outstanding
balance of your loan accordingly. This means you will be
paying the same monthly interest, but on a smaller loan
balance, therefore you will be able to clear your loan in
full sooner than the term it was originally scheduled over.
If you repay early there will be an early repayment charge
(usually 6 months interest).
Back to top
Q:
Can I come back and borrow more in the future?
A: YES, usually you can. Assuming
the conduct of your loan account is to your lender's satisfaction,
you may apply to take a second loan out with them. Many
of our loan plans allow you to apply immediately for a further
advance, the others may request that your original loan
account be running for three months or more before they
will consider your application for more money.
Back to top
Q:
Can I get a loan if I have a bad credit rating?
A: YES you can. Having
a bad credit rating does not prevent you from getting
a loan. You may be considering clearing some or all
of the credit you have (if any) to reduce your monthly
credit bills with a single more affordable loan. The
majority of our customers do precisely that. Debt
consolidation may increase total costs in the long
term.
Back to
top |
Q:
Can I get a loan if I have arrears on my mortgage?
A: YES you can. Having
arrears on your mortgage does not prevent you from
getting a loan. If you have arrears when your loan
completes, all the arrears will be paid directly by
the lender from the proceeds of your loan. So when
applying, if you want to receive a certain amount
of cash in your hand, you must add on the amount you
need to clear your arrears.
Debt consolidation
may increase total costs in the long term.
Back to
top |
Q:
Can I get a loan if I do have or have had County Court
Judgements?
A: YES you can. Having
CCJs does not prevent you from getting a loan. You
may also wish to consider clearing some or all of
your CCJs with part or all of your loan. The choice
is yours. It is not a condition of our loans that
you have to clear any CCJs either before or after
you take the loan out.
Debt consolidation
may increase total costs in the long term.
Back to
top |
Q:
What happens if I am unable to make my monthly repayments?
A: First and foremost you should
contact your lender and notify them of your situation. They
would much prefer to know beforehand. Your lender will explain
the terms of your cover to you, as well as doing everything
possible to bring your account back on track.
Back to top
|
