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 Please find below answers to common questions that customers ask us. About your statement: Q. Does the statement show all of my transactions? A. The statement contains all transactions for the stated period which is usually the preceding 12 months. However, if you have requested an interim statement the period may be shorter. Q. Why has my Closing Balance increased? A. The following are the most common reasons why your total balance may have increased: Administration Charges – where charges have been made to cover administration costs, these will be added to the total balance outstanding. Monthly repayments not received – if the full monthly repayments required are not received it will increase the balance. Insurance – if you have not provided evidence of buildings insurance noting our interest then we will have to arrange contingency cover. This means that a premium will be charged in addition to administration costs. Q. What if interest charges are greater than your monthly instalment? A. This can occur if you are or have been in an arrears situation or if fees have been applied to your account. It is important to check your statement. If interest payments are more than your current monthly instalment you will need to increase your monthly instalment to ensure the loan is repaid at the end of the term. Please contact Customer Services for further guidance. Q. How often will I receive a loan statement? A. You will receive a statement annually. It will be sent shortly after the anniversary date of your loan. Q. Am I charged for the statement? A. No, however if you need a duplicate or interim statement then a charge is applicable. Please refer to our Tariff of Charges. Q. What can I do if I require further clarification of my statement? A. You can refer to our interactive guide to the statements and our contact details. Q. Why have the amounts of fee and charges detailed on my statement changed? A. The Tariff of Charges was revised from 1st May 2010. After this date new charges came into effect. Please refer to our Tariff of Charges. Q. How do I request a copy of the Tariff of Charges? A. Copies of the current Tariff of Charges are available to download here. Alternately you can contact our Customer Services Department on 0844 499 0762. Payments: Q. Can I change the way I repay my loan? A. If you currently make your payments by standing order from your bank, we recommend you consider switching to Direct Debit. We are seeing more and more of our customers choose Direct Debit as their preferred method of payment. The benefits of paying by Direct Debit • You can be sure that the correct amount of money is being collected • If an error should occur you are guaranteed a refund from your bank • It’s easier for you than Standing Order as you won’t need to amend payments through your bank should your payments change Please contact us to switch to Direct Debit. Q. Can I make regular overpayments to repay my loan early? A. Yes, you are able to repay the loan at any time, but please refer to your original agreement for the terms and conditions of repaying a loan early. Q. Can I make a lump sum repayment to reduce my loan balance? A. Yes, but a capital repayment administration charge is applicable. Please refer to our Tariff of Charges. Q. What if I’m experiencing difficulties in paying my loan repayments? A. If you have any difficulties making payments under your agreement please contact us on 0800 954 2093 if you have not already done so. About the loan: Q. Can I borrow more later on? A. We are always happy to consider applications for further credit, subject to underwriting acceptability. Q. What does a fee/charge relate to? A. There are two types of charges that may be incurred. An administration fee that relates to services provided and arrears and litigation charges that relate to non-payment of your account. Full details can be found on our Tariff of Charges. Q. What happens if I want to move house? A. You would need to redeem the loan with us and should contact us for a settlement figure. We may also be able to assist you with a mortgage on your new property. Q. What happens if I want to change my mortgage lender? A. As your loan is secured on your property you should contact us for a settlement figure. If you are considering remortgaging with a different lender and want to borrow more money we may be able to assist you. Change of details: Q. How do I inform you of a change of my personal details? A. Please write in to our Customer Services Department with the details. About Payment Protection Insurance (PPI): Q. What does PPI cover me for? A. Depending on the level of cover you have selected, PPI may cover you in the event of death, accident, sickness or unemployment, subject to the terms and conditions of the policy. Where appropriate the Insurer will make payments to your loan account if these events occur. Q. How do I make a claim on my PPI? A. All our claims are handled by Direct Group. You can make a claim by calling the dedicated claims line on 0844 412 4224. About Buildings Insurance: Q. Why are there charges shown relating to buildings insurance? A. If you have not provided us with a buildings insurance policy with our interest noted or if your policy is cancelled/expired, we will have to arrange contingency cover. You will be charged a buildings insurance premium based on the property’s value and an administration fee, please note that this policy only protects us and does not provide you with any protection. Q. Why do I have to note your interest? A. As you have a loan that is secured on your property, it is a condition of your loan agreement that you arrange and maintain adequate buildings insurance. By noting our interest on your policy, your Insurer will inform us of any material changes that will enable us to assess the adequacy of your current insurance cover. |
