This Terms of Business document explains the main aspects of the way Love Finance Ltd trading as Lovey ("Lovey") operates and how this involves you, our client. It also forms the basis of our business relationship with you. It may however be amended by us without receiving your prior consent.
Lovey is a Finance Broker duly authorized and regulated by the Financial Conduct Authority (“FCA”) No.723310. Registered Office: 36 Great Charles Street Queensway, Birmingham, West Midlands, B3 3JY. Lovey is registered in England No: 08103018 and we are listed on the FCA register, which you can check by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0805 606 1234. The FCA is the independent watchdog that regulates financial services.
Lovey provides bespoke financial solutions for businesses. We offer equipment lease, hire purchase agreements, practice finance, business and personal loans, and vehicle finance through our network of the UK’s leading lenders. For the avoidance of doubt, we do not offer advice in relation to tax, accounting, regulatory or legal matters, and you should take separate advice as you consider necessary regarding such matters. As a Finance Broker, we are not tied to any lender, and depending on your needs, we may consider a specific product from all our lenders, some of our lenders, or just a single lender.
We do not charge you, our client, any fees no matter how complex it may become, and there is no charge to you if we do not find an acceptable facility, or you choose not to proceed at any time.
We will exercise our discretion in selecting a funder for you based on our knowledge and experience of their acceptance criteria. However, ultimately, you must decide whether any finance product is right for you.
In the event we do complete a transaction, we will receive a commission for our work from the chosen funder, which can be fixed or variable, and the amount will not affect the amount you pay under the finance agreements. The commission we receive may vary depending on several factors, including, among other things, (i) whether the funder allows us to adjust the interest rate charged to you, for that lender, (ii) the volume of business we introduce to the lender, and (iii) the features of the Agreement being proposed.
Where you ask us, we will always act with professionalism when providing you with finance, in accordance with FCA guidance.
A copy of the agreement will be sent to you directly by the lender, which will include the Terms and Conditions as soon as the agreement has been countersigned by them. Please check these documents and advise the lender as soon as reasonably practicable if there is anything incorrect in accordance with your requirements. Where you have a right to cancel your agreement, the lender will give you notice of this in writing. It is important to keep all documentation in a safe place.
You are guaranteed the best practice in the industry. We ensure that, as a finance broker or a funder, we operate professionally and in line with FCA guidance.
It is our current practice to retain customer information for at least three years, after which your information may be destroyed at our discretion without notice to you. We will not retain information any longer than necessary. Please be aware that applying for finance through us will warrant the confidential disclosure of more than just your basic contact details to our lenders (third parties), in accordance with the Data Protection Act 2018. You can find a copy of our data protection policy at https://www.lovefinance.co.uk/privacy-policy/ you should also read the Use of Your Data section. If false or inaccurate information is provided to the lender and fraud is identified, details will be passed by them to fraud protection agencies to prevent fraud and money laundering. Calls may be recorded for training and quality purposes.
Our staff are trained to help resolve any issues that you may have with your finance agreement, and we want to deal with and resolve this as quickly as possible by following a prescribed complaints handling procedure, a copy of which is available on request. We will seek to handle any complaints in a prompt and timely fashion and endeavour to respond to your complaint within 24 hours of receipt. However, there may be times when it takes longer to resolve a particular issue, especially when there are several third parties involved. You can contact us by using the details below:
Lovey
36 Great Charles Street
Birmingham
West Midlands
B3 3JY
Email Us: resolutions@lovefinance.co.uk
Call Us: 0800 086 9404
We will acknowledge receipt of your complaint and investigate it. Our aim is to resolve your complaint and send you a final response within 8 weeks. If we are not able to resolve your complaint in this time frame, then we will write to you with an explanation.
If you are dissatisfied at any stage of the process, or with our final response, you can write to:
Financial Ombudsman Service (FOS),
Exchange Tower,
London, E14 9SR,
www.financial-ombudsman.org.uk
At Lovey, we believe in our core values of expertise, service, and integrity. By adhering to the six FCA “Treating Customers Fairly” outcomes, we endeavour to treat all our customers fairly and deal with their needs in a timely and efficient manner. Our dedicated team will always be sensitive to your needs whilst maintaining a high level of customer service. We will recognise and deal with any issues or complaints systematically and fairly to resolve or resolve them, whilst keeping customers informed of their rights, according to our prescribed complaints procedure. Based on openness and transparency, we will ensure that we consistently deliver our customers fair outcomes and take responsibility for our actions.
We will use your personal data for the purposes of your application and, if an agreement is completed, to provide our services in supporting it. We are the data controller of any data you provide to us and if you have any queries regarding you data, please contact resolutions@lovefinance.co.uk.
We will use the data to respond to enquiries, to provide services to you, to verify your identity and to improve our products and services. If you engage us to arrange credit for you, we may provide you with details of other similar products and services. Our legal basis for this is to take steps at your request before entering a contract and/or as part of a contract with you and/or because it is necessary for the purposes of our legitimate interests. Our legitimate interests are to provide services to you. We may pass information to third party finance providers as part of an application for credit. A full list of the lenders we use is available in the privacy policy section of our website where there are links to the privacy policies of the funders we use. We may also have third parties manage some data for us under agreements we have with them. The information we will process will include your name, address, financial details, email address and other details provided in the application process. As part of your application your personal information may be supplied to credit reference agencies (CRAs) and they will give us and/or the lenders information about you, such as about your financial history. This is to assess your creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and to prevent criminal activity. When CRAs receive a search from they will place a search footprint on your credit file that may be seen by other lenders. We or your lender may also continue to exchange information about you with CRAs on an ongoing basis if you take out a credit arrangement, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. Your data will also be linked to the data of your spouse, any joint applicants or other financial associates. The identities of the CRAs, and the ways in which they use and share personal information, are explained more in detail by the CRAs. The CRAs we use most frequently are Experian, Equifax and Callcredit. The details may be found at:
Experian: https://www.experian.co.uk/
Equifax: https://www.equifax.co.uk/
Callcredit: https://www.callcreditstatreport.co.uk/
You have several rights in relation to any personal data we hold. You can request access to and rectification or erasure of any data. You can also ask us to restrict or object to us processing your data. If you consent to our marketing to you or providing your data to third parties, you can object to this. You can also opt out of any information we provide you on alternative products. You have a right to complain to the Information Commissioners Office if you are not happy about the way your data is used. We will only store your data as long as we need it. We regularly review the data we need. We will base this on the provision of goods, services, or information to you.
