This Terms of Business document outlines the way Love Finance Ltd (Lovey) operates, your responsibilities as our customer, and forms the basis of our business relationship with you.
Love Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA) for the following types of consumer credit-regulated activities. FRN 723310.
Credit broking/Debt Adjusting and Debt Counselling:
This means we act as a broker to arrange credit for business purposes through our panel of lenders, known as “third parties”.
We are also a lender and provide unregulated finance for business purposes. Please be aware that most business and commercial finance falls outside the scope of FCA regulation.
Love Finance Ltd is registered in England Company Registration Number 08103018. Our registered office is at 36 Great Charles Queensway, Birmingham, B3 3JY
Lovey is a registered Controller with the Information Commissioner’s Office under the registration number ZA055061. This means we are responsible for how we collect, hold and use your personal data.
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 carefully selected panel of lenders.
When we are acting on your behalf as a credit 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. For an up-to-date list of our lending panel please contact: resolutions@lovefinance.co.uk
To be clear, we do not offer advice in relation to tax, accounting, regulatory or legal matters, and you should take separate advice regarding such matters.
Any advice your account manager provides will be based on your personal or business financial disclosures. It is important to answer questions in full and accurately to enable us to best assess your needs and circumstances.
We will provide you with information and explanations about the finance products that may be available to you and, where we present a product to you, this is based on the information you provide to us on your needs and circumstances. Finance is arranged subject to status and terms and conditions. We cannot guarantee that we will be able to secure finance for you, but will we keep you informed throughout the process.
There is no obligation to take out finance with Lovey and other methods of financing may be available to you. You are encouraged to seek alternative quotations and details of other products by researching the high street, the media, and online. Doing so will help you compare options and ensure that the funding arrangement you choose is suitable and will meet your requirements.
You must provide complete, accurate and truthful information when applying for credit.
Failure to disclose relevant information or changes in your circumstances may lead to a withdrawal of credit approval. You must also ensure that any information you provide, including income and expenditure details, is accurate and honest.
Supplying incomplete or inaccurate information could also affect your affordability assessment and may have an impact on your credit record.
You must ensure that you can meet the loan repayments throughout the duration of the agreement along with your other financial responsibilities. Failure to maintain repayments could negatively affect your credit rating and make it more difficult or more expensive to obtain finance in the future.
We do not charge you, our customer, any fees no matter how complex your application may be. There is no charge to you if we do not find an acceptable loan or you choose not to proceed at any time.
We will exercise our discretion in selecting a lender for you based on our knowledge and experience of their acceptance criteria and your requirements. However, you must decide whether a finance product is right for you. Any charges you pay, including interest, fees, or other costs, will be clearly shown in your finance agreement with the lender.
When we complete a transaction, we will receive a commission for our work from the chosen lender, which can be fixed or variable. The amount we are paid will not affect the amount you pay under the finance agreement. The commission we receive may vary depending on several factors, including, among other things, (i) whether the lender 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. The commission payment received is for the introduction and work in facilitating and arranging the finance for you and is a one-off payment from the lender to.
We will disclose the commission arrangement in good time before the you enter into the agreement. If you request it, we must also disclose the amount of commission, fee, or remuneration. We will obtain your agreement in writing before proceeding.
If you have any questions about how we are paid or how we select our lenders, please ask.
We aim to support and tailor our service appropriately to those customers who may be particularly vulnerable due to their current circumstances or recent life events. If you have a disability, physical or mental health condition, feel vulnerable due to a change in personal circumstances, or just need extra support please let us know and we will do our best to help you.
You should make sure you have sufficient time and support to assess the information given to you and ensure the funding option offered is suitable for you and meets your requirements. If you are unsure, please don’t hesitate to ask us for further explanations, help and support.
It is important that you only enter into an agreement if you can comfortably afford the repayments. You should assess the monthly payments you are required to make throughout the term of the agreement and ensure you can meet these and your other current obligations without suffering undue hardship.
If you are aware of any future changes in your life or your household circumstances, that may affect your ability to maintain your loan repayments, please make us or the lender aware. Your credit rating could be adversely affected if you do not make payments when they are due which could make it harder or more expensive for you to access finance in the future.
You will receive pre-contract credit information and a copy of your agreement from your chosen lender which will detail the terms and conditions of the product you have chosen and advise you about any fees, charges and interest relating to the product.
Please check these documents carefully and advise the lender as soon as soon as possible if there is any incorrect information or you are unsure about anything. You should ensure you have sufficient time to review the information and documentation provided to you before making a decision.
If you have any health issues, difficulty in understanding information, or any recent life events that could affect your ability to fully understand the information presented or the commitments under the agreement, you should carefully consider how much time you may need to review the documentation. You may also wish to have someone you know present to help you make your decision. Please let us know if this is the case so that we can proceed with your requirements in the most appropriate way.
You should also make sure that the funding option offered is suitable for your needs and meets your requirements. If anything is unclear, you should seek further explanation, and we encourage you to ask questions to ensure you fully understand the documents you are given.
For regulated consumer credit agreements, you have a legal right to withdraw within 14 days of signing your agreement, without giving a reason. Full details of how to exercise this right will be provided in your pre-contractual documentation and credit agreement provided by your lender.
The length of time we keep your personal information is dependent on how the information is used and recorded. Lovey will never retain your personal information for longer than the purposes we require it for or is necessary for us to retain it. Generally, this will be up to seven years after the end of the agreement or application in order to comply with our legal obligations.
Please be aware that an application for finance through us will require the confidential disclosure of more than just your basic contact details to our lenders. 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 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 perform a search they will place a 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 agreement, including about your settled accounts and any debts not fully repaid on time.
The personal data you provide will be used and stored under the General Data Protection Regulation (GDPR) 2018. You have a right to access all the personal information that Lovey holds about you.
You can find a copy of our Privacy Policy which explains how we collect and use your data and your rights here: https://www.lovey.com/privacy-policy
All transactions relating to the services provided by us are covered by the Money Laundering Regulations and the Proceeds of Crime Act. We have appropriate measures in place to prevent fraud, money laundering and other financial crime. Our responsibilities include, but are not limited to, verifying the identity and address of our customers and any third-party making payments on their behalf.
Where we require, you must supply proof of your identity, and we reserve the right to carry out electronic identification and anti-money laundering checks on all Directors and/or beneficial owners owning 25% or more of the voting share capital of the business.
If false or inaccurate information is provided to Lovey or the lender and fraud is identified, details will be passed by us or the lender to Fraud Prevention Agencies. Our Financial Crime Policy is available on request.
We are committed to delivering good outcomes for all our retail customers, as required by the Consumer Duty. This means we will:
• Act in your best interests at all times.
• Ensure our products and services offer fair value.
• Provide you with clear, timely and understandable information.
• Support you, and those in vulnerable circumstances.
We will act with integrity, be honest and transparent in all our interactions with you. This includes providing clear and accurate information, being upfront about risks, and ensuring that you are not misled at any stage of the process.
We will identify and mitigate potential risks that could cause harm, for example product failure or misselling. It also involves understanding customer vulnerabilities and implementing measures to prevent negative outcomes.
We will empower you to make informed decisions and achieve your financial goals by offering appropriate support, guidance, and tools. This includes providing resources that may help you understand your options and the implications of your choices.
At Lovey, we believe in our core values of expertise, service, and integrity and the delivery of excellent customer service.
In the event that you feel we have not fulfilled our commitment to you or not lived up to your expectations we want to hear from you.
Our staff are trained to help resolve any issues that you may have with your finance agreement, or the service you have received, and we want to resolve any concerns you may have as quickly as possible.
We will aim to acknowledge your complaint within 24 hours of receipt. There may be times when it takes longer to resolve a particular issue, especially if there are several third parties involved, but we will keep you informed throughout our investigation.
We hope to resolve your complaint and send you a final response within 8 weeks. If we are not able to resolve your complaint within this time frame, then we will write to you with an explanation and advise you of your right to contact the Financial Ombudsman if applicable.
You can find our complaints handling procedure here https://www.lovey.com/make-a-complaint or we can provide you with a copy on request.
You can contact us by using the details below:
Lovey
36 Great Charles Street
Birmingham
West Midlands
B3 3JY
If your complaint is eligible and you are dissatisfied at any stage of the process, or with our final
response, you can write to:
Financial Ombudsman Service,
Harbour Exchange Square
London, E14 9SR,
Exchange Tower,
www.financial-ombudsman.org.uk
Helpline 0800 023 4567
This Policy will be updated subject to operational changes or legislative requirements without prior notification and your consent. It is available in different formats on request.
