Initial Disclosure

Initial Disclosure Document

INTRODUCTION

This document provides information about us, the products we offer, the services we will provide, who regulates us and what to do if you have a complaint. It is important that you read this information alongside your pre-contractual information.

WHO REGULATES US

We are authorised and regulated by the FCA as a credit broker (Firm reference number 970579, Loanitt UK Limited trading as Loanitt). You can check this on the FCA’s website www.FCA.gov.uk/register or by contacting the FCA on 0300 500 8082.

CONSUMER DUTY & TREATING CUSTOMERS FAIRLY

Loanitt UK Limited are fully committed to treating customers fairly and delivering good outcomes for all customers. We are dedicated to acting in our customer’s best interests, providing fair and transparent services and finance options that meet your individual circumstances and in providing continued and ongoing support.

If you have any questions or require further information, please do not hesitate to contact us.

WHICH SERVICE WILL WE PROVIDE YOU WITH?

In assessing your application, our role as a Credit Broker is to work with you to enable us to identify your needs and present a product relevant to your requirements. We will then introduce you to our limited panel of lenders who provide credit & may be able to offer you finance for your vehicle purchase. Each lender offers different products and interest rates based on your individual circumstances. You will receive the pre-contract credit information which will detail the Terms & Conditions of the product you have chosen and advise you about any other fees and interest relating to the product.

Please note that all our telephone calls are recorded for training and monitoring purposes.

COMMISSION DISCLOSURE

We do not charge a fee for our service. We earn a % of the financed amount in commission for providing our services in assisting in the arranging of finance, but this does not influence the interest rate you’re offered in any way. For regulated agreements we will receive a commission payment from the finance provider if you decide to enter into an agreement with them. All the lenders that we work with pay commissions at different rates, however, the commission received does not affect the amount you will pay under your finance agreement. Our aim is to secure finance for you at the lowest interest rate available from our limited panel of lenders. Details of the amount of commission will be provided to you during the application process before you enter into the agreement, and you will be asked to consent to its payment. If you are not happy with the commission amount or structure you can choose not to consent and not to proceed with the transaction.

WHAT PRODUCTS DO WE OFFER?

Loanitt UK Limited look to find the best product from our limited panel of lenders and will offer you the best deal that you’re eligible for. Loanitt UK Limited are a broker, not a lender. Throughout the application process, your account manager will ask you for information that will help them identify your needs & present options that are relevant to you.

Information on these products can be viewed in more detail by accessing the following link on our website www.loanitt.co.uk or alternatively you can request a member of our team call you to provide information on what we can do for you. We would advise you to view these to ensure you are satisfied that the product you have chosen meets your requirements.

CONTACT US

If you’d like any further information or have any questions about the information within this document, or your finance agreement please contact a member of our team on 028 9344 7285.

PERSONAL DATA

Your personal data is being processed by Loanitt UK Limited. The data we collect and how we process it is set out in more detail in our Privacy Policy which can be seen here: www.loanitt.co.uk/privacy-policy

WHAT TO DO IF YOU HAVE A COMPLAINT

If we get something wrong, we will apologise and where possible we will try to put things right. We also aim to learn from our mistakes and use the information we gain to improve our services.

The first step is for us to understand your complaint; you can contact us by:

Phone: 028 9344 7285.

Post: Loanitt UK Limited, Forsyth House, Cromac Street, Belfast, BT2 8LA.

E-mail: complaint@loanitt.co.uk – please provide your name and day time contact number.

A member of our team will respond to your complaint promptly in writing providing early assurance that we have received your complaint. We will investigate your complaint and aim to resolve it as promptly as possible and will send you a final response within 8 weeks of receipt of the complaint. If we are unable to provide you with a final response within this time, we will send you an update.

If you are not happy with our response, and you are an eligible complainant, you can escalate your complaint to the Financial Ombudsman Service, you must do so within six months of the date of the final response letter from Loanitt. You can contact them:

Write to: Financial Ombudsman Service, Exchange Tower, London, E14 9SR

Phone: 0800 234 567 or 0300 123 9 123

Email: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk

For further information on how to make a complaint or our complaints handling process, you can visit https://www.loanitt.co.uk/complaint-procedure/

SUITABILITY & AFFORDABILITY

If you wish to enter into a finance agreement, we can arrange this for you and, under such circumstances, you authorise Loanitt to pass on information you have provided to Loanitt, to the finance company who will determine your creditworthiness and the affordability of the payments. We provide information to you so that you can make an informed decision. The full terms and conditions of the chosen finance product will be provided to you before you sign any agreement. To ensure the correct finance products are discussed with you, Loanitt will ask you a number of questions to determine your demands and needs. Based on your answers, we will look to find the best product from our limited panel of lenders and will offer you the most suitable deal that you are eligible for. We will provide the relevant product explanation via the Pre-Contractual Information. All finance products are optional.

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 other current obligations without suffering undue hardship. If you are aware of any changes in your life or your household circumstances that may affect your ability to maintain your finance repayments, please make us aware. Your credit rating could be adversely affected if you do not make payments when due which could make it harder or more expensive for you to access finance facilities in the future.

Last updated: November 2024