retailer guide - v12 retail finance

R E TA I L E RGUIDE

RETAILER GUIDE 2VERSION 3

CONTENTS

1. Introduction 3

2. Retailer obligations

2.1 Advertising and Compliance 3

2.2 Change of trading entity, names and 3

business ownership 3

2.3 Validation Checks 4

2.4 Preventing Fraud 4

2.5 Delivery of Goods 5

2.6 Proof of delivery requirements 5

2.7 Extended warranty/ 5

service plan products

2.8 Merchandise complaints 6

2.9 Security 6

2.10 Anti-money laundering requirements 7

3. Customer eligibility 7

4. How to login to the V12 system 8

5. Administration within the V12 portal 9

6. Processing an application 10

6.1 Data protection 13

7. Instore signature 14

8. Web applications 16

9. Releasing the goods to the customer 16

10. Discussing a credit decision 16

11. How to search for an existing application 17

12. How to re-send a copy of an agreement to the customer 18

13. When to request payment 19

14. How to request a payment 19

15. Application status 20

16. How to cancel an application 21

17. Reports 21

18. Payments 21

19. Written credit quotations 22

20. Vulnerable customers 22

21. Contact us 23


1. INTRODUCTION

At V12 Retail Finance we know that our market leading software needs to be as accessible and user friendly as possible. That’s why the V12 Retail Finance system has been developed over the past 10 years in close collaboration with our retail partners. It offers easier application processing and faster credit decisions across all channels – whether in-store, mail order or online – helping you increase sales and profitability. This guide should give you everything you need to know about the system, but if you still have questions please call our Sales Support Team on 02920 468918.

V12 Retail Finance Limited are owned by Secure Trust Bank PLC. V12 Retail Finance Limited. Registered in England and Wales 4585692.Authorised and regulated by the Financial Conduct Authority. Registration number: 679653. Registered office: One Arleston Way, Solihull, B90 4LH. Correspondence address: 20 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ.

V12 Retail Finance Limited act as a credit broker and introduces to one or more lenders, for which they will receive a commission.

Secure Trust Bank PLC. Registered in England and Wales 541132.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration number: 204550. Registered Office for both: One Arleston Way, Solihull, B90 4LH. V12 Retail Finance (V12) is a trading name of Secure Trust Bank PLC.

2. RETAILER OBLIGATIONS

2.1 ADVERTISING AND COMPLIANCE

As the retailer, you are responsible for the way you advertise and promote the use of finance to the customer. You can only promote the use of finance, as defined by the Financial Conduct Authority (FCA) Consumer Credit Sourcebook, if you are authorised by the FCA and it is your responsibility to ensure all financial promotions are compliant with the regulations.

You can refer to V12’s Credit Advertising Guidelines which can be found on the V12 portal next to the Retailer Guide.

2.2 CHANGE OF TRADING ENTITY, NAMES AND BUSINESS OWNERSHIP

You are also required to update us of any changes that could affect your contractual obligations with us, our customers or, if you are a regulated business, any Financial Conduct Authority permissions you hold.

As soon as you become aware of any future or existing changes to your company, including areas such as changes to the contracting entity, structure and trading styles it is your responsibility to contact us immediately so we can agree the best course of any action. Failure to do so may result in restrictions to your account whilst a resolution is agreed


For the in-store application journey we validate customer information with cutting edge fraud validation tools. This process runs in the background and you won’t be required to ask the customer for any additional verification checks.

For the web and mail order application journey, once an application is approved, the customer is asked to provide their credit or debit card details to validate the information they have supplied.

This card need to be in the applicant’s name and registered to the address on the credit agreement. A ‘pre-authorisation’ of 50p is then performed through a secure link with Barclays Smart-Pay, which will provide data for validation. This process does not debit any money from the card.

Where a deposit is collected by V12 Retail Finance on your behalf, we will process the deposit payment in place of the 50p ‘pre-authorisation’, to provide validation data.

If the customer is making a web or mail order purchase then the goods must be delivered inside the verified address on the customer’s credit agreement or an address approved by V12 Retail Finance. We do not permit the collection of goods from any other location that is not approved by V12 Retail Finance, including but not limited to, a store, and delivery depot or drop point.

Please refer to section 2.5 for information around obligation of delivery of goods.

At V12 Retail Finance, we take our responsibility and commitment to the identification and mitigation of fraud very seriously. We would like to remind you of your own responsibilities to co-operate in fraud investigation and defences, ensuring timely disclosure of all evidence held by you relating to V12 fraud investigations.

V12 may introduce further checks or rules in the credit decision process to mitigate against potential fraud losses, to keep V12, our retailers and our customers safe.

V12 Retail Finance and our retailers should never profit from fraudulent activity. Any fraud cases identified where V12 Retail Finance suffers a financial loss, due to the action or inaction of a retailer, the retailer will incur a charge back of 10% of the loan amount. This represents the level of profit made by the retailer from the fraudulent transaction, and ensures neither V12 nor our partners ever profit from the proceeds of fraud.

2.3 VALIDATION CHECKS 2.4 FRAUD PREVENTION


Goods must be delivered to the address on the customer’s credit agreement or an address verified by V12.

Under no circumstances should goods be left outside of the addresses or in communal areas.

Where delivery of goods has been unsuccessful, goods must always be returned to the depot and delivery re-arranged to the approved address. Under no circumstances should the collection of goods be made from any other location that is not approved by V12 Retail Finance, including but not limited to, a store, delivery depot or drop point.

You should instruct your carrier not to deliver goods if the address appears to be uninhabited.

You should only deliver goods to the person named on the credit agreement or a family member of that person, as disputes can still arise even though goods are delivered to the address on the agreement.

You must not release goods to third parties apparently employed by the customer (e.g. taxi drivers, messengers, couriers etc).

You should take reasonable precautions to ensure you are delivering to the right person, and retain delivery notes for a minimum period of 24 months.

Delivery notes should be available to present on demand to V12 Retail Finance. Failure to present within 14 days of the request could result in claw back of the loan amount paid to you.

2.5 DELIVERY OF GOODS

Name of delivery company

The delivery tracking number

The name and address goods were delivered to

The name of the recipient of the goods and their signature

Date and time of delivery

Delivery GPS tracking

Delivery route

The delivery driver’s name

PROOF OF DELIVERY REQUIREMENTS

All proofs of delivery must include the following information:

V12 Retail Finance do not allow finance to be used for payment of any extended warranty or insurance products without our prior approval.

2.7 EXTENDED WARRANTY/SERVICE PLAN PRODUCTS

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If a customer claims the product is defective please make the customer aware that they are required to maintain their payments until the complaint is resolved. There is no legal obligation to waive the terms of the agreement whilst a complaint is being investigated. If a merchandise complaint is made against you, V12 requires you to act in line with its complaints policy which complies with Applicable Laws as part of the agreement between the retailer, V12 and the customer, to promptly assist in the resolution of the issue.

Although the customer may not have a justified complaint, under the finance agreement all parties mentioned above, share the responsibility to achieve consensus and ensure the customer is treated fairly throughout the complaint process. We take this responsibility seriously and respectfully insist our retail partners do the same.

In the event of non-cooperation, or failure to reach an agreement on a resolution, we may be required to claw back the original amount paid to you. Where the retailer’s actions cause V12 to incur a cost as a result of a complaint against the retailer, V12 is entitled to recover amounts paid due to but not limited to:

Distress & inconvenience paid to the customer

Statutory interest payments

Costs for independent reports

Any payments required to put the customer back in their original position

Financial Ombudsman Service (FOS) Fees

Financial Ombudsman Service awards

Any associated legal costs

If the customer is unsatisfied with the resolution and the complaint is linked to a regulated agreement, they will be eligible to take their complaint to the FOS.

If the agreement is non-regulated, although the customer is not eligible to contact the FOS, we would expect all parties to work together to ensure that the customers’ consumer rights are respected as there are other options open to the customer should they decide to escalate their concerns

2.8 MERCHANDISE COMPLAINTS

Security is an important concern for both the customer and the retailer during any online transaction. The V12 Retail Finance gateway encrypts information submitted and uses proven techniques to ensure the security and integrity of sensitive data. The public web servers used by V12 are certified by a leading certificate authority, ensuring that nobody can impersonate V12 Retail Finance to obtain confidential information. Data storage on the systems and the communication between servers is regularly audited to the highest standards to ensure a secure transaction environment. This includes regular third party testing for vulnerabilities and reviews of application security and access control procedures.

Please remember to:

- always ensure that your password is kept secure

- frequently change your password

- ensure that you’re using equipment that’s up to date

- report any breach in your system to us as soon as possible

2.9 SECURITY


2.10 ANTI-MONEY LAUNDERING REQUIREMENTS

3. CUSTOMER ELIGIBILITY

Before completing a credit application you should establish that the customer qualifies for finance and can satisfy all the following pre-check criteria.

Please make sure that the customer:

is 18 or older

Is, or their partner is, in permanent paid employment, self-employed, retired and receiving a pension, working student in part time work or in receipt of a disability benefit

has been a resident in the UK for at least 3 years

has a debit or credit card in their name, which is registered to their address, in order to pay for the deposit (if applicable)

has a Bank or Building Society current account available (you’ll need this to complete the direct debit instruction)

We don’t permit Owners, Directors, Partners, Sole Traders to obtain finance to purchase goods from their business.

If an employee is applying for finance to purchase goods through their employer, they must seek permission from their line manager who must then process the application.

Note: finance is not available for unemployed individuals.Applications that have previously been rejected should not be re-proposed within a 3-month period.

V12 Retail Finance, as a FCA authorised and regulated company, complies with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. One focus of these regulation is to deter, prevent and detect money laundering.

V12 Retail Finance have a number of controls in place to meet these regulatory requirements along with those placed upon us by other relevant legislation and industry guidance.

One key requirement is to identify and verify an applicant prior to entering into a business relationship. Where possible, these checks are undertaken electronically. However where this is not an option, the applicant will be required to provide relevant documentation for review. If this is the case, once the application has received a positive credit decision, an email will be sent direct to the customer setting out the requirement and detailing what documentation is acceptable.


1. Go to www.v12retailfinance.com. Please save this link to your favourites or to your desktop.

2. Click on ‘Retailer log in’ at the top right hand side

3. Log in using the details given to you by your V12 account manager. Please note that your password is case

sensitive and has to be typed rather than copy & pasted. If you can’t remember your password then you can click

on the forgotten password link to retrieve it. If you can’t recall your username then you will need to contact us.

The best way to do this is to send an email to [email protected] from your business email address,

alternatively you can call our Sales Support Team on 02920 468918.

4. Please note that access to the V12 system is restricted to approved users only.

An approved user is someone who:

• is an employee of the Retailer; and

• has either (a) been approved for access to the V12 system by V12 Retail Finance directly, or (b) has been

approved for access to the V12 System by an employee of the Retailer who has been granted V12 system

administration rights by V12 Retail Finance

If you require access to the V12 System for individuals other than a direct employee of your business, such

as a third party or web developer, you will need to contact V12 Retail Finance Sales Support Team to discuss

your access requirements in order to approve your request and provide system access. It is your responsibility

to ensure you exercise the appropriate level of governance over your employees and agents. The Financial

Conduct Authority (FCA) has set out its expectations of regulated firms in the Consumer Credit Sourcebook

Chapter 14. For more information about the responsibilities of credit brokers, please refer to the FCA’s website.

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HOW TO LOG IN TO THE V12 SYSTEM

https://www.fca.org.uk/publication/finalised-guidance/consumer-credit-being-regulated-guide.pdf


5. ADMINISTRATION WITHIN THE V12 PORTAL

USERS

To make changes to existing users select ‘user’ and select the username you want to update. Once you have made the appropriate changes select ‘apply’.

To add new users select ‘user’ then ‘add new’. Enter the user information, select the required access levels and branches required. Select “Apply’, this will create the user and generate an email to them to create their password. For more information about adding users please refer to section 4 “How to log in to the V12 System”.

PRODUCTS

You can view all of the available products that are set up on your system. If you wish to offer a product that is not currently live on your account please contact our Sales Support Team or your account manager.

SUMMARY

This will show your V12 Account Manager’s contact details in case you need to speak directly with them. It will also display the sales channels that you use and the bank account details we hold for you. If these need to be changed, please contact your account manager or V12 Sales Support.

ADMINISTRATION

Each retailer will have their own V12 system administrator which we have agreed with you. The administration functions are only available to users as specified by you and can have access to more functionality of the V12 system.

If you wish to add or amend users who have these functions, please contact V12 Sales Support.


6. PROCESSING AN APPLICATION:

To access the V12 portal, log in using the details given to you by your V12 account manager. Please note that your password is case sensitive and has to be typed rather than copy and pasted.

Once you are logged into the portal you will see the V12 dashboard which gives you access to all of the functionality you require. In order to start a new finance application for your customer, click on the ‘New Application’ icon.

You will then be asked to enter a cash price for the total cost of the goods that are being financed and a deposit amount if applicable (If a deposit is required this must be taken using a chip and pin enabled card in the name of the applicant. The minimum deposit amount will be detailed on your client agreement business schedule and the maximum deposit is 50% of the cost of the goods). You can also add a reference number for your own use, such as the customer invoice number, surname or sales person. For mail order applications you will be required to complete the customer’s first name and surname along with an email address for us to send the application form to.

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Alternatively if you have requested a finance calculator from us, you can use the calculator to discuss finance options with your customer. Once the customer has chosen their finance option select ‘Apply’ and continue with the application as below.

If the customer is in-store with you, please select the ‘Shop’ option. If you would like to send an email to the customer and allow them to complete the application at home please select the ‘Mail Order’ option.

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The finance options you have available to offer will be displayed. Choose the required option and select ‘Create Application’.

We will ask for the customer’s personal details such as title, name and last name. All fields are mandatory other than those marked as optional.

Please select the customer’s employment information.

You are now free to proceed through the application screen, entering the required information. Dependent on your in-store set up you may wish to allow the customer to fill these details in themselves.

To ensure customers are informed on how their personal details are collected during the credit application and will be used by V12 Retail Finance Limited and Secure Trust Bank PLC, customers should take time to read the information displayed on this page thoroughly. The customer will be asked to confirm if they are happy for us to share their details with the retailer they are purchasing goods from, before proceeding to fill in their details.

You will now be required to enter the customer’s details such as: nationality, DOB, home address and time at the address, we will require 3 years’ of UK address history.

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When you select ‘Next’ the customer will be reminded of the credit search process and that a log of the search will be left on their credit file. The customer will then need to select their marketing preferences. We will never sell or pass on the customer’s details for marketing purposes, however we would like to make them aware of our products and services or those from carefully selected third parties such as lenders and brokers which we think they may be interested in. Finally the customer will need to choose if they would like their statements to be sent to them electronically rather than by post, which can be done by selecting that they wish to go paperless.

12REFERRED

If the application is more complex, we may need to refer the decision. We appreciate the customer is in-store waiting, so shop applications are always prioritised and we should provide a decision within 10 minutes. If we require further information we will contact the shop and ask to speak with the customer. As soon as we have reached a decision we will amend the status of the account online. We therefore request that you regularly check the status on the V12 system.

DECLINED

The declined decision will show on your screen. You must print off the decision straight away so that it can be passed to the customer.

Once you have entered the details, please click ‘Next’. It usually takes under 20 seconds for a credit decision.

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For retailers with in-store eSign move onto to section 7 “in-store signature”.

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If we are able to provide finance for the customer we will show that the application has been ‘Approved’. This will then lead onto the next page for the relevant identity checks.

Once complete, select ‘Next’ and enter the customer’s sort code and account number for the account they want their monthly direct debits to come from if the application is successful.

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Before continuing to the next stage of the application journey, you need to provide customers’ with the data protection statement shown on the application screen which explains to the customer how their personal information will be used. The process differs slightly depending on how the customer is applying for finance:

WEB

A link explaining to the customer “how your personal information will be used” is within the Privacy Statement, before the customer clicks the “process my application” button after entering their application details. They are able to print a copy off via their browser if they wish.

IN-STORE

This same links exists. You need to bring the customer’s attention to this information, especially the “marketing preference” boxes as you cannot proceed with the application until the boxes have been ticked. You must then tick the labelled box to tell us that you have shown the customer this information page. You can print a copy off for the customer if they wish.

MAIL ORDER

Again, you must bring the customer’s attention to this information, especially the marketing preference boxes. You must then tick the labelled box to tell us that you have drawn the customer’s attention to this information page. If the customer is completing this process at home then they will tick to confirm they have read and understood how we will use their personal information.

It is your responsibility to comply with the General Data Protection Regulations.

6.1 DATA PROTECTION


7. INSTORE SIGNATURE

You will now also need to read out the displayed important information to the customer regarding pre-contract credit information, and allow them to read the pre-contract credit information stored on the blue hyperlink below.

You will now see a warning to remind you that all of the following sections of the application must be completed solely by the customer. For mail order applications this message will not be displayed.

Once we have successfully authorised the ID verification, you will be asked to read the important information statement out to the customer before you continue. This section includes important information regarding the finance and it’s important that the customer is happy with this before you proceed.

You are now required to read the important information regarding the electronic signature process.

The customer will be asked to provide the answers to some security questions which should remain private, only one question and answer is required. This will be used for data protection purposes when the customer contacts us. For mail order applications this will not be displayed.

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A pop up box will appear asking the customer to confirm they wish to complete the application.

The customer will now see the credit agreement, which covers all of the terms of their agreement with V12 Retail Finance. The named customer on the credit agreement is required to sign using our eSign facility if they would like to continue. To sign the agreement the named customer on the credit agreement is required to click in the green box on the bottom right of the application. The named customer on the credit agreement will complete the same eSign process if the application is online or via mail order. If you use our in-store wet sign process, please print the document to allow the customer to sign.*

And that’s it! The page will automatically refresh to display a message advising that the loan agreement is signed and complete. We will automatically send the customer the agreement to their email address, however if they would like a copy to take away with them you can click the hyperlink and print the signed version for them.

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The application decision is valid for 90 days from approval. Applications older than 90 days and not received by V12 must be re-approved.

*Please send all signed credit agreements to: Customer Services, V12 Retail Finance, 20 Neptune Court, Vanguard Way, Cardiff CF24 5PJ.

If you have any issues during this process, you can contact us on 02920 468900.


8. WEB APPLICATIONS

The V12 system is designed to be easily integrated into your web store. We have developed plugins for popular web stores as well as a range of tools to allow easy integration into any system or site. For more information on how to integrate the V12 system into your web store, please contact your Account Manager or Sales Support.

Web applications decisions

Approved

The decision will show on the customer’s screen, along with the next steps the customer will need to take, for example pay a deposit if required, carry out the identity verification and eSign the credit agreement. We will inform you of our decision directly by email and also by updating the V12 system status.

For more information refer to section 6 “Processing an application”, point 5 of the journey.

Declined

The customer will be given an option to print off our information page about declined applications.

Referred

If the application is more complex, we may need to refer the decision. We should provide a decision within 2 hours. In a small number of cases, it may take longer to carry out additional checks. If we require further information we will contact the customer directly. As soon as we have reached a decision we will amend the status of the account in the V12 system and advise you via email.

10. DISCUSSING A CREDIT DECISION

In-store/shop application

We acknowledge mistakes can happen when inputting an application (such as spelling errors or incorrect house numbers) and this can lead to a declined decision. In the rare instance that this might have happened, please contact the underwriting team on 02920 468916.

Mail order and web applications

In the event that a customer wishes to speak to us about our decision, we advise all customers to obtain an up-to-date copy of their credit report (through Call Credit, Equifax or Experian) before contacting us.

Customers can contact us by phone on 02920 468916 or by email to [email protected] where we will aim to respond within 24 hours.

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RELEASING THE GOODS TO THE CUSTOMER

In-store/shop applications

If the customer has used the eSign facility and signed the document electronically in-store, this will update the application to ‘Agreement Received’ status on your account. Once the agreement shows this status you can release the goods to the customer.

For wet signature agreements that have not been signed using eSign, please post the ‘V12 Copy’ to V12 Retail Finance, 20 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ.

Once we have received your document we will update the status of the application to ‘Agreement Received’.

You can send the goods to the customer’s address on the application form once we have updated the status of the agreement to ‘Agreement Received’. You can search for all applications at this status by selecting ‘My applications’ and then clicking ‘Awaiting fulfilment’ in the quick searches on the left of the screen.

For more information refer to section 2 “Retailer Obligations” points 2.3 (“Validation Checks”), 2.4 (“Fraud Prevention”) and section 18 “Payments”.


11. HOW TO SEARCH FOR AN EXISTING APPLICATION

If you know the application number or your order reference use the search box on the top right hand side ‘Search’ and enter the details.

If you know the customer’s details select ‘Locate customer’ at the bottom of the list.

Click on the App ID number to bring up the customer’s details.

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Alternatively select ‘My Applications’ to search using other criteria, for example via ‘Date’ or ‘Store’.

This will then give you the option to enter the customer’s personal information.

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12. HOW TO RE-SEND A COPY OF AN AGREEMENT TO THE CUSTOMER

Search for the customer’s account (by using the Search box in the top right hand corner).

Choose option ‘Mail Link’.

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When the customer’s account has loaded you will see the action menu on the left hand side.

This will offer a pop up for you to type the customer’s email address and click ‘Apply’.

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14. HOW TO REQUEST A PAYMENT

Search for the customer’s application (please see ‘How to search for an existing application’).

Select the application you would like to request payment for by clicking on the application number.

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You can access all agreements at this stage by selecting ‘Awaiting fulfilment’ within the quick searches section of the ‘My Applications’ page.

From the ‘Actions’ menu located on the left hand side, select the option ‘Request Payment’.

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WHEN TO REQUEST PAYMENT

Requesting payment differs depending on which channel the application has come from. You can request payment:

Online eSign – when the customer has signed the documents and had the goods delivered to their home address on the credit agreement or an alternative V12 approved delivery address or had the service provided.

Shop eSign – when the customer has signed the documents and taken the goods from the shop or taken delivery or had the service provided.

Shop (wet sign) – payment is automatically requested on receipt of the signed credit agreement, unless you have made alternative arrangements where you request manual payments.

Mail Order – when the customer has signed the documents and had the goods delivered to their home address on the application form or had the service provided.

Please refer to the ‘Proving identity and preventing fraud’ section for your obligations around delivery.


15. APPLICATION STATUS

New – a new application that has not yet been submitted for credit checking as the details are not fully completed. Any applications not submitted for decision within 7 days of being created will be automatically cancelled.

Referred – an application that requires further review by V12.

Information Required – an application that has been reviewed by V12 and is awaiting further information from the customer.

Declined – an application that has not met our minimum criteria.

Approved – an application that has been approved but has not yet been signed by the customer.

Agreement Received – an application that has been approved, passed our identity verification and V12 are in receipt of a signed credit agreement. At this stage the goods can be provided to the customer or dispatched.

Cancelled – an application that has been cancelled before we have made payment to you.

Payment Requested – an application that you have requested to be paid for that will shortly be processed, following the goods being provided to the customer or dispatched.

Payment Processed – an application that has been paid out to you in full.

Claw Back Requested – an application that has been paid out and then cancelled (claw back is the terminology we use when claiming funds back from our retailers). Once the money has been returned to V12, the application status will show as Cancelled.


17. REPORTS

Reporting functions are controlled by access level. If the reports tab does not show on your configuration, please speak to one of the admin users for your business.

In the V12 system, you will see a panel called ‘Reports’. Clicking on this will display a host of useful information that can be customised using the options on the left to change the details and dates of the report.

Reporting can be completed at both an individual branch level and at a central, company wide level.

All reports are generated in real time and can be downloaded where you see the ‘Export to CSV’ button.

18. PAYMENTS

We provide a comprehensive fulfilment service and will release your payment once you have confirmed that the goods have been delivered. The V12 Retail Finance payment system is fully automated to achieve the fastest possible turnaround. The V12 Retail Finance portal provides all the settlement data you require electronically, so we will not send any paper remittance out to you. Payments are made through the Bankers Automated Clearing System (BACS) ensuring prompt, efficient settlement.

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HOW TO CANCEL AN APPLICATION

1. Search for the customer’s account (please see ‘How to search for an existing application’).

2. Select the application you would like to cancel by clicking on the application number

3. Once the customer account has loaded, you will see an ‘Action’ menu on the left hand side.

5. If you want to add notes, for example a reason for cancellation, you can do so via the pop up box. Once you’ve finished, confirm you want to cancel by clicking ‘Yes’.

4. Choose the option ‘Cancel’.

CANCELLATIONS

A cancellation may occur for various reasons. Rest assured, we will only cancel an authorised or funded sale upon your request.

Before we have settled your payment: Letting us know at this stage will ensure that we cannot process the application further and process your payment unintentionally.

After we have settled your payment: We will cancel the customer’s active finance agreement. You will need to refund any deposit paid by the customer if taken by you. We will claw back the amounts previously settled to you under this transaction, and refund the customer with any instalments made under the finance agreement along with their deposit if taken by us. Any commissions paid to you in association with a cancelled agreement will be clawed back accordingly and may be subject to an administration fee.

If the application is cancelled then any deposit we have taken from the customer on your behalf will also be refunded to the customer.


19. WRITTEN CREDIT QUOTATIONS

If the customer requests a written credit quotation, please ask them to send their request to V12 Retail Finance, 20 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ. We will then send a written credit quotation directly to the customer.

20. VULNERABLE CUSTOMERS

A vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care. Although the decision to lend rests with V12 as the finance provider, the retailer is the person who has direct contact with the customer and so may be in a good position to recognise the signs of vulnerability.

How to identify a vulnerable customer

Vulnerability can take many different forms and is not always obvious. Some customers will tell you if they have a problem, but others may be more reluctant to do so, because they fear that if they admit to a problem, this may affect their chances of obtaining finance. If you believe that a customer might be vulnerable, is being pressured, or that something is not quite right, then ask them more questions and alert us if you’re concerned.

Types of vulnerability

There are many different types of vulnerability – some examples are given below (please be aware that this is not a definitive list)

Customer has difficulty in understanding basic numeracy

Customer is unable to read, or if English is not their first language

Customer has a mental health issue

Customer mentions having been diagnosed with a serious illness

Customer repeatedly asks the same questions despite adequate explanations having been provided to them

We strongly suggest you refer to FCA Occasional Paper No. 8: Consumer Vulnerability for more details of identifying and managing vulnerable customers.

Things to think about

Being able to identify possible vulnerability, as part of the credit application process and taking time to consider it for every application.

Implementing training procedures on vulnerability or sourcing training requirements.

Become familiar with your firm’s vulnerability policy.

You will need to alert us if you think a customer may have, or is experiencing, a particular vulnerability which may affect their ability to enter into a credit agreement. We have dedicated staff who can help in these situations. If you identify an issue, you can discuss with the customer how best to meet their needs. It may be that before being referred to the lender or entering into a credit agreement, the customer would benefit from taking more time to consider whether they are able to fully understand the commitment. Remember to ask the customer for explicit consent when informing us about an identified vulnerability.


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CONTACT US

Please send all credit agreements and correspondence to this address:

V12 Retail Finance Limited20 Neptune CourtVanguard WayCardiffCF24 5PJ

Registered Office: Please do not send credit agreements to this address:

One Arleston WaySolihullWest MidlandsB90 4LH

Customer servicesTelephone: 02920 468900Email: [email protected]

Underwriting departmentTelephone: 02920 468916Email: [email protected]

Sales SupportTelephone: 02920 468918Email: [email protected]

Validation TeamTelephone: 02920 466325 Email: [email protected]

You can also find your account manager’s contact details under the Admin > Contacts area of our system.

retailer guide - v12 retail finance

Documents