Finance For DJ Equipment

INTEREST-FREE FINANCE FREQUENTLY ASKED QUESTIONS (FAQS)

Can I apply for interest-free finance online?

To be eligible to apply for interest-free finance with Novuna, you must meet the following criteria:

• Minimum age of 18 years old
• 3-year UK address history
• Own personal bank account from which a Direct Debit can be taken
• Have an email address and telephone number
• Permanent employment, working minimum 16 hours per week
• Self-employed working a minimum 16 hours per week
• Retired person (this includes early retirement)
• On disability allowance, for which they can provide proof
• Student nurse or doctor
• If unemployed they can apply as a “House Person”, providing they have a cohabitating spouse/partner who can provide employment details.

When & where can I use finance?

You can use it online, in-store or over the phone on any order that totals between £270 & £25,000. You can apply online 24 hours a day, 7 days a week, and through our telesales or store teams during opening hours.

How quickly will I receive a decision about my application?

In most cases, you will receive an instant decision on the outcome of your application. There may be situations where this isn’t possible, and your application will be referred for further checks in order to fully assess your application for interest-free finance. If this happens, you will receive an email from Novuna with the result of your application.

What happens if my application is approved?

You will then be asked to sign your agreement and pay the deposit. In most situations, this can be done immediately via an electronic signature. You can also review your application and, using the details provided, log into your Novuna account and sign your loan agreement at a later date. Occasionally Novuna will have to post the loan agreement to you for you to sign and return to them. Novuna will advise you of the process once your application has been accepted.

We will only process your order once we have received confirmation from Novuna that your application has been approved and that you have signed your agreement. You will not be able to take away any items until this has been confirmed, at which point you will receive a digital receipt from us.

What happens if my application is referred?

Your application will be submitted for further consideration. It will either be approved, declined or more information may be required. It can take up to 20 minutes for a decision to be made once referred. If the decision made is that Novuna require you to submit more information, it could take up to 24 hours from the time the information is submitted for a final decision to be made.

Do I have to pay a fee for applying for interest-free finance?

No, there is no fee to apply for interest-free finance, regardless of the outcome of your application.

Do I need to pay a deposit?

You can pay a deposit of between 10%–50% of the total basket value.

How much time do I have to repay my loan?

Depending on what term you select, we have options of 6, 12, 18, 24, 36 or 48 months.

Can I cancel my order if I paid with interest-free finance?

Yes, you can cancel your order in alignment with our refund and cancellation terms and conditions. If you cancel your order, Bop DJ will contact Novuna and your loan agreement will be cancelled.

Can I return items bought with interest-free finance for a refund?

Yes, please refer to our Delivery & Returns page for full details of our return policy.

If I’ve bought multiple items, can I return part of the order for a refund or an exchange?

Yes, if you wish to return or exchange items, we can submit a partial refund request if the value of the new order is less than the original one. If you wish to exchange the items and this increases the value of your order, you will either have to pay the balance with an alternate payment method or complete a new application for the new value of the goods.

When do my repayments start?

Payments will begin one month after the goods have been delivered.

Can I change my payment date?

Customers can change their payment date once they have received their welcome documents.

Can I make additional payments?

Yes, customers can make additional payments at any time free of charge.

Can I change my Direct Debit details?

Yes, please call the Novuna Customer Service team on 0344 375 5500 to discuss this in further detail.

How do I view my balance?

The quickest and easiest way for customers to view their balance is by managing their account online. Customers can create an account or access a pre-existing account at https://my.novunapersonalfinance.co.uk/oss2/customer/ .

Are there any arrangement fees or hidden extras for credit?

No. There are no arrangement fees or hidden extras.

Applying for finance

Applying for finance couldn’t be easier or more convenient. When you buy from us you have the choice of using finance and our staff will talk you through what is needed to process an application.

The whole process only takes a few minutes and is simple and secure. Once your finance application is approved, you will then be advised of how to sign the finance agreement and you will also receive an email confirming these details.

Please read the agreement carefully, checking that all the details are correct, then electronically sign the agreement or print. Following receipt of your finance agreement and a few additional checks, your purchase can proceed.

How quickly will my finance application be approved?

All finance decisions will be made within seconds. Once you are approved, we will contact you (during working hours) to finalise your purchase. If your application is referred, Novuna’s Underwriting Team will review your application and may request some further information from you before making their decision.

Once my application is approved, what happens next?

Within minutes of your application being approved, you will be presented with the option to e-sign your agreement.

If you choose to e-sign your agreement, a PDF of your agreement will be displayed on screen. You should read the agreement carefully before clicking all the relevant sections agreeing to its terms. A copy of your credit agreement will be emailed to you once the e-signature has been completed.

Once you have agreed to the terms of the finance agreement, the retailer will be notified and you need do nothing more. Note that products will not be allocated to your order until your completed and signed agreement is returned and received by Novuna Personal Finance. Shipment of your goods will follow soon after your agreement has been returned and received.

Will you credit score me and if so, what does this mean?

Credit scoring is the process used by financial services companies to evaluate the credit risk of new applicants. This technique will be applied to your application for online finance. Credit scoring works by awarding points for each answer given on the application form such as age, income and occupation, together with information obtained from credit reference agencies.

This information allows consistent decisions to be provided, ensuring all applicants are treated fairly. Credit scoring does not discriminate on the grounds of sex, race, religion or disability.

If you decline my application, what is the reason?

In addition to credit scoring, Novuna also takes into account confirmation of your identity, validation of certain application details, existing commitments and information held at the credit reference agencies. Though Novuna is unable to provide you with a main reason for declining your application, it is usually based on one, or a combination, of the following:

• Your credit score (please note that every finance company will score you differently)
• Adverse credit reference agency information
• You are considered to be overcommitted
• You are aged under 18
• Your existing account performance with other lenders

What type of information do credit reference agencies hold about me?

Some of the information is public information, for example electoral roll, County Court Judgments and bankruptcies. Other lenders may also file information about accounts you hold with them; for instance this could include your payment history and outstanding balance on these accounts. Any requests for credit, where a credit reference search has been undertaken, will also be filed, although the result of the request is not recorded.

How do I obtain a copy of this information?

Send a request to the relevant credit reference agency, together with details of all addresses at which you have lived over the last 6 years:

• Experian Limited, Customer Support Centre, PO Box 9000, Nottingham, NG80 7WF
• Equifax Ltd., Customer Service Centre, PO Box 10036, Leicester, LE3 4FS
• TransUnion International UK Limited, Consumer Services, PO Box 491, Leeds, LS3 1WZ

The above listed agencies will provide details of information relating to these addresses. If you believe that the information is incorrect, you can ask the agency to correct it.

If my application is not successful, can I re-apply?

Yes. We acknowledge that circumstances change and just because a previous application has been refused, it does not mean that a further request will automatically be turned down. We do suggest however, that you leave at least 6 months between applications.

What is APR and rate of interest?

The “rate of interest” is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges. The “APR” is a broader measure of the cost of borrowing than the interest rate. The APR reflects the interest rate and other charges that you pay to get the loan. The FCA description of any APR is:

“APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. The APR takes into account not just the interest on the loan but also other charges you have to pay, for example, any arrangement fee. All lenders have to tell you what their APR is before you sign an agreement. It will vary from lender to lender.”