V12 Finance Information

We've teamed up with V12 Retail Finance ("V12") to offer you a range of options to pay on finance. V12 is one of the UK's leading providers of Retail Point of Sale Credit, providing finance options for more than 20 years through its industry leading technology and paperless systems. If your application is successful, you will enter into a Credit Agreement with Secure Trust Bank Plc (V12's parent company) which will be administered by V12 Retail Finance Limited and V12 will receive a commission, the amount will vary depending on the product chosen and the amount of credit taken out.

V12 Retail Finance is authorised and regulated by the Financial Conduct Authority under registration number 679653. Secure Trust Bank Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 204550.

 

At nkuku we offer a range of interest-free options to help you spread the cost of your purchase over 6 to 12 months. The value of the loan needs to be over £500 and no more than £15,000 and you can choose a deposit of up to 50% of the value of the goods. Just select the Pay on Finance option when you check out, choose one of the available finance products then complete the quick and simple V12 application form and sign your finance agreement. For successful applications your first repayment will be approximately 30 days after your delivery.

If your application is accepted and you have chosen to pay a deposit with your order,you’ll be asked to pay your deposit through the V12 system and then sign your finance agreement electronically. Once you have done this, we will be notified that you have successfully completed your application and we will process your order for delivery.

Stock will not be allocated until the application has been completed and approved. We reserve the right to withdraw finance on certain products at any time. Finance is provided through our external partner, V12 Retail Finance Limited. If your application is successful you will enter into a Credit Agreement with Secure Trust Bank PLC, who is the lender and V12’s parent company.

 

Representative Examples & Understanding the numbers

We want our finance options to be as easy to understand and straightforward as possible. We've created the examples below to illustrate you how much you'll pay back on selected products with our interest free finance options. You can also understand the costs, terms, monthly repayments and key features of the finance options available to you further as you browse our products and at checkout by using our finance calculator. Your acceptance for finance if you apply will be dependent on your personal circumstances and the V12’s credit policies.

Representative Example - 12 months Interest Free (0% APR)

·   Cash Price: £1,000

·   Deposit amount (10%): £100

·  Total amount of credit: £900

·  Representative APR: 0%

·  Annual Rate of Interest (Fixed): 0%

·  Number of repayments: 12

·  Monthly repayment: £75

·  Total cost of credit (interest): £0

·  Total amount payable (including deposit): £1,000

Finance FAQ’s

Who is eligible to apply for finance?

Finance is available on loans over £500 and no more than £15,000 and you can choose a deposit of up to 50% of the value of the goods. This amount includes any additional services and delivery options selected. Discount codes or vouchers cannot be used in conjunction with any finance orders.

To apply for finance with V12 you'll need to be:

● 18 years or older

● A UK resident for 3 years or more

● In regular employment (minimum of 16 hours per week) including self-employment, retired or receiving a pension, working student in part time work or in receipt of a disability benefit, or in a permanent residence with your spouse/partner who's in regular employment*

● Have a UK bank or building society account in your name and registered to your address to pay for your deposit (if applicable) and that accepts direct debits to make your loan repayments

● Have a valid personal or mobile phone number and e-mail address

* If you are retired and receive a pension, or registered disabled and unable to work, V12 Retail Finance may ask for proof of sufficient income. Other conditions may
apply, and we cannot guarantee that your application will be accepted.

What does it mean when I see APR and Rate of Interest?

The 'rate of interest' is the cost you will pay each year to borrow 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.

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.

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

Some of the information is public information, for example electoral roll, County Court Judgements 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 long will it take to apply?

The V12 application form takes less than 5 minutes to complete, and you will get an instant answer on whether your application for finance has been successful. In some cases, V12 Retail Finance will need to look at the application in more detail before making their decision.

What do I need to apply?

All you need to do is select the products you wish to purchase, choose finance as your payment method at checkout, select your desired finance product and whether you want to place a deposit and then checkout. Upon checking out you will be redirected to the V12 platform to complete your finance application via their simple and quick online form. It's important you use your full name and address details and make sure everything is spelt correctly. Please note, this is an online only finance option.

If your application is accepted and you have chosen to pay a deposit with your order, you’ll be asked to pay your deposit through the V12 system and then sign your finance agreement electronically. Once you have done this, we will be notified that you have successfully completed your application and will process your order for delivery in line with the delivery timescales you were shown at checkout.

What happens if my application is declined?

Applications may not be accepted for a number of reasons, including mis-typed information, or not meeting the specified requirements. Please note that other conditions may apply and we cannot guarantee that your application will be accepted.

If your application isn't successful, you can still purchase the item or items you would like in full via PayPal or with a valid credit or debit card or any of our other payment methods. If your application is declined, it’s usually for one of the following reasons:

● You do not meet the eligibility criteria;

● Adverse credit reference agency information;

● Your credit score;

● You are considered to be overcommitted financially; or

● Your existing account performance with other lenders.

If you wish to appeal the decision made by V12, it’s advised you obtain an up-to-date copy of your credit report from either of the Credit Reference Agencies listed below before appealing directly to V12. Due to data protection, all customer appeals must be emailed to underwriting@v12finance.com
and a member of V12’s Underwriting Team will respond to you accordingly. You can also contact the Credit Reference Agencies if you think there is a mistake on your credit report:

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

Yes. At V12 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.

Who should I contact if I have a question about my loan?

For any questions about your loan, such as your Direct Debit or updating your personal details, please contact V12
Retail Finance. Their contact details will be provided throughout your application and on all the communications you receive about your finance application.

How do I make my monthly payments?

During the V12 application process you will confirm your bank details for your repayments to be collected via direct debit. You can also make overpayments by contacting V12 directly or
via your V12 self-service portal that you will be sent more information about via email once you have successfully completed your application.

When do my loan repayments start?

Your loan repayments will be to V12 Retail Finance and will start approximately 30 days after your goods have been delivered.

Can I request delivery to an address other than my home address?

In order to safeguard against fraudulent applications, we are only able to deliver goods to the address stated on your finance application.

I want to amend my order, am I able to do this?

If you have been approved for finance, the term cannot be amended but we may be able to amend the loan amount, however, please note you may not be accepted for a higher amount. You will need to contact us (your retailer) to amend the loan or the goods or services you ordered, and you may need to complete a new application for finance. Please note we cannot guarantee a new credit application will be approved.

I haven't received my goods or service, what do I do?

Please contact us at hello@nkuku.com or on 0333 240 0155 quoting your name and order number and a member of our team will contact you.

I want to change my Direct Debit details for my finance agreement, how do I do this?

Please contact a member of the V12’s Customer Services Team on 029 2046 8900 or via email on customerservices@v12finance.com who will be able to deal with this request. You can also update your Direct Debit details via the V12 self-service portal if you have setup an account.

Are there any fees or charges to pay?

Fees may be payable to V12 Retail Finance in line with the terms of your credit agreement if you fail to maintain your repayments. Fees and charges may include late payment fees and failed direct debit collection fees. Full details of any potential fees and charges will be set out in the terms of your credit agreement.

I want to return my goods and cancel my finance agreement, am I able to do this?

Please see the returns and cancellations section of our terms and conditions. Some products cannot be cancelled, for example, made-to-order or bespoke goods, so you should check this before you complete your purchase.

Where you do have the right to cancel, you must do this within 14 days of entering into the finance agreement.

To cancel your finance agreement, please contact us (your retailer) and arrange to return your purchase or cancel the services in line with our terms and conditions and your statutory rights. Once we have confirmed your cancellation, we will advise V12 to cancel your finance agreement and they will refund any deposits or repayments that have been made where applicable. If you made your purchase in-store, we will refund any deposit payment that you made. Your finance agreement can only be cancelled by V12 if your purchase is cancelled with us.

What happens to my loan if I am not satisfied with my order, or my order is damaged, or I want to return part or all of my order?

If you are not satisfied with your purchase in line with your statutory rights under the Consumer Rights Act, you can return it to us up to 30 days after delivery. In these instances, we will check this against our returns policy which are detailed within our terms and conditions and if your claim is in line with this, we will notify V12 to reduce your loan amount accordingly. You will receive confirmation from V12 within 5-10 business days after we received your return in cases where a full refund is processed.

Can I withdraw from the credit agreement and pay by a different method?

You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from the agreement without giving any reason before the end of 14 days (beginning with the day after the day on which agreement is made or, if later, the date on which V12 Retail Finance tells you that they have signed the agreement). If you wish to withdraw you must give V12 Retail Finance notice in writing or by telephone on 029 2046 8900 or by emailing customerservices@v12finance.com. You can also find V12’s contact details on your
credit agreement.

Please note that if you do give notice of withdrawal, you must repay the whole of the credit without delay and in any event by no later than 30 days after giving notice of withdrawal. You will also have to pay interest accrued from the date the agreement was made until the date you repay it.

Complaints

On the rare occasion that we do receive a complaint, we take it very seriously. If you are unhappy with the any aspect of the goods you purchased with us or the service you have received you
may contact us in any way you prefer.

Our contact details are as follows;

Phone: 0333 240 0155

Email: hello@nkuku.com

Address: nkuku, Lower Tweed Mill, Dartington, Totnes, TQ9 6JB

If your complaint relates to your finance agreement

If your complaint relates to the finance linked to your purchase you can still let us know about this, but we will forward it on to your finance provider V12 Retail Finance. V12 will acknowledge your complaint and investigate it thoroughly and issue their response within eight weeks.

What can I do if I can’t reach an agreement on my complaint?

If you are not satisfied with V12’s response to your complaint relating to the finance agreement, you may be able to refer the matter to the Financial Ombudsman Service. You must contact
them within six months of the date of V12’s final response letter to you.

They can be contacted in the following ways:

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

Telephone: 0300 123 9 123

E -mail: complaint.info@financial-ombudsman.org.uk

Further details can be found on the Financial Ombudsman Service website: 

www.financial-ombudsman.org.uk

 

 

Your Personal or Financial Circumstances

It’s a fact of life that things can change for any of us. If something changes in your personal, or financial circumstances, V12 will do all they can to help make it as easy as possible to submit your application and manage your loan repayments.

If you’re struggling at any point with your application online, or you don’t understand anything, please contact V12’s Customer Services Team on 029 2046 8900 or by emailing customerservices@v12finance.com. They are open Monday to Friday from 9am to 5pm

If you find yourself struggling due to a change in your circumstances, please contact V12 Retail Finance and ask for their help.

Use of Your Personal Data

In order to process your finance application, you will be asked to provide information about your personal, employment and financial situation. V12 Retail Finance shares your personal data with Credit Reference Agencies so that they can make a decision about whether to offer you finance. V12 will perform a hard search on your credit file to conduct their creditworthiness and affordability assessment to enable them to make their decision.

V12 will let you know where you can find more information about their privacy policy when you begin your application.

Legal Information

Nkuku Limited t/as Nkuku offers credit products from Secure Trust Bank PLC trading as V12 Retail Finance. Credit is provided subject to affordability, age and status. Credit products from Secure Trust Bank PLC trading as V12 Retail Finance are unregulated which means you will not be offered the protections of the regulatory system as regulated by the Financial Conduct Authority, including the right to take a complaint to the Financial Ombudsman Service.

Still have questions?

For any questions related to a finance agreement, please contact V12 Retail Finance. Their contact details will be provided throughout your application and on any communications, you receive about your finance application.

For any questions about placing an order on our website or an existing order, please contact us your retailer on hello@nkuku.com or call us on 0333 240 0155

 

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Complaints Policy

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