How can we help you?
Once your application is approved and you have transferred the your share of the balance, Spey we will pay the loan amount directly to the seller less any fees.
Making repayments is a straightforward process. It can be done either through direct bank transfer or direct debit. You will receive payment details once your application is approved, and these details can be seen at any time by logging into your account and viewing your loan details. We are working towards having an integrated online portal where you can manage your payments and set up direct debits in the future.
No, your monthly payments will remain fixed throughout the duration of your loan. Once you agree to the loan terms, including the repayment schedule, the amount you owe each month will remain consistent. We provide transparency and predictability, allowing you to budget effectively. It's important to make payments on time to avoid any additional charges or penalties.
If you miss a payment with us, there are several important steps you should be aware of:
1. Late Payment Fee: Initially, a late payment fee may be applied to your account as outlined in your loan agreement.It's crucial to make payments on time to avoid these additional charges.
2. Communication: We will reach out to you if a payment is missed to understand the situation better. Open communication is essential, and we encourage you to get in touch with us if you anticipate any difficulties in making a payment.
3. Credit Impact: Missing or delaying payments can negatively impact your credit score. It's important to prioritise timely payments to maintain a positive credit history.
4. Debt Collection: If the issue persists and we are unable to resolve it through communication, your account may be referred to a debt collection agency. They will attempt to recover the outstanding amount on our behalf.
5. Legal Action: In extreme cases, where all other efforts have been exhausted, we may initiate legal action to recover the outstanding debt. This could lead to court proceedings and further financial consequences.
We understand that unforeseen circumstances can arise, making it difficult to meet payment obligations. If you find yourself facing financial challenges, please reach out to our customer support team as soon as possible. We are committed to helping you find suitable solutions.
At partnered auction houses, dealers and galleries. A list of these partners will be available soon.
Protecting your personal data is of utmost importance to us at Spey. We are committed to maintaining the confidentiality and security of your information. Here's how we handle your personal data:
1. Privacy and Confidentiality: We treat your personal data with the highest level of privacy and confidentiality. We strictly adhere to all applicable data protection laws and regulations to safeguard your information.
2. Limited Sharing: We do not sell, rent, or share your personal data with third parties for marketing purposes.Your information is used solely for the purposes of processing your loan and providing you with the best possible service.
3. Permissible Sharing: In some instances, we may need to share your data with trusted partners and service providers who assist us in delivering our lending services. However, we ensure that these third parties are bound by strict confidentiality agreements and only use your data for the specific purposes outlined in our agreement with them.
4. Consent and Compliance: Your data is shared only with your explicit consent or when required by law or regulatory authorities. We are committed to maintaining compliance with all legal and regulatory obligations related to data protection.
5. Data Security: We employ industry-standard security measures to protect your personal data from unauthorised access, loss, or misuse. Our robust security protocols ensure that your information is safe throughout its lifecycle.
6. Transparent Privacy Policy: For a comprehensive understanding of how we handle your personal data, please refer to our PrivacyPolicy, which outlines the types of data we collect, how it is used, and the measures we take to protect it.
Please send an email to help@speychain.com requesting deletion of your personal data and we will do so for you.
Our decision-making process is based on various factors, including the following:
1. Creditworthiness: We assess the creditworthiness of applicants to determine their ability to repay. This evaluation involves considering credit history, past borrowing behaviour, spending patterns, and credit scores.
2. Affordability: We carefully review each applicant's financial situation to ensure that the financing terms are affordable and manageable for them. We consider income, expenses, and existing financial commitments.
3. Identity Verification: To prevent fraud and comply with regulatory requirements, we verify the identity of all applicants to ensure they are who they claim to be.
4. Age and Residency: We extend finance to individuals who are of legal age and residents of the United Kingdom.
5. Responsible Lending: As a responsible lender, we prioritise making informed lending decisions that benefit both the borrower and our business. We aim to avoid lending to individuals who may be at risk of overburdening themselves with debt.
Please note that meeting the above criteria does not guarantee approval for finance as each application is assessed on an individual basis.
Typical documents include ID, proof of address, bank account statements for each borrower. A complete list of documents is available on request.
Some of the reasons why a loan can be rejected are:
Possible Issue
Already running several loans and hence we may not be comfortable with your existing leverage levels vis-a-vis your salary level.
Possible Solution
If you have a spouse who is also working, you can add them as a co-applicant to boost the combined salary levels, or Try to pay off some of your debt so that your leverage levels can come down or Do a balance transfer/debt consolidation/re-financing of your existing loans such that the rate of interest on loans can also come down and additional finance can also be provided.
Possible Issue
Issues in your credit history
Possible Solution
If the issue is a minor one like some delay in payment of credit card due then we can process your application through another bank who can possibly take a lenient view on the deviation If you think that the credit report is erroneous, and you have sufficient documentary proof we will represent the case to the bank and try to convince the credit team. If the issue is a major one like a write off, settlement of any past dues etc., then it might be difficult to obtain finance.
Possible Issue
Like most lending institutions we have internal credit parameters which we do not make public. Several demographic, financial and credit aspects go into these internal evaluations. You might not have met the minimum cut off for obtaining finance.
Possible Solution
You can apply for finance at another institution who will have different internal credit parameters.
We aim to provide an initial response as quickly as possible, which is usually within 48 hours.
The item that the finance is taken out for.
Except for particularly high value items, your household goods insurance policy should cover the value of the item.
The annual interest rate is 20%.
Our standard term is 12 months but you can pay it off sooner if you wish.
In addition to the loan application fee, additional fees may be charged for late payment events, early repayment, cancellation, or other material changes that impact the regular monthly payment schedule mentioned in the loan agreement.
Yes. Get in contact with us letting us know when you’d like to close your balance and we will let you know how much you need to pay.
Cancellation is possible should you decide to not proceed with the loan, or over the duration of the loan, subject to the notice period specified in the loan agreement.
Yes. Each loan application will be treated separately and undergo an assessment as with earlier loans.
Spey finances c.65% and pays the seller. You pay the balance plus charges.
Interest is calculated on an annualised basis and charged monthly.
Experiencing Payment Difficulties? We're Here to Help
At Spey, we understand that financial circumstances can change unexpectedly. If you find yourself struggling to make payments or anticipate potential difficulties, we encourage you to reach out to us as soon as possible. Our dedicated team is here to support you and explore options that can provide relief during challenging times.
Understanding Arrears
Arrears occur when payments on a loan or credit agreement are missed or delayed. It's important to address these as soon as possible to avoid further complications. Our approach is to understand your situation and work together to find a solution.
Forbearance Options
Forbearance is a process where we may be able to offer temporary relief or adjustments to your payment plan. This could include:
- Extending the payment period
- Temporarily reducing payment amounts
- Pausing payments for a short duration
Contacting Us
To discuss your situation and explore the options available, please contact us:
- Phone: [Your Contact Number]
- Email: info@speyfin.com
- Online Chat: Available on our website
Our team is trained to handle these situations with empathy and discretion.
Financial Assessment
When you contact us, we will conduct a brief financial assessment to understand your situation better. This will help us tailor our support to your specific needs.
Support for Vulnerable Customers
If your financial difficulties are related to a vulnerable situation, such as health issues or a life event, please let us know. We offer additional support and guidance for vulnerable customers to ensure they receive the assistance they need.
Taking the Next Steps
Once we understand your circumstances, we will discuss the best course of action with you. Our goal is to provide a manageable solution that aligns with your financial situation.
Other Resources
If you're facing ongoing financial challenges, there are several external organisations that can offer advice and support:
- Citizens Advice: Provides free, confidential, and impartial advice on financial issues, legal matters, and other concerns in the UK. [Website: www.citizensadvice.org.uk]
- StepChange Debt Charity: Offers free debt advice and management plans to help people in financial distress. [Website: www.stepchange.org]
- National Debtline: A charity offering free, independent advice over the phone and online to people across the UK struggling with debt. [Website: www.nationaldebtline.org]
- Money Advice Service: Government-backed service providing free and impartial money advice, including tools and calculators to help manage finances and debt. [Website: www.moneyadviceservice.org.uk]
Your Privacy and Security
Please be assured that any information you provide will be handled with the utmost confidentiality and in compliance with data protection regulations.
Let's Work Together
We believe in working together with our customers to navigate difficult times. Your financial well-being is important to us, and we are committed to finding solutions that work for both parties.
Collection or delivery is arranged with the partnered auction house, dealer or gallery once the purchase is complete. You will have the options that they usually make available to you.