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Finance Frequently Asked Questions

The process begins when a consumer selects a finance offer presented at checkout. The creditapplication form is displayed. A'credit summary' displays the description of goods and finance details.

To complete the application, the consumer checks thee-signature box to sign their credit agreement and submit theirapplication. A decision is returned in around 5 seconds, which means the consumer can complete their purchase, entirely online, in just a fewminutes. As the agreement is executed online there is no paper, nodelays.

It's as simple as clicking the finance option once you get to checkout. Just follow the steps and one you have completed the application you will get a decision in 60 seconds.

Due to the low margins on certain products, there are three levels of finance available.

0% finance means that we pay the finance charges on that item for you and you can spread the payments over 12 months.

4.9% finance means that we pay part of the finance to keep your repayments down over your given finance period.

19.5% classic finance means that our prices are already so low that the finance has to be paid for by yourself. However, at rates much lower than most credit cards these days, you will still find this option a great deal.

You can mix and match items from the various categories but when you come to check out, only the rate of finance will apply to the finance option in the cart.

If you have any questions then please feel free to email us on finance@divelife.co.uk with your questions.

General

Who are Pay4Later?
Pay4Later is an online finance gateway thatlinks ecommerce retailers and finance companies. We make it easy forfinance companies and retailers to work together to offer consumersgreat finance deals including "interest free credit" and "classiccredit". Pay4Later works with reputable, established finance companiesincluding Moneyway (part of Secure Trust Bank plc) to offer secure andconvenient online finance. Pay4Later is a UK limited company, licensedby the Office of Fair Trading (Consumer Credit Licence: 0616240). Formore information please visit pay4later.com.

Who are Moneyway?
Moneyway is the finance company. Their addressis One Arleston Way, Solihull, West Midlands B90 4LH. Moneyway is aTrading name of Secure Trust Bank Limited. Moneyway are authorised andregulated by the Financial Services Authority, licensed by the Office of Fair Trading and a member of the Finance and Leasing Association.

How does Pay4Later work?
When you apply for credit online, Pay4Latersecurely captures, formats and transmits your application to the finance company. If your application is approved we keep the retailer and thefinance company updated as your order is processed and delivered.

How do I apply for credit?
Simply complete our online credit applicationform then carefully read the agreement and related information. If youare happy to proceed, you can sign the agreement online and click abutton to send it to the finance company for an instant decision. If you are approved we'll ask you to pay the deposit online using a credit ordebit card. Upon receipt of your deposit payment, we'll authorise theretailer to proceed with your order.

How do I ask a question about the Credit Agreement?
If you have a question, If there is anything you do not understand or if you require any further information regarding the creditagreement, please call Moneyway on 0303 30 30 091 or seek free,independent advice from organisations such as the Citizen Advice Bureau(http://www.citizensadvice.org.uk/) or the Consumer Financial EducationBody (http://www.moneymadeclear.org.uk/)

Why did you send me an email titled "Important Pre-contract Information"?
The Consumer Credit Directive (2010) stipulates that we provideyou with an explanation of your credit agreement, information about theagreement and a copy of the agreement itself. We email this informationto you when you commence the credit application process in order thatyou can review it before you enter into the agreement. We ask you toconfirm that you have received, read and understood this informationbefore completing the credit application.

How long does it take to apply online?
Our online application form typically takes less than 3 minutes to complete. Your application is then instantly sent tothe finance company and they will typically respond with their decisionin around 10 seconds. Some applications may take longer to process. Iffor any reason we can't give you an instant decision, we'll send you anemail the moment the finance company makes a decision.

I've been approved for credit and paid the deposit. What happens next?
We will authorise the retailer to process yourorder. The retailer will then notify us when they have delivered yourorder in full. The finance company will then write to you to confirm the repayment amounts and schedule.

What are the requirements for finance?
You must be over 18 years old (there is no maximum age limit).
In regular full or part time employment (minimum 16 hours per week, unless you are retired or a houseperson with aspouse in full time employment).
Be a permanent UK resident and able to supply a UK address history for the last 3 years.
You must have a UK bank account capable of accepting Direct Debits.
No adverse credit history (no CCJ's, IVA's or bankruptcies)
The goods must be delivered to your home address.
The deposit must be paid using a credit or debit card.

Can I apply for credit over the phone or in person?
Please contact your retailer who will advise you if they can arrange credit over the phone or in person.

Where do I obtain a VAT invoice?
We are not the business you have purchased fromand therefore cannot supply a VAT receipt. Please contact the retaileryou have purchased from and they should be able to assist you with yourquery.

Email communication problems?
With your permission, we will email you a copyof the credit agreement and other important information, updates to thestatus of your application and to confirm when your application iscomplete. We will send these emails to the email address you provide onthe credit application form so please ensure you enter your addresscarefully. To ensure that you do not miss any important communicationplease add the following email addresses to your address book: donotreply@pay4later.com

If you have not received any email from us, please check your spam/junk mail filter.

Why was I declined?
Unfortunately we are not given the reason why acustomer is declined for credit. The authorisation process is carriedout by the finance company and Pay4Later has no part in the decision.The decline message is sent to us by the lender with no explanation orjustification. The reason for a decline is often that incorrectinformation has been entered in the credit application form. Pleaseensure you carefully enter all required information. If you wish to find out more about your credit status please click here for a free copy of your credit report.

Can I cancel my credit agreement if I change my mind?
You have the right under section 66A of theConsumer Credit Act 1974 to withdraw from this agreement without givingany reason before the end of 14 days beginning with the day after theday on which the agreement is made or, if later, the date on which wewill tell you that we have signed the agreement. If you wish to withdraw you must give us notice by one of the following methods. Oral noticemust be given to us by telephoning us on 0845 111 7107. Alternatively,if you send notice by fax it must be sent to 0845 111 7103, by email to retailfinance@moneyway.co.uk or you may post notice to or deliver notice by hand to Moneyway RetailFinance, One Arleston Way, Solihull, B90 4LH. If you do give us noticeof withdrawal, you must repay to us the whole of the credit withoutdelay and in any event by no later than 30 days after giving notice ofwithdrawal. You will also have to pay interest accrued from the date the agreement was made until the date you repay it. If you wish to pay bydebit card please telephone us on 0845 111 7107. If you wish to pay bycheque please send it by first class post to us at Moneyway RetailFinance, One Arleston Way, Solihull, B90 4LH and allow 10 working daysfrom the day you post the cheque to us to allow us to process thepayment.

Will the finance company perform a credit check?
Yes. A credit check forms part of the automateddecision making process and is part of a responsible lending policy.

What is responsible lending?
Responsible lending is providing credit, basedon background checks and professional judgement, to people who canaccommodate regular repayments without getting into financialdifficulty. Before the finance company will offer credit, they willassess whether they feel you will be able to repay it. Finance companies endeavour to make their decisions as transparent and as objective aspossible. Credit scoring is one of the decision-making tools they use: a technique used to assess the probability that customers can and willmeet their financial commitments. Credit scoring uses data received from credit reference agencies. These systems help finance companies makedecisions about opening accounts and granting credit by usingstatistical techniques to measure the likelihood that a customerapplying for credit will be an acceptable credit risk. It can also helpto accelerate the decision making process. The Finance companiesresponsibility to lend responsibly should be seen as a complement tocustomers' own obligations to borrow responsibly.

What is responsible borrowing?
Borrowing from a finance company can be a veryuseful way to smooth out the gaps between your income and expenditure.Sensible borrowing has empowered generations of people to buy goods andservices that would otherwise be well beyond their reach. Used sensibly, borrowing money can be a very good tool for managing your finances,such as spreading the cost of a purchase over a number of months. Thekey is to remain in control of your money and to make sure that you donot over-stretch yourself.

What if I have bad credit?
The finance company uses an automated creditcheck as part of their decision making process. If you have an adversecredit record it may affect their decision. To give yourself the bestchance of acceptance, please ensure you complete the credit applicationform correctly. Please don't apply for credit unless you're sure youwill be able to comfortably repay it.

When I apply for credit I get an error. What should I do?
When you send a credit application, we check the information you provide is complete before securely transmitting it tothe finance company. The finance company will sometimes respond with anerror. This is typically because your home address and/or bank accountinformation cannot be validated. If this happens we return you to thecredit request form and invite you to check the information you haveentered and then resubmit the form. If you are still having problemsplease contact the retailer you are making your purchase from.

What if I have a complaint about the finance company?
If you would like to make a complaint, in thefirst instance please call the Moneyway customer services team on 0845111 7107 who will try and resolve any problems. If you are dissatisfiedwith the result of that complaint, then please contact the ChiefExecutive Officer in writing at the following address: Moneyway RetailFinance, One Arleston Way, Solihull, West Midlands, B90 4LH.

If the Chief Executive Officer is unable toassist or if you feel the complaint has not been satisfactorilyresolved, then you may refer it to the Financial Ombudsman for furtherattention. In any event, you have the right to make a direct complaintto the Financial Ombudsman if we have not dealt with your complaintsatisfactorily within eight weeks. The Financial Ombudsman can becontacted on 0845 080 1800 or in writing at The Financial OmbudsmanService, South Quay Plaza, 183 Marsh Wall, London E14 9SR or by email at complaint.info@financial-ombudsman.org.uk. If you would like more information about complaints, please call ourcustomer services team for written details of the Financial OmbudsmanService.

I have not yet received my goods/services
Pay4Later is the authorised finance gateway forthe site you made a purchase from and not the owner of the site. Pleasecontact the retailer who owns the site you have purchased from and theywill be able to assist you with your query. If you have alreadycontacted your retailer and you have not received a response after 48hours, please click here to open a support request.

I have a question, problem or need to return my product
Pay4Later is the authorised finance gateway forthe site you made a purchase from and not the owner of the site. Pleasecontact the retailer who own the site you have purchased from and theywill be able to assist you with your query. If you have alreadycontacted your retailer and you have not received a response after 48hours, please click here to open a support request.

I am having trouble contacting my retailer
Please review your payment receipt sent by theretailer immediately after your purchase. When contacting the retailer,please quote the reference shown on your email receipt. If you are still having problems contacting the retailer and you have not received aresponse after 48 hours, please click here to open a support request.

What if my enquiry is not answered by the FAQs?
Answers to the most frequently asked questionsare detailed in this section. If your enquiry cannot be answered by theFAQ please clickhere to contact us.

Payment

Do I need a bank account?
Yes. You must have a UK bank account capable of accepting Direct Debits.

Do I need to pay a deposit?
Yes. If your credit application is accepted, you will be required to pay a deposit online, using a credit or debit card. The amount of the deposit is show in the credit summary (displayed onthe top left hand side of the screen throughout the credit applicationform) and on the credit agreement itself.

How do I repay the loan?
Your monthly repayments are collected by direct debit.

Can I pay my agreement off early?
You can settle the agreement at any time bypaying off the amount you owe. The amount may be reduced by a rebate.Examples indicating the amount you have to pay appear in the agreement.The examples are illustrative only and are based on the assumption thatall instalments are up to date. No account has been taken of anyvariation to this agreement.

How much does the loan cost?
The total cost of the loan is shown clearly on the finance agreement.

Are there any other charges?
If you fail to pay any amount you owe under theCredit Agreement by the date it is due, the finance company may chargeyou interest on that amount until you pay it. They may also levy charges for:

processing any payment made other than bydirect debit, sending arrears letters, reminders or documents to whichyou are not entitled
arrears telephone calls
tracing you if you move address without notifying them
cheques, standing orders or direct debits which are dishonoured, stopped or not paid by you
Please refer to the credit agreement for full details.

How long before I have to repay a loan?
The finance company will write to you to confirm the date that your repayments will commence. The first payment istypically due 30 days following the date of delivery of your order.

What APR will I be charged?
The APR is shown clearly on the credit summary(in the top right hand corner of the screen) throughout the creditapplication process. It is also shown clearly on the credit agreementitself. The APR for Interest free credit is 0%.

What if I'm already in debt?
If you are already experiencing problems meeting existing financial commitments, please do not apply for credit. Further borrowing will only add to your commitments and repayments willcommence within a month. If you need help with your debts, we recommendyou talk to the CitizensAdvice Bureau or the Consumer Credit Counselling Service.

Security

Is it safe to apply on line? Will my details be secure?
Yes. It is extremely safe to apply on-line. Your personal information is encrypted before transmission to ensure itcannot be viewed by any unauthorised third party. The Pay4Later financegateway uses proven techniques to ensure the security and integrity ofsensitive data. Our public web servers are certified by Thawte, aleading Certificate Authority, ensuring that both the consumer and theretailer can have confidence that nobody can impersonate Pay4Later toobtain confidential information. Data storage on Pay4Later systems andthe communication between Pay4Later and our partner lenders, isregularly audited to the highest standards to ensure a securetransaction environment. This includes specific regular third-partytesting for vulnerabilities and reviews of application security andaccess control procedures.

What personal information do you need?
We require personal details like your name,address, phone numbers and income. Plus your bank account and credit ordebit card details. We need this information so we can be sure who'sapplying in order for the finance company to perform a credit check. Togive yourself the best chance of approval, you should always ensure theinformation you give us is accurate and honest. For full details aboutthe collection and potential uses of your personal details please referto our Privacy Policy.

Is the application confidential?
Yes. Your credit application is treated in thestrictest confidence. We will not contact your employers, bank or anyother third party.

Finance Frequently Asked Questions

General

Payment

Security

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