A simple flow chart of our process so you know what to expect
1.
Prospective customer contacts NCF applying for business finance in a Limited company name via the NCF website with an online application or over telephone. An email is sent back to them confirming that we do not offer loans or regulated consumer agreements of any type and that the agreements we offer are asset finance and refinance based on hire agreements which, are additionally secured by personal guarantees and legal charges on residential or other property owned by the guarantors and that the finance is available for business use only. The email also lists the various fees and charges payable or which may become payable under any hire agreement.
2.
NCF account manager contacts the corporate customer and explains the key features of our agreements to check they are suitable for the client. They explain again that we require Personal guarantees and legal charges, and that our agreements are unregulated asset finance or refinance agreements. We do not offer loans and we only deal with corporate business clients not consumers in any way
3.
Account Manager requests and gathers further information from customer including financial information. Account Manager asks numerous questions to understand the client’s business and explains the key features of the proposed transaction including the hire agreement, drawing the customer’s particular attention to the charges and fees involved and checks the suitability against the client’s needs.
4.
Account manager submits all information to the underwriting department for a decision to either approve or decline the application or to request further information
5.
After rigorous affordability checks and finance underwriting checks, which include making sure the hire agreement and the transaction overall is suitable for the client, underwriting department either gives the Account Manager an approval, a decline or requests a guarantor to support the application. If approved there will be a list of conditions subject to the approval
6.
If a guarantor and/or legal charge over a property(ies) is/are required the Account Manager will email the customer asking for details of the person(s) prepared to give a personal guarantee and/or legal charge over their property and who must also be a Director or other officer and actively involved in the business. The Account Manager will contact the guarantor/chargee to explain the requirement, explain the key features and gather their information and will tell them, among other things, that if the customer defaults the guarantor would be liable for the full debt and any property subject to a legal charge may be repossessed.
7.
If approved, all documents required to be signed including the quote, offer, guarantee and legal charge are posted to every signatory(ies) home address for their consideration and we recommend in writing to them that they take independent legal advice. We confirm again in writing that their home may be repossessed if the customer does not pay the debt secured on it
8.
An email is also sent to the customer and all guarantors with a 2nd copy of all documents including the quote with all amounts payable, guarantee, legal charge and the settlement calculations. Again NCF recommend in writing they take independent legal advice before signing. In addition, attached to the email are the key features and suitability document and a transcript of the Account Manager’s call with the customer.
9.
An appointment email is sent by the Account Manager to all of the signatories and they are all required to email back to NCF to confirm they have received the previous email and documents specified in 8 above, and that they would like to proceed with the hire agreement and any guarantee and legal charge(s) over property required and in each case they understand the terms offered, risks involved and fees or other charges payable.
10.
A Key Features Information Approval Script is read in a further telephone call made by the Account Manager to each of the signatories confirming the secured-on property finance conditions, the key facts, charges and fees, risk of repossession, key features and quote and offer (a record of this call is made and the transcript is again emailed to all signatories)
11.
NCF representative attends the pre arranged appointment at the customer premises and presents to the customer and individuals giving any guarantee or legal charge all documents for signing along with a company brochure and inspects all equipment which will be subject to the asset finance or refinance agreement
12.
In the appointment the signatories consider the documents for a 3rd time and either proceed to sign them or they post them back to NCF as and when they are ready to proceed. The representative leaves a CD with a 3rd copy of the documents with the customer and each guarantor .
13.
In the appointment all signatories must confirm in their own handwriting that the representative has read out a standard script, not been in a rush, that they have not been unduly influenced or pressured, that they have received copy of all documents before and during the appointment and by email (3 times) and that the representative has not made any promises or representations which differ or materially alter the terms of the documents signed.
14.
Each signatory will receive a recorded know your customer call from NCF, to ensure they understand everything including the quote and offer, key features ,fees and charges payable, the guarantee and the legal charge on their property.They will also be given a further explanation of the the settlement procedure and will be asked to confirm that they have not been unduly influenced by the customer or any other person. If they are happy to do so, the customer and each individual giving a guarantee or legal charge are asked if they want to activate or cancel the hire agreement
15.
If the customer and all guarantors want to proceed the documents are either posted back to NCF office by the customer or their solicitor or given back to the representative. The documents go through a rigorous checking process by NCF and their solicitors before the legal charges are registered by NCF or the customer’s solicitors
16.
24 hours later NCF make a 2nd compliance recorded call to every signatory to check if they still want to procced after they have had time to reflect . All facts, settlement process and key features are confirmed again. They are given the final option to proceed or cancel. The call will fail our compliance check if the customer or any guarantor is not happy or does not understand any aspect and will not proceed unless or until they are happy and understand everything.
17.
If the customer chooses to proceed NCF pay the supplier or customer company (dependent on if the transaction is for asset finance or refinance). The hire agreement then goes live and is signed by NCF and allocated an agreement number. A direct debit is set up for the monthly rentals
18.
An NCF welcome pack is sent to the company address containing all the documents. This is now a 4th set of documents received. These are posted recorded delivery and logged in an internal post book
19.
An NCF Guarantors welcome pack is sent to every guarantor on the agreement containing all the documents. This is now a 5th set of documents received. These are posted recorded delivery and logged in an internal post book
20.
A vat schedule is posted to the customer company setting out the list of future scheduled payments per year of the hire agreement. If the customer is vat registered, they may be able to claim this back.
HAPPY CUSTOMER AND HAPPY FUNDER
HAPPY CUSTOMER AND HAPPY FUNDER
