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Personal Finance

How long does a finance application take?

We respond to all applications as quickly as possible: usually, that is within an hour of us receiving it.

Will you perform a search on my credit file?

We will perform a ‘soft search’ on your credit file, purely for quoting purposes. This means that your credit score will not be impacted, and our search will not be visible to anyone else on your credit file. If you then decide to proceed with your application, we will leave a marker on your file to confirm that we have performed a search in your name.

How long will it take to get my vehicle or equipment?

We aim to provide the fastest service possible, and may be able to progress from your initial application to paying your supplier within as little as 2 hours. Failing that, we can usually send payment within a 48-hour period, provided all the necessary paperwork and information is available.

Are there any restrictions on the age of horsebox you will finance?

We will finance a horsebox provided it is no older than 20 years at the fulfilment of the finance agreement. For horseboxes built on an older chassis we base the age on the date the conversion was completed. 

How long can I finance a horsebox over?

We can consider finance up to 5 years provided the age of the horsebox isn’t older than 20 years at the end of the agreement.

Are there any restrictions on the age of car you will finance?

We will finance cars up to 13 years old at the end of the agreement. We also offer finance on older classic cars, for more information please see our Classic car page.

How long can I finance a car over?

We can consider finance up to 5 years provided the age of the car isn’t older than 13 years at the end of the agreement.

How long can I finance a motorhome over?

We can consider finance up to 5 years. 

How long does a finance application take?

We respond to all applications as quickly as possible: usually, that is within an hour of us receiving it.

How much can I borrow?

This depends on the value of the vehicle or equipment and your own circumstances, because all of our products are tailored directly to customers on an individual basis. However, as a guide, we offer finance from £2,500 to £250,000.

Are there any restrictions on the age of classic car you will finance?

Our specialist underwriters look at each vehicle individually so there is no specific age limit, please contact our personal finance team on 0207 227 2426 for more information.

How long can I finance a classic car over?

We can offer terms from 2 years up to 10 years for specialist assets.

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Business Finance

How much can I borrow?

This depends on the value of the vehicle or equipment and your own circumstances, because all of our products are tailored directly to customers on an individual basis. However, as a guide, we offer finance from £7,500 to £2,500,000.

Will you perform a search on my credit file?

For limited companies, we will perform a company search and subject to consent, personal searches on the directors and guarantors. For sole traders we will perform a consumer search.

How long will it take to get my vehicle or equipment?

We aim to provide the fastest service possible, and can usually progress from your initial application to paying your supplier within a 48‐hour period, provided all the necessary paperwork and information is available.

How long does a finance application take?

We respond to all applications as quickly as possible.

Are there any restrictions on the age of van you will finance?

We will finance vans up to 10 years old at the end of the agreement.

Are there any restrictions on the age of asset you will finance?

We will finance plant & machinery up to 10 years old at the end of the agreement.

Are there any restrictions on the age of coach or bus you will finance?

We will finance assets up to 10 years old at the end of the agreement.

How long can I finance a commercial vehicle over?

We can consider finance up to 5 years provided the age of the commercial vehicle isn’t older than 10 years at the end of the agreement.

How long can I finance a van over?

We can consider finance up to 5 years provided the age of the van isn’t older than 10 years at the end of the agreement.

Are there any restrictions on the age of commercial vehicle you will finance?

We will finance commercial vehicles up to 10 years old at the end of the agreement.

How long can I finance a coach or bus over?

We can consider finance up to 5 years provided the age of the coach or bus isn’t older than 10 years at the end of the agreement.

How long can I finance the asset over?

We can consider finance up to 5 years provided the age of the plant or machinery isn’t older than 10 years at the end of the agreement.

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Account Management

How do I change my Direct Debit instruction with you?

  • You can email us at [email protected]
  • Alternatively, you can call us on 020 7227 7517
  • NB: Consumer agreements can be changed over the telephone and Business agreements will require a new mandate to be completed and returned
  • It can also take up to 10 days to process a change of Direct Debit, so please ensure there is sufficient time before your next payment falls due

 

How do I change my monthly payment date?

  • You can do this by visiting our website via the following link Change Payment Date
  • Alternatively, you can email us at [email protected] or call us on 020 7227 7517
  • NB: if your payment date is due within 5 working days, any changes requested would commence from the following months payment.

How can I get a settlement quote?

  • You can do this by visiting our website via the following link Request Settlement Quote
  • Alternatively, you can email us at [email protected] or call us on 020 7227 7579
  • NB: if you are intending to settle the agreement, please ensure that you quote your agreement number if making a bank transfer.
  • If your payment is due within 5 working days, it will be too late for us to stop the Direct Debit being collected. Please contact your bank to do this.
  • If the settlement quote provided, includes a payment that subsequently is returned unpaid, then you will remain liable for that payment.

How do I request a statement?

  • You can do this by visiting our website via the following link Request a Statement
  • Alternatively, you can email us at [email protected] or call us on 020 7227 7579
  • Customer Services are open Monday to Friday 9.00am to 17:30pm.

What should I do if I’m struggling to make a monthly payment?

  • If you’re finding it difficult to maintain your monthly payments, please call us on 020 7227 7517. We understand that things can change, and our Collections Department are here to support you.
  • Our Collections department is open Monday to Friday 8.00am to 17:30pm
  • You can also visit our website via the following link Forbearance Payment Assistance
  • Please note that if your payment is due within the next 7 days, any forbearance would not commence until your following months payment.
  • If you are unable to maintain your monthly repayments, and we agree a repayment plan, your credit records will be recorded as a payment “Arrangement” while it is being maintained.
  • You may be required to provide supporting evidence to confirm your current repayment ability.

How do I change my address details?

  • You can do this by notifying us on our website Notify a Change of Address
  • Alternatively, you can email us at [email protected] or call us on 020 7227 7579
  • Customer Services are open Monday to Friday 9.00am to 17:30pm.

Can I sell my vehicle or asset?

  • Yes, if you settle your loan with us at the point of sale.
  • Follow the “How do I get a settlement quote” process to obtain a quote which will include our bank details for payment.
  • Any third party purchasing the asset should make payment to us in cleared funds into our bank account.
  • Please note you are not permitted to sell the vehicle or asset and simply continue to make monthly payments. You must pay in full within the time period specified in the settlement quote.
  • Remember to cancel your Direct Debit. Please contact your bank to do this.
  • Upon receipt of the agreed settlement payment, our financial interest held over the vehicle or asset with CDC/HPI will be removed.

How do I make a complaint?

  • We at PCF Bank are committed to providing products and services of the very highest standards.
  • If you have any cause for concern, or if you feel that we haven’t lived up to your expectations in any way, we will do our best to resolve this to your satisfaction.
  • You can do this by notifying us on our website Submit a Complaint where you will also find information in relation to our anticipated response times and our complaints process.
  • You can also email us at [email protected]
  • Alternatively, you can do this by calling us on 020 7222 2426 and our experienced Complaints Department will try to resolve any issues during the call.
  • If you would like to make a written complaint, you can write to us at Complaints Officer, PCF Bank Limited, Pinners Hall, 105-108 Old Broad Street, London, EC2N 1ER.

I would like to return a vehicle to PCF Bank, how do I do this (Conditional Loan Agreements only)?

  • This process is referred to under the Consumer Credit Act 1974 S90 as a “Voluntary Termination” (VT - to return the vehicle) and you should email us at [email protected] or call us on 020 7227 7517
  • Or alternatively you can write to us at PCF Bank Limited, Pinners Hall, 105-108 Old Broad Street, London, EC2N 1ER.
  • The VT process is explained on page 3 of your Conditional Sale Agreement, under the section marked “Termination by you”.
  • You will need to have paid at least half of the “Total Amount Payable” under the agreement (this calculation includes any monthly payments you have paid plus any deposit).
  • If the vehicle is not returned in a reasonable condition, you may be liable for the costs of any repairs.
  • If you haven’t paid up at least half of the “Total Amount Payable” under the agreement you will be required to pay the difference, or if you are in arrears on your loan, they will also need to be paid.
  • You will be required to deliver the vehicle to a reasonable location of our choice at your expense.
  • A VT marker will be recorded on your credit file, and this may be viewed negatively by any future potential creditor.

I’ve just received a statement from you, and I don’t understand some of the entries on the statement, what do they mean?

  • The amount HP Cost = The original value of the vehicle or asset purchased
  • Interest = The interest charge for the sum borrowed.
  • Administration Fee = Loan set up charge (amount is payable along with the first contractual payment).
  • Title Transfer Fee = Fee that is charged with the final instalment, which then enables the legal title (ownership) of the vehicle to pass to our customer or a third party.
  • Customer Deposit = Amount of any cash or part exchange paid to the supplier of the vehicle or asset.
  • Balance = Current sums owed under the agreement.
  • Letter Charge = A late payment charge applied to the balance.
  • Reject DD (Direct Debit) = An unpaid Direct Debit payment, which will be recorded as a debit on the statement
  • Penalty Interest = A late payment interest charge applied to the balance.

Do PCF sell agreements onto debt purchasers if I fail to maintain my payments in accordance with the terms of the agreement?

  • Yes, we will consider this process if payments aren’t maintained or there aren’t any meaningful communications in place.
  • Debts are only sold to regulatory approved businesses and both PCF and the purchaser will notify the customer of the acquisition of the debt.

I received a Regulatory Letter – What does it mean?

  • There are several documents that we must send to you, irrespective of whether we have supressed our general arrears correspondence, these letters still need to be sent to you and below explains exactly what each one means:
  • As PCF Bank we provide regulated finance agreements to both Consumers and Businesses, we are required as per the Consumer Credit Act 1974 and CONC (Consumer Credit Sourcebook) to provide our customers with several regulatory notices, which clarify the current status of an agreement and also actions that are needed to remedy any contractual issue.

 

  • Default Notices (section 87 CCA 1974)
    • Final opportunity for a regulated loan customer to remedy any payment breach.
    • Issued when an agreement reaches the equivalent of 3 months in arrears and when a customer hasn’t entered a repayment plan.
    • Customer has 16 days to remedy (pay the outstanding arrears).
    • Should the customer either fail to pay the arrears or enter a repayment plan within the time specified, the legal status of the agreement will “Terminate”.
    • If less than 1/3rd of the total amount payable under the agreement has been paid, repossession action in respect of the vehicle or asset may commence without further notice.
    • A calculation is also provided to determine the amount required by you, to reach the halfway point of the loan to enable you to Voluntary Terminate the loan and return the vehicle.
    • A customer will lose their right to Voluntarily Terminate if action is not taken by the remedy date.
  • Termination Notices
    • Confirms that the legal status of a non-regulated loan has terminated.
    • Issued when an agreement reaches 3 months in arrears and where a customer hasn’t entered a repayment plan.
    • The legal status of the agreement immediately Terminates without any remedy period or earlier if a breach of the agreement arises or any form of insolvency etc.
    • Recovery action, in respect of the vehicle or asset can be taken immediately.
  • Annual Statements
    • An annual statement sent to a regulated loan customer annually.
    • Sent on the anniversary of their agreement starting, detailing the previous 12 months repayment performance and current balance outstanding.
    • Will be sent every 12 months, until the agreement concludes
  • Notice of Default Sums
    • Sent to all regulated agreements where a default sum had been incurred, e.g. a late payment interest or charge has been incurred.
    • The notice must be sent even if the default sum has been paid.
    • All outstanding charges must be paid in order for the agreement to complete and title to the vehicle or asset to be passed on to the customer.
  • Notice of Sums in Arrears
    • The letter is sent when an agreement reaches the equivalent of 2 full contractual instalments.
    • An FCA guidance notice is also included with the letter providing debt counselling service and support.
    • Customers are advised to contact us at the earliest opportunity, so that the appropriate assistance can be provided.
    • Credit Referencing agency warnings are also provided in the letter should the payment breach not be resolved.
  • Subsequent Notice of Arrears
    • This letter is sent 6 months after the initial Notice of Sums in Arrears.
    • It will only be sent if the arrears amount outstanding from the original notice has not been remedied.
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Savings - Application Common Questions

Why do you need my bank details?

The reason that we request your bank details is so that we can carry out an identification check to make sure the account number provided links to your personal current account; this is not a credit check with any credit referencing agencies.

What is a nominated account?

  • A nominated account is the UK personal bank or building society account that you register with us when you open your PCF account. You should be named as an account holder and the account should accept Faster Payments, CHAPS and BACS.
  • To help us keep your money safe and protect against fraud, we’ll only accept deposits from this account, and we’ll always send money back to this account, for example when making payments of interest or when you make withdrawals. Payments to us from any other account will not be accepted and would be returned.

My Customer Number hasn’t arrived.

  1. Please check your email inbox/spam/junk folders for an email from PCF Bank.
  2. If you have not received an email containing your Customer Number, please contact a member of our team on 020 7227 7577.

If you are an existing customer and have applied for a new account via our website, you will not receive a further email confirming your Customer Number. You will be able to log-in with you previous Customer Number and password to view your new account.

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Savings - Online Banking Common Questions

I can’t log in to my online banking.

  1. Please make sure your Customer Number is correct (Customer numbers begin with either 500 or 300).
  2. If the Customer Number is correct, please make sure the password is also correct – all passwords need to be between 8-12 characters, if your password is more than 12 characters, you will be unable to log in.
  3. To reset your password, please click on “Reset Password” on the log in page and enter your Customer Number. You will then be asked a security question and an SMS authentication will be sent to your mobile phone.
  4. Once this has been entered you will then be able to reset your password for Online Banking.

Where do I find my PCF Account Number?

Once you have successfully logged in to your PCF Online Banking, you will see on the home page, the type of account you have opened along with the sort code 23-01-08 and next to that is your account number. Your account number begins ‘10XXXXXX’.

I’ve received ‘failed log in alerts’ but haven’t tried logging in, am I being hacked?

The reason you will have received these messages is because our Customer Numbers increase numerically, therefore it is likely that another PCF customer has accidentally typed their customer number instead of their own when trying to access their online banking.

However, if you are still unsure regarding this message, please contact a member of our team on 020 7227 7577.

How do I view my account balance?

You can log onto your PCF Online Banking>Accounts to view your transactions and balance.

You will need your Customer ID and Password for your PCF Online Banking.

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Savings - Funding Account Common Questions

How do I view my account balance?

You have 14 calendar days to fund your PCF Term Deposit account. In this time, you can complete as many transfers into the account that you need to as long as they all come from your nominated account. Once the 14-days is reached, the funding window is closed, and you will no longer be able to transfer funds to your Term Deposit Account

How do I transfer money from my nominated account to my PCF Account?

Once your account has been approved and opened you will need to send money to your new savings account. The funds will need to be sent to sort code 23-01-08 and your PCF Bank account number which starts with 10XXXXXX. Your account number can be found by logging on to your PCF internet banking.

Funds can be transferred into your account by electronic transfer or cheque. Electronic transfer must be made from your nominated bank account which you gave in the application process. These can be made using Faster Payments, BACS or CHAPS. On a Notice Account, you can make as many deposits as you wish up to the account limit (£85,000).

Where do I send a cheque?

Cheques need to be made from the nominated bank account that was given during the application and posted to PCF Bank Ltd, Pinners Hall, 105-108 Old Broad Street, London, EC2N 1ER.

Why isn’t my money showing on my PCF online banking?

Your funds can take up to 2 hours to show on your PCF account from the time you transferred the funds from your nominated bank account on a working day.

If funds were transferred on a non-working day, they will show in the morning of the next working day.

If the funds do not appear in your account within 24 hours, we ask that you please call the bank of your nominated bank account and have a trace placed on the payment transfer. Your bank will then be able to confirm the current location of your funds.

How many accounts can I open?

You can have as many accounts as you wish so long as you do not hold more than £85,000 in total with PCF Bank. Joint account holders can hold £170,000.

Where’s my interest? When is my interest paid?

Interest is paid to your nominated bank account annually, on the anniversary of the account opening.

If you have a notice account with PCF, your interest is sent to your nominated bank account within 2 working days of the anniversary.

Why is my nominated account unable to verify my PCF account details?

The Confirmation of Payee has been issued to the UK’s six largest banking groups (Barclays, HSBC including First Direct, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group and Santander UK). At this point PCF Bank, like many smaller challenger banks, are not eligible to join the scheme.

PCF Bank are aware of this scheme and in consultation with UK Finance the governing body who are implementing this change, in the future we will be looking to join and in turn provide the same level of assurance you receive when making payments to other financial institutions.

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Savings - Notice Account Common Questions

Do I have to give the full notice amount to withdraw my funds?

No, you can give notice to make a withdrawal on any amount within your available balance.

Can I cancel any notice that I have on my account?

Yes, you can cancel any given notice that you have on your account as long as it is more than 5 working days before the notice is due to be sent to your nominated account.

Does my account close automatically if I withdraw the full balance?

No, your notice account will still stay open at a nil balance. To close your notice account, you will need to contact the Savings team either via secure message via your PCF Online Banking or by phone and request a notice for closure to be placed on your account. Once the account is at a nil balance, we can then close your notice account and any accrued interest will be sent to your nominated bank account the next working day.

What is the minimum amount I can keep in my notice account?

When you first open your notice account, you need to fund the account initially with a minimum of £1,000.00, but once your account has had these funds in, it will stay open even if you chose to withdraw the full amount and it goes to a nil balance.

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Savings - General Questions

How safe is my money?

Your money is in safe hands. You will be covered by the Financial Services Compensation Scheme, which means that your deposits will be covered up to £85,000. Visit this website to view the information https://www.fca.org.uk/consumers/deposit-savings-protection.

Our unique FRN number is 747017. Which can be searched on the Financial Conduct Authority website.

What/who is PCF Bank?

  • PCF was established in 1994 as a finance company and authorised to become a bank in December 2016.
  • PCF Bank offer a range of asset and bridging finance products to consumers and businesses throughout the UK.

Since becoming a bank, we now offer a range of competitive savings products including notice accounts and term deposits.

How do I know that you are a Bank?

You can search for us on Companies House, the FCA, Bank of England or on AIM’S (Alternative Interest Market) list.

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Savings - Rates

What are the current rates you are offering to new customers?

We offer a range of competitive savings products including notice accounts and term deposits. Please visit our Savings Interest Rates page by clicking the link to view our available interest rates: Interest Rates | PCF Bank.

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Savings - Reinvestment Accounts

I have an account with you which is due to mature in the next 30 days, what do I need to do?

If you have an account maturing in the next 30 days, log on to your online banking account to view your reinvestment options. When you log in to your PCF savings account via our website (www.pcf.bank), you will see ‘You have an account is reaching maturity’. If you click this text, you can start the self-serve maturity instruction procedure.

Once you’ve clicked ‘You have 1 account reaching maturity’, you will see details of this account and you have two options: ‘Review my reinvestment options’ If you click this you are taken to a page of exclusive reinvestment products you can choose to roll your funds into at maturity. Alternatively, should you not want to reinvest with us, you can select ‘No, I do not want to reinvest’.

If you selected ‘Review my reinvestment options’, you can view details of each reinvestment product by selecting the product. If you decide you want to go forward with your selected product, use the ‘continue’ button after reading each page of the product details and proceed through the process to finish. If you want to view more products, use ‘cancel’ to go back to the reinvestment product list and start again.

If you are having trouble using the online maturity self-service, you can call us on 020 7227 7577 and we can help you over the phone.

How long do I have to decide on whether I want to reinvest my funds or not?

We ask that you please contact us at least 4 working days before your maturity date to confirm your decision, if your account is due to mature within 4 working days, please call us on 020 7227 7577.

I do not with to reinvest my funds on maturity, how do I get my funds back?

If you choose not to reinvest your funds with us, you do not need to do anything as the funds will be returned to your nominated bank account automatically on your maturity date.

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