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Frequently Asked Questions

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.

How is interest charged on my loan?

  • At the inception of the loan, we calculate the interest that you will pay over the term of your agreement and then add this to your loan capital
  • This is calculated using the Annual Percentage Rate (APR) and the term of the loan, which is then subsequently reduced by your monthly repayments
  • This combined loan capital and interest amount is then divided by the number of monthly repayments
  • The monthly repayment amount is fixed for the duration of the loan, however the way that we allocate each monthly payment between the loan capital and interest varies throughout the term
  • At the beginning of the agreement, a higher proportion of the monthly repayment is allocated to repaying interest
  • However, as you move further into the agreement, more of the monthly repayment is applied to reducing the loan capital until the loan is completed

Will I be charged late payment interest if my monthly payments or any sums due to us are paid late?

  • Yes, as per your loan terms and conditions, you will be charged late payment interest on any overdue instalment or any sums due to us, until the amounts outstanding are paid.
  • Interest is charged to your account at the end of each month.
  • If your loan is a Conditional Sale Agreement late payment interest will be charged at the prevailing rate of your loan.
  • If your loan is a Hire Purchase Agreement or Finance Lease late payment interest will be charged at Finance House Base Rate +12%.
  • Please refer to the terms of your agreement for further clarification on late payment.

 

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