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
PenaltyInterest = 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.
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.
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.