Frequently Asked Questions
Q1: IS PHOENIX FINANCIAL CONSULTANTS REGULATED?
A: Phoenix Financial Consultants Limited ('Phoenix') (Company no. 7436334) is authorised and regulated by the Financial Conduct Authority (Financial Services Register no. 539195).
Q2: WHOSE PRODUCTS DO YOU OFFER?
A: Phoenix acts as a credit broker (it is not a lender) and introduces loans from a panel of lenders to finance various services such as home improvement. Phoenix is renumerated by the lender and does not charge customers a fee for its credit broking services.
Q3: WHAT SERVICE DO YOU PROVIDE?
A: Phoenix will introduce you to the lender and give you information about the loan available, but will not give any financial advice. You will need to decide if the loan is right for you.
Q4: WHAT CREDIT CHECKS ARE UNDERTAKEN?
A: Approval for a loan is not guaranteed and you will need to go through an application process that will assess your financial circumstances and your ability to repay the loan.
Before a decision to grant credit is made, there will be a hard search of your credit file by the lender. This leaves a permanent record on your credit file.
Q5: WHAT SHOULD I CONSIDER BEFORE APPLYING?
A: You should make sure that the monthly repayments are going to be affordable. You should be confident that you will have enough money left over after paying day to day expenses (such as mortgage or rent payments, food, transport, utilities, mobiles etc.) to make the repayments. You should also think about any future changes to your circumstances, i.e. redundancy, bith of children, illnesses etc. which could impact your income or expenses and therefore your ability to afford repayments. If you don't think you can afford the repayments, you should not take out a loan.
Q6: WHAT HAPPENS IF I CHANGE MY MIND AFTER SIGNING THE LOAN AGREEMENT?
A: You have the right to cancel the loan agreement for any reason within 14 days of signing it. This is known as the statutory cooling-off period.
If you want to cancel, you will need to contact the lender. If you do cancel the loan, but still wish to buy the goods or services provided by the trader, you will need to find another way of paying for them.
In the case of the trader already having provided goods or services within the 14 day cooling-off period, you will still be liable to pay the trader for these.
Q7: WHAT CAN I DO IF I HAVE A COMPLAINT ABOUT THE CREDIT BROKING SERVICE PROVIDED BY PHOENIX?
A: Simply contact us using the below details:
Phoenix Financial Consultants Limited
Unit 8, Abbots Business Park,
Tel: 01923 333 256
or E-mail: firstname.lastname@example.org
If we cannot resolve the complaint to your satisfaction, you may be entitled to refer the matter to the Financial Ombudsman Service. Their contact details are as follows:
The Financial Ombudsman Service
London E14 9SR
Tel: 0800 023 4567
or E-mail: email@example.com