Frequently Asked Questions
Q: IS PHOENIX FINANCIAL CONSULTANTS REGULATED?
A: Yes, Phoenix Financial Consultants Limited ('Phoenix') (Company no. 7436334) is authorised and regulated by the Financial Conduct Authority (Financial Services Register no. 539195), and acts as a credit broker (it is not a lender), introducing loans from a panel of lenders to finance various services such as home improvement.
Q: WHAT IS THE RELATIONSHIP BETWEEN PHOENIX, THE TRADER & THE LENDER?
A: Our traders are Introducer Appointed Representatives (IAR) of Phoenix. This means they are not able to provide finance themselves, but are able to introduce their customers to Phoenix.
Phoenix is a credit broker, and acts as an intermediary between the customer and the lender, and is responsible for arranging the finance between the customer and the lender.
The lender is then responsible for providing the finance to the customer.
Phoenix also provide a quoting and job management system to allow the trader to easily facilitate this process.
Q: WHAT IS AN IAR?
In the UK, most financial activities are regulated. A company must be authorised and regulated by the FCA in order to offer finance on their goods or services.
A trader that is an IAR of Phoenix is allowed to introduce the services provided by Phoenix to their own customers, without having to have their own full credit licence.
Phoenix regularly monitors the industry accreditations, identities, insurance & more for all of our registered IARs in order to maintain regulatory compliance.
Q: WHOSE PRODUCTS DO YOU OFFER?
A: Phoenix works with a panel of lenders, dependant upon the type of finance required. Phoenix is renumerated by the lender and does not charge customers a fee for its credit broking services.
Q: WHAT INFORMATION WILL I NEED TO PROVIDE?
A: When applying for finance you will need to provide:
- Full Name
- Telephone number
- Email address
- Date of birth (You must be over 18 years of age)
- Marital status
- Residential status & address details (last 3 years)
- Employment status, start date, annual income & household income
- Monthly outgoings (mortgage/rent, loans, other expenses)
- Number of dependants
- Bank account details
Q: 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.
Q: 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, birth 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.
Q: CAN I PAY BACK MY LOAN EARLIER THAN MY INITIAL CHOSEN TERM?
A: Yes. Just contact your credit provider directly who will offer you a settlement amount for early repayment.
Q: DO I HAVE TO PAY A DEPOSIT?
A: Some of our traders do ask for a deposit, however this is not usually the case. Where available, You'll be able to adjust the amount of deposit you pay as part of the application process, and will be able to see how this affects your monthly repayents. Should you decide to proceed with the job, you would pay your deposit to your trader directly.
Q: 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.
Q: 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: email@example.com
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: firstname.lastname@example.org