FREQUENTLY ASKED QUESTIONS
What range of finance is available?
Most practices have a minimum of £500, although please check with the practice. The normal maximum is £35,000, although this can at times be extended to £50,000.
What repayment terms are available?
We offer a range of options from 6 to 60 months. However, please speak to your practice to confirm the options offered by them.
Which company is providing the finance?
We work with your practice in arranging finance to assist patients in spreading the cost. We work with two lenders, Hitachi Personal Finance and Shawbrook Bank.
What are the principal qualifying requirements?
You need to be over age 18, below 85 and be resident within the UK. Ideally our lenders will be looking for a three-year UK address history, with an absolute minimum of one year. You will need to be in receipt of some form of income (employment, self-employment or pension) or living with a partner who is in receipt of such income. Unfortunately, people not working and relying on government benefits will not normally qualify.
If I do not qualify, can I ask someone else to arrange the finance for me?
Our lenders are happy to consider applications from immediate family members.
How do I apply?
You can either apply by completing an application form provided by the practice or apply on line – the practice can provide details of the link or contact us on 03452 591091.
Will a credit search be undertaken?
Yes. Ideally our lenders will be looking for a ‘clean’ credit history.
Will the search impact upon my credit rating?
No. A ‘one-off search will have no impact upon your credit rating. Whether your application is accepted or not it will only show as a ‘search’ with no indication of the outcome.
I am not sure if I have a good credit history
If you prefer to check your credit history prior to submitting an application, you can obtain a credit report yourself. Two websites providing free credit reports are www.clearcredit.co.uk and www.noddle.co.uk
If I apply, how quickly will I obtain an answer?
We normally have an answer on the same day, very often in less than half an hour. However, sometimes it can take longer, particularly where larger sums are involved or where an applicant has had their security breached in the past (e g lost debit/credit card hacked email etc) and where the lenders are required to carry out additional checks.
Do I have a chance to change my mind?
Yes. The application form is exactly that – it is only an application. Assuming it is accepted a form of credit agreement will be produced for you to sign and even then you will have a fourteen day withdrawal period in which you can change your mind, this commencing the day after signing.
How do I repay the finance?
The lenders will establish a direct debit from the bank account included on your application form. You must be party to this account. If you have someone applying on your behalf then the account must be in their name.
When is the first direct debit payment due?
The first direct debit will be taken one month after the lender confirms the set-up of your finance account and arranges payment to the practice. The lender will write to you to confirm the exact date.
Who do I speak to about the finance once it has been paid out?
The lender will provide a customer contact number in their initial welcome letter. Alternatively always feel free to speak to us at Dental Finance on 03452 591091.
Can I repay the finance early and are there any charges?
You can make reductions to the balance outstanding by contacting the lender direct on the customer contact number provided by them. There are no charges for partial reductions. A partial reduction will result in the finance being repaid sooner – it will not change the level of monthly instalment.
You can also repay the balance in total. If you have an ‘interest free’ facility there will be no charge. If you have an ‘interest bearing’ facility the lender will charge 30 days interest on the closing balance. However, in overall terms this can save you money. Interest is calculated daily and accordingly the sooner the finance is repaid, the less interest you will pay.
What happens if I am struggling to make a payment?
Whilst you hopefully don’t encounter any difficulties, unfortunately from time to time these things happen. If it does please speak to the lender on their customer contact number at an early stage. They can provide greater support and assistance when they are aware of a problem.