Continue white oak underwriting agency limited rent the equipment; Return the equipment to the lessor; or terminate the lease It is important to note that you will not own the asset at the end of the lease.
When sourcing available credit, WOUK does not make multiple proposals to multiple funders without your express consent; only one funder will be approached at any one time and only when this funder has declined the prospective transaction will WOUK approach an alternative funder, who they consider to be the most appropriate.
If you require further information you should seek advice from your accountants or other professional advisors WOUK do not provide advice on these matters. Where a transaction has been declined, we will contact you in writing by e-mail if you have authorised us to do so setting out the details of the decline.
This section sets out the complaints procedure we have set up to make sure that you receive a quick and fair reply from us.
It may be that the actual products available to you are restricted due to the finance purpose, business structure or credit appetite of certain funders. Hire Purchase is a loan or contract that is linked to a specific equipment purchase and is a way of obtaining the use of an asset before payment is completed.
Please follow our complaints procedure to help us resolve your complaint as quickly as possible. Credit Decisions Acceptance If a finance application is accepted, WOUK will notify you of the acceptance and any accompanying terms and conditions.
We see the complaints procedure as a two-way process in which we can also learn from the experience and further improve our service and systems. The payments of the HP are in regular typically monthly instalments which includes a capital repayment plus interest followed by an option to purchase fee at the end of the term of the agreement.
However, we recognise that sometimes things can go wrong and when they do we will ensure that our best attention is paid to any complaints.
Four declines received In the event that we receive four declines from financers for the same credit application, your WOUK representative will contact you to: Of course, you are entitled to request an update at any time during a process.
If you do have cause for complaint, we want to help to resolve it and if you tell us about it, we will do our best to put it right.
Whilst we will endeavour to understand your needs and assist you in looking for an appropriate product, we would encourage you to use the information below to ensure that the facility that WOUK provides or arranges for you is suitable.
Where we decline a proposal or receive notice of a decline from a funder, we shall contact you in accordance with the procedures set out below. We will write to you nearer to inform you of the impending end of your primary period and advise you as to the appropriate next steps.
Keep you informed of progress Do everything we can to help you How to contact us: The fee is disclosed on HP agreement which you should check before signing and is available on request once the finance has been accepted.
The Process The customer requests funding for a specific purpose; The finance company advances funds to the customer; The customer must make the agreed regular payments for the term of the agreement that cover the cost of the funds advanced plus Interest; The customer is able to terminate the agreement at any time by giving notice to the finance company and paying the balance of the agreement less a rebate; The Benefits Funding can be used to fund a wide variety of purposes; Spreads the cost of expenses Please note: However, if it is necessary to split a large transaction into smaller amounts to obtain funding, WOUK will only propose the smaller transaction amounts to one set of funders at any one time.
Underwriting Process exceeds 5 days In the event that the underwriting process has not been completed within 5 days, WOUK will contact you to provide you with an update and will disclose details of any declines received up to that point.
WOUK is committed to ensuring that all these applications for credit are placed with the most appropriate funder for a transaction, taking into account the factors listed above.
If the deal has been introduced to WOUK by way of a referral from a third party, WOUK may choose to pay some of its commission to this referring party. A further application will need white oak underwriting agency limited be submitted for consideration if this period lapses.
Ultimately by making these payments the customer will obtain ownership of the asset. The Process The customer selects an asset equipment, vehicle, software ; The finance company purchases the asset whilst agreeing to sell the asset on credit to the customer by way of the hire purchase agreement; The customer must make the agreed regular payments for the term of the agreement that cover the original cost of the asset; The customer is able to buy the asset at any time by giving notice to the owner the finance company and paying the balance of the HP price less a rebate; The Benefits Funding secured against the equipment; Spreads the cost of the purchase of the equipment; Potential tax advantages At the end of the agreement Ownership will pass to you once an option to purchase fee is paid.
It is important that you take action following receipt of the letter as otherwise a secondary period of rentals will automatically begin. The Process The lessee customer or borrower will select an asset equipment, vehicle, software ; The lessor the finance company will purchase that asset; The lessor retains ownership of the asset, but the lessee gets exclusive use of the asset providing it observes the terms of the lease giving the customer the benefits and risks of economic ownership; The lessee will make rental payments, during the initial, or primary period of the lease; The lessee is committed to paying these rentals over the term of the lease and technically, a finance lease is defined as non-cancellable although it may be possible to terminate early by paying the future rentals less a discount At the end of the agreement What happens at the end of the primary lease period will vary and depends on the actual agreement, but the following options are possible: The reason that WOUK operate in this way is to ensure that the number of credit searches carried out against prospective customers is minimised.
Acceptances are valid for a limited period. In doing so, WOUK ensures that the number of searches made against our customers, following a credit decline, is limited.See more information about White Oak Underwriting Agency Limited, find and apply to jobs that match your skills, and connect with people to advance your career.
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