Novuna Finance

Flexible Finance Options to Spread the Cost

Once you’ve chosen your product, you can select from two great finance options:

• Buy Now, Pay Later (BNPL): Spread the cost over 48 months with the option to defer payments for 6, 9, or 12 months.
• Interest-Bearing Finance: Choose a payment term of 24, 36, or 48 months.

Both options require a minimum deposit of 10%.

Simple Steps to Buy on Finance:

1. Decide your product (minimum basket value £549).
2. Call us on 01707 802030, and we will send you a secure link to complete your finance application.
3. Spread your payments with one of the two finance options, starting with a 10% deposit.

Buy Now, Pay Later Finance Option

With BNPL, you can delay payments for 6, 9, or 12 months, then spread the remaining balance over 48 months. Interest starts to accumulate after the deferred period, but if you settle the balance in full before this ends, no interest will be charged (though a settlement fee of up to £29 may apply).

How It Works:

• Finance is available on orders of £549 and above.
• Deposit is 10% of the total order value.
• The deferred period starts when your goods are delivered.

Example of BNPL Repayments:

Order Value	Total Term (Months)	Defer Term (Months)	Deposit (10%)	Monthly Payments
£1,000	48	12	£100	£35.74
£2,000	48	12	£200	£71.47

Representative Example:

Cash Price: £999
Deposit: £99.90
Loan Amount: £899.10
APR: 24.9%
Interest Rate: 24.9% (fixed)
12 month payment holiday followed by 48 monthly repayments of £35
Total Loan Term: 60 months (first payment deferred for 12 months)
Total Amount Payable: £1,779.90
Total Charge for Credit: £780.90
Pay the balance within the first 12 months and only pay a £29 Early Settlement Fee

Note: Payments within the deferral period do not incur interest. However, interest is charged from day one if the loan is not settled within the deferral period.

Interest-Bearing Finance Option

With this option, you can spread the cost over 24, 36, or 48 months at a fixed APR of 19.9%.

How It Works:

• Minimum basket value: £549.
• Deposit: 10%.
• Loan amount must be £494 or higher after the deposit.

Example of Interest-Bearing Repayments:

Order Value	Term (Months)	Deposit (10%)	Monthly Payments
£700	24	£70	£31.54
£1,200	36	£120	£39.20
£2,000	48	£200	£53.15

Representative Example:

Cash Price: £700
Deposit: £70
Loan Amount: £630
APR: 19.9%
Interest Rate: 19.9% (fixed)
24 monthly repayments of £31.54
Total Amount Payable: £756.96

Frequently Asked Questions (Finance FAQ)

How do I choose PaybyFinance?

Simply select the finance option at checkout, or let the sales consultant know if you're purchasing in-store.

Who is eligible to apply for finance?

To apply, you must:

• Be over 18 years old.
• Work at least 16 hours per week, or be retired with an income.
• Be a permanent resident of the UK for the past 12 months or more.

Unfortunately, we cannot offer finance to residents of Eire. Homemakers can apply under their own name, but must provide the employment details of their spouse/partner.

When do my repayments start?

For Buy Now, Pay Later, repayments begin 12 months after delivery. For all other agreements, monthly repayments start one month after delivery.

Are there any hidden fees?

No, there are no arrangement fees or hidden extras.

Applying for Finance

When purchasing from TVA Tech Limited, trading as electricshop, applying for finance is easy. Just follow these steps:

1. Add your purchase to the basket and select the finance option.
2. Complete the online application form, entering your personal details.
3. We'll handle the rest!

Once your application is approved, you'll receive instructions on how to sign the finance agreement. You can either:

• E-sign the agreement, or
• Print and sign it before posting it to the address provided.

Your goods will be dispatched after we receive your signed agreement and complete any necessary checks.

Common Finance Questions

What happens after my application is approved?

You'll receive the option to either e-sign or print and return your finance agreement. If you e-sign, we'll be notified automatically. If you choose to print and sign, send the document to the address shown on the covering letter. Products will only be dispatched after we receive your signed agreement.

Will my credit score be checked?

Yes, we use credit scoring to evaluate your application. This involves assigning points based on your age, income, occupation, and credit history from credit reference agencies. The process is fair and non-discriminatory.

Why might my application be declined?

There are several potential reasons, including:

• Low credit score.
• Adverse information from credit reference agencies.
• Overcommitment on existing financial obligations.
• Under 18 years of age.
• Poor account performance with other lenders.

What information do credit reference agencies hold about me?

Credit reference agencies hold both public information (like electoral roll details and County Court Judgments) and data from other lenders (such as payment history).

How can I get a copy of my credit report?

You can contact the relevant credit reference agencies:

• Experian: Customer Support Centre, PO Box 9000, Nottingham, NG80 7WF
• Equifax: Customer Service Centre, PO Box 10036, Leicester, LE3 4FS
• TransUnion: Consumer Services, PO Box 491, Leeds, LS3 1WZ

If you believe the information is incorrect, you can request a correction.

Can I re-apply if my application is unsuccessful?

Yes. We understand that circumstances change. If declined, we recommend waiting at least 6 months before re-applying.

Can I request delivery to a different address?

For security reasons, we can only deliver to the home address of the finance applicant.

This complete guide offers all the information you need regarding applying for finance at TVA Tech Limited, trading as electricshop. If you have any further questions or need assistance, please call us at 01707802030.