1. What is Buy Now Pay Later (BNPL)
BNPL is a convenient way for you to pay for the balance payment on your goods by using credit. You will enter into a credit agreement with Creation Consumer Finance Ltd which will have an initial 12 month payment free period (deferred period) followed by a monthly repayment period of 48 months during which the loan will be paid off as per the loan agreement.
2. When do my payments start?
During the application process the first payment date will default to 30 days after the date of proposal, however your first payment will not be taken until your goods have been supplied/fitted and you have signed a satisfaction note, and then payment will be taken the same day of the next available month.
3. Who is the finance provider?
Creation Consumer Finance Limited. Creation are the power behind some of the UK’s best known high street brands. They are part of global banking group BNP Paribas, one of the strongest banks in the world and provide a range of retail finance, credit card and loans to over 4 million customers.
4. How do I get a quote for BNPL?
Phone Kloeber on 01487 740044 and speak to someone in our Sales team who will be happy to take you through an application over the phone.
5. What information will I need during the finance application process?
To complete the application over the phone you will need the following documents/information to hand:
- One of – UK Passport, UK driving licence or electricity bill
- Bank or Building Society Sort Code and Account Number
- Debit/Credit card which must be in the name of the applicant
- Previous address information if you have lived at your current address for less than 3 years
- Gross annual income for you and your partner where applicable
- Monthly mortgage payment
6. What is an APR percentage rate?
An Annual Percentage Rate (APR) is the interest displayed as a fixed percentage to allow you to make cost comparisons with other forms of finance, credit and loans.
7. Is this secured against my home?
No not at all. BNPL is classed as unsecured personal finance. The full details of this will be clearly outlined on your Consumer Credit Agreement should you go ahead with the Finance.
8. Do I have to pay interest during the payment free period?
If you pay off the loan before the end of the payment free period there will be no interest to pay.
9. Are there any monthly payments to be made during the payment free period?
No, you don’t have to make any monthly payments to be made during the payment free period. However the loan is fully flexible and should you choose to make one or more lump sum payments at any time then you can.
10. What happens if I do not pay off the loan before the last day of the payment free period?
If you do not pay off the loan before the last day of the payment free period, the loan will roll over to the rest of the loan agreement and you will have to pay interest as per the terms of the loan agreement.
11. From when is interest calculated?
Interest is calculated from the date that the agreement was taken out.
12. Can I settle part of the loan at any time?
Yes you can, just get in touch with Creation Consumer Finance Ltd on the number shown in your agreement.
13. I am building a brand new home, so I don’t live there yet, can I still apply?
Yes you can, we will just need to see extra supporting documentation to show you own the site the new house is being built on such as land registry or mortgage documents.