TERMS OF BUSINESS OPERATIONS
LDF TERMS OF BUSINESS
The terms ‘LDF’ or ‘us’ or ‘we’ refer to LDF Operations Limited and its Group members whose registered office is Dee House, St David’s Park, Flintshire, CH5 3XF. Our company registration number is 2029122. The term ‘you’, ‘client’ or ‘customer’ refers to you, the credit applicant/lessee.
The LDF Group acts as both lender or lessor and as credit broker. As part of our business, we carry out activities including:
- Providing businesses with credit and hire agreements;
- introducing businesses seeking to obtain credit to alternative financers;
- recommending or making available credit or hire agreements businesses;
- assisting businesses by undertaking preparatory work in relation to such agreements; and
- referring customers to financers
This document outlines the way in which LDF shall carry out these activities, with particular reference to:
- Introducing LDF
- Our transaction and decline process
- Data processing and credit searches (set out in the Data Protection Fair Processing Notice attached)
- Our Data Protection Policy
By signing this form, you agree that you:
- approve our Terms of Business contained herein;
- acknowledge that LDF shall act primarily as a lessor or lender when conducting activities and reviewing transactions;
- acknowledge that LDF, in specific cases shall act as a credit broker in making any referral or introduction of you to any member of the funding panel;
- acknowledge that in making any such referrals or introductions or in providing such credit, no advice or recommendation has been provided by LDF;
- accept that these terms of business shall apply to all funding or activities and transactions arranged by LDF following the date of your signature; and
- are a UK resident and hold a UK bank account
Finally, we confirm that your signature of this document does not commit you to paying any fees or charges in connection with our funding or brokerage activities. Furthermore, you are not obliged to enter into any finance agreement that we may provide or source for you.
For the avoidance of doubt, you will have the option to opt out of future marketing at the conclusion of this transaction.
To enable us to provide you with a swift application and approval process, we would ask that you provide us with an e-mail address which you hereby authorise us to send private and confidential information to you (including, but not limited to, credit decisions, financial documents and (if applicable) arrears and default notices). If this email addresses changes you must notify us of this so we can update our records:
E-mail Address: ____________________________________________________________
If you wish to authorise another party to act on your behalf in relation to all dealings with LDF (this will include but is not limited to; full disclosure of previous transactional history, disclosure of credit decisions, ability to apply for Credit in the business name) please provide the name and the position of this individual (If these details changes you must notify us of this so we can update our records):
AN INTRODUCTION TO LDF
LDF Group of companies act as both a funder and commercial finance broker who assists business customers, including limited companies, partnerships and professional individuals in obtaining finance. LDF’s aim is to provide appropriate funding options to suit our customer’s business needs.
LDF Operations Limited will typically introduce clients to an LDF Finance Company for consideration. The LDF Finance Companies focus is on supporting SME's, corporates and professional practices through the provision of competitive hire and credit agreements. However, if a client’s requirements sit outside our credit or risk appetite we will source finance for client via an appropriate member of our funding panel.
As a credit intermediary, we maintain a panel of lenders who are:
- Reputable and experienced in the asset finance or consumer credit sector;
- Offer products or services to suit a variety of credit strengths;
With our experience of the market place, we consider ourselves well placed to identify, provide and source suitable funding for our clients.
THE LDF COMPANIES
LDF Operations Limited
LDF Operations Limited (reg. no 229984) part of the LDF Group is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities (including hiring).
- LDF Operations predominantly operates as a Credit Broker. Business generated by its team of consultants is introduced to funders / lessors for consideration. LDF Operations will always look to introduce this business to a funder / lessor with the LDF Group before considering any external funders.
- LDF Operations may also assist external funders in the collections and arrears management for customer that LDF has introduced to them
First Independent Finance Limited
First Independent Finance Limited (reg no SC198910), part of the LDF Group is authorised and regulated by the Financial Conduct Authority for credit-related activities (including hiring).
- First Independent Finance predominantly operates as a Credit Broker. Business generated by its team of consultants is introduced to funders / lessors for consideration. First Independent Finance will always look to introduce this business to a funder / lessor with the LDF Group before considering any external funders.
- First Independent Finance may also assist external funders in the collections and arrears management for customer that First Independent Finance has introduced to them.
LDF’s Finance Companies
LDF Finance No 1 Limited (reg. no 04893877) LDF Finance No.2 Limited (reg.08822802) and LDF Finance No.3 Limited (reg 8822799) are part of the LDF Group are authorised and regulated by the Financial Conduct Authority for credit-related regulated business (including hiring).
- These companies are LDF’s current finance companies. LDF Operations Limited will introduce credit and hire applications to these finance companies for consideration
- Where applications are approved and Agreements executed, customer’s finance agreements will be between themselves and relevant LDF Finance Company
Within LDF customer satisfaction and quality service is paramount. 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.
This section sets out the complaints procedure we have set up to make sure that you receive a quick and fair reply from us. Please follow our complaints procedure to help us resolve your complaint as quickly as possible..
- If you do have cause for complaint, we want to help to resolve it
- If you tell us about it, we will do our best to put it right
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.We promise to:
- Fully investigate your complaint
- Keep you informed of progress
- Do everything we can to help you
How to contact us:
By phone: 01244 527300
By email: email@example.com
By post: Complaints Handling Officer, LDF, Dee House, St David’s Park, Flintshire, CH5 3XF
When you write to us:
Please tell us:
- Your name and address, or the name and address of the complainant if you are complaining on someone else’s behalf and your relationship to them;
- Your LDF agreement number;
- Your daytime phone number (where we can contact you if we need to) and any times you would prefer us to contact you;
- A clear description of your concerns or complaint; and
- Details of what you would like us to do to put things right
Complaints Handling Procedure
The following is a summary of how LDF deals with complaints:
We aim to resolve complaints quickly and fairly. Where possible, we aim to resolve complaints within 3 business days using our Early Resolution Procedure. If it is not possible to resolve your complaint through the Early Resolution Procedure, we shall send to you as soon as possible, and in any event, within 5 business days of receiving the complaint, an acknowledgement in writing. Your complaint will be referred to the head of the relevant department, who will investigate the complaint promptly, thoroughly and impartially.
If your complaint refers to the actions of a third party, we will ask that party to investigate and report back to us, to enable us to fully respond to your complaint. In the event that we do seek input from a third party, we shall notify you of this and keep you updated. In some circumstances where the third party is solely responsible for the complaint, we will refer the complaint to the third party who will respond directly to you. We will notify you in writing that the complaint has been referred. In these circumstances LDF will have no further obligation to deal with your complaint in accordance with its complaints procedure.
You will receive a response as soon as possible and in any event, within 8 weeks of LDF receiving your complaint.
In the unlikely event your complaint remains unresolved within eight weeks; we will advise you in writing why we are unable to offer a final response and when we expect to be able to do so. We will also provide you with details of the Financial Ombudsman Service together with an explanatory leaflet. This will enable you, if you wish; to refer your complaint to the Financial Ombudsman Service should you be dissatisfied with the delay or the handling of your complaint.
We have intentionally made our complaints handling procedure simple to follow, so that you should not have to use a solicitor or seek professional help. If you choose to do this, we will not meet your costs.
Independent Review of your Complaint
Should you be dissatisfied with our final response, you may, if you wish, refer the matter to the Financial Ombudsman Service. Any referral must be made within six months of the date of our final response. The Financial Ombudsman Service provides a free, independent and impartial service for customers to resolve disputes with financial firms. The Financial Ombudsman Services say that they will only deal with your complaint if you have given us the opportunity to put matters right, so please contact us first and we will do all we can to help you.
The contact details for the Financial Ombudsman Service are set out below:
The Financial Ombudsman Service Exchange Tower
Harbour Exchange Square
Telephone: 0300 123 9123 or 0800 0234567
LDF are members of the Finance and Leasing Association (FLA). If you would like to make a complaint directly to them, you may phone them on 020 7836 6511 or get the relevant information from www.lendingcode.org.uk
As a first step, the FLA will refer your complaint back to us to review and respond. If you are still not satisfied, the FLA will try to conciliate up to the time the matter is resolved or is decided by the Financial Ombudsman Service or a court. You will not be entitled to use the FLA conciliation scheme if your complaint has been decided by the Financial Ombudsman Service or a court. LDF are also members of the British Vehicle Rental and Leasing Association (BVRLA). If your complaint is relating to a vehicle, and no satisfactory resolution can be reached with LDF, you can use the BVRLA Conciliation Service.
Details should be submitted to: firstname.lastname@example.org
Or by Post to:
British Vehicle Rental and Leasing Association
TRANSACTION PROCESS AND DECLINES
As both a funder and credit intermediary, LDF has due regard for the FCA’s Principles of Business, its regulations and guidance and strives to satisfy these through its operational practices. LDF is focussed on ensuring customers are provided with clear and transparent communication throughout the transaction process. Where possible, LDF try to avoid multiple contact and correspondence with the customers which may cause unnecessary confusion.
LDF will make an internal assessment as to the likely cost of credit or hire. Although any quotation provided is an accurate reflection of this assessment at the time of publication, it is subject to full underwriting and fluctuations in interest rates, terms fee, facility type and other factors which may be unforeseen at this initial stage.
Acting as a Credit Broker
LDF Operations Limited will always consider whether it is able to fund a proposal within the LDF Group first, before considering funders. LDF’s aim is to provide competitive finance option(s) for their clients coupled with high customer service and a relevant product range. If the proposed transaction sits outside the scope of LDF’s credit or risk appetite then LDF may introduce your proposal to an alternative funder. This means sourcing the most suitable funding option available, taking into account the specific circumstances of the transaction, including but not limited to:
- speed of decision;
- product range available;
- credit considerations;
- amount of required advance;
- asset or loan type; and
- security provided;
When acting as a credit intermediary, LDF shall, at all times, act entirely independently in sourcing credit from our panel of funders. LDF 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. Where LDF acts as credit broker, we may receive a commission payment for effecting this introduction. If the deal has been introduced to LDF by way of a referral LDF may choose to pay some of its commission to this referring party.
It is important that you provide accurate information on your application and disclose all relevant information that would reasonably be considered to have bearing on any credit decision, including but not limited to:
- any corporate action, legal proceedings or other procedure or step by any person in relation to the insolvency of the Customer, or the occurrence of any insolvency event (howsoever described) in respect of the Customer or any of its assets (including without limitation any arrangement with its creditors or any steps to appoint an administrator);
- the Customer to be in breach of any applicable law or regulation binding upon the Customer or its directors, or to be in breach of any authorisation, consent, permission, approval, resolution, licence, exemption, filing or registration binding upon the Customer or its directors with any governmental, regulatory or other authority (financial or otherwise), or any governmental, regulatory or other authority (financial or otherwise) to intervene in the business or affairs of the Customer or impose any fine on, or take disciplinary action against, the Customer for any reason, or cause the Customer at any time to lose any licence(s) required to be held by it to conduct its business; or
- any bank or financial institution to accelerate, cancel, suspend or terminate any agreement relating to any indebtedness of the Customer with that bank or financial institution as a result of an event of default (howsoever described) or otherwise.
When sourcing available credit, LDF does not make multiple proposals (“multi-prop”) transactions to multiple funders; only one funder will be approached at any one time and only when this funder has declined the prospective transaction will LDF approach an alternative funder, who they consider to be the most appropriate. The reason that LDF operate in this way is to ensure that the number of credit searches carried out against prospective customers is minimised.
Whilst LDF does not "multi-prop", if it is necessary to split a large transaction into smaller amounts to obtain funding, LDF will only propose the smaller transaction amounts to one set of funders at any one time.
If a finance application is accepted, LDF will notify you of the acceptance and any accompanying terms and conditions. Acceptances are valid for a limited period. A further application will need to be submitted for consideration if this period lapses. LDF and its funding panel reserve the right to withdraw an acceptance at any time if they become aware of any information that adversely affects your financial status. LDF may execute documents via manual or electronic signature.
LDF will endeavour to keep you updated with regards to the progress of your application for finance. Of course, you are entitled to request an update at any time during a process. 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.
Four declines received
In the event that we receive four declines from financers for the same credit application, your LDF representative will contact you to:
- discuss your options;
- obtain your consent to continue to approach further funders; and
- To complete further searches.
In doing so, LDF ensures that the number of searches made against our customers, following a credit decline, is limited.
Underwriting Process exceeds 5 days
In the event that the underwriting process has not been completed within 5 days, LDF will contact you to provide you with an update and will disclose details of any declines received up to that point.
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 is referred to as our “Decline Notice” and will be sent at the earlier of:
- acceptance of the transaction by a funder (the end of the underwriting process)
- completion of the underwriting process with no funder acceptances
- 5 days from the start of the underwriting process, regardless of whether the underwriting process has been completed
It is important that the finance product that we provide for you is suitable for your requirements. We will only consider finance for equipment being acquired for the benefit of the business and therefore will not facilitate any personal lending or hiring. 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 LDF provides or arranges for you is suitable. If you require further information you should seek advice from your accountants or other professional advisors (LDF do not provide advice on these matters).
There are two main types of lease, an Operating Lease and a Finance Lease. Both leases involve the hire of equipment. These leases can be known by other names such as Lease Rental, a Rental Agreement or a Minimum or Fixed Term Hire Agreement.
- 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 noncancellable although it may be possible to terminate early by paying the future rentals less a discount
At the end of the lease
What happens at the end of the primary lease period will vary and depends on the actual agreement but the following options are possible:
- Continue to rent the equipment
- Return the equipment to the lessor
- Or terminate the lease
If upon terminating the lease you would like to acquire ownership of the equipment this can usually be arranged by LDF following the payment of an appropriate fee. LDF typically use a Minimum Term Hire Agreements which means all the options detailed above would be available to you. 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. It is important that you take action following receipt of the letter as otherwise a secondary period of rentals will automatically begin.The Benefits
- Funding secured against the equipment
- Available on nearly all equipment purchases
- Spreads the cost of the purchase
- VAT is paid on each rental so you do not need to pay it upfront
- Potential tax advantages
Hire Purchase is also known as a Lease Purchase or HP. 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. 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. Ultimately by making these payments the customer will obtain ownership of the asset. The payment of the VAT is required upfront, at the beginning of the agreement.
- 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
- Funding secured against the equipment
- Spreads the cost of the purchase of the equipment
- Potential tax advantages
At the end of the lease
Ownership will pass to you once an option to purchase fee is paid. The fee varies dependant on the funder but typically ranges from £100 - £250. The fee is disclosed on HP agreement which you should check before signing and is available on request once the finance has been accepted.
An unsecured loan is money lent from one party to another without any asset to secure its repayment.
- 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
- Funding can be used to fund a wide variety of purposes
- Spreads the cost of expenses
Please note: 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. All finance products will typically include a Documentation Fee which is determined by the funder and usually collected with the first payment.
LDF IDENTIFICATION AND VERIFICATION
LDF is a data controller, registered with the Information Commissioners Office (“ICO”) and committed to providing the highest standard of compliance, including the need to properly:
- identify; and
all of its customers, whether they be existing or prospective. As well as our regulatory responsibilities, LDF take the view that it is important to ensure that both the customers and their data, are consistently treated in a proper and professional manner. In order to achieve this, LDF strive to develop a strong relationship with each of their customers from the outset.At the point of receiving either:
- an application for credit; or
- Personal data;
the applicant is deemed to be a customer of LDF and they shall commence the verification process.
LDF representatives may discuss generic matters with existing or prospective customers at any time. However, LDF representatives recognise the need to verify the identity of the caller before engaging in any customer-specific discussions (whether the LDF representative does so from memory or by accessing LDF’s customer records).
Incoming telephone calls
Customers will be asked to identify themselves at the beginning of the call by confirming their name and business name. Existing customers may be identified by our system through a match on the telephone number and in these cases will be asked to just confirm their name.
Outgoing telephone calls
When an LDF representative makes an outbound telephone call to an individual’s mobile, direct dial or switchboard telephone number, confirmation of the individual’s name is acceptable for identification purposes.
Before entering into any discussion with an individual which relates to information which is specific to a customer and/or individual person, including but not limited to:
- A customers account;
- Proposal status;
- Financial circumstances; or
- Existing/previous transaction
The LDF representative must ensure that the individual:
- that the customer has been identified
- their identity is verified by means of one item from the following Verification List:
|DOB held on file|
|Deal reference number|
|Rental, repayment amount or total credit|
Once an individual has been identified and verified, the LDF representative must also ensure that this individual is authorised to discuss this matter on behalf of the customer.
Due to the very nature of our business, LDF sales staff often build strong relationships with customers and the individuals representing those customers, particularly where customers have repeatedly entered into finance agreements arranged by LDF over a considerable passage of time. Where the particular LDF representative who is dealing with an individual, can in that particular instance confirm 3 of the following criteria, at least one of which must be one of the individual criteria set out at 1-3 below, then the LDF representative can follow our reduced verification process.
- The LDF representative has known the individual for more than 6 months;
- The LDF representative has met the individual on more than 1 occasion;
- The LDF representative has spoken to the individual within the last 48 hours;
- LDF has arranged finance on behalf of the customer over a period of more than 12 months;
- LDF has arranged finance for the customer at least twice in the last 12 months;
- All identification information requested from the customer has been provided and is on file;
- LDF’s customer is an individual (as opposed to a partner or a director of a corporate entity);
- The customer resides in the UK;
- The customer has a UK bank account;
- Written authority on file to deal with this individual.
In the event that the LDF representative is able to record on the system the relevant criteria, then they may follow a reduced due diligence procedure in respect of that telephone call, which only requires the individual and name of business to be identified, without the additional verification required by our standard process set out above.
LDF DATA PROTECTION FAIR PROCESSING NOTICE
How we use your information
You and/or your business wish to obtain finance in the form of credit and/or lease agreements. We may provide such finance ourselves; or pass your information onto one or more finance companies with whom we have arrangements in place. Unless the content requires otherwise, whenever the words “We” or “us” are used in this notice, they will apply both to our company and to any such finance company.
- We may receive and process all personal data about you which we may obtain in the course of dealing with your finance applications and/or any finance agreements which are subsequently entered into.
- This data may be obtained from you, or be already known to us, or it may be provided by a third party, such as: the supplier of any equipment you wish to finance; the providers of any services or insurance linked or to be linked to the proposed finance and/ or such equipment; any credit reference or fraud prevention agency that we may consult regarding your credit history; any agent we may instruct to carry out services on our behalf linked to the proposed finance agreement (including, but not limited to debt collection agents); any other company within our/their group of companies; and/or any third party involved in the arrangements by which we fund the provision of such finance agreement (either now or at any time in the future)
- We may in turn provide any such information we obtain to any of the third parties set out above for the purposes set out below
- Your information will be used by us and/or any of these other third parties to make credit decisions about you; to prevent money laundering or fraud; to process your finance applications; to administer any finance agreements and/or linked services/insurance
- We may use a credit scoring or other automated decision making system to assess your applications
- We may search your credit records with one or more credit reference agency (CRA) who will thereby add to your record details of that search and your applications
- You are aware that if this is a joint application, or is made on behalf of a business, that this may result in an association being noted by the CRA(s) which will appear on any future credit searches against your name.
- Details of our search(es) and your application(s), together with details of any subsequent finance agreement(s) and the history of payments under it may be added to your credit record by the CRA(s).
- These records will be searched and used by us and by other organisations in the future to make credit assessments about you
- We may submit this information to more than one potential finance supplier, which may result in multiple entries on your credit record (though we will not submit it to more than one supplier at a time, nor to more than four such suppliers in total, without your further express consent
- We may provide information about you to fraud prevention agencies and this information may be shared with other organisations
- We may check applications with fraud prevention agencies
- We may use this information when deciding whether to extend credit and to prevent fraud
- You may contact us to find out which agencies are involved
Other individuals covered by this consent
If you are a partner or director of a business which is applying for finance you hereby confirm that you not only consent to this processing on your own behalf, but have obtained specific authority from your partners/co-directors to give consent on their behalf to their personal information being processed in these ways. If the beneficial owners are not the partners or directors of your business you hereby confirm that you have notified the beneficial owners that we will also conduct due diligence checks on them to prevent fraud and money laundering.
If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.
LDF, an alternative finance provider and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:
- Checking details on applications for credit and credit related or other facilities
- Managing credit and credit related accounts or facilities
- Recovering debt
- Checking details on proposals and claims for all types of insurance
- Checking details of job applicants and employees
Please telephone 01244 527300 if you want to receive details of the relevant fraud prevention agencies. The proposed finance provider and other organisations may access and use, from other countries, the information recorded by fraud prevention agencies.
NOTE: If we and/or any other finance provider decide not to proceed with your finance application(s) on the basis of information obtained from one or more CRA(s), we/they will inform you and/or any other individual named above of this and give you details of the CRA(s) in question (including name, address and telephone number). Furthermore, if at any time you wish to know which CRA’s have been provided with information about you, or you would like further details about how we/they use this information, or you would like a copy of the information we hold about you (for which a small fee may be payable), you should write to: The Data Protection Controller LDF, Dee House, St David’s Park, Ewloe, Flintshire, CH5 3XF
DATA PROTECTION STATEMENT
- The terms set out in this Data Protection Statement apply to any information you from time to time and to any information you have already provided.
- We may revise or supplement our Data Protection Statement from time to time for any of the following reasons:
- to provide for the introduction of new or improved systems, methods of operation, services or facilities;
- to reflect an actual or expected change in market conditions or general banking practice;
- to comply with or anticipate any changes in any legal or regulatory requirement;
- to ensure that our business is run prudently;
- to make our Data Protection Statement clearer or more favourable to you; or
- to rectify any mistake that might be discovered from time to time
- You must not send us personal information about someone else without first getting his or her consent for it to be used and disclosed in the ways set out in our Data Protection Statement. This is because we will assume he or she has consented, although we may still ask for confirmation from them. Where you do give us information about someone else, or someone else discloses a connection with you, that information may be taken into account with your other personal information.
- We treat your privacy very seriously and we understand that you will wish to know how we will use the information we collect from or about you. We use your personal information in accordance with our Data Protection Statement and will fully comply with all applicable UK data protection legislation (including the Data Protection Act 1998). It is important that you take all necessary and appropriate steps to protect your data yourself (for example, by ensuring that all passwords and access codes are kept secure).
- "LDF Group" consists of LDF Operations Limited, LDF Finance No.1 Limited, LDF Finance No.2 Limited, LDF Finance No.3 Limited, LDF Finance No.4 Limited, LDF Finance No.5 Limited, LDF Group HoldCo Limited, LDF Group Finance Limited and First Independent Finance Limited
Information which we may collect about you
We may collect and process the following information about you:
- Information you provide (either directly or through an agent such as a solicitor, independent financial advisor or introducer) by completing an application for our products and services, whether in writing, on our website, over the telephone or by some other means. This information may include your name, address, contact details, date of birth, bank details, details about your employment and financial information
- Records of any correspondence from you or anyone acting on your behalf
- Details of transactions you carry out with us
- Your credit history, where you have applied for credit or where we have agreed to provide credit to you
Use of information collected
We may process, transfer and disclose your information for the purposes of:
- providing you with services, managing your accounts and complying with your instructions;
- verifying your identity;
- taking credit decisions, where you have applied for credit or where we have agreed to provide credit to you;
- detecting and preventing fraud;
- complying with laws and regulations (including the rules of any regulatory authority) and public duties;
- monitoring and/or recording your telephone calls and electronic transactions in order to accurately carry out your instructions;
- assisting in improving our services and in the interests of security and crime prevention;
- market research and providing you with information via mail, telephone or other means about LDF’s products or services from time to time and analysis in order to assess and improve our business or the business of LDF and the services we offer
- We will act proportionately and responsibly when we process, transfer or disclose your information and we will act strictly in accordance with the Data Protection Act 1998.
- Where you have applied for credit or where we have agreed to provide credit to you, we may from time to time make searches of your record at a credit reference agency. Your record includes searches made and information given by other businesses. Details of our searches will be kept by the agency and will be seen by other organisations that make searches with the agency for the purposes of credit assessment, debt recovery, and management of your accounts, prevention of money laundering and fraud, and statistical analysis.
- We may at any time search your record with a fraud prevention agency. If at any time you give us or procure the giving of false or inaccurate information and we suspect fraud we will record this. The fraud prevention agency will use information recorded for statistical analysis about fraud and will also share it with other organisations who will use it to prevent fraud and to help make decisions on motor, household, credit, life and other insurance proposals and claims by you, members of your household or any other businesses associated with you.
- We may from time to time contact you about products and services available from the LDF Group which we believe may be of interest to you. We may do this by post or by phone unless you have told us in writing not to; and by e-mail, text or other electronic means if you have told us in writing that we can. You can tell us in writing at any time if you change your mind.
- Where you apply for credit we will tell you, where permitted by law, if we make a decision about you relating to your credit scoring or eligibility for our products or services solely using an automatic decision making process. You can then request a review by us of the decision using other means.
Disclosure of your information
- Your personal information may be passed to and used by companies in the LDF Group and its agents and subcontractors who administer or process the information on its behalf
- Where you have been introduced to us by an introducer such as an independent financial advisor, equipment supplier or accountant we will inform the introducer about the outcome of your application and whether we have agreed to provide you with the product or service for which you have applied. We may also disclose information about you and your relationship with us (including details of any related investment) throughout the term of that relationship. If you do not wish us to disclose this information, please inform us in writing
- We may also disclose your personal information to third parties in the following circumstances:
- In the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer
- LDF or substantially all of our assets are acquired by a third party, in which case personal data held by it about its customers will be one of the transferred assets
- If we are under a duty to disclose or share your personal data in order to comply with any legal obligation or to protect the rights, property, or safety of LDF, its customers, or others
We may transfer your personal information outside the European Economic Area (EEA) to countries which may not offer the same level of data protection as the United Kingdom.
Access to your information and correction
Subject to some exceptions, you have a right to access personal data that is held about you. To obtain a copy of the personal information we hold, you should write to the Data Protection Officer at LDF, Dee House, St David’s Park, Flintshire, CH5 3XF. We will respond to you within forty days of receipt of the request and we will charge the statutory rate for this service, which at present is £10. You may also request from us details of the credit reference agencies and fraud prevention agencies with which we may have carried out searches. If there are any inaccuracies in the information we hold about you, please notify us of this in order that we may correct the information we hold about you.
Important: Marketing Opt out
We may send you information about similar products and services which may be of interest to you, this product information will be sent to you by email or fax. If you do not wish to receive information this way please send an email to email@example.com and we will remove you from our mailing list.
How to contact us
If you have any comments or questions about our Data Protection Statement please contact the Data Protection Officer at LDF, Dee House, St David’s Park, Flintshire, CH5 3XF
Changes to these Terms of Business
We may update these Terms of Business from time to time and any changes will be notified to you via the e-mail address provided by you (if so authorised). The changes will apply immediately upon providing you with notice. If you do not wish to accept the new Terms and Conditions you should contact us immediately. Otherwise your continued instruction to LDF to source finance shall indicate your acceptance of the updated Terms of Business.