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:
This document outlines the way in which LDF shall carry out these activities, with particular reference to:
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:
With our experience of the market place, we consider ourselves well placed to identify, provide and source suitable funding for our clients.
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 Ops Limited
LDF Ops Limited (Reg No: SC198910), part of the LDF Group is authorised and regulated by the Financial Conduct Authority for credit-related activities (including hiring).
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).
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.
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:
How to contact us
By phone: 01244 527300
By email: firstname.lastname@example.org
Complaints Handling Officer
St David’s Park
When you write to us
Please tell us:
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
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 : email@example.com
Or by Post to:
British Vehicle Rental and Leasing Association
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:
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:
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:
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:
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.
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:
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.
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.
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.
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 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:
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:
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:
The LDF representative must ensure that the individual:
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 criteria are as follows:
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.
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.
Either way, by signing this form you agree that:
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:
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
St David’s Park
Information which we may collect about you
We may collect and process the following information about you:
Use of information collected
We may process, transfer and disclose your information for the purposes of:
Disclosure of your information
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 informationwe hold, you should write to:
The Data Protection Officer,
St David’s Park
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 firstname.lastname@example.org 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,
St David’s Park
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.
By agreeing to these terms, you agree that you:
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.
We could not have been happier. Banks as usual were a nightmare - they took over six weeks to eventually refuse for vague reasons unexplained. LDF were professional, helpful, friendly, and best of all, fast.