help!Here you'll find the answers to the questions we get asked most. If the question you have isn't covered, please call us on 0800 30 3000. Our lines are open 8am to 9pm during the week, from 9am to 7pm on Saturdays, and from 10am to 6pm on Sundays. If you have any questions regarding your application click here otherwise for any other queries don't hesitate to contact us by clicking here How do I apply? How do I apply?The quickest, easiest way to apply is online . Or call us on 0800 30 3000 (Mon-Fri 8am-9pm, Sat 9am-7pm, Sun 10am-6pm). Need help applying online?We all know that from time to time funny messages may appear on your screen. Therefore, we have done everything we possibly can to ensure that our website is presented to you in a simple and easy to use fashion. Occasionally, you may experience the odd problem. If, for example, you are presented with a blank screen, or a screen that appears to be missing some graphics or words, this may be because what we're sending to your PC has not arrived properly. Don't worry about this - any information you have already supplied to us will have been encrypted and therefore no one else can intercept it. If you are sure your screen has finished loading and it is still blank or looks wrong, please return to our homepage and apply again. We're sorry for this inconvenience. If you have other problems when applying or need some help in applying, you can always call us on 0800 30 3000 (Mon-Fri 8am-9pm, Sat 9am-7pm, Sun 10am-6pm). Will my personal details confidential?How can I be sure that I won't be flooded with junk e-mail (or spam)? We will treat all your personal information as private and confidential. Also unless you specifically request it, or give your express consent, we will not pass your details to any other company for marketing purposes. However, we may contact you from time to time, unless you have indicated otherwise, with details of offers and information that we think you may be interested in. What's the difference between a secured and an unsecured loan?A secured loan means you’re basically borrowing against the value of your property, and as such it’s only offered to homeowners. The downside is that if you were to default on payments, you could be risking your home. What if interest rates go up?Your interest rate is fixed at the start of your loan agreement. That means there won't be any nasty surprises. Even if interest rates in the market double, your payments will stay exactly the same. Are there any arrangement fees?We never charge arrangement fees. Although if you would like to receive your funds the same day, rather than the standard 3-4 working days, you could take advantage of our Telegraphic Transfer service, for only £25. What happens if I can't keep up the repayments?Let us know as soon as possible and we may be able to help. We do also offer optional Payment Protection Insurance. It takes care of your repayments for you if you do ever find yourself unable to work through no fault of your own, if you become ill, have an accident or in the unfortunate event of your death. What's the best way to apply?
What happens once I've applied on-line?1. We’ll generally give you a decision on your application within 60 seconds. There may be some circumstances where we need a little more time to consider your application. If this is the case we will email you to let you know when we have made our decision. 2. If we say yes to your Hamilton Direct Bank loan application, we'll post a Credit Agreement to you to read, sign and send back to us. Please remember to think about optional Payment Protection Insurance and fill in the Direct Debit instruction. 3. Once we've received your agreement and a completed Direct Debit instruction, we'll transfer the money to your bank or building society. 4. It normally takes 3-4 working days for your funds to be paid into your bank account. For a fee of just £25 we can arrange to have the funds paid in the same working day by Telegraphic Transfer. What happens if I'm self-employed?If you're your own boss, we may need to see a copy of your audited accounts for the last three years. Is applying on-line safe and secure?Very much so. We use something called 128-bit encryption, which means that all your details are as safe as houses. All version 4 or later browsers support this type of technology. And earlier versions support 40-bit encryption, which is still very safe. Because encryption puts all your details into code, it's actually as secure as applying by phone or by post. And only authorised Hamilton Direct Bank customer service staff can decode and read your details. How long does it take for me to get the money?We’ll pay the funds directly into your bank or building society, it’ll take up to 3-4 working days to clear in your account. If you'd like to have your funds sooner, for a fee of just £25, we can arrange to have the funds paid in to your bank account and cleared the same working day by Telegraphic Transfer. How do I make loan repayments?By monthly direct debit. Just let us know the details of the bank or building society account you want the direct debit from. Your first repayment will be claimed one month after your loan has been set up, or 4 months after for deferred loans. This date will then become your due date for future repayment. Can I change my mind?You won't be legally bound by the Credit Agreement until the loan funds have been released to you. If I am rejected, can I apply again? Yes. After six months you can apply again if your circumstances have changed. How do you work out whether I can have a loan?As responsible lenders Hamilton Direct Bank take into account an applicant's personal circumstances to establish the appropriate level of credit to grant. To help us achieve this, applications may be assessed using a process called Credit Scoring. How does credit scoring work?Credit Scoring takes into account information provided directly by the customer as well as any information held about them. It may also use information obtained from Credit Reference Agencies. The Credit Scoring system allocates points for each piece of relevant information and adds these together to produce a score. The points applied are based on a thorough analysis large numbers of repayments histories, over many years of providing credit. This has shown that Credit Scoring produces more consistent decisions and enables all applicants to be treated fairly. Scores are sometimes calculated by Credit Reference Agencies and Hamilton Direct Bank use these in our assessment, we may also use automated decision making systems. Credit Reference Agencies however do not make any lending decisions or recommend whether or not a lender should accept an application. Every credit or loan application involves a certain level of repayment risk, no matter how reliable or responsible the applicant is. Credit Scoring calculates the level of risk for each applicant based on the information obtained. If the level of acceptable risk is exceeded, the application will not be accepted. If your application is unsuccessful, this is not necessarily a reflection on your credit rating. It simply means that based on the information available Hamilton Direct Bank are not prepared to take the risk of granting that loan. Lenders are never obliged to accept an application. Additionally, Hamilton Direct Bank may use other specific policy rules to determine whether to accept applications or not. These reflect commercial experience and special operational requirements. Different lenders have different lending policies and scoring systems, leading to applications being assessed differently. This may result in one lender accepting an application that another has declined. Whatever the decision, the application score and the decision are never disclosed to either Credit Reference Agencies or other lenders. Is credit scoring fair?Hamilton Direct Bank believe that Credit Scoring is fair and impartial. Credit Scoring does not single out any specific piece of information as the reason for declining an application and the techniques used are regularly reviewed to make certain that they continue to be responsible and reasonable. Responsible lending is essential for the good of all applications, as well as Hamilton Direct Bank. The Office of Fair Trading regulates credit and the Data Protection Commissioner regulates data and its use in the UK. They consider Credit Scoring to be an aid to responsible lending. What types of information does a credit reference agency hold?Credit Reference Agencies hold different types of information, and some will apply to the application. For instance, they hold details of what is on the electoral roll, County Court Judgments, credit account performance, number of credit enquiries and bankruptcies. Applicants with County Court Judgments may find credit difficult to obtain. What is optional Payment Protection Insurance and what does it cover?Please see the section on optional Payment Protection Insurance Are there any additional charges?It’s unlikely that you’d ever have to pay any additional charges for your Hamilton Direct Bank loan. The only exceptions are if you default on payments, or decide to pay back your entire loan early. Do I have to keep my account open for the full term?No, you can settle your loan at anytime. If you decide to settle your loan early, we will rebate a proportion of your interest in line with the terms and conditions of your Hamilton Direct Bank Credit Agreement. |
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