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Applying for Misco Flexible Finance couldn't be easier! To make sure, we've provided you with a list of the most frequently asked questions (FAQs) regarding online finance to help you make a clearer decision.

Most frequently asked questions (FAQs)

• How do I apply for Flexible Finance?
• Can I settle this agreement at any time?
• Who is my finance agreement actually with?
• What is Buy Now Pay Later (BNPL)?
• If you decline my application, what’s the reason?

All frequently asked questions (FAQs)

• How do I apply for Flexible Finance?
• Can I settle this agreement at any time?
• Who is my finance agreement actually with?
• What is Buy Now Pay Later (BNPL)?



• Do I have to give my email address?
• Do I have to give my telephone number?
• Do I really need to give my full name?
• Can I apply under my business name?



• I'm retired, can I apply for finance?
• I'm registered disabled, can I apply for finance?
• I'm a homemaker, can I apply for finance?
• I don't work, can I apply for finance?
• Why is student not listed?



• Can I request delivery to an address other than my home?
• Can I change my order in part or whole after applying for online finance?
• Are the goods I’ve ordered set aside for me until the approval process is complete?



• Is Direct Debit a reliable way to pay?
• Can I use my savings account for the Direct Debit?
• Can I set up the Direct Debit to pay from someone else’s bank account?
• I'm going to settle my BNPL agreement during the deferred period before the first instalment. Why do I need to complete the Direct Debit?



• Will I be credit scored and if so, what does this mean?
• If my application is declined, what’s the reason?
• If my application is not successful, can I re-apply?
• What type of information do credit reference agencies hold about me?
• How do I obtain a copy of the information held by credit reference agencies?
• What if I still need help after reading the information in this section?

How do I apply for Flexible Finance?

To apply for finance with Misco simply follow these easy steps:

1. Select a product(s) that has the 'Flexible Finance' logo
   
2. Ensure your order value exceeds £280 inc VAT
3. Add the product to your basket by clicking the button
4. Continue shopping for other products or simply select 'Proceed to Secure Checkout'.
5. On the 'Checkout' page ensure you select 'Online finance options' within the Payment Information section.
6. Select your finance option from the 3 available
7. Click 'Submit Order' to proceed.
8. Your will receive a confirmation page of your order however you MUST continue through the V12 online application in full to ensure you are accepted for your chosen finance option and receive you order.

To apply for finance you must be:

1. You are at least 18 years of age and under 75 years of age.
2. You are either: in full time employment (e.g. 16 hours or more, per week) or retired with an income.
3. You must also be a resident in the United Kingdom for the last 3 years or more (currently unavailable to customers residing in Northern Ireland).
4. if retired must be in receipt of pension
5. if registered disabled must have sufficient income - confirmation will be required.

Can I settle this agreement at any time?

Of course! You have the right to settle at any time by informing your lender and paying off all amounts payable under the agreement which may be reduced by a rebate.

The contact details for your lender will be on your welcome letter which you will usually receive within a week of receiving your goods.

Who is my finance agreement actually with?

V12finance.com is the leading broker providing technology to enable retailers to offer finance facilities via their website or in-store.

We source the best value products from providers who excel with their customer service.

Your finance agreement will be with Clode Funding Ltd, one of the Leading retail finance houses in the country.

What is Buy Now Pay Later (BNPL)?

The BNPL product is sometimes referred to as 'Deferred' finance. To put it simply, your first monthly payment is deferred until the date shown on your loan agreement which gives you two options.

Firstly, you can settle the amount you borrowed (the cash price less the deposit you paid) direct to the finance company in a lump sum BEFORE the first payment is due. By doing this, you will not incur any interest charges.

Secondly, you can choose to do nothing. Simply enjoy your payment holiday and let the payments commence. Bear in mind, you will be charged interest at the rate shown on your loan agreement.

This type of loan attracts interest which is calculated daily and debited monthly in arrears on each monthly instalment date and in calculating the APR, no account has been taken of any variation which may occur in the Interest Rate.

Do I have to give my email address?

You will need to provide us with an email address at the time of application for contact purposes.

Do I have to give my telephone number?

Yes, if you have one as we or the Finance Company may need to contact you if there are any queries with your application or your account.

You will have the ability to opt out of any telephone based marketing during the application process.

Do I really need to give my full name?

Giving your full name, including your middle name, helps ensure credit searches are conducted correctly and quickly. So yes, it is in your interests to give as much information as possible. Date of Birth is also crucial to this process.

Can I apply under my business name?

You are applying for a consumer loan which is only available to individuals. Therefore you are not able to apply in the name of your business. Likewise, you can't complete the Direct Debit with your business account details, even if the application is in your own name.

I'm retired, can I apply for finance?

Yes, your application will be considered provided you are in receipt of a pension

I'm registered disabled, can I apply for finance?

Yes, we will consider your application but may need to contact you to confirm your benefit details.

I'm a homemaker, can I apply for finance?

Yes, your application will be considered provided you reside with your spouse/partner and they are in regular employment (minimum of 16 hours per week)

I don't work, can I apply for finance?

1. at least 18 years of age
2. a permanent UK resident
3. in regular employment (minimum of 16 hours per week) including self employment, or in permanent residence with your spouse/partner who is in regular employment
4. if retired must be in receipt of pension
5. if registered disabled must have sufficient income - confirmation will be required.

Why is student not listed?

Unfortunately we are unable to provide finance for students who do not work more than 16 hours per week. If you are a student who works at least 16 hours per week, please select Part Time and ensure you complete the application with your employment details.

Can I request delivery to an address other than my home?

In order to safeguard against fraudulent applications, we regret that we're only able to deliver goods to the home address of the applicant. Saturday morning deliveries can be arranged if this is more convenient for you.

Can I change my order in part or whole after applying for online finance?

To ensure your chosen products are correctly delivered to you, if you need to change your order in anyway, it will be necessary to cancel your order and re-key it as if it were new. We apologise for any inconvenience this may cause.

Are the goods I’ve ordered set aside for me until the approval process is complete?

Goods are only allocated to your order once your completed and signed agreement is received back. This means there's a small chance that the product you ordered may be sold out by the time your agreement is received. To avoid disappointment, we recommend minimising any delay by completing and returning your agreement as soon as possible

Is Direct Debit a reliable way to pay?

A Guarantee is offered by all banks and building societies that take part in the Direct Debit Scheme. The efficiency and security of the Scheme is monitored and protected by your own bank or building society.

If the amount to be paid or the payment dates change the finance company will notify you normally 10 working days in advance of your account being debited or as otherwise agreed.

If an error is made by the finance company or your bank or building society, you are guaranteed a full and immediate refund from your branch of the amount paid.

You can cancel a Direct Debit at any time by writing to your bank or building society. Please also send a copy of your letter to the finance company.

Can I use my savings account for the Direct Debit?

Your monthly instalments are paid by Direct Debit and savings accounts rarely permit Direct Debit.

You will need a Bank or Building Society current account.

Can I set up the Direct Debit to pay from someone else’s bank account?

No, absolutely not.

The bank account you are going to repay from must be in YOUR name or be a joint account you are named on and that YOU can sign cheques or Direct Debits with your signature alone (i.e. you don't have to have the signature of the other joint account holder in addition to your own)

Please note that you can't repay from a business account even if you are a signatory.

I'm going to settle my BNPL agreement during the deferred period before the first instalment. Why do I need to complete the Direct Debit?

Whilst it may be your intention now to settle the agreement during the deferred period, your financial situation may be different when the time comes.

We are unable to process your application if the Direct Debit is not completed and signed.

Will I be credit scored and if so, what does this mean?

Credit scoring is used by the financial services industry to evaluate the credit risk of new applicants. This process will be applied to your online finance application with Misco. Credit scoring works by awarding points for each answer given on the application form such as age, income and occupation, together with information obtained from credit reference agencies. This information allows us to make consistent and reliable decisions, ensuring all our applicants are treated equally. Credit scoring does not discriminate on grounds of sex, race, religion, disability or colour.

If my application is declined, what’s the reason?

In addition to credit scoring, we also take into account confirmation of your identity, validation of certain application details, existing financial commitments and information held at the credit reference agencies. We are unable to provide you with the exact reason for the decline of your application, however it’s usually based upon one or more of the following:

• Your credit scoring (Please note that each finance company will score you differently)
• Adverse credit reference agency information
• You are considered to be financially overcommitted
• You are aged under 18
• Your existing account/credit performance with other lenders

If my application is not successful, can I re-apply?

Yes. We acknowledge that your circumstances change and just because we’ve refused a previous application, it does not necessarily mean that we'll automatically turn down a further request. However, we do suggest that you leave at least 6 months between applications.

What type of information do credit reference agencies hold about me?

Information is obtained from public information sources (e.g. electoral roll, County Court Judgements and bankruptcies). Other lenders may also file information about accounts you hold with them (i.e. for instance this could include your payment history and outstanding balance on these accounts). Any requests for credit, where a credit reference search has been undertaken, will also be filed by credit agencies, however the results of the request are not recorded.

How do I obtain a copy of the information held by credit reference agencies?

You can obtain a copy of the information held by the credit reference agencies to check your credit rating. If you believe that the information you receive is incorrect, you will need to ask the relevant agency to correct or amend it. They will also give you some good and accurate advice about the steps you can take to improve your chances of getting credit in the future.

Experian:
Experian
PO Box 9000
Nottingham NG80 7WP
http://www.experian.co.uk/consumer/index.html

Equifax:
Equifax Credit File Advice Centre
P.O. Box 1140
Bradford
BD1 5US
http://www.equifax.co.uk

What if I still need help after reading the information in this section?

Simply email our team at onlinefinance@misco.co.uk detailing the nature of your enquiry. A member of our online finance team will get back to you as soon as possible with an answer to your question.