FAQ's

Applying & Cost of Credit
Affordability
Payments & Support
New Customers
Previous & Existing Customers
Complaints Process

Applying & Cost of Credit

A. You must be over 18 years of age, be a resident in the UK and have a regular income. In addition, you cannot have been declared bankrupt nor had a DRO or IVA in the past 6 years and you should not currently be receiving debt advice over previous or current commitments.

A. See the loan calculator for the cost of borrowing.  What we can guarantee is that there are no initial set up charges and you will never be asked to pay any upfront payments prior to us arranging a loan. The only cost is the fixed interest charge on the value and term of the loan and this, added to the loan value, is shown as the total amount payable (see the Representative Example).

A. You must have a regular income and the ability to repay the loan on time. We will consider current and previous credit history as part of the affordability assessment. We obviously cannot guarantee that everyone who applies will be successful.

A.Yes. All loans are registered with both Transunion and Equifax. The payment information is then updated every month.

A. Yes you can. However this will take up to 72 hours from the time that the loan is granted. 

A. We would aim to complete any successful application within 2 to 3 working days.

A. Your first repayment is due 7 days after you receive the loan. Payments can then be made to suit you, weekly, fortnightly or monthly.

A. Just contact your collector or our office and we will give you a revised settlement figure that may include an early settlement rebate of charges. There is no charge added for early settlement.

Affordability

A. We conduct affordability assessments because we are a responsible lender. An affordability assessment is a straightforward series of questions and checks, normally carried out by one of our field staff, to establish that the loan is both right and affordable for you. By reviewing your current income and outgoings, we can best establish that your repayments will be sustainable throughout the term of the loan and that you don’t get into any undue difficulties.

A. Yes. Circumstances can change and we need to establish that the loan is both right and affordable to you at the time.

A. You will be asked to verify your income. This may be via payslips, benefit statements, pension statement etc. Your outgoings should include rent/mortgage, utility bills, living costs such as food and transport, other debt repayments and any other regular commitments e.g. child support payments.

A. No. The assessment is just about you. 

Payments & Support

A. No.  Whilst the home collection service will remain for the entirety of the loan, you will have the option to pay by debit card, Continuous Payment Authority or standing order.

A. We will provide you with the same weekly collector who would have completed your application. They will call on a day and time convenient to you. You can pay either by cash or debit card to the collector. Alternatively, you can set up a Continuous Payment Authority (CPA) and have the money paid directly from your bank account, without the need for a caller. Please note that should a CPA fail on three consecutive attempts, we will automatically transfer the account back to home collected.

A. No. Debit card, Bank Standing Order or Cash only.

A. If you miss a payment then this can be caught up the next time or during the term of the loan. If you repeatedly miss payments you will be contacted by a manager to establish the reasons why and agree a way to resolve. Please remember that we do send your payment data to Credit Reference Agencies each month and so repeated misses could negatively affect your credit score and consequently your ability to borrow in the future.

A. No. We do not charge any missed or late payment fees. The only charge is the loan interest that was added at the outset.

A. Contact us immediately. We always show forbearance in these circumstances and we will work with you to find a repayment plan that is affordable and allows for your change in circumstances. 

See our Customer Support page for additional sources of professional help.

A. Yes. We are obligated to inform two credit reference agencies, namely Transunion and Equifax of your loan details and payment history.

A. If you are experiencing financial problems, we recommend that you contact one of the "not for profit" organisations such as - Stepchange or National Debtline.

See our Customer Support page for additional sources of professional help.

New Customers

A. We are authorised and regulated by the Financial Conduct Authority (FRN 706238). We are also members of the Consumer Credit Association (CCA).

A. As a new customer, we would typically lend no more than £200.

A. You must have a regular income and the ability to repay the loan on time. We will consider current and previous credit history as part of the affordability assessment. We obviously cannot guarantee that everyone who applies will be successful.

A. Yes you can. However this will take up to 72 hours from the time that the loan is granted. 

A.Yes. All loans are registered with both Transunion and Equifax. The payment information is then updated every month.

A. Not Necessarily - for repayment purposes many of our customers now prefer to pay by debit card or continuous payment authority. However, most of our loans are paid out in cash although can be paid directly into a bank account.

A. We would aim to complete any successful application within 2 to 3 working days.

A. Yes. See FAQ’s on Applying and Affordability.

A.Yes. All new customers will have a Credit Reference search via Equifax. This will form part of the application and affordability assessment.

A. Yes. As a new customer you will have to provide us with proof of both who you are and where you live. A passport or driving licence will normally suffice but other forms of ID may be sufficient.

A. No.  Whilst the home collection service will remain for the entirety of the loan, you will have the option to pay by debit card, Continuous Payment Authority or standing order.

Previous & Existing Customers

A. Yes.  We need to establish that the loan is both right and affordable for you. By reviewing your current income and outgoings, we can best establish that your repayments will be sustainable throughout the term of the loan and that you don’t get into any undue difficulties.

A. It is possible to apply for an additional loan. However, this will depend on what you can afford to repay and how you have handled your current loan.

A. Yes. We will always offer the home collected service, however you may choose to pay electronically if you prefer.

A. This will depend on the circumstances as to why the last loan ran over term and confirmation via the affordability assessment that your current situation will allow for your new repayments to be sustainable throughout the term of the loan and that you don’t get into any undue difficulties.

A. Yes. We are obligated to record all our loans with two CRA's and ongoing monthly payment history.

Complaints Process

A. We always try to provide the best possible levels of service to our customers but in the event that you are dissatisfied and wish to raise a complaint, you should contact us-

By telephone on 01495 722333

By e mail at admin@valleysfinance.ltd.uk

By letter to Valleys Finance Ltd. 98 Commercial Street, Tredegar, Gwent. NP22 3DW.

We always deal with your concerns ourselves. However, if you are not satisfied with our final response or if eight weeks have passed since you first let us know about your concerns, you can then ask the Financial Ombudsman Service to review your complaint free of charge. For more details regarding the Financial Ombudsman Service please see below

The Financial Ombudsman Service, Exchange Tower, London, E149SR
08000234567 (calls should cost no more than 5p per minute for BT customers- other networks may vary)
03001239123 (calls to this number will be cheaper if using a mobile phone)
+442079640500 (if caller is ringing from outside the UK)
Complaint.info@financial-ombudsman.org.uk
www.financial-ombudsman.org.uk