Frequently asked questions

When your Direct Debit payment is collected 'V12 Retail Finance' will appear on your bank statement.

To update your details, log onto your V12 Self-Service Portal account, click on 'My Account' and edit the details you want to change.

Yes, you can change your payment date by logging onto your V12 Self-Service Portal account, choosing the account you wish to change and selecting your new payment date.

Yes, you can make additional payments anytime through your V12 Self-Service Portal account by debit card. We can also accept payments over the phone by debit card or via easy bank transfer.

Further payments will be reflected differently depending on your account type. You can choose any lump sum payment to reduce the remaining term of your agreement while keeping your monthly payment amount the same. Alternatively, you can keep the remaining term the same and reduce your monthly payment amount. 

If you make additional affordable lump sum payments towards your credit agreement before the end of the agreement term, you may be eligible to receive an interest rebate. Some payments do not qualify for an interest rebate depending on their value and when they are paid. Interest rebates are calculated in line with the terms of the agreement and the Consumer Credit (Early Settlement) Regulations 2004. You can request a settlement figure from us at any time.

Yes, you'll get confirmation of your account being settled sent via email if your communication preference is set to email. This will usually be sent around 10 days after we've received your last payment. The confirmation will be sent to the email address you have registered, please check your V12 Self-Service portal account to ensure we have your up-to-date email address.

Yes, you can view your annual statement online on your V12 Self-Service Portal account. You'll receive your statement on an annual basis emailed to you when it's ready. In the meantime, you can view your transaction history live on your V12 Self-Service Portal account. Please check your V12 Self-Service Portal account to make sure we have your up to date email address for your annual statement.

You can check your outstanding balance online on your V12 Self-Service Portal.

The online statement updates once a year on the anniversary of taking out your finance, so it will show the current position as at the most recent anniversary. For the most up to date position on your account, you can view your outstanding balance and transaction history on your V12 Self-Service Portal account.

We understand that circumstances change and unexpected events can come along. If you find yourself in this position, we have a team on hand to help. Please contact us on 03331 22 11 01 if you are experiencing financial difficulties or are concerned about your ability to repay your V12 loan. Please also visit our dealing with difficult times section for further help and advice.

Yes, you can nominate someone to act on your behalf. This means that they can talk to us about anything to do with your account which means they will have access to information you have provided to us. They’ll be able to make changes to your payments and payment date and we’ll send them the same communications we send you so that they have up to date information about your account.

You can also nominate someone to make payments for you only, this means we’ll only be able to talk to them about your monthly payments and not the rest of your account.

To set this up you’ll need to call us on 02920 468 900.

If you would like to remove a third party on your account you will need to let us know by phone, email or secure message.

We currently report to Experian, Transunion and Equifax. If you have any questions about your credit file you should speak to the credit reference agency in the first instance.

You can cancel your application at any point before you have signed the online documents by calling 02920 468 916. You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from the agreement, without giving any reason, within 14 days from the day after the day on which the agreement is signed by you.

Yes, there are. We have listed some of the more common fees below. Always refer to your agreement and supporting documents provided when you take out any finance for full details.

• Returned Direct Debit or cheque fee - £8.00
• Late payment fee - £12.00
• Arrangement fee – amounts can differ and are based on the finance applied for. The amount is ordinarily a percentage of the loan value and applies mostly to season tickets and memberships
• Settlement fee – Applicable on some Buy Now Pay Later finance, the amount can vary (dependent on the retailer)

We do not accept credit cards for standard monthly payments.

We can accept a credit card payment when you are asked to pay a deposit during your application.

We don’t allow guarantors. To be approved for finance with us we must be satisfied that you can afford the repayments.

No, at V12 Retail Finance, we do not offer variable interest. This means your interest rate remains the same during the life of your loan. You will know how much interest you’ll pay, and this won’t change. Your monthly payments will remain the same until your finance is paid off.

APR or ‘Annual Percentage Rate’ is the rate used to help you understand the annual cost of borrowing. It takes into account interest rates and any additional charges associated with the product chosen. We will tell you the APR before you sign a credit agreement.

If a finance product is interest-bearing, or if it is interest free and repayable with a term above 12 months, then it is regulated finance.

Regulated finance means you are covered under the Consumer Credit Act 1974 and are offered the protections of the regulatory system as regulated by the Financial Conduct Authority, including the right to take a complaint to the Financial Ombudsman Service.

Unregulated finance is interest-free and repayable with a term of 12 months or less.

With unregulated finance you are not offered protection under the Consumer Credit Act 1974 or the regulatory system as regulated by the Financial Conduct Authority, including the right to take a complaint to the Financial Ombudsman Service.

The UK Consumer Credit Act is a significant piece of legislation that regulates consumer credit, protecting consumers and outlining how credit agreements should be conducted. It includes provisions for licensing of credit businesses, controls on credit advertising, and rights and protections for borrowers.

The Consumer Credit Act offers protections such as the right to a cooling-off period, safeguards against unfair lending practices, and provisions for credit cost transparency.

This means that your first payment is delayed, in our case by either 6, 9 or 12 months. It can also be called Buy Now Pay Later.