Initial Disclosure Document

About Us

MGB Car Finance Limited (FRN 999390) Registered office address, 20 Church Street, Colne, Lancashire, BB8 0LG Company number 14391492 is an Appointed Representative of Creditas Financial Solutions Limited.

Creditas Financial Solutions Limited is a limited company registered in England and Wales at Registered address: Thompson Close, Whittington Moor, Chesterfield, S41 9AZ.  Company Number: 06366166.

Creditas Financial Solutions Limited is the head of a group of firms that specialise in vehicle finance. This Group of companies includes:

Appointed Representatives

Creditas Prestige Limited (Firm reference number 1014604)
Motor Finance Scotland Limited (Firm reference number 986132)
Northern Bear Automotive Limited (Firm reference number 1011800) Yes Finance UK Limited (Firm reference number 999703)

Who regulates us?

Creditas Financial Solutions Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 661849.

You can check these details on the on the Financial Conduct Authority website; http://www.fca.org.uk or by contacting the FCA directly on 0800 111 6768.

Our permitted business activities are: Credit broking, debt adjusting and debt counselling on a commercial basis. 

Who can apply for finance with us

• All finance is subject to status. 
• Terms and Conditions apply. A guarantee may be required. 
• Over 18’s only. 
• UK residents only.

PLEASE ENSURE YOU CAN AFFORD THE REPAYMENTS FOR THE DURATION OF A LOAN
BEFORE ENTERING INTO A CREDIT AGREEMENT. 

Whose products we offer

We can introduce you to a limited group of carefully selected credit providers who may be able to offer you finance for your purchase. Our role as a credit broker is to determine which lender on our panel to introduce you to. Each credit provider may have different
interest rates and charges.

We are only able to offer finance products from these providers, which may be suitable for you, and we will explain the key features of your chosen product to you (or your introducing supplier will). As a credit broker with a limited panel of preferred credit providers from
whom we receive commission, Evolution Funding is not impartial and is free to prefer its own interests.

In line with our regulatory requirements, we will try to get you the finance arrangement you were quoted from our limited panel of lenders or a suitable alternative offer and the commission we receive will never be our primary decision of which lender to place you with.

However, we may be influenced by the amount of commission we earn, this means you should not think we are giving financial advice or a recommendation to you. Depending on your circumstances you may be able to negotiate a better or different finance arrangement if you shop around.
The introducing supplier or partner may have arrangements with other brokers or lenders and therefore you should consider the information provided to you by them.

We are NOT independent financial advisors. We will provide details of the products available from the lenders that we work with, but no advice or recommendation will be made. You must decide whether the finance product is right for you.

Our finance partners
Details on our current list of finance lenders and details of how they use information can be
found at the following link: (insert link to website privacy notice

Commission Disclosure & Interest rates

Rates will be either fixed or based on your credit score. Fixed rates are based on the lender, by a parameter or a number of parameters (for example, the advance borrowed, the age of asset or the manufacturer of the asset). Fixed rates are determined by our contractual agreement with the introducing supplier and the supplier cannot change this rate. Credit score-based rates are pre-set and linked to your individual credit rating. Typically, the higher
your credit score, the lower the APR you will receive from a credit provider. 

We will receive payment from the credit provider for introducing you to them and we will also pay an amount of that commission to the introducing supplier or partner. The amount both parties receive could vary by credit provider, which may be a higher amount in relation

to certain products compared with other products available. The lenders we work with could pay commission at different rates. However, the amount of commission that we receive from a lender is predetermined and cannot be changed for your agreement.  

We run a number of different commission models depending on the arrangements that we have agreed with the lender and in turn agreed with our supplying introducers. The commission received is either a fixed fee or a percentage of the amount you borrow, which
means the payment we receive may vary depending on the amount you borrow and the term the loan is borrowed over. This may also mean that the more you borrow the more the introducer is paid. 

As described above the amount of commission payable is predetermined. We will confirm the likely amount of commission both we and the introducing supplier or partner will receive for arranging your finance agreement in good time, before you sign the finance agreement.

We do not charge you a fee for our services, but the commission we receive from the lender and pay to the introducer impacts the amount you pay.

Credit Searches

To assess your credit worthiness and secure the most suitable credit offer to one or more of the lenders on our panel, we will undertake initial soft searches on your credit profile via Equifax.

All our lenders we submit your application will conduct either a soft and or hard search on your credit profile when considering an offer of finance (please be aware that full credit searches may leave a negative footprint on your credit profile even if you are not provided with a credit facility by any of the credit providers on our panel). If a lender we approach is unable to offer you a credit facility, we will then approach another suitable lender on our panel to obtain you an offer of credit.

Prior to signing a credit agreement with any lender, they will inform you about any credit search they plan to undertake on your personal information.

Using your personal data

Please read our Privacy Notice as your personal data is being processed by MGB Car Finance Limited

We use your personal data in order to:
• Support a number of specific steps before you enter into a contract for vehicle finance (loan agreement) with your chosen finance company; and
• Ensure that our legitimate interests as a finance broker are protected.

A copy of our privacy notice has been issued to you separately
The information you provide to us

You must take reasonable care to ensure that all information you, or anyone acting on your behalf, give us verbally and/or in writing when arranging a credit agreement is true and accurate as failure to provide accurate information could result in your regulated credit m agreement with a third-party credit provider being void. If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies to prevent fraud and money laundering.

If you wish to receive details of the relevant fraud prevention agencies, we and other organizations may use this can be requested by emailing compliance@creditas.org.uk.

If you are in doubt about what you need to tell us, please contact us.

Treating Customer Fairly

We are committed to treating customers fairly, ensuring our customer journey from the products we can introduce customers to, to our communications and engagement with customers achieves good outcomes and the products and services are suitable for the individual customers’ needs. Treating customers fairly is a core part of our business and is embedded into our polices, systems and strategies. Our ability to adapt how our services are provided to meet any diverse customers specific needs, while providing a positive, clear, fair, and transparent service that enables our customers to make an informed decision.

The consequences of late payment

If you do not keep up the agreed repayments on the credit arrangement you set up with the credit provider, you may have legal action taken against you and your credit score may be affected for up to 6 years.

Cancellation

You have the right to cancel a regulated credit agreement within 14 days of signing. After this point, your rights may be affected, and fees and charges may be added by your credit provider. 
You can cancel your agreement by notifying the lender that provides you with a credit agreement, directly in writing. 

How to make a complaint

We aim to ensure that all our customers are happy with the services we provide, if however, you have any cause to make a complaint you should us, either in writing or by telephone.

If you wish to register a complaint, please contact us:

In writing: 

Complaints, Creditas Financial Solutions Limited, 72 Otley Road, Guiseley, LS20
8BN.
By phone: 01943 873277
Or email: Complaints@creditas.org.uk

If you can’t settle your complaint with us you may be entitled to refer to the Financial Ombudsman Service, Exchange Quay, London, E14 9SR