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Finance Agreement

Sample Documents

FAQS

What is Pre-Contract Credit Information?
A lender or a Credit Broker acting on its behalf is obliged to provide a Standard European Consumer Information (SECCI). This information will provide you, the customer, with the information to assess whether the proposed agreement meets your needs and financial situation.

What is a Running Account Credit Agreement?
A Running Account Credit Agreement (RACA) is the credit agreement between you and Creation Consumer Finance Limited. It sets out the terms and conditions of the credit agreement and is regulated by the Consumer Credit Act 1974.

Do I need to do anything with my Agreement?
Yes. You need to sign and return one copy to us. If you don’t return it within the time specified of 30 days, as stated in your policy documents, you will be charged a fee of £10. The agreement can be e-signed on the Creation Consumer Finance website managemyaccount.creation.co.uk

How does the Consumer Credit Act affect me?
The Act is a set of rules to safeguard the Consumer and the Creditor. All credit agreements made under the 1974 Act must comply with these rules, be laid out in a certain format, and contain prescribed (compulsory) terms in order that the agreement is binding and acceptable.

What information is included in an RACA?
The RACA contains all the information relating to the credit on your policy. This includes key financial information such as:

The amount of credit

Term of the agreement

The number and amount of the repayments

Annual percentage rate (APR)

Charges applied (e.g. missing premiums)

Early repayment information

When is my 1st payment taken?
Please refer to your RACA

Can I change my bank details or make an amendment to my agreement?
Yes you can please call Customer Service to discuss your options.

Can I pay off my premium early?
Yes, please call the Customer Service number and one of our advisors will help you.

What happens if I default on a payment or can’t pay?
Please call the Credit Control Team on 0371 376 9247 if you need to discuss the payments on your policy. You can make any outstanding payments direct with Creation Consumer Finance or via our Credit Control Team. You can also log on to your account at www.creation.co.uk Failure to meet your payments will lead to your agreement being cancelled and the full outstanding amount being due. Please be aware you may be charged a £25 default fee and Creation Consumer Finance will only attempt taking the payment once, also defaulting can then create an adverse effect on your credit rating.

What is an APR?
APR (Annual Percentage Rate) is a standard measure of the cost of credit, stated as a yearly rate. Interest rates can be stated in a number of ways. It helps to compare the cost of credit from different providers. The APR must be disclosed to you before completion of the credit agreement.

Can I withdraw from the agreement?
Yes you can. You have 14 days from this agreement. Cancelling your finance agreement will not cancel your insurance policy and full payment will then be required. Please contact Creation Consumer Finance if you wish to discuss cancelling your agreement on 0371 376 9247.

Terms & Conditions

*Dependent on insurer, please refer to policy wording inside policy booklet for more details.

Legal Expenses, Home Appliance Cover, Key Care Cover, Home Emergency Cover provided by General Legal Protection LTD.

Debenhams Retail Plc is an Appointed Representative of Somerset Bridge Insurance Services Limited who are authorised and regulated by the Financial Conduct Authority. No 477112. Somerset Bridge Insurance Services Ltd is registered in England and Wales No. 06334001. Registered office Lysander House, Catbrain Lane, Cribbs Causeway, Bristol,  BS10 7TQ.

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