Call us on 01633 415 222

Making Finance Easy

Terms of Business

Download a copy of our Terms of Business here: Terms of Business

Introduction

Henry Howard Finance provides asset finance to business customers. We want to help you find a suitable asset finance product that meets your needs. Our Terms of Business explain factors that you should consider.

The Henry Howard Finance Group is made up of different legal entities, including: Henry Howard Finance No 1 Limited (a company incorporated and registered in Wales with company number 10003271) and Henry Howard Finance Plc (a company incorporated and registered in Wales with company number 04015132) both with their registered offices at Unit 5 Langstone Business Village, Langstone Park, Newport NP18 2LH.

Henry Howard Finance No 1 Limited and Henry Howard Finance Plc are authorised and regulated by the Financial Conduct Authority.

We are one of the UK’s largest independent finance companies with over 20 years’ experience. For more information about us, please go to www.henryhowardfinance.co.uk

Our role

Henry Howard Finance acts either as a lender (where we fund the asset purchase or loan ourselves) or as a credit broker (where we work with a panel of asset finance lenders to find a suitable finance arrangement for you). We have a dedicated support team whose role it is to undertake an assessment of your circumstances and offer you the most appropriate finance arrangement with the most appropriate funder. Once we have found a suitable arrangement, we will present the agreement to you to sign. We will discuss this with you and will be happy to explain any terms of the agreement to you.

Is asset finance suitable for me?

The main options for financing the purchase of assets are:

– Take out an asset finance agreement. A lender will purchase the goods from the supplier you have selected, at the price you have negotiated. You will then hire or lease the goods from the lender.
– Purchase outright
– Bank facility
– Raise new capital
– Rent for a short period (typically less than one year)

In deciding which option to select, relevant factors may include:

  • Whether you have the money to buy outright-
  • How long you need the goods for
  • Costs of the different options

 

Asset finance is unlikely to be suitable if you are not sure if you will need the asset(s) for the minimum contract period or if the asset is unlikely to be maintained and kept in a useable condition for the minimum contract period or if you want to change the asset(s) during the minimum term.

You should be aware:

  • You will have to continue to pay for the goods for the agreed period or settle the outstanding balance early even if you no longer need the goods, or if the goods cannot be used (lenders usually offer a small rebate of interest charges in the event of an early settlement)
  • If you change the goods during the agreed minimum rental period, this could lead to higher charges.

 

For more help in deciding whether to select asset finance, see the Government’s Business Finance advice (www.gov.uk/business-finance-explained/overview).

What types of asset finance does Henry Howard Finance offer?

Most asset finance arrangements involve paying a deposit and then monthly or quarterly payments, with interest payable. The key difference between products is what happens at the end of the agreement and who gets title to the goods.

Lease:

At the end of the agreement, you do not own the goods. The agreement can often be extended, you maybe offered the option to sell the goods on behalf of the lender, or the goods can be returned to the lender. Any alternative arrangement that we can offer will be discussed with each customer individually.

Hire Purchase:

At the end of the agreement there is an option to purchase the goods (usually for a nominal amount).

Loan:

At the end of the agreement, you will own the goods.

In deciding which option to select, relevant factors may include:

  • How long you expect to use the goods for
  • The income or corporation tax, VAT and accounting treatment of the goods

For more details of these factors please consult with your accountant / finance director/ financial adviser.

We do not promote any specific product over another. We do not predetermine what we will offer you. Any asset finance product will be based on your needs and information provided. We have a dedicated support team whose role it is to undertake an assessment of your circumstances and offer you the most appropriate product with the most appropriate funder.

Lease, Loan and Hire Purchase Agreements with sole traders, partnerships with only 2 or 3 partners and / or unincorporated associations are likely to be regulated by the Consumer Credit Act 1974 unless (i) the total credit or rentals (including VAT) payable over the minimum term is £25,000 or less; and (ii) the goods are wholly or predominantly for business purposes. If you are a “high net worth” individual, your finance agreement might not be regulated. Agreements with incorporated bodies (e.g. limited companies) will not be regulated.

The application process

We will keep you updated with regards to the progress of your application for finance. Of course, you are entitled to request an update at any time during the process. Where we decline a proposal or receive notice of a decline from a funder, we shall contact you accordingly.

In the event that we receive a series of declines from funders for the same credit application, your Henry Howard Finance representative will be available to discuss your options (this may include whether you wish us to approach further funders and, as a result, complete further searches, which could impact your credit rating).

Declined applications based on an automated scoring system can be reviewed manually on request.

Fees

We don’t charge you a fee for helping you to find a suitable asset finance product. If we do not fund your agreement ourselves, we may receive a payment from the relevant lender. Different lenders may pay us different amounts.

This information is available on request. For details of fees that may apply during the term of your finance agreement, please refer to our Tariff of Charges as updated from time to time and which can be found overleaf and on our website www.henryhowardfinance.co.uk/terms-of-business/

Complaints procedures

Our complaint handling procedures meet the industry standards required by the Financial Conduct Authority. A copy of these procedures is available on request. If you have a complaint about our service, please contact us:

By post:
Complaints Handling Team
Henry Howard Finance
Unit 5, Langstone Business Village
Langstone
Newport
NP18 2LH

By Telephone: 01633 415 222
By email: complaints@hhf.uk.com

We will both acknowledge and aim to resolve your complaint within 5 working days. However, there will be instances in which this will not be possible. In that event our aim will be to resolve your complaint within eight weeks as required by the Financial Conduct Authority.

If you are unhappy with the way we have resolved your complaint, you may have the right to refer your complaint to the Financial Ombudsman Service (FOS), free of charge. The FOS will be able to review your complaint subject to their eligibility criteria – but you must refer your complaint to them within six months of the date of this letter.

Further information is available from the FOS website (link shown below).

If your complaint is not referred to the Financial Ombudsman Service in time, they will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances.

The Financial Ombudsman Service can be contacted as shown below:

Address: The Financial Ombudsman Service, Exchange Tower, London E14 9SR

Telephone: 0800 023 4 567
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

Asset Protection

A condition of taking out an asset finance agreement is that you insure the goods. We do not act as an insurance intermediary, but if you fail to provide evidence on request that you have adequately insured the goods yourself, we have the right (but not the obligation) to insure the goods for our own benefit and pass the associated cost for doing so on to you. You would not be an insured party nor a beneficiary of our policy.

Fair Processing Notice

For details on how your personal data could be used, please refer to our Fair Processing Notice below and a copy of which can also be found on our website www.henryhowardfinance.co.uk/fair-processing-notice/

This Fair Processing Notice is published on behalf of Henry Howard Finance Group. As such, any references to “Henry Howard”, “HHF”, “we”, “us” or “our” in this Fair Processing Notice are references to the relevant company (as named above) in the Henry Howard Finance Group which is responsible for processing your data.

The Henry Howard Finance Group is made up of different legal entities, including:

1. Henry Howard Finance No. 1 Limited, a company incorporated and registered in Wales with company number 10003271 and registered offices at Unit 5 Langstone Business Village, Langstone Park, Newport, NP18 2LH;

2. Henry Howard Finance Plc, a company incorporated and registered in Wales with company number 04015132 and registered offices at Unit 5 Langstone Business Village, Langstone Park, Newport, NP18 2LH;

together, the “Henry Howard Finance Group”.

The Henry Howard Finance Group (referred to as ‘we’, ‘us’, ‘our’ in this Notice) act as a Data Controller. This means that we are responsible for, and control the processing of, your personal information in accordance with data privacy laws.

We are committed to the highest standards of data privacy and will only use your information for clearly described purposes and in accordance with your data protection rights. Our Data Protection Team can be contacted at Unit 5, Langstone Business Village, Langstone, Newport, NP18 2LH, by telephone on 01633 415222 or by email dataprotection@hhf.uk.com

How we collect, use and share your data

We will use personal data (some of which is obtained from you as part of your application and some of which is obtained from publicly accessible sources, such as credit reference agencies) in connection with any application you make to us, or any Agreement you enter with us. The three main credit reference agencies (“CRAs”) in the UK (Callcredit, Equifax and
Experian) have produced a Credit Reference Agency Information Notice which explains how these agencies use and share personal data which they receive about you. The identities of the CRAs, and the ways in which they use and share personal information, are explained in more detail at www.experian.co.uk/crain/index.html

We may also be required to process the personal data of any person linked to your application for finance, including any joint applicants, any person with whom your finances are linked, any person with at least a 25% share in your business, or any director or partner in order to assess your application for finance. You are responsible for sharing this Fair Processing Notice with them so they are aware how their personal data may be processed. We will rely on legitimate interest as the lawful basis for processing your personal data (and the personal data of any linked person) in these ways.

We will use your personal data in order to assess your application for finance and, if your application is successful, to provide the requested financial services to you and for the ongoing administration of the service. We may conduct a credit search using your details at any time and use that data in contemplation of legal action or enforcement. We will rely on performance of a contract as the lawful basis for processing your personal data in these ways.

We may also share information with third parties such as our funders to whom we may assign our agreements. Details of these third parties and how they may process your data can be found on our website . If your application is successful and you enter into an Agreement with us, we use your data to provide finance to you, for the ongoing administration of your agreement and to help understand customer needs and business trends to improve our products and services. We rely on legitimate interest to process your personal data (and that of any linked person) in these ways.

We may use your personal data to advise you about our other services and products which may be of interest to you (where you have consented to receive such marketing materials). We will rely on consent as the lawful ground for processing your personal data for marketing purposes and will obtain consent from you before sending any marketing communications. You may withdraw your consent for marketing activities at any time by emailing us at marketingteam@hhf.uk.com

The personal information we have collected from you will be shared with fraud prevention agencies who will use it to prevent fraud and money-laundering and to verify your identity. If fraud is detected, you could be refused certain services, finance, or employment. Further details of how your information will be used by us and these fraud prevention agencies, and all of your

data protection rights, can be found in our Data Privacy Policy available at www.henryhowardfinance.co.uk/privacy-policy

Your Rights

Your personal data is protected by legal rights, which include your rights to object to our processing of your personal data; request that your personal data is erased or corrected; request access to your personal data.

For more information or to exercise your data protection rights, please contact us by email or by telephone 01633 415222.

The rights include:

Right to access

You have a right of access under the Data Protection Act to information we hold about you on our records.

Right to rectification

If you become aware that we are holding information about you which is in any way incorrect, please let us know immediately so that we may amend it as quickly as possible.

Right to erasure

You have the right to require us to delete your data, subject to certain legal requirements.

Right to restriction of processing

You have the right to require us to restrict the way in which we process your personal data. You may wish to restrict processing if, for example: you contest the accuracy of the data and wish to have it corrected; you object to processing but we are required to retain the data for reasons of public interest; or if you would prefer restriction to erasure.

Right to data portability

You have the right to obtain from us easily and securely the personal data we hold on you for any purpose you see fit.

Right to object to processing

You have the right to require us to stop processing your personal data should you wish the data to be retained but no longer processed.

Right of access

You have the right to request access to personal data that we may process about you.

Right to withdraw consent

You have the right at any time to withdraw consent allowing us to process your personal data.

If you would prefer to receive a copy of our Data Privacy Policy by email or post, please contact us using the details shown above.

Our Data Privacy Policy contains detailed information about:

– who to contact about how your information is used and who your information may be sent to
– why and for what purposes we are using your information;
– whether your information will be profiled or automatically processed;
– whether any information must be provided as part of a statutory or contractual requirement and what happens if that information is not provided how long your information will be kept for;
– what your rights are in relation to your information;
– how to request that your information be handled differently, and
– how to complain.

Credit Reference Agency

We currently use ‘Experian’ to carry out our credit searches. Their details are as follows:

Customer Support Centre
Experian Ltd
PO Box 8000
Nottingham NG8 07W

If you have experienced problems obtaining credit, we recommend you request a copy of your credit file.

If you would like a copy of your credit report, please visit

www.experian.co.uk/consumer/statutory-report.html. You can apply for your credit report online or by completing Experian’s Statutory Credit Report Application Form and returning by post to the address shown above.

Tariff of Charges

Download a copy of our Tariff of Charges here: Tariff of charges

Henry Howard Finance Group is committed to keeping our customers informed and we want to ensure that you are aware of any additional costs that may be incurred in taking out an agreement or during the life of any agreement you hold with us.

We reserve the right to vary or add to our Tariff of Charges from time to time in our absolute discretion. Our current Tariff of Charges will always be available on our website. www.henryhowardfinance.co.uk/terms-of-business

If you have any queries regarding these Charges, please contact our Customer Service Team on 01633 415 222.

HHFToC112019 v2.0