Initial Disclosure
What is an Initial Disclosure Document?
The Financial Conduct Authority (FCA) is the independent regulator of financial services. The FCA require us to provide you with a document called an 'Initial Disclosure Document'. This document provides information about us, the products we offer, the services we will provide, what we charge for our services, who regulates us and what to do if you have a complaint.
Who regulates us?
Solace Cars Limited which is authorised and regulated by the Financial Conduct Authority FRN 1019576. You can check this on the FCA's website www.FCA.gov.uk/register or by contacting the FCA on 0300 500 8082.
Treating Customers Fairly.
Our business is committed to treating our customers fairly and ensuring our products and services are suitable for their needs. Treating Customers Fairly (TCF) is a core part of our culture and philosophy and you can review our commitment to it by asking for a copy of our TCF policy statement.
Which service will we provide you with?
We offer a non-advised service, meaning we cannot give you advice or a recommendation. We can introduce you to a number of lenders who may be able to help finance your vehicle.
This group of lenders provides us with a range of products that may be suitable for your vehicle purchase or leasing requirements.
We will explain the key features of those products to you and make a recommendation based on the affordability which is suitable for your demands and needs at the time it is made.
We are not Independent Financial Advisers and so are unable to provide you with Independent financial advice. There are also other sources of finance which you may wish to investigate.
What products do we offer?
We can introduce you to a limited number of lenders who may be able to finance your purchase. We will only introduce you to these lenders. We would advise you to review these products to ensure you are satisfied that the product you have chosen meets your requirements. House Of Motors Ltd is a credit broker not a lender.
Other Finance Facilities.
You may be able to obtain finance for your purchase from other lenders and you are encouraged to seek alternative quotations and details of their products by researching on the high street, in the media and online.
Our Insurance Services.
At present we do not offer any insurance products.
What will you have to pay us for our services?
You will not make any payment to us for any introductions we make to finance providers regarding finance facilities to fund your purchase.
Commission Disclosure.
We typically receive a commission payment from the finance provider if you decide to enter into an agreement with them.
The nature of this commission is as follows: we receive a commission based on a percentage of the total amount of finance taken by the customer.
You can request for us to disclose the amount of any commission received.
All the lenders that we work with pay commission at different rates, however, the commission received does not affect the amount you will pay under your finance agreement.
Understanding our products and documents.
If you have any health issues, difficulty in understanding information or there are any recent life events that could affect your ability to fully understand the information and documentation you are presented with or what your commitments are under the agreement, you should carefully consider the amount of time you require to review the documentation. You should also consider if it is advisable for you to have someone you know help you make your decision. Please advise us accordingly if this is the case and we can then proceed with your requirements in the most appropriate way. You should make sure you have sufficient time to assess the information given to ensure the funding option offered is suitable for you and meets your requirements. You should seek further explanations and ask questions if needed to fully understand the documents you are given.
Affordability
You should assess the monthly payments you are required to make throughout the agreement and ensure you are able to meet these obligations and other obligations you already have without suffering undue hardship. If you are aware of any future events that will affect your ability to meet these payments, you should ensure the provider is informed immediately. Your credit rating could be adversely affected if
you do not make payments when due which could make it harder or more expensive for you to access finance facilities in the future.
What to do if you have a complaint.
If you wish to make a complaint, the first step is for us to understand your complaint.
You can contact us by:
- Phone: 07394444423
- Post: 2 Electric Parade Seven Kings Road Ilford IG3 8BY
- Email: solacecars786@gmail.com - Please provide your name and contact number where we can get in touch with you between the hours of where we can contact you between the hours of 9am - 5 pm Monday to Friday.
We will promptly acknowledge your complaint in writing, investigate your complaint and endeavour to send you a final response within 8 weeks of receipt of the complaint. If we are unable to provide you with a final response within this time, we will send you an update. If you are not happy with our response, and you are an eligible complainant, you can escalate your complaint to the Financial Ombudsman, you must do so within six months of the date of the final response letter. You can contact them:
- By phone: 0800 023 4567
- By post: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
- By Email: complaint.info@financial-ombudsman.org.uk
For further information on how to make a complaint or our complaints handling process, you can email us solacecars786@gmail.com
Address.
Our trading address is: Solace Cars Limited 2 Electric Parade Seven Kings Road Ilford IG3 8BY
Confidentiality and Data Protection.
Throughout the process of administering services for you we will need to collect personal information from you and pass this information to one or more third party organisations in order for them to supply any services you request. This may include passing this information to one or more potential lenders or credit brokers to enable them to make a credit decision. These lenders may use your information to conduct an affordability and credit worthiness assessment and will do so using the consent given by you.
This may include sharing your information with credit reference agencies and other companies for use in credit decisions and fraud prevention. For full details of where
your information will be sent, and the purpose for doing so, or to cancel your consent for the processing of your personal data, please contact us.
In cases where your initial application may be refused by the most suitable lender, your application may be referred to other lenders or credit brokers who may also share information with credit reference agencies in order to assess your application for finance.
Those lenders or credit brokers will not use your personal information to provide you with promotional or marketing material, unless you opt-in to receive this material directly with them.
A copy of our privacy policy, which details how your information will be processed and your rights, is freely available upon request. To request this information please contact us:
In writing: write to Solace Cars Limited, 2 Electric Parade Seven Kings Road Ilford IG3 8BY
By telephone: 07394444423
By email: solacecars786@gmail.com
I confirm that I have read and understand the above information.
Signed ……………………………………………
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