Finance Options for Diamond Rings and Jewellery
What can I get on Finance?
We offer 6 months interest free credit for items over £250, 9 months interest free credit for items over £1,000 and 12 months interest free credit for items over £2,800. We also offer 36 month and 48 month credit that is interest bearing at 14.9% APR.
All we require is a minimum deposit of 10%, you can pay a higher deposit if you wish and that the item falls within the relevant minimum price bracket. Credit is only available to permanent UK residents only and cannot be used in conjunction with discount codes.
6 Months Interest Free Credit
|Deposit @ 10%:||£100.00|
|Charge for Credit:||£0|
|Total amount of Credit:||£900.00|
|Number of Payments:||6|
|Total Amount Payable:||£1000.00|
48 Months Interest Bearing
|Deposit @ 10%:||£100.00|
|Charge for Credit:||£279.84|
|Total amount of Credit:||£900.00|
|Number of Payments:||48|
|Total Amount Payable:||£1279.84|
How to apply for finance
If you wish to apply for finance, you simple select “Finance” as your payment method during the checkout. You can then configure the deposit amount and payment plan you want before then continuing to your online application with our finance provider.
Applying for online finance
Applying for online finance couldn’t be easier or more convenient. When you buy online from Purely Diamonds you have the choice of applying for finance when checking out to purchase your item(s). Simply “Finance” and complete the online application form. Just follow the simple instructions, entering your personal details as required and we’ll do the rest.
The whole process only takes a few minutes and is simple and secure. Once your finance application is approved, you will then be advised of how to sign the finance agreement and you will be redirected to our website to pay your deposit to complete the order.
Following receipt of your finance agreement and a few additional checks, your goods will be dispatched.
What options are available?
The finance term is dependent on the value of your order (please see below for details). Finance orders are subject to a minimum deposit of 10% which we require before we can process your order.
- 6, 9 or 12 Months Interest Free @ 0%
6 months interest free is available on any item over £250
9 months interest free is available on any item over £1000
12 months interest free is available on any item over £2800
- 36 or 48 months at 14.9% APR (must be over £280 item value)
Who is eligible to apply for online finance?
To apply for online finance, you must be a resident of the United Kingdom and have lived in the UK for the last 12 months or more.
You must be 18 years or older, work a minimum of 16 hours a week, or be retired with an income.
Homemakers are not excluded from making an application in their name; however the employment details of your spouse will be required in order to process your application.
How quickly will my application be processed?
Your application will be processed as soon as you complete your application online. You will receive an instant decision, Approved, Referred or Declined. You will be sent an email to confirm the status of your application as soon as it has been processed. If your application is ‘Referred’ this means Novuna need to carry out some further checks before making a decision, which might take on average 48 hours. They will email you directly if they need any further information and will update you once they have reached their decision. During this time, we will put a temporary hold on processing your order until the application is confirmed.
Once my application is approved, what happens next?
Once you have filled in the online application, in most cases you will be able to electronically sign the paperwork and therefore nothing further will be required from you. If your approval is instant, you’ll be redirected to our website to our website to make payment of your deposit. If the approval is after you’ve visited our website, you’ll be emailed a link to return to our website to complete your order and pay your deposit.
If my application is not successful, can I re-apply?
Yes. We acknowledge that your circumstances change and just because we have refused a previous application, it does not mean that we’ll automatically turn down a further request. We do suggest however, that you leave at least 6 months between applications.
If you refuse my application, what is the reason?
Novuna will not provide a reason for your application being refused, but if refused it will usually be for one of the following reasons, or combination of these factors:
- Your credit score/rating
- You are considered to be overcommitted
- You are aged under 18
- Your existing account performance with other lenders
Please bear in mind that it is not Purely Diamonds who have declined your application, it is Novuna who are providing you the finance, and we cannot give you any information regarding why your application was refused.
The Credit Reference Agency gives you a credit score based on their assessment of your credit history, for example your payment history on any current or settled financial commitments. This score is then used as part of the assessment of your application which on this occasion did not meet our minimum requirements.
The address and contact details of the Credit Reference Agency that we used is detailed below.
Experian Help Service
PO Box 8000
Telephone number – 0844 481 8000
If you write to the Credit Reference Agency asking for a copy of your file and enclosing a £2 administration fee, the Credit Reference Agency will provide you with a copy.
If after receiving your credit history information you wish to appeal against our decision or would like further information regarding our decision, please write to me at the above address or email to firstname.lastname@example.org. Replies to letters or emails will be sent by post.
Will you credit score me and if so, what does this mean?
Credit scoring is the process used by financial services companies to evaluate the credit risk of new applicants. This technique will be applied to your application for online finance. Credit scoring works by awarding points for each answer given on the application form such as age, income and occupation, together with information obtained from credit reference agencies.
This information allows us to produce consistent decisions, ensuring all our applicants are treated fairly. Credit scoring does not discriminate on the grounds of sex, race, religion or disability.
Some of the information is public information, for example electoral roll, County Court Judgements and bankruptcies. Other lenders may also file information about accounts you hold with them for instance this could include your payment history and outstanding balance on these accounts. Any requests for credit, where a credit reference search has been undertaken, will also be filed, although the result of the request is not recorded.
How do I obtain a copy of this information?
You should send a cheque for £2.00 made payable to the relevant credit reference agency, together with details of all addresses at which you have lived over the last 6 years:
- Experian Limited, Customer Support Centre, PO Box 9000, Nottingham, NG80 7WF
- Equifax Ltd., Customer Service Centre, PO Box 10036, Leicester, LE3 4FS
- TransUnion International UK Limited, Consumer Services, PO Box 491, Leeds, LS3 1WZ
The above listed agencies will provide details of information relating to these addresses. If you believe that the information is incorrect, you can ask the agency to correct it.
When do my repayments start?
Your monthly repayments will begin one month after your purchase has been delivered.
Can I request delivery to an address other than my home?
In order to safeguard against fraudulent applications, we regret that we’re able only to deliver goods to the home address of the applicant.
Are there any arrangement fees or hidden extras for credit?
No. There are no arrangement fees or hidden extras.
Who is my finance agreement actually with?
Finance will be provided by Mitsubishi HC Capital (UK) PLC. Mitsubishi HC Capital (UK) PLC is registered in England and Wales, Company No. 1630491. Registered Office: Novuna House, Thorpe Road, Staines-upon-Thames, Surrey, TW18 3HP. Mitsubishi HC Capital (UK) PLC is authorised and regulated by the Financial Services Authority.
Purely Diamonds T/A Stephen Tyler Limited are licensed credit brokers “Licence Number 673931”.
Can I pay off my loan early, are there any early settlement fees?
No there are no early settlement fees. Once you have received your ring you can contact Novuna directly to let them know you’d like to make an extra payment or fully pay off the loan early.
Can I pay more than 10% deposit?
On the “Shopping Bag” page, where you will select your Finance options before you proceed to checkout, you can amend the deposit amount to be as much as 60% if you wish. Bear in mind though that the minimum loan amount (after your deposit) must be at least £250 for 6 months, 36 or 48 months, £1,000 for 9 months and £2,800 for 12 months.
Finance Policy Complaints
On the rare occasion that we do receive a complaint, we take it very seriously. If you are unhappy with the any aspect of the goods you purchased with us you may contact us in any way you prefer. Our contact details are as follows;
Address: Stephen Tyler Ltd T/A Purely Diamonds, 29 Ely Place, London, EC1N 6TD
If your complaint relates to your finance agreement
If your complaint relates to the finance linked to your purchase you can still let us know about this, but we will forward it on to your credit provider Novuna. Novuna will acknowledge your complaint and investigate it thoroughly and issue their response within eight weeks.
What to do if you can’t reach an agreement
If you are not satisfied with Novuna’s response to your complaint relating to the finance agreement, you may be able to refer the matter to the Financial Ombudsman Service. You must contact them within six months of the date of Novuna’s final response letter to you.
They can be contacted in the following ways:
- Write: Financial Ombudsman Service, Exchange Tower, London, E14 9SR
- Telephone: 0300 123 9 123
- E-mail: email@example.com
Further details can be found on the Financial Ombudsman Service