It is important that if approved, you read the Pre-Contract Credit Information (PCCI) and the Credit
Agreement carefully before you sign so that you are in a better position to assess whether the
credit agreement meets your requirements and financial circumstances.
These documents explain:
- Key features of the Agreement and suitability
- How much you will have to pay
- Features of the agreement which may have a significant negative effect on you
- Your right to withdraw from the agreement
- What happens if you do not keep up with repayments
You are entering into a fixed rate, fixed sum loan agreement with Snap Finance LTD who act as the
lender. Cosmetic Finance Group Ltd trading as Cosmetic Finance Group is authorised and regulated by the
Financial Conduct Authority (Firm Reference Number 943771).We are a credit broker, not a lender, and
offer credit facilities from Snap Finance (Firm Reference Number 741813).
The Agreement
You are entering into this Agreement to purchase goods or services from a potential retailer of
Cosmetic Finance Group.
Suitability
The credit is only suitable for the purchase of goods and services that you have selected from the retailer
and is not suitable for any other purpose.
Please understand how much Snap Finance LTD is providing, the period over which the credit has to be repaid
and the details of the payments you must make.
Please take into consideration the importance of your ability to make the payments under this Agreement. You
should consider whether your circumstances are likely to change in the future which might impact on your
ability to make repayments. If you think that they may do so, then you should not enter into the Agreement.
How much you have to pay
Pay in 4 is a feature of the loan that allows you to settle your loan in full within 4 months and Snap will cancel
the interest. This is called the Pay in 4 period.** This is a personal loan and interest is applied from the time
you get your goods or services.
When you're approved you will have the option to select 'Pay in 4' or spread your repayments across the whole loan
term. If you select 'Pay in 4' you will be set up on a shorter loan repayment schedule to clear your balance in
4 months, meaning that any interest will be cancelled.
**The Pay in 4 feature is only available on certain Snap Finance products. Opt in is required, terms & conditions apply.
Representative Example: Cost of Goods £1200, Deposit £50, Amount of Credit £1,150, Annual Fixed Interest Rate 26.47%, Monthly Payment £62.54, Term 24 months, Total Payable £1550.96, Representative 29.9% APR
If you do not repay the credit within the Pay in 4 period, then you must pay interest on the amount of
credit for the full duration of the Agreement. The amount and date of your repayments is set out in your
Credit Agreement.
What you should be aware of
You should be aware of the following:
If you wish to cancel the Agreement after the withdrawal period (see below), but before the credit has been
provided you can do so.
Please keep Snap Finance informed about any changes in your address, email address or phone number.
Snap Finance may assign their rights and obligations under this Agreement to a third party, or transfer the
Agreement to a third party, in whole or in part. They shall only do this, however, if it does not cause you
any material prejudice. You may not assign or transfer this agreement.
You must tell Snap Finance immediately if your employment is at risk, if you are at risk of losing your
place in university, or at risk of losing any benefits entitlement.
You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from the Agreement without
giving any reason before the end of 14 days beginning with the day after the day on which the Agreement is
made.
If you wish to withdraw you must give us notice by one of the following methods. Oral notice may be given to
us by telephoning us on 0161 388 6107, or you may write to us by email on
info@cosmeticfinancegroup.co.uk or you may post notice
to, or deliver notice by hand to Cosmetic Finance Group. 78 Bury Old Road. Whitefield. Manchester. M45 6TQ.
If you do give us notice of withdrawal and we have paid out the credit on your behalf to the retailer, you
must repay to Snap Finance the Amount of Credit due, including any interest incurred at the daily rate set
out in your Credit Agreement, without delay. In any event, by no later than 30 Calendar Days after giving
notice of withdrawal.
You may repay the Amount of Credit early, either in part or in full, by giving Snap Finance notice in
writing or orally of your intention to do so. You can do this by contacting Snap either by post to 1 Vincent
Avenue, Crownhill, Milton Keynes, MK8 0AB. Or by telephone on 03300 109381 by paying the appropriate amount,
which may include a rebate.
If you repay the amount of credit early, in part, they may reduce the amount of the repayments due from you
or alternatively, may reduce the duration of the agreement. Your partial payment will be applied firstly to
pay off any arrears, late payment interest and charges to bring Your account up to date and the remainder
will be applied to partially settle Your account.
Continuous Payment Authority (CPA)
A Continuous Payment Authority (CPA), which is sometimes referred to as a recurring payment or a ‘continuous
payment transaction’, is where you give Snap Finance permission to take money from your debit or credit card
whenever Snap Finance believes it’s owed money. A CPA is different from a standing order or Direct Debit
because the payment instruction is with us, not with your bank.
This gives Snap Finance more flexibility in taking money from your account but only if we are unable to take
your loan payment by direct debit. As a responsible lender, they use Continuous Payment Authority in a
manner which is reasonable, proportionate and not excessive. They always strive to exercise appropriate
forbearance if they become aware that you are, or may be, experiencing financial difficulties. They only use
it to collect money owed to them as agreed in the loan agreement. The only amount that can be attempted is
the agreed repayment amount or an alternative amount agreed with you. You can reinstate the CPA attempts or
change the requested amount by contacting them at any time.
The FCA have strict guidelines on how CPA is used. A maximum of two CPA attempts per agreed repayment can be
made to a customer account. If the first repayment transaction fails, then they will make a further attempt
on the following day to make sure they have not missed your salary or benefit deposit. If the total agreed
repayment amount could not be debited under both agreed attempts for repayment, no further attempts to debit
payment under CPA will be made to collect that particular payment. Remember though, it is still your
responsibility to repay your loan! You can reinstate your CPA or request for your payment to be debited over
the phone.
Further information
If you have any questions, or there’s anything you don’t understand, or if you require any further
information about Cosmetic Finance Group and our products, please contact the team on 0161 388 6107