Finance
Spreading the cost of an installation
A new boiler, a heating system, solar or a battery can be paid for over time through a finance agreement with a regulated lender. Paynes introduces you to the lender; the agreement is between you and them. Ask when you get your quote and we will explain what is available for that job.
Applying
You apply online with the lender once you have accepted a quote. You will be asked for identity, address and income details. Most decisions are immediate; some are referred and take longer. Once approved, the lender confirms the agreement, the installation goes ahead as planned, and repayments start after completion.
Paynes does not see your credit report and is not told why an application is declined.
Talk to an engineer, not a call centre
Call 01825 891720 between 8am and 5:30pm, Monday to Friday, and you will speak to someone who can book the job. Outside those hours the same number reaches our emergency engineer.
Common questions about finance
When do repayments start?
Around a month after the installation is complete and the agreement is live; the exact date is in the agreement.
Can I change my payment date?
Yes, by contacting the finance company named on the agreement. They can move it within the month.
Can I make additional payments or settle early?
Yes. Overpayments and early settlement are allowed; the finance company confirms the settlement figure.
Can I change my Direct Debit details?
Yes, through the finance company. Give them notice before the next collection date.
How do I view my balance?
Through the finance company's online account or by phoning them. Paynes does not hold your balance.
Are there arrangement fees or hidden extras?
No arrangement fees. The total cost of credit is set out in the agreement before you sign.
How quickly is an application approved?
Most decisions come back within minutes online; some are referred for a manual check and take longer.
Will you credit score me?
The finance company runs a credit check, which is recorded on your credit file. Paynes does not see your credit report.
If I am declined, why?
The finance company decides using your credit score, credit reference agency data, existing commitments and your history with other lenders. They can tell you which; Paynes is not told the reason.
What do credit reference agencies hold, and can I see it?
Your credit accounts, payment history, electoral roll entry and searches. You can request a copy from Experian, Equifax or TransUnion.
Can I reapply if unsuccessful?
Yes, though repeated applications in a short period can lower your score. Check your credit file first.
What are APR and rate of interest?
The rate of interest is the yearly charge on the amount borrowed. The APR includes that plus any fees, expressed as a yearly percentage, so agreements can be compared.
Complaints
If your complaint is about the installation, contact Paynes on 01825 891720 or sales@paynes-heating.co.uk and we will deal with it directly. If it is about the finance agreement, contact the lender named on your agreement first. If you cannot reach an agreement with the lender, you can refer the complaint to the Financial Ombudsman Service.