FINANCE
Here at RichDiamonds we offer you 2 options to purchase one of our luxury pieces on finance. We offer finance over a periods ranging from 12 months to 60 months, with the interest charged at 7.9%, alternatively you can spread the cost over a period of up to 12 months completely interest free; using Novuna Personal Finance.
Please note that in order to be eligible for consideration for finance, you must:
· Be 18 or over
· Be in permanent paid employment (over 16 hours a week), retired and receiving a pension, be a homemaker with a partner in permanent paid employment, be self-employed, a student nurse or doctor or provide proof that you are on disability allowance.
· Be a U.K. resident (minimum of 12 months)
· Have your own personal bank account from which a direct debit can be taken.
· Be able to provide acceptable proof of address and proof of signature
· Make direct payments by direct debit
· Be purchasing the product for personal, not business use.
· Maximum loan amount £20,000 less 10% deposit.
We would require a minimum 10% deposit for your chosen jewellery piece. In order to set up the credit you would have to come in person to our gallery, we cannot set this up over the phone. You would need to bring photo I.D. with you, either a passport or driving licence. A valid debit card where the month payments would be debited from. We would also require an original bill such as a utility bill or official government letter from HMRC etc. We advise you to bring at least the last 3 months’ worth of bank statements as this may also be required.
We can take the deposit by cash or credit/debit card, we do not accept cheques. You can leave a larger deposit than 10% of the cost of the item if you wish to do so; this would decrease your monthly instalments as well as the amount of interest charged (if applicable).
Once the agreement has been completed and signed, there is a Cooling-Off Period of 14 days; in which the piece must be kept at 74 New Bond Street. After the cooling-off period has ended, collection can be made in store or secure delivery can be arranged.
OPTION 1 – 12 MONTHS INTEREST BEARING CREDIT
Examples are provided in below to show the different deposit amounts and how the monthly instalments would work out.
| Purchase Amount | Deposit | Loan Amount | Credit | Monthly Instalments |
|---|---|---|---|---|
| £8,950.00 | £895.00 | £8,055.00 | Interest Bearing: 60 Months | £161.92 |
| Purchase Amount | Deposit | Loan Amount | Credit | Monthly Instalments |
|---|---|---|---|---|
| £8,950.00 | £895.00 | £8,055.00 | Interest Bearing: 12 Months | £699.30 |
OPTION 2 – 12 MONTHS INTEREST FREE CREDIT
| Purchase Amount | Deposit | Loan Amount | Credit | Monthly Instalments |
|---|---|---|---|---|
| £8,950.00 | £895.00 | £8,055.00 | Interest free: 12 Months | £671.25 |
| Purchase Amount | Deposit | Loan Amount | Credit | Monthly Instalments |
|---|---|---|---|---|
| £8,950.00 | £2000.00 | £6,950.00 | Interest free: 12 Months | £579.16 |
If the credit application is referred, this means that Novuna Personal Finance would require further information before a decision can be made; we will call them while you are in the store and they may need to speak with you for a few minutes. If the credit application is declined, we will print off a decline letter for you but we will not be given a reason as to why it has been declined. On the decline letter there will be information on how to contact Novuna Personal Finance regarding the decision.
If you wish to pay off the balance in part or full before the agreement term comes to an end then you can call Novuna Personal Finance, there will be an early repayment fee of an additional 30 days interest.
If you require any more information or have any questions please contact us on 0207 491 0042 or alternatively you can e-mail us at jewellery@richdiamonds.com.
Finance applications will only be processed Monday to Friday 11.00am – 4.00pm.