How is my finance decision made?
Your application will be assessed based on eligibility, credit history and affordability and Deko will let you know the outcome in just a few seconds. It’s important to know that when applying for finance a hard credit check is made which is recorded on your credit file.
Once approved, Deko will let you know who the lender is and provide you with their full contact details. You then just need to digitally sign your credit agreement, pay your deposit and wait for your order to arrive.
In a few cases, your application may be referred to a lender for manual assessment and you’ll be notified by email of the credit decision within 24 hours. If you’re not approved for finance it could be for a variety of reasons and the lender will be able to give you more information.
Cancelling my finance
There is a 14-day cooling off period where you can withdraw from the credit agreement after signing your documents. If you wish to do this please contact us directly. We can cancel the application on your behalf. There is no need to contact Deko or your lender.
A payment plan does not affect our standard refund policy. Just contact us and we’ll cancel your application and the lender will refund your deposit and let you know of any outstanding balance if applicable.
How are payments taken?
All monthly payments are paid by direct debit from from your personal bank account. Typically the first payment will be due 14 days after the agreement (please note, prior to the 20th January 2021 this was 30 days). Subsequent monthly payments will be due every month for the length of your term on that day of the month. Finance is provided by our partner Omni Capital, and this name will show on your statement. You have the right to repay all or part of the loan early at any time.
Can I pay back the finance early? What if I finish the qualification?
There are no additional charges for paying back your finance early. You will be provided with full terms and conditions before you accept any offer of finance.
The finance is completely separate from your qualification timescales – you can be awarded your qualification even if your finance plan is not completed.
Can everybody pay by finance?
No. It is also available for full price qualifications only – not available in conjunction with any offer or discount.
You will only be considered for finance if you:
• Are at least 18 years old
• You’re in paid employment or have a regular income (minimum 16 hours per week or £6,000 per annum, unless you are retired and receiving a private / company pension or in receipt of disability allowance)
• Are a permanent UK resident and have lived in the UK for at least 3 years.
• Have a UK bank account capable of accepting Direct Debits
• Have a good credit history with no late payments, debt relief orders, County Court Judgment (CCJs), Individual Voluntary Arrangement (IVAs) or bankruptcies.
• Provide an email address so your documentation can be emailed to you.
Why is there interest on payment by instalments?
NCRQ aims to provide exceptional quality learning and qualifications at the lowest possible cost. Allowing payment by interest-free instalments would cost us money, and if we absorbed these costs we would need to make the qualifications more expensive for everyone.