Finance Details

At Commsupport we understand that for some people the commitment of thousands of pounds upfront is just not realistic.

What to train in and when to do the training is all challenging. Often you may think it is a better option to save up the money, after all taking out the finance is going to cost you more and be another overhead each month.

 

The problem with this thinking is it is short term, you never manage to save up the money and then you never get the training.

But for the example below, let’s talk about the maths and work out the cost of saving up the money v the cost of taking the finance.

For this example, we shall use someone is the worst-case scenario who has no experience in the IT sector. (of course, many of you may already be on the career ladder and can take some of our more advanced courses)

So, what does it take to go from no experience to earning say £37,500 – £40,000 per year, below are two careers where the average wage is around £39,000

CCNA Network engineer

http://www.itjobswatch.co.uk/jobs/uk/ccna.do

http://commsupportnetworks.co.uk/courses/cisco/ccna-routing-switching-200-125/

IT Support Engineer

http://www.itjobswatch.co.uk/jobs/uk/windows%20server%202012.do

http://commsupportnetworks.co.uk/courses/microsoft/microsoft-mcsa-server/

 

The cost of getting qualified to this level, including introductory courses, for someone starting from ground zero would be an estimated  £2,500 to £7,000 so let us take an average and say it costs £4,750.

The monthly payments on the finance for a £4,750+vat (£5,700) qualification will be around £165 *Based on a 36-month loan with a 15% deposit (£855)

Ok so let’s now say you are working in a half decent job earning £25,000 (£2,083 per month)

The new IT job is paying £39,000 (£3,250)

Let’s recap these numbers

  • Old wage per month £2,083
  • New wage per month £3,250
  • Course fee per month £165

Each month you would be spending an extra £165 month on repaying your training courses, but then you will be earning an extra £1167 each month.

Meaning you would be £1,002 up each month. Until you have paid of your course, then you would be £1167 extra each month and probably be ready to move further up the IT career ladder and earn more money.

If you choose to wait and save up for this course say for 6 months. That would be £1,002 it would cost you in earnings each month

The total cost of not taking the finance option would have been £6,012 (more than your courses will probably cost)

Can you afford NOT to take the finance and getting started ASAP

finance-example-jpeg

 

How does it work and how do I apply?

If you choose to finance your purchase you will be sent an email for and be directed to a secure application process on Deko’s servers.

If you are approved for finance you will need to have your credit card ready to leave a deposit (minimum of 10%). You can then pay the remainder as monthly payments, with a loan duration of your choice.

How much does it cost?

 

Finance Options available
12 Month at 0% APR

Below is a representative example of the finance available;

(Course A) £695+vat (£834 inc vat)

£62.50 a month
for 12 months

12 Months Interest Credit (0%)
Deposit: £84
Monthly Repayment: £62.50
Number of Repayments: 12
Total Amount Repayable: £750
Total Charge for Credit: £0

OR

Finance Options available
12, 24 or 36 Month 14.9% APR

Below is a representative example of the finance available;

(Course A) £1199+vat (£1438.80 inc vat)

£58.70 a month
for 24 months

24 Months Interest Credit (14.9%)
Deposit: £215.82
Monthly Repayment: £58.70
Number of Repayments: 24
Total Amount Repayable: £1624.62
Total Charge for Credit: £185.82

Is a deposit required?
Yes. A 10% deposit is payable by credit or debit card upon acceptance. (You can pay more, and have lower monthly payments)

 

Can anybody apply?
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

 

Finance decision

Your application will be assessed based on eligibility, credit history and affordability with Deko advising you of the outcome in just a few seconds (via email). It’s important to know that when applying for finance a hard credit check is made which will be recorded on your credit file.

If approved for finance, Deko will let you know who your lender is and provide you with their full contact details and information. 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.

 

Repaying the loan
Your first direct debit payment will be taken about a month after you receive your purchase. This will show on your statement as a payment to your lender. You have the right to repay all or part of the loan early at any time.

 

 

Cancellation
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 (your retailer) 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 and returns 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 my monthly payments paid?
All monthly payments are paid by direct debit from your personal bank account. Typically the first payment will be due one month after the date of the finance agreement and subsequent monthly payments will be due every month for the length of your term on that day of the month.

 

 

What if I have a bad credit score?
The Deko application process will check your credit record at the point that you submit your application. If your credit score is poor your application may be referred to an underwriter or even declined, if this is the case then you may be offered finance from an alternative provider.

 

 

Will this application leave a footprint on my credit record?
Yes.

 

Legal Information

Commsupport Networks is authorised and regulated by the Financial Conduct Authority, register number 664398 and act as a credit broker and not a lender. Finance is provided through the Deko platform by Omni Capital Retail Finance Limited. Omni Capital Retail Finance Limited is authorised and regulated by the Financial Conduct Authority (register number 720279).

Deko is a trading name of Pay4Later Ltd which act as a credit broker and not a lender. They are registered in England and Wales (company number 06447333) and authorised and regulated by the Financial Conduct Authority (register number 728646). For more information please go to www.dekopay.com/support or visit www.dekopay.com.