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White Oak UK acts as both lender or lessor and as credit broker. As part of our business, we carry out activities including:
This document ('the Terms of Business') outlines the way in which WOUK shall carry out these activities, with particular reference to:
In the Terms of Business, reference to 'WOUK', 'us' or 'we' shall mean any member of the White Oak Group of companies more particularly referred to in section 2 of the Terms of Business. The term 'you', 'client' or 'customer' refers to you, the credit applicant/ lessee named below.
The White Oak group of companies act as both a funder and commercial finance broker which assists business customers, including limited companies, partnerships and professional individuals in obtaining finance. WOUK's aim is to provide appropriate funding options to suit our customer's business needs.
White Oak UK is a trading style of LDF Operations Limited (Reg No: 02029122) and LDF Ops Limited (Reg No: SC198910) who are authorised and regulated by the Financial Conduct Authority for credit-related regulated activities (including hiring).
LDF Finance No 1 Limited (Reg. No:04893877), LDF Finance No.2 Limited (Reg No: 08822802) and LDF Finance No.3 Limited (Reg No: 8822799) are authorised and regulated by the Financial Conduct Authority for credit-related regulated business (including hiring).
As both a funder and credit intermediary, WOUK has due regard for the FCA's Principles of Business, its regulations and guidance and strives to satisfy these through its operational practices. WOUK is focused on ensuring customers are provided with clear and transparent communication throughout the transaction process. Where possible, WOUK try to avoid multiple contact and correspondence with the customers which may cause unnecessary confusion.
WOUK will make an internal assessment as to the likely cost of credit or hire. Although any quotation provided is an accurate reflection of this assessment at the time of publication, it is subject to full underwriting and fluctuations in interest rates, term, fee, facility type and other factors which may be unforeseen at this initial stage.
We will always consider whether it is able to fund a proposal within the White Oak Group first, before considering funders. WOUK's aim is to provide competitive finance option(s) for their clients coupled with high customer service and a relevant product range. If the proposed transaction sits outside the scope of WOUK's credit or risk appetite then WOUK may introduce your proposal to an alternative funder. This means sourcing the most suitable funding option available, taking into account the specific circumstances of the transaction, including but not limited to:
When acting as a credit intermediary, WOUK shall, at all times, act entirely independently in sourcing credit from our panel of funders. WOUK is committed to ensuring that all these applications for credit are placed with the most appropriate funder for a transaction, taking into account the factors listed above. Where WOUK acts as credit broker, we may receive remuneration from the chosen funder for effecting this introduction. If the deal has been introduced to WOUK by way of a referral from a third party, WOUK may choose to pay some of its commission to this referring party.
It is important that you provide accurate information on your application and disclose all relevant information that would reasonably be considered to have a bearing on any credit decision, including but not limited to:
a. any corporate action, legal proceedings or other procedure or step by any person in relation to the insolvency of the Customer, or the occurrence of any insolvency event (howsoever described) in respect of the Customer or any of its assets (including without limitation any arrangement with its creditors or any steps to appoint an administrator);
b. the Customer to be in breach of any applicable law or regulation binding upon the Customer or its directors, or to be in breach of any authorisation, consent, permission, approval, resolution, licence, exemption, filing or registration binding upon the Customer or its directors with any governmental, regulatory or other authority (financial or otherwise), or any governmental, regulatory or other authority (financial or otherwise) to intervene in the business or affairs of the Customer or impose any fine on, or take disciplinary action against, the Customer for any reason, or cause the Customer at any time to lose any licence(s) required to be held by it to conduct its business
c. any bank or financial institution accelerating, cancelling, suspending or terminating any agreement relating to any indebtedness of the Customer with that bank or financial institution as a result of an event of default (howsoever described) or otherwise.
When sourcing available credit, WOUK endeavours not to make multiple proposals to multiple funders; in most circumstances only one funder will be approached at any one time and only when this funder has declined the prospective transaction will WOUK approach an alternative funder, who they consider to be the most appropriate. The reason that WOUK operate in this way is to ensure that the number of credit searches carried out against prospective customers is minimised.
However, if it is necessary to split a large transaction into smaller amounts to obtain funding, WOUK will only propose the smaller transaction amounts to one set of funders at any one time.
If a finance application is accepted, WOUK will notify you of the acceptance and any accompanying terms and conditions.
Acceptances are valid for a limited period. A further application will need to be submitted for consideration if this period lapses. WOUK and its funding panel reserve the right to withdraw an acceptance at any time if they become aware of any information that adversely affects your financial status.
WOUK will endeavour to keep you updated with regards to the progress of your application for finance. Of course, you are entitled to request an update at any time during a process. Where we decline a proposal or receive notice of a decline from a funder, we shall contact you in accordance with the procedures set out below.
It is important that the finance product that we provide for you is suitable for your requirements. Whilst we will endeavour to understand your needs and assist you in looking for an appropriate product, we would encourage you to use the information below to ensure that the facility that WOUK provides or arranges for you is suitable. If you require further information you should seek advice from your accountants or other professional advisors (WOUK do not provide advice on these matters).
There are two main types of lease, an Operating Lease and a Finance Lease. Both leases involve the hire of equipment. These leases can be known by other names such as Lease Rental, a Rental Agreement or a Minimum or Fixed Term Hire Agreement.
What happens at the end of the primary lease period will vary and depends on the actual agreement, but the following options are possible:
It is important to note that you will not own the asset at the end of the lease. WOUK typically use a Minimum Term Hire Agreements which means all the options detailed above would be available to you. We will write to you nearer to inform you of the impending end of your primary period and advise you as to the appropriate next steps. It is important that you take action following receipt of the letter as otherwise a secondary period of rentals will automatically begin.
Hire Purchase is also known as a Lease Purchase or HP. Hire Purchase is a loan or contract that is linked to a specific equipment purchase and is a way of obtaining the use of an asset before payment is completed. The payments of the HP are in regular (typically monthly) instalments which includes a capital repayment plus interest followed by an option to purchase fee at the end of the term of the agreement. Ultimately by making these payments the customer will obtain ownership of the asset. The payment of the VAT is required upfront, at the beginning of the agreement.
Ownership will pass to you once an option to purchase fee is paid. The fee varies dependent on the funder but typically ranges from Â£100 -Â£250. The fee is disclosed on HP agreement which you should check before signing and is available on request once the finance has been accepted.
An unsecured loan is money lent from one party to another without any asset to secure its repayment.
Please note: It may be that the actual products available to you are restricted due to the finance purpose, business structure or credit appetite of certain funders. All finance products will typically include a Documentation Fee which is determined by the funder and usually collected with the first payment.
Within WOUK, customer satisfaction and quality service is paramount. However, we recognise that sometimes things can go wrong and when they do we will ensure that our best attention is paid to any complaints. If you do have cause for complaint, we want to help to resolve it and if you tell us about it, we will do our best to put it right.
This section sets out the complaints procedure we have set up to make sure that you receive a quick and fair reply from us. Please follow our complaints procedure to help us resolve your complaint as quickly as possible.
We see the complaints procedure as a two-way process in which we can also learn from the experience and further improve our service and systems.
By phone: 01244 527300
By email: firstname.lastname@example.org
By post: Complaints Handling Officer, White Oak UK, Dee House, St David's Park, Flintshire, CH5 3XF
Please provide us with:
We aim to resolve complaints quickly and fairly. Where possible, we aim to resolve complaints within 3 business days using our Early Resolution Procedure. If it is not possible to resolve your complaint through the Early Resolution Procedure, we shall send to you as soon as possible, and in any event, within 5 business days of receiving the complaint, an acknowledgement in writing. Your complaint will be referred to the head of the relevant department, who will investigate the complaint promptly, thoroughly and impartially.
If your complaint refers to the actions of a third party, we will ask that party to investigate and report back to us, to enable us to fully respond to your complaint. In the event that we do seek input from a third party, we shall notify you of this and keep you updated. In some circumstances where the third party is solely responsible for the complaint, we will refer the complaint to the third party who will respond directly to you. We will notify you in writing that the complaint has been referred. In these circumstances WOUK will have no further obligation to deal with your complaint in accordance with its complaints procedure.
You will receive a response as soon as possible and in any event, within 8 weeks of WOUK receiving your complaint.
In the unlikely event your complaint remains unresolved within eight weeks; we will advise you in writing why we are unable to offer a final response and when we expect to be able to do so. We will also provide you with details of the Financial Ombudsman Service together with an explanatory leaflet. This will enable you, if you wish; to refer your complaint to the Financial Ombudsman Service should you be dissatisfied with the delay or the handling of your complaint.
We have intentionally made our complaints handling procedure simple to follow, so that you should not have to use a solicitor or seek professional help. If you choose to do this, we will not meet your costs.
Should you be dissatisfied with our final response, you may, if you wish, refer the matter to the Financial Ombudsman Service. Any referral must be made within six months of the date of our final response. The Financial Ombudsman Service provides a free, independent and impartial service for customers to resolve disputes with financial firms. The Financial Ombudsman Services say that they will only deal with your complaint if you have given us the opportunity to put matters right, so please contact us first and we will do all we can to help you.
The contact details for the Financial Ombudsman Service are set out below:
The Financial Ombudsman Service
Harbour Exchange Square
Telephone: 0300 123 9123 or 0800 0234567
WOUK are members of the Finance and Leasing Association (FLA). If you would like to make a complaint directly to them, you may phone them on 020 7836 6511 or get the relevant information from www.lendingcode.org.uk
As a first step, the FLA will refer your complaint back to us to review and respond. If you are still not satisfied, the FLA will try to conciliate up to the time the matter is resolved or is decided by the Financial Ombudsman Service or a court. You will not be entitled to use the FLA conciliation scheme if your complaint has been decided by the Financial Ombudsman Service or a court.
WOUK are also members of the British Vehicle Rental and Leasing Association (BVRLA). If your complaint is relating to a vehicle, and no satisfactory resolution can be reached with WOUK, you can use the BVRLA Conciliation Service.
Details should be submitted by email to: email@example.com
Or by Post to:
British Vehicle Rental and Leasing Association
What does this Data Protection Statement cover?
(a) The terms set out in this Data Protection Statement apply to any information you give LDF from time to time and to any information you have already provided.
(b) We may revise or supplement our Data Protection Statement from time to time for any of the following reasons:
If you do not wish to accept the new Data Protection Statement you should contact us immediately. Otherwise your continued use of WOUK services shall indicate your acceptance of the updated Data Protection Statement.
(c) You must not send us personal information about someone else without first getting the individual's consent for it to be used and disclosed in the ways set out in our Data Protection Statement. If you give us information (including personal information) on behalf of someone else, you confirm that the other person has given you permission to act on their behalf and has agreed that you can:
Where you do give us information about someone else, or someone else discloses a connection with you, that information may be taken into account with your other personal information when assessing your application to receive our products or services.
(d) We treat your privacy very seriously and we understand that you will wish to know how we will use the information we collect from or about you. We use your personal information in accordance with our Data Protection Statement and will fully comply with all applicable UK data protection legislation (including the EU General Data Protection Regulation as amended or replaced). It is important that you take all necessary and appropriate steps to protect your data yourself (for example, by ensuring that all passwords and access codes are kept secure).
We may collect and process the following information about you:
(a) Information you provide (either directly or through an agent such as a solicitor, independent financial advisor or introducer) by completing an application for our products and services, whether in writing, on our website, over the telephone or by some other means. This information may include your name, address, contact details, date of birth, bank details, details about your employment and financial information and may extend to copies of identification documents (such as passport, driving licence and/or utility bills).
(b) Other personal data supplied by you when you contact us by other means (such as by email or telephone), and records of any correspondence from you or anyone acting on your behalf.
(c) Personal details provided via our website (for example, via the 'Get in touch' form). We process data that you provide to us when you complete our online form (such information may include, but may not be limited to, your name, telephone number, postal address and email address).
(d) Details of transactions you carry out with us.
(e) Your credit history, where you have applied for credit or where we have agreed to provide credit to you.
(f) Website technical information. When you visit the website, we record information about your usage of the website, including IP address, location, cookie data and details about the page you visited. Please see our Cookies Policy (below) for further information on the cookie data we process.
We may also collect personal data on you from other third parties from time to time. Please contact us at DataProtection@whiteoakuk.com. if you wish to be provided with a list of the third parties with whom LDF regularly engage.
We will act proportionately and responsibly when we process, transfer or disclose your information and we will act strictly in accordance with the applicable UK data protection laws. We use your personal data for the following purposes:
(a) We may process, transfer and disclose your information for the purposes of:
(b) Where you have applied for credit or where we have agreed to provide credit to you, we may from time to time make searches of your record at a credit reference agency ('CRA'). You hereby consent to the processing of your personal data in this manner and confirm that you have obtained specific authority from the partners/codirectors of your business to give consent on their behalf to their personal information being processed in this manner. If the beneficial owners of your business are not the partners or directors of your business, you hereby confirm that you have notified the beneficial owners that we will also conduct due diligence checks on them to prevent fraud and money laundering. Your record includes searches made and information given by other businesses. Details of our searches will be kept by the agency and will be seen by other organisations that make searches with the agency for the purposes of credit assessment, debt recovery, management of your accounts, prevention of money laundering and fraud, and statistical analysis.
To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.
We will use your information to:
We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs.
If you are making a joint application or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail at
(d) The personal information we have collected from you will be shared with fraud prevention agencies who will use it to prevent fraud and money-laundering and to verify your identity. If fraud is detected, you could be refused certain services, finance or employment by us or other parties and a record of any fraud or money laundering risk will be retained by the fraud prevention agencies. We and fraud prevention agencies may also enable law enforcement agencies to access and use your personal data to detect, investigate and prevent crime. Further details of how your information will be used by us and these fraud prevention agencies, and your data protection rights, can be found by requesting this from your WOUK representative.
(e) Where you apply for credit we will tell you, where permitted by law, if we make a decision about you relating to your credit scoring or eligibility for our products or services solely using an automatic decision-making process. You can then request a review by us of the decision using other means.
(f) We use your personal data on the following legal bases, depending on the purpose of our processing:
Where the processing of your personal data by us is based on your consent, you may withdraw your consent at any time, by emailing us at DataProtection@whiteoakuk.com. If you withdraw your consent, this will not affect the lawfulness of any processing which has taken place before you have withdrawn your consent.
We may from time to time contact you about similar products and services available from the White Oak Group which we believe may be of interest to you. We may do this by e-mail, text or other electronic means, post or by phone unless you have told us that you do not wish to receive this material. If at any time you wish to stop receiving marketing information from us, you can request this in a number of ways, by simply contacting us by any of the means listed in the contact us section of our website, by emailing firstname.lastname@example.org or by writing to the address provided at the bottom of this Data Protection Statement.
We may disclose your personal information to the following recipients:
(a) Where you have been introduced to us by an introducer such as an independent financial advisor, we will inform the introducer about the outcome of your application and whether we have agreed to provide you with the product or service for which you have applied. We may also disclose information about you and your relationship with us (including details of any related investment) throughout the term of that relationship. If you do not wish us to disclose this information, please inform us in writing.
(b) We engage other companies and individuals to perform functions on our behalf, including our data hosting and payment processing suppliers. We do not share your personal information with our agents or suppliers except as is necessary in order to enable them to provide us with a service.
(c) Your personal information may be passed to and used by companies within White Oak Group and its agents and subcontractors who administer or process the information on its behalf. Please contact the Company Secretary at Dee House, St David's Park, Ewloe, Flintshire, CH5 3XF for an up-to-date list of the current members of White Oak Group.
(d) We may also disclose your personal information to third parties in the following circumstances:
We may transfer your personal information outside the European Economic Area (EEA) to countries which may not offer the same level of data protection as the United Kingdom. If we do so, we shall undertake an assessment and put in place adequate safeguards, in accordance with applicable data protection laws, to ensure third party recipient will provide adequate security of such personal data and respect your rights to privacy. For further information on the adequate safeguards used by us, please contact us at DataProtection@whiteoakuk.com.
Subject to some exceptions, you have a right to access personal data that is held about you. To obtain a copy of the personal information we hold, you should write to the Head of Data at WOUK. We will respond to you within thirty days of receipt of the request. You may also request from us details of the credit reference agencies and fraud prevention agencies with which we may have carried out searches.
If there are any inaccuracies in the information we hold about you, please notify us of this in order that we may correct the information we hold about you.
Under the GDPR, or any equivalent rules in the UK, you may be entitled to additional rights in relation to our handling of your personal data. For example, the right to have your personal data erased, the right to object to or restrict us from processing your personal data, and the right to data portability. If you would like to exercise these rights once they come into force, please contact the Head of Data at DataProtection@whiteoakuk.com.
Should you have any complaints about how we handle your personal information, please contact the Head of Data at DataProtection@whiteoakuk.com. Should we be unable to resolve your complaint and you wish to take your complaint further, you may do so by contacting the UK Information Commissioner's Office.
We will not retain your personal data for longer than is necessary for the purposes for which the personal data is processed. This means that Your information will only be held for as long as we need to process it to provide you with services, is necessary for legal reasons or in accordance with our legitimate interests, and in accordance with UK data protection laws. Fraud prevention agencies can hold your personal data for different periods of time, and if you are considered to pose a fraud or money laundering risk, your data can be held for up to six years.
When calculating the appropriate retention period for your data, we consider the nature and sensitivity of the data, the purposes for which we are processing the data, and any applicable statutory retention periods. Using these criteria, we regularly review the personal data which we hold and the purposes for which it is held and processed.
When we determine that personal data can no longer be retained (or where you request us to delete your data in accordance with your right to do so (please see section 'Access to your information and correction' above for more information), we ensure that this data is securely deleted or destroyed.
For more details about our retention periods, please contact us at DataProtection@whiteoakuk.com.
If you have any comments or questions about our Data Protection Statement, please contact the Head of Data at White Oak Group at DataProtection@whiteoakuk.com.
If your personal information changes, you should tell us without delay so that we can update our records. If you were introduced to us by a broker or other intermediary who is a data controller in its own rights, then you should contact them directly.
We may update these Terms of Business from time to time and any changes will be notified to you via the email address provided by you if so authorised). The changes will apply immediately upon providing you with notice. If you do not wish to accept the new Terms and Conditions you should contact us immediately. Otherwise your continued instruction to WOUK to source finance shall indicate your acceptance of the updated Terms of Business.
By signing this form, you agree that you:
We confirm that your signature of the Terms of Business does not commit you to paying any fees or charges in connection with our funding or brokerage activities and does not. oblige you to enter into any finance agreement that we may provide or source for you.
WOUK take the protection of your data very seriously. For more information on how we process your data, please refer to section 6 of the Terms of Business.
We could not have been happier. Banks as usual were a nightmare - they took over six weeks to eventually refuse for vague reasons unexplained. White Oak UK were professional, helpful, friendly, and best of all, fast.