Frequently asked questions

Loans

Q: Can any BHF Group member apply?

A: Yes, provided your subscription is fully paid up. The personal loans facility is only available to directors and proprietors and by law, to persons 18 years of age or over.

Q: How are repayments made?

A: All repayments must be made by standing order from your bank or building society and should not be less than £20 per month.

Q: What about loan insurance?

A: Payment Protection Insurance is to be arranged at your own discretion. We do not offer this service.

Q: What about VAT?

A: For all items regardless of whether VAT is recoverable, it is a legal
requirement that the supplier’s invoice must be made out to ‘BHF Finance’. If VAT is recoverable (on most items except cars) then this can be done on the authority of the finance document which will be your input advice. All the VAT on a hire purchase agreement is recoverable on your next VAT return regardless of the fact that you may not have completed the
purchase until, say 36 months time. VAT on leases is charged and
recoverable on each monthly instalment, for which we will provide a VAT invoice.

Q: Can I settle early?

A: You may settle your outstanding balance at any stage of the agreement without penalty, and an appropriate early rebate will be given.

Q: What about leasing?

A: Leasing schemes for most capital goods are available, with the exception of motor vehicles. For advice call 0121 446 6688 and speak to the finance team.