Promise Solutions ("Promise") is a financial services company dealing with enquiries from brokers and the general public. We also trade under the names of Promise Money and Promise Specialist Lending.
Our Contact Details are:
Promis Solutions Ltd
Tel: 01902 585020
Our Data Protection Officer is Mr Stephen Walker.
Why do we need your data?
We will hold and process your data in order to assist you with obtaining a loan, mortgage or associated insurances from our panel of providers. The loans and mortgages we offer include personal first and second charge mortgages as well as commercial loans for business purposes. If you do not provide the information we request, we will be unable to assist you in obtaining the right finance option. We will only collect the data we need.
What right do we have to process your data?
Promise is regulated by the Financial Conduct Authority (FCA - www.fca.org.uk), which means we are accountable for the products and services we provide. In order to provide you with a comprehensive service, we need to understand your circumstances and requirements. We are also obligated to maintain detailed records of transactions with customers and carry out certain checks to establish identity and creditworthiness. We, therefore, process your data on the basis of "processing is necessary to meet our legal obligations" and "processing is necessary to fulfil our contractual obligations to you" as set out by the Information Commissioner's Officer (ICO - www.ico.org.uk). This would include contacting you in the future to assess the ongoing suitability of products we have offered.
What do we do with your data?
All the personal data we hold about you will be processed by our staff based in the United Kingdom. 'Personal Data' is data that identifies you as an individual.
Your information may be stored on files and systems within our office and a cloud-based system whose servers are located within the EEA. We take all reasonable steps to maintain the security of your data.
Promise acts in a broking capacity and in order to help you achieve the finance you require, we will need to share your data with one or a number of our lenders and other third parties at the appropriate time including any broker or solicitor you appoint to act on your behalf. We take the security and privacy of your data seriously and take great care over how we process customer data to ensure it done securely and safely at all times.
Some of the main uses of your data are included below:
All of the parties involved would be responsible for their own actions under GDPR but essentially would share the same reason for handling the data. That is the legitimate purpose of enabling and assisting in the processing of a loan/mortgage application. Our relationships with the parties are covered by formal agreements - or an industry level understanding of the rules that apply - designed to ensure they adhere to GDPR standards at all times.
What type of data do we ask for?
We ask for 'Personal Data'. In essence 'Personal Data' means any information which can lead to a person being identified. Obvious examples being; name, address, date of birth etc. In order to ensure loans are suitable, we may also ask for some sensitive information (for example questions related to your health) where it might affect your ability to afford your loan repayments.
Likely effects of you giving us your data?
We do not envisage any adverse effects resulting from you giving us your personal data. It would only be used for the purposes specified in the privacy notice. Should we wish to use your data for any other purpose we will request your specific consent before doing so.
How do we store and retain your data?
As an FCA regulated firm, Promise needs to retain full and detailed records of all of our customer transactions for a minimum of 6 years in order to meet regulatory requirements. We have taken the decision to retain all customer records on an indefinite basis to be able to retrieve any of our records, at any time, to respond to, or support, customer or regulator enquiries.
We store data in 3 ways:
(1) Electronically - on computers, servers, E-cloud
(2) Paper - in an office
(3) Paper - in a storage warehouse
Credit Reference Agency Data
We help customers obtain finance by a number of means. In order to get a picture of your true credit position, we access and search your credit file with a credit reference agency.
As your application progresses, any lender considering or completing your application will use credit reference agencies. Each lender will have its own Credit Reference Agency Information Notice (CRAIN) which you can get from each lender - see below.
Here is summary of how lenders and Promise may use credit reference agencies to help you find financial products. PROMISE CRAIN.
We believe in informing customers at all stages about searches we carry out and we will seek your permission to complete these when they become necessary.
What are your rights?
Importantly you have significant rights as to how businesses use and handle your data. Below is a brief summary:
The right to be informed - and this notice you are reading is doing just that!
The right of access - you can always ask to see what data we hold about you
The right to rectification - this is saying if you believe any data stored about you is incorrect, you can ask us to correct it, and we will
The right to request erasure or the 'right to be forgotten' - we have a legal requirement to maintain customer records (See 'How long do we keep your data' above)
The right to restrict processing - you can ask us to 'stop' processing your data at any time, however you should be aware that if you do, then we will be unable to proceed with your application.
The right to data portability - Where we store your data in a database, we can arrange for your data to be formatted into a simple electronic file and sent to you
The right to object - similar to the right to restrict processing (above), you can ask us to 'stop' processing your data at any time, however you should be aware that if you do, then we will be unable to proceed with your application
Rights relating to automated decision making and profiling and how we use it
Automated Decision Making
Loan/Mortgage, applications are routinely subjected to credit scoring which is considered to be an essential part of the lenders underwriting process and therefore required for Promise to undertake. However, credit scoring is not considered to be an automated decision-making process in its own right and is always accompanied by human intervention.
Making a complaint
We always aim to offer the best possible service but there may be occasions when we fail to meet our customer's expectations. Complaints should be addressed to our Data Protection Office and sent to:
2nd Floor, Fullard House,
Tel: 01902 585008
If you are dissatisfied with the outcome of your complaint you can escalate it to:
The Information Commissioners Office
Tel: 0303 123 1113 (local rate)
Tel: 01625 545 745 (national rate)
What may other organisations do?
1. The following terms describe important features of the service we offer. If we process a loan for you, we will send you written terms of business specific to you and the loan we are offering. If we refer you to an alternative provider, they will provide you with their own terms and conditions. In addition we will discuss key factors relating to any application with you or will send you further information.
2. We provide a variety of services by phone, internet, mail and other means. These may include acting as a loan ,mortgage and finance broker or insurance Broker. As required, and with your permissions, we may also introduce you to debt and property possession adjusters/advisers, utility switching agents, compensation advisers, prepayment card and bank account providers, equity release arrangers and credit reference advisers. We are not responsible for tax or legal advice regarding the services and You must rely on your own expert advisers in those fields. By asking Us to provide You with services You authorise Us and any associate companies to act on Your behalf.
3. When You ask Us, orally or in writing, to provide You with a service, You agree to these terms. We acknowledge your instructions expressly or by acting upon them. We treat You as our Client. We accept no liability or obligation to any third party whether or not You may be acting as their agent, fiduciary or intermediary. Even if You disclose their identity to Us and You are acting in such a capacity, your obligations to Us remain unaffected. We are entitled to act on any oral or written instructions We receive from You or anyone We believe is authorised by You to give them.
4. When acting as a loan, mortgage or finance broker we seek to get a lender or financier to offer You a loan or finance. We will act as your broker for a period reasonably necessary to maximise your chances of getting a lender or financier to make You a loan or finance offer. We seek to match your loan or finance application with one or more of the lenders or financiers we deal with. We do not act on behalf of the lenders or financiers or represent them. For your protection we require the documentation covering any loan or finance agreement to meet statutory and regulatory safeguards laid down by the Consumer Credit Acts 1974 and 2006 or in accordance with the latest guidance from the Financial Conduct authority. If You would like to know more about the protections and remedies provided under those Acts please contact your local Trading Standards Department or The Citizens Advice Bureau.
5. We do not provide the loans, mortgages or finance. The lenders or financiers decide whether to approve loan or finance applications, how much to lend or finance, at what interest rate, on which terms and on what evidence of ability to repay. Where We give examples they are only illustrations. We do not warrant that examples are the actual rates and amounts because the lenders or financiers decide whether to give approval for any loan or finance and on what terms according to your specific circumstances. Please refer to the lenders own documentation for actual details in every case.
6. Unless You inform Us differently, You agree to Us using telephone, email, SMS, fax and/or post to contact You to discuss products and services without having first been expressly invited to do so. This will override any registrations You may have with any preference services. To communicate in writing We may use the last postal address You give Us. Please note that to improve our service we can monitor and record any telephone conversations with You for security, training and evidential purposes.
7. In trying to get You a loan or finance, make decisions about them, manage your accounts, utilities, premiums, debts or provide any other services, We or associate companies (including lenders and financiers) may use credit scoring or other automated systems to assess your application, make decisions and verify your identity. These systems include searching your records with credit reference agencies, employers, fraud and money laundering prevention agencies and the electoral register as well as providing them with information. These agencies can add your details to their records for other organisations to do searches. Where there are joint clients, both records are processed by the agencies and a link between You can be created.
8. To help our fraud prevention and data protection strategy, You agree to Us and our associate companies, credit reference agencies and selected third parties processing and using personal data (whether provided electronically, in writing or orally) You give Us. You agree to Us using the data to advise You of other products and services unless You notify Us to the contrary. The information You give Us must be true and accurate. You warrant and undertake to comply with legal and regulatory disclosure requirements so that We can comply with our obligations. If You provide Us with false or inaccurate information and/or we suspect fraud We may notify agencies which would have a detrimental impact on your credit records. In the event that You provide Us with inaccurate or misleading information, We reserve the right to reclaim any losses incurred by Us in performing the service to You.
9. If You authorise anyone else to give Us instructions, any action We take on their instructions will be binding on You. If there are joint applicants each has authority to deal with Us for the other. Notice to one is notice to both. We can require joint instructions. If instructions from different joint applicants are inconsistent, We can choose to take no action until We receive satisfactory instructions. To withdraw any authority You must notify Us in writing.
10. We offer a massive range of products with different fees structures. On regulated products we will inform of the likely fees at the outset. On more complex applications we will inform of any fees when they are reasonably known and before you are committed to proceed.
11. If We provide services other than acting as a loan or finance broker, We shall be entitled to charge a fee for those services.
12. Under Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days of receiving these terms and conditions and receive a refund. If You wish to cancel your application, You must write to Promise Solutions Ltd notifying us. In this event We will refund your fee within 30 days of the date on which We receive your written request to cancel your application. Any such requests should be made to: Customer Service Department, Promise Solutions Ltd, 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.
13. We shall not be liable for any breach of obligation to You by any bank, counterparty, intermediary or other third party with whom You do business. You will be liable for any loss You suffer as a consequence of You providing inaccurate information. If there is any partial non-performance of our obligations, provided We have made reasonable endeavours to perform them You must give us full credit for doing so. We will incur no liability for any loss arising from non-performance by Us which is caused by something beyond our reasonable control including changes in the law or regulations affecting how We normally operate.
14. In the event that any of these terms (each of which is severable) is for any reason illegal, invalid or unenforceable, such provision is to be deemed modified sufficiently to render it enforceable, legal and valid and of similar effect as We intended. Apart from provisions expressly covering associate companies, nothing in these terms is enforceable by anyone who is not a party to them.
15. We operate a complaints procedure. If You wish to make a formal complaint, please send your complaint in writing to the following address: Customer Service Department, Promise Solutions Ltd, 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG. We will issue our final response to You within 8 weeks of Us receiving your complaint. If You are unhappy with our response or have not received our final response after 8 weeks You may refer your complaint to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR. Terms and Conditions of use and access to Promise Money website is subject to the terms and conditions set out below. Please take a moment to read these terms and conditions carefully. By using or accessing any of the Promise Solutions Ltd Websites, you agree to be bound by the following terms and conditions .
Terms and Conditions of use and access to Promise Loans website is subject to the terms and conditions set out below. Please take a moment to read these terms and conditions carefully. By using or accessing any of the Promise Solutions Ltd Website, you agree to be bound by the following terms and conditions.
16. Promise Solutions Ltd shall not be liable for any direct or indirect, special, incidental or consequential damages, including the loss of profits, business revenue or goodwill arising from the use or access of or inability to use or access, interruption or availability of this website, its operation or transmission, computer viruses, loss of data or otherwise in respect of its use. Any exclusions or limitations or restrictions of liability contained in these terms and conditions of use and access of this website shall be subject to the qualification that nothing contained in any such exclusion or limitations or restrictions of liability shall operate to exclude or restrict any duty or liability of Promise Solutions Ltd to any person which it has under the Financial Services and Markets Act 2000 or its amendments.
18. The provision by Promise Solutions Ltd of a link to another Website does not constitute any authorisation by Promise Solutions Ltd to the user to access material held at that location, nor is it evidence of any endorsement by Promise Solutions Ltd of the material held there. Promise Solutions Ltd accepts no responsibility or liability for the privacy of your personal information on such Websites, as these are beyond our control. Promise Solutions Ltd will accept no responsibility or liability in respect of any materials on any Website which is not under its control.
19. This website has been extensively tested and should work properly at all times. However, if you experience a problem at any time, please return to the homepage and try again. If the problem persists you can contact us by following the link on the ‘Contact Us’ page.
20. In the event any provision of these terms and conditions of use and access to this website is held unenforceable, it will not affect the validity and enforceability of the remaining provisions and will be replaced by an enforceable provision that comes the closest to the intention underlying the unenforceable provision.
21. Information provided in this website is believed to be reliable when posted. However, Promise Solutions Ltd cannot guarantee that information will be accurate, complete and current at all times. All information on this website is subject to modification from time to time without notice.
22. The terms and conditions of use of this website shall be governed by and construed in accordance with the laws of England and Wales. If you do not wish to receive on-going contact from us please send a request in writing to : Promise Solutions Ltd, 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.
23. The provision by Promise Solutions Ltd of a link to another Website does not constitute any authorisation by Promise Solutions Ltd to the user to access material held at that location, nor is it evidence of any endorsement by Promise Solutions Ltd of the material held there. Promise Solutions Ltd accepts no responsibility or liability for the privacy of your personal information on such Websites, as these are beyond our control. Promise Solutions Ltd will accept no responsibility or liability in respect of any materials on any Website which is not under its control.
24. This website has been extensively tested and should work properly at all times. However, if you experience a problem at any time, please return to the homepage and try again. If the problem persists you can contact us by following the link on the ‘Contact Us’ page.