To begin the application process, you will need to complete an application form on your client's behalf, and attach an accompanying insurance policy from one of the approved scheme insurers. You can access this via your dedicated online portal which is available once you have signed the Global Terms agreement with Novitas.
If Novitas approve the loan application, loan documents will be sent to the client directly. The client can take independent legal advice (ILA), which they pay for directly or sign an ILA waiver. They will then return their signed documents, to Novitas.
Once Novitas receive the signed documents there is a statutory 14 days cooling off period before the first drawdown can be made, with your client's approval.
Does the client have to take independent legal advice?
We recommend to clients that they take independent legal advice (ILA) over the loan agreement to ensure they fully understand the terms of the loan. If they do not wish to take ILA, we ask them we ask them to sign an ILA waiver stating that they are fully aware of the terms of the loan and have elected not to take advice.
We carry out standard credit checks as part of the application. If the client has a County Court Judgement (CCJ) or Individual Voluntary Agreement (IVA) to pay off an existing debt, we are unlikely to lend to them.
If you make the first drawdown more than one year after the Novitas loan is made live, or a loan extension is required, we will carry out a further credit check.