The SME Regulations apply to “micro, small and medium sized enterprises” as follows:
"micro and small enterprise"
means an enterprise which employs fewer than 50 persons and which has either or both of the following: (a) an annual turnover which does not exceed €10 million; and (b) an annual balance sheet total which does not exceed €10 million;
"micro, small and medium-sized enterprise"
means an enterprise which employs fewer than 250 persons and which has either or both of the following: (a) an annual turnover not exceeding €50 million; and (b) an annual balance sheet otal not exceeding €43 milion;
We endeavour to provide you with the following information in a clear and transparent manner before being entering any credit facility agreement with VWFSIL:
- A clear explanation of the type of credit facility agreement you are entering (Agreement);
- The total amount of credit owed under the Agreement;
- The duration of the Agreement;
- The fees, charges, and interest rates along with an explanation for the calculation of the interest (including any charges payable on late payments and the arrangements for its adjustments) payable under the Agreement; and
- The steps to facilitate drawdown of the credit under the Agreement.
For the duration of the Agreement, we will update you with:
- A statement including interest charge applied annually; and
- Any change in fees and charges including details of the change.
Information required when the Company is newly established, a business plan will be required for review containing:
- Business projections for the next 3 years; and
- The plan for the business i.e. details of the trade/expansion details, local competition, strategy, management team information, funding and working capital facilities requirements.
VWFSIL reserves the right to request additional information from you to support its decision making process once your application is reviewed. Please note that any refusal of credit will not affect your credit rating. You are entitled to meet with VWFSIL directly should you wish to do so using the following details Email: Query@vwfs.com Telephone: +353 (0)1 211 8391.
Withdrawing or Refusal of Credit
Upon refusal or withdrawal of anycredit application, we will inform you with the reason(s) for refusal or withdrawal.
Arrears or Financial Difficulties
It is of utmost importance that any VWFSIL customer with financial difficulties advises us of their concerns as soon as possible. This assists VWFSIL to provide an immediate review of the Company's Agreement.
VWFSIL will usually contact you within 10 working days of entering into arrears of your Agreement.
Financial difficulties may affect your credit rating and therefore it is in your interest to engage with us about any arrears or financial difficulties.
The following is a broad step plan for when a Company is in financial difficulty during their Agreement with VWFSIL:
Step 1: Contact VWFSIL on the occurrence of any arrears, or when they anticipate future financial difficulties.
Step 2: VWFSIL will contact you within 10 business days and will require information around your circumstances. It is mandatory to provide any requested information accurately. The Company will have 10 business days to return this information to VWFSIL. If you cannot adhere to the VWFSIL timelines, please consult with us as soon as possible.
Step 3: VWFSIL will then make an assessment based on the information provided to it.
Step 4: If necessary, VWFSIL may issue documentation around an alternative to the conditions in the Agreement.
~ Promptly inform VWFSIL in case of financial difficulties; do not overlook your problems.
~ Talk to an independent financial advisor as soon as possible.
~ Submit to VWFSIL all necessary documentation to ensure prompt, fair and a transparent alternative arrangement as appropriate.
~ Follow up with the VWFSIL representative to clear any confusion on any documents that you might have.
~ Stay in touch.
- You are entitled to appeal any decision made by VWFSIL within 20 working days of being informed of the decision.
- Please note that VWFSIL have endeavoured to establish an appeals procedure to allow you to appeal: (i) a special term or condition that is required by the regulated entity in order to provide an alternative arrangement; or (ii) the refusal to offer an alternative arrangement (both based on Section 6 (Arrears or Financial Difficulties).
- VWFSIL will attempt to make a decision of appeal within 15 working days from the day the application of appeal is received by VWFSIL, unless otherwise indicated.
- If VWFSIL cannot make a decision within this timeframe, it will promptly (before the expiry of the 15 working days) inform you of the reasons for such delay and the amount of time required to come to a decision.
VWFSIL will acknowledge your complaint within 5 working days during which time you will be advised of the contact details of the person dealing with your complaint. An update will be provided to you every 20 working days after such complaint is made. It is VWFSIL's objective to resolve the complaint within 40 working days of having received the complaint and it will be our priority to resolve the complaint within that time. If the complaint cannot be resolved by VWFSIL within 40 working days, a communication stating reasons will be provided to you. In addition, if you are not happy with our response, you may appeal to the Office of the Financial Services and Pensions Ombudsman (FSPO) who will act as an independent adjudicator to your query at no fee to you. For more information, please see here: www.financialombudsman.ie.
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