NEWPAY FAQ
The DJ Shop is one of the oldest retailers that provide DJ finance. When handled correctly, finance may be used to stretch out the cost of your purchase. We have collaborated with Newpay, whose secure technology allows you to submit a loan application quickly and easily.
What's Newpay?
Newpay is a flexible finance account provided by NewDay. With it, you could get credit to spend anywhere you see the Deko and Newpay at the checkout. There are different payment plan choices, such as making payments over time or getting flexible credit, so you can pay off the amount in a way that works best for you. Just know that a credit check will affect the interest rate, loan limit, and payment plans you are given.
Who are NewDay?
Your loan provider will be NewDay. They often send emails about Newpay, so it's important to keep an eye out for their name when you're going through your messages.
Is there a minimum amount I have to spend?
The minimum spend is determined on the payment plan you select. If you wish to use the flexible credit payment plan, there is no minimum spend. However, there is a £100 minimum spend for an instalment plan.
ABOUT THE APPLICATION PROCESS
Can I apply for Newpay?
Anyone can apply for Newpay, as long as you:
• Are 18 years or over and have a regular income
• Are a permanent UK resident and have lived in the UK for the last 12 months (unless you are HM Armed Forces Personnel)
• Have a current UK bank account
• Have a valid email address and mobile phone number
• Do not have an existing Newpay account
Can I still apply if my credit is bad?
Of course, but keep in mind that not everyone will be accepted. It's important to understand that NewDay will have to do a credit check as part of your application, so your credit score will be considered when NewDay decides whether you'll be authorised for Newpay.
When will I find out whether I'm eligible for Newpay?
It should just take 5-10 minutes to apply, and you should receive an immediate decision. On occasion, NewDay may submit the decision to an underwriter for review. If this occurs, they may contact you for further information before deciding whether or not you have been approved.
Will you do a credit check?
Yes, NewDay will always do a credit check. However, they do a no-risk eligibility check first to see whether you are eligible for Newpay.
Will my credit score suffer as a result?
The initial no-risk eligibility check will have no effect on your credit score. However, the entire credit check may be performed, and it will be reported on your credit file.
What are you going to do with the information I offer you?
In their privacy policy, NewDay explains how they utilise your information to make ethical loan decisions.
How can I obtain a copy of my credit agreement?
Simply call NewDay's customer care at 03308380170 and they will send you a copy of the agreement at any time while you have an account with NewPay.
Can I reapply for Newpay if my first application is rejected?
You may reapply, but suggest not doing so immediately The best thing to do is to verify your credit score and report online, and then wait 6 months before applying again.
Can I appeal if my application is turned down?
Yes, you are free to appeal the judgement; please contact NewDay at 03308380170. Please keep in mind that you will have one month to file your appeal once NewDay has informed you of their decision.
Can I cancel my Newpay application if I change my mind?
You cannot, unfortunately, cancel the application. nonetheless, after your Newpay account is established, you can withdraw from the arrangement and shut your account; nonetheless, you must refund all money owed to NewDay, including any interest. You have 14 days to terminate the account after receiving an email from NewDay confirming your credit limit. You may do so by phoning their customer care line at 03308380170. They will inform you of your debt and how to pay it, and you will have 30 days to reimburse it.
I'VE BEEN APPROVED FOR NEWPAY; HOW DO I USE IT?
Can I put down a deposit?
No, deposits and split payments (across several payment methods, such as credit card and PayPal) are not accepted.
When will I be able to begin using Newpay?
Your Newpay account will be activated immediately once you sign your credit agreement. You can then complete your order.
Can I make several purchases on the same payment plan?
Of course, if you need to purchase many goods at once, simply add them all to your cart at the same time. When selecting a payment option, just choose one plan to pay for all of the goods at once.
What if I need to return something?
If you purchased with Newpay but decide to return the item, the amount of the item will be reimbursed to your Newpay account. If the amount refunded covers the whole cost of the products, the payment plan will be discontinued and you will not be required to make any further payments.
However, if some interest has accrued, the returned amount may not be sufficient to clear the balance in your account. If this is the case, you will still be required to make the previously agreed-upon monthly installments in order to clear the debt.
When and how will I be able to obtain a statement?
You will get monthly statements electronically (called eStatements), which you may access through your Online Account Manager. Every time an eStatement is provided to you and is ready for viewing, NewDay will notify you through email. So, please notify NewDay if your email address changes.
TALK ME THROUGH THE COSTS THAT ARE INVOLVED
What is the procedure for making a payment?
You will receive an email from NewDay inviting you to set up an Online Account Manager with them a few days after registering your Newpay account. You may modify your information and view transactions here. To make a payment, simply go to your NewPay Online Account Manager and follow the simple instructions.
Is there any additional cost to using Newpay?
A late payment charge is the only other payment that might be imposed to your account. However, if there are any additional expenses, these will be included in your Credit Agreement.
When does NewDay start charging interest?
When a transaction is performed (including any necessary fees), NewDay begins collecting interest until it is entirely paid off. It is from the day the plan is set up until it is fully payed on an instalment plan.
If you return your outstanding debt by the due date and repaid the previous month's outstanding balance on time, you will not be charged interest on purchases (except those placed on an instalment plan) purchased during your last statement period.
NewDay charges interest on all costs except default fees until at least the 29th day after they notify you of the default fee. They calculate interest everyday and deposit it into your account on the date of your monthly statement.
What should I do if I'm facing financial problems?
If you are having difficulty making payments on your debt, please contact NewDay's customer support as soon as possible. They will be able to provide recommendations on how to assist. Their telephone number is 03308380170.
What happens if I am unable to make my monthly instalment payment?
If you cannot afford to pay the predetermined monthly amount, that is OK; it is voluntary, so you will not fall behind. However, your payment plan will be discontinued, and you will be transferred to the flexible credit account. You must pay the monthly minimum amount under this new plan, but you can pay extra if you can afford it. If this occurs, interest will begin to be charged at your usual rate, and if you have a Direct Debit set up, it will be immediately modified so that NewDay does not receive any monthly instalment payments.
WHAT EXACTLY IS THE CREDIT LIMIT?
What exactly is a credit limit?
This is the most you can borrow from your Newpay account. The amount you are given is determined by NewDay's evaluation of your application, which includes the information you provided and the outcome of the credit check.
How can I increase my credit limit?
If you wish to increase or lower your credit limit, just log in to your Online Account Manager or call NewDay's customer support at 03308380170. They are continually monitoring your account to check how you are doing. Before they can provide an increase, they need to see that your account is well-managed and that you are paying payments on time over a period of time. It's advisable to maintain your account up to date because it increases your chances of obtaining an increase approved. To accomplish this, make sure you stay under your credit limit and make at least the monthly contractual minimum payment.
HOW DO I MANAGE MY ACCOUNTS?
How do I change the details on my Newpay account?
Please visit your Newpay Online Account Manager to change the details on your Newpay account, and follow the instructions on there.
Where do I find my Newpay Online Account Manager?
This can be found here: https://portal.newdaycards.com/newpay/login
Is there a Newpay application available?
Yes, you can download the Newpay app from either the App Store or Google Play.
• App Store: https://apps.apple.com/us/app/newpay/id1562878268
• Google Play: https://play.google.com/store/apps/details?id=com.newday.newpay
Is there a Newpay website available?
Yes, you can visit the Newpay website here: https://www.newpay.co.uk/#think-big
What happens if I do not recognise a transaction on my account or I suspect fraud?
Please contact NewDay’s customer services as soon as possible. Please remember that phone calls may be recorded or monitored for training and security purposes.
Can I close my Newpay account?
Of course. Just log on to your Online Account Manager, and follow the instructions. Here, you can easily change the details of your account. You will not have to pay any penalties, costs or charges for closing your Newpay account.
WHO CAN I TALK TO ABOUT NEWPAY?
What should I do if I am dissatisfied with the outcome of the process?
If you are dissatisfied with how we handled your Newpay plan or application, please contact us as soon as possible and we will do our best to make things right. If you are dissatisfied with our decision following a complaint and desire to pursue it further, you may request that the Financial Ombudsman Service consider your complaint. If you want to find out more about each payment plan, please visit your Online Account Manager, or feel free to browse through these pages.