Red Flag Removal: Finance Records
The following article is a guide on how to arrange for finance records to be removed from a serial number. It is intended to assist CheckMEND users by providing you with step by step instructions on how to remove records that may be causing a ‘red flag’ result to appear on a CheckMEND certificate. This article assumes you are the rightful owner of the item of property and have a valid claim to ownership for it.
Step 1: If you are attempting to trade-in or recycle an item of property and have not already done so then we recommend you contact us first before trying to remove any records associated with that item of property. We will be able to look into those records for you and be able to provide you with details relating to any records detected. We do not recommend continuing with the following steps until you have done so. See the Knowledgebase article HERE for further details on this.
Step 2: Don’t panic. We are fully aware that finance records can become associated with property for a variety of perfectly innocent reasons and no one here is accusing you of having committed any crimes.
Should you get stuck at any point in the following steps then you can find answers to the most common problems at the end of this article. If this does not help then you can still contact us again for advice. If you tell us what step you are on and what the problem you are having with it is then we will do all we can to help.
Step 3: Is this a valid Finance record?
The first question you will need to ask yourself is whether or not this is a valid finance record. If you are aware that this item of property is part of a finance agreement and payments are still been made for it, then you will need to contact the finance company and speak with them concerning it. They should be able to help you themselves directly from there.
If you do not believe there is a valid reason for there to be a finance record to be associated with your phone, or if you are unaware of where that record has come from, then proceed to step 4.
Step 4: What to do if you believe this Finance record is incorrect
If we have grounds to believe that the finance record detected by CheckMEND is incorrect, then we can contact the finance company and ask them to check their information. We have no control over whether or not they will remove finance records, but usually, if there is an error with the records we can bring it to the attention of the people within the organisation that created those records and ensure they get corrected.
In order to do this for you, we will need you to tell us the following:
1) Why do you believe this finance record is invalid? Please provide any evidence you have to support this if it is available.
2) Where did you originally get this item of property from? Information such as proof or purchase or the name of the person or organisation that sold it to you will help us with this.
3) What was the date that you bought this item of property on?
4) You will need to confirm for us your full name, postal address, and a contact telephone number to ensure that the finance company can contact you themselves should the need arise. By requesting we escalate the matter and providing these details you are giving your permission to pass on your personal details to the finance company in order to allow them to look into this matter.
Step 5: Once you have provided ALL of the requested information, we can then contact the finance company and ask them to verify if their records are correct. If the records are out of date or otherwise invalid, then we will be able to arrange for the finance company to remove those records and we will contact you again to inform you when this has been done successfully.
Questions and Answers
A finance record on an item of property means that there is an ongoing financial agreement between the ‘seller’ of the item and the ‘purchaser’ of that item. The purchaser is making payments on a recurring basis to the seller and will continue doing so until all monies owing have been met. For example, a customer in a mobile phone shop may buy a new phone and arrange to make payment for it by paying that company £10 a month for a 12 month period.
If CheckMEND detects a record associated with the serial number an item of property then the CheckMEND results will show this item as having a ‘red flag’. Although the 'purchaser' retains possession of that item, they do not have legal ownership of it until the finance agreement has been settled. This is because an item of property that has been purchased under a finance agreement legally remains the property of the finance company until all payments have been completed.