Take it away - Interest free finance FAQ's
Posted on 01 February 2017
Looking to spread the cost of an instrument? Here we will give you all the information you need on the Take it away scheme, and just how easy it is to apply!
What is the Take it away scheme?
Take it away is an Arts Council England initiative Operated by Creative Sector Services CIC that aims to make musical instruments more accessible to children and young people. The scheme works by providing interest-free loans of between £100 and £5,000 for the purchase of any kind of musical instrument. The loan can be paid back in either 9 or 18 monthly instalments (plus a minimum 10% deposit). The scheme is open to adults buying an instrument for a child under the age of 18, but 18-25 year olds can also apply in their own right.
How do I apply?
All it takes is 5-minute application form that we fill out in store. Once this has been approved and your deposit has been payed the Instrument is yours!
All we need for your application form are your bank account details (Sort Code and Account number).
What products can I use the scheme on?
Anything! As long as the amount you are putting on interest-free is between £100 and £5,000 you can use the scheme to spread the cost of any item we have.
Can I use Take it away when the value of the instrument I want to buy is more than £5,000?
Yes. The Take it away loan can be a part-payment towards an instrument that costs more than £5,000. You would have to arrange to pay the difference by other means (e.g. by paying a larger deposit). You cannot use multiple loans to cover the cost of one instrument costing more than £5,000.
Can I use Take it away to purchase a second-hand or reconditioned instrument?
Yes. We have lots of second-hand instruments in store that could be purchased on Take it away.
Can I use the scheme to buy instruments for other people?
Yes, you can use the scheme to buy instruments for other people (e.g. as a gift) if you are 18-25 years of age. If you are over 26 years of age, you must however be using the scheme to buy an instrument for a child under 18. Please note that that you will remain responsible for repaying the full loan amount to the bank and that the loan is not transferable to a third party
When will my first payment be made?
This will normally be around 30 days from the date of your purchase, but you will receive a welcome letter from V12 Retail Finance providing details of your repayment schedule.
Can I change my monthly payment due date?
Yes, this can be arranged once the first payment has been made from your account. Contact V12 Retail Finance directly on 029 2046 8900 to do this.
Can I pay off the loan early? (i.e. before the 9 or 18 months have passed)
Yes, you can pay the balance of your Take it away loan early and there will be no penalty charge for this. Please call V12 Retail Finance directly on 029 2046 8900 to arrange this.
Can I cancel my Take it away loan?
If you wish to exercise your right to withdraw from the finance agreement, you must contact V12 Retail Finance within 14 days of signing the agreement. You will need to arrange an alternative payment method for the instrument with V12 Retail Finance within 30 days
Can I use the scheme more than once?
Yes, there is no limit on the number of times that you can use the scheme. You can have different loans running concurrently, although you would need to pass a separate credit check for each new application. We would advise you to allow at least 3 months between loan applications in order to establish a repayment record with the bank.