We believe in responsible lending to all customers.
- Ensure all marketing material including our website is clear, transparent and complies with all legislative requirements.
- Ensure product pricing is comparable and competitive against other companies within the sector.
- Carry out a credit assessment of affordability to establish our customers can afford to repay the loan on products they wish to purchase.
- Ask all our customers to complete a full income and expenditure report, which enable us to complete a detailed credit check to confirm financial status, validate identity and proof of residency.
- Cap all new customer loans so they may only borrow up to 20% of their disposable income.
- Provide the customer with a clear explanation to the terms of their credit agreement and also explain their rights and obligations under the agreement.
- Offer weekly or monthly direct debit as an effective and convenient payment option.
- Allow customers up to 30 days to withdraw from the credit agreement without the need to give a reason and without charge.
We believe in helping customers during difficult times.
- Not charge late fees as we believe these fees further exacerbate any arrears the customer may incur. This will not apply for any separate charges made by the customer’s own bank.
- Treat all customers who fall into arrears with empathy and respect. Offering a number of options to assist customers, these include alternative payment schedules, reduced and or partial payments for a temporary or permanent period.
- Direct all customers requiring assistance to free organisations that can help, such as the Citizens Advice Bureau, the National Debt Line and Step Change. Details of these organisation and others may be found on the company’s website and in all marketing literature.
- Deal promptly and fairly with any complaints the customer may have and inform customers of their right to contact the Financial Ombudsman Service if the complaint has not been resolved to their satisfaction.
- Be sensitive to any physical and mental health problems customers may have. We understand that any given situation may be unique and will be handled with empathy, care and respect.
- Have appropriately trained employees who will respond accordingly, particularly when dealing with complaints and arrears management. We may need to ask for medical information and professional health assessments to ensure we carry out the correct course of action for each individual case.
- Provide free death benefit, so in the event of a customer’s death we will write off the remaining balance and all products left to the customer's estate.
We believe in being open, honest and transparent with all customers.
- Ensure that in any marketing material, all products will include the manufacturer’s model number, cash price, weekly price, total amount payable and terms of the agreement when purchased on credit. We will also clearly display the representative APR.
- In any warranty or insurance material provide clear guidance on customer’s statutory rights and in addition where multiple products are covered alert customers to the possibility that a single home contents policy may be a cheaper option**.
- In accordance with legislation, issue annual statements detailing payments, outstanding balances and costs for any additional optional warranty and insurances.
- Provide ad-hoc statements outside the annual cycle, on request and free of charge.
- Respect personal information supplied to the company by customers and observe a strict duty of confidentiality about their personal financial affairs. We shall not disclose any such details to any third party, except where we have your consent or where required by law.
- Conduct regular Quality Control checks to ensure compliance with our responsible lending guidelines.