We are committed to responsible lending. We will:
- Assess creditworthiness and affordability and will only lend if we are satisfied the customer meets the appropriate criteria. Assessment will include a full Credit Bureau Check and a review of income and expenditure.
- Keep existing products on original terms when customers take out credit for new products.
- Ensure that customers are given a clear explanation of the keys terms and cost of each of their agreements before they sign up to them.
- Employ mystery shoppers to test how well all elements of the proposition are explained.
We are committed to supporting our customers. We will:
- Have clear policies and procedures for providing help and extending forbearance to customers in financial difficulty.
- Have clear policies in place to identify and assist vulnerable customers.
- Signpost customers in financial difficulty to independent free debt advice agencies.
- Share data with credit reference agencies so that customers who maintain up to date payments will receive positive information on their credit record.
- Provide a transparent and published complaints process including resolution timeframes. We will ensure that the customer is made aware of their right to complain to the FOS and also to our trade association, The Finance and Leasing Association.
- Ensure that default charges do not exceed the actual costs incurred and are fully explained before the agreement is entered into.
We are committed to full transparency. We will:
- Ensure that our prices are fully transparent, providing clear information on the full cost of ownership including optional insurances or warranties.
- Provide customers with an Annual Statement for each credit agreement, detailing payments, remaining balances and costs of insurance policies and warranties.
- Respond to any reasonable request for additional information about agreements.
- Provide customers with clear information concerning their rights to repair and replacement of faulty goods. Statutory rights and additional benefits arising under insurance policies or warranties will be correctly explained.
- Offer a range of payment options, including automatic recurring payments, and ensure that customers are aware of the different costs associated with each.