Good Practice Customer Charter
Good Practice Customer Charter
The Good Practice Customer Charter is a minumum standard required by members of our trade association, the CCTA. We are fully compliant with the Charter and in many cases go significantly further, such our 50% interest cap compared to the 100% charged by most comparable lenders.
The general CCTA Code of Practice (updated March 2015) can be viewed here.
Keeping to This Charter
We are committed to complying with this Charter and we will be independently monitored by the CCTA to make sure that we do so.
When Providing Short Term Loans, We Will:
- Act fairly, reasonably and responsibly in all our dealings with you.
- Not pressurise you to enter into any loan agreement or to extend (‘roll over’) the term of your existing loan agreement.
- Tell you that a payday or short-term loan should be used for short-term financial needs and is not appropriate for long-term borrowing or if you are in financial difficulty.
- Tell you how the loan works and the total cost of the loan (including an example of the price for each £100 borrowed, together with fees and charges) before you apply.
- Check whether the loan is suitable for you taking account of your circumstances.
- Carry out a sound, proper and appropriate affordability assessment and credit vetting for each loan application and before the loan is extended (rolled over), to check you can afford the loan.
- Explain in general terms what types of information we will consider in making a decision, if you ask us to.
- Explain how we will communicate with you during the term of the loan, how payments will be deducted from your bank account and how you can contact us by phone, email or online.
- Set out clearly how continuous payment authority works (if we use it) and your rights to cancel this authority, so you can decide if this type of repayment is acceptable to you. We will remind you that if you cancel, you will still owe any outstanding debt and will need to provide an alternative method of repayment on the due date to avoid going into default.
- Always notify you by email, text, letter or phone at least 3 days(1) before attempting to recover payment using continuous payment authority on the due date. This notice will ask you to contact us if you are in financial difficulty and cannot repay.
If You Are Having Problems Repaying Your Loan, We Will:
- Deal with cases of financial difficulty sympathetically and positively and do what we can to help you manage what you owe.
- Freeze interest and charges if you make repayments under a reasonable repayment plan or after a maximum of 60 days of non-payment.
- Tell you about free and independent debt counselling organisations who can also help you. For Example:
To find your local office, look in your phone book.
Step Change Debt Charity
0800 138 1111
0808 808 4000
Money Advice Service
0300 500 5000
If You Want to Make a Complaint, We Will:
- Tell you about our complaints-handling procedure when you take out a loan or whenever you ask us to. We will aslso include details about our complaints procedure on our website or make them available at our business premises (where appropriate).
- You may be able to refer your complaint to the Financial Ombudsman Service at: www.financial-ombudsman.org.uk 0800 0234567
If you want more information about this Charter and the new rights and protections for customers it contains, you can find this at www.ccta.co.uk.