Clearly Compliant

Following the release of the updated Lending Code in March and the updated OFT Guidance Notes on Debt Collection earlier this month, representatives of our Executive Team have met with both the OFT and Lending Standards Board.

Our immediate reaction to these revised frameworks has been to introduce a mandatory script for our collectors designed to ensure that borrowers are totally comfortable with the arrangement they are entering into with us and are not overcommitting themselves in any way.

This script will ensure that a borrower is comfortable with their repayment terms and will also provide an opportunity for a full income and expenditure review, should the customer require this or our collectors consider it to be appropriate given the individual borrower’s circumstances.

We also welcome “How to do the right thing”, the latest policy publication from Citizens Advice. The report sets out good practices that help consumers address and overcome periods of financial difficulty.

As ever we are committed to generating value for our clients whilst ensuring that borrowers are treated fairly and these changes cement our position as the most compliant business in the debt collection sector.