RESPONSIBLE LENDING CHARTER
Homebuy is committed to treating customers fairly and making responsible lending decisions at all times. This charter is a written statement, which outlines our position when dealing with customers.
We believe in responsible lending to all customers. We will:
- Assess creditworthiness and the ability to sustain payments over the agreed period and we will only lend if the customer meets the appropriate criteria.
- Assess affordability and the ability to afford payments due for each week and we will only lend if the customer meets the appropriate criteria.
- Provide the customer with a clear explanation of the terms of the agreement(s) and also explain their rights and obligations under the agreement(s).
- Keep existing agreements on the original terms when customers take out further agreements.
- Provide multiple payment methods including continuous payment authority (CPA), direct debit and standing order.
We believe in supporting our customers. We will:
- Ensure our loan pricing is competitive against other companies in the sector.
- Treat all customers who get into financial difficulty fairly and sympathetically and work with them to come up with solutions to the problem.
- Exercise forbearance for customers experiencing financial difficulties.
- Sign post customers in financial difficulties to independent and impartial free debt advice agencies.
- Provide a published complaints process including resolution time scales.
- Ensure the customer is aware of their right to complain to the Financial Ombudsman service if they have a complaint that has not been resolved to their satisfaction.
We believe in being open, honest and transparent with all customers. We will:
- Provide customers with an Annual Statement for each credit agreement, detailing payments and outstanding balances.
- Provide clear information about the key contract terms including: term of the agreement, number of payments, amount of repayment and your right to cancel.