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 product 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.
- Never make a charge for delivering goods or taking away the packaging.
- Install all products free of charge with the exception of Gas and Electric Cookers.
- 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:
- Ensure that our prices are fully transparent, providing clear information on the full cost of ownership. This includes our Optional Maintenance Plan and where appropriate any Theft and Accidental Damage cover we provide.
- Provide clear guidance on customer statutory rights in any warranty or insurance material.
- Provide customers with an Annual Statement for each credit agreement, detailing payments and outstanding balances.
- Provide customers with clear information concerning their rights to repair and replacement of faulty goods.
- Provide clear information about the key contract terms including: term of the agreement, number of payments, amount of repayment and your right to cancel.