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Responsible lending charter

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.