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.