Our Affordability & Creditworthiness Policy & Procedures helps firms who provide regulated credit agreements, loans and/or repayment plans to comply with the FCA’s CONC 5 requirements for assessing the affordability and creditworthiness of customers. Whilst the regulations speak directly to lenders, those firms setting up payments plans such as debt management or debt collection also have a responsibility to ensure that the customer is not put under any undue financial stress or burden.
Understanding a customers income and expenditure enables you to calculate a disposable income and to demonstrate your commitment to treating customers fairly and vulnerable customer awareness. The policy can use used in conjunction with our Affordability Assessment Calculator for evidencing income and expenditure verifications and checks.
|> Policy Statement & Purpose||> Developed using FCA Handbook Requirements|
|> Objectives||> Microsoft Office Documents|
|> Assessment Criteria||> Fully Customisable|
|> Credit Check Criteria||> First annual update free|
|> Business Lending & Guarantors||> Instant download after payment|
|> Income & Expenditure Form|