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View our opening hoursHow we support customers in financial difficulties - information for brokers
It's really important that we're providing the best support to our customers who may face challenging circumstances.
Please find below the frequently asked questions about how we support customers with financial difficulties. If you have any additional questions, please reach out to your Sales Manager who'll be happy to help.
What changes did CBPF make in response to FCA Policy Statement 24/2 (Strengthening protections for borrowers in financial difficulty)?
We've reviewed all aspects of our products and have made some changes such as improving our customer service conversations, being more transparent about the range of forbearance options that may be available, and improved signposting to include the benefits of using money guidance and debt advisory services.
How does CBPF identify borrowers that are likely to fall into financial difficulty?
This is usually identified through our conversations with customers and brokers. Our front-line agents are trained to listen and watch for potential trigger phrases and behaviours. This can include multiple missed or moved payments, or disclosure of a change in personal circumstances. They then follow a guide of probing questions to gain more information which allows us to ensure we get the right outcomes. Brokers can support by gaining as much information as possible from customers if they reach out to them first, or by directing them to us to discuss things further.
When CBPF identify a borrower in financial difficulty/financial vulnerability, what accommodations/forbearance do they provide?
We have a range of options available as shown on our Money Worries webpage here. Options include (but are not limited to):
- Giving customers slightly longer to pay any missed payments
- Waiving a late payment fee
- Temporarily reducing payments
- Arranging a break from payments for a period
- Changing the customer’s monthly payment due date
These are examples of the types of forbearance we can provide, we'll always assess the customer’s individual circumstances to understand how we can best help.
Are financially vulnerable customers charged default/arrears fees?
No, where we're aware that the customer is financially vulnerable, they will not be charged any default fees.
Can you share the details of the Vulnerable Customer Policies and Procedures?
Whilst we re unable to share our internal policies and procedures, we can confirm that we have a ringfenced team of specially trained agents who are available to support all aspects of vulnerability.
Do we (the Broker) have oversight of how many financially vulnerable customers CBPF have identified and how they have been treated?
We're working on a high-level view of Vulnerable Customer numbers for each broker which will be included in your report suite. Due to the sensitivity of some cases, we're unable to provide reporting on specific customer outcomes. However, if you want to discuss specific cases, your Sales Manager will be able to support.
How many customers cancel the credit agreement? Over what period?
Cancellation reporting can be found on iprompt. If you'd like support in accessing this information, you can reach out to your Sales Manager.