e-collections
Documentation
The new consumer credit regulations now require the following documentation to be issued to your customer
- Pre-Contract Information:
The format/content of this document varies dependent on how the sale is concluded i.e. face to face or at a distance. Pre-Contract Information must be provided to the customer prior to or at the same time the credit agreement is issued. - Credit Agreement:
The format of this document is the same irrespective of how the sale is concluded. The credit agreement should be completed and signed by the customer. The original should then be sent to Norwich Union and the copy kept by your customer.
The Direct Debit Instruction (DDI) is not affected by consumer credit legislation. Once completed and signed by the customer the DDI should be returned to Norwich Union together with the signed original credit agreement.
Only once these documents have been returned to Norwich Union should collections commence.
Please note that as you will not be able to use old instalment documentation when setting up new Commercial Lines business on the e-collections system, you should ensure that all such old unused documentation is destroyed.
