Overview:
Crucial for underwriting and determining payment terms.
- Disclosure to Underwriter: Previous financial issues must be disclosed to the underwriter.
- Direct Debit Restrictions: Terms on direct debits cannot be offered if the financial issue is still outstanding and occurred within the last 5 years.
- ‘CCJ’ Is an abbreviation for ‘County Court Judgement’
Example:
- If a customer had a County Court Judgment (CCJ) 2 years ago that is still ongoing, finance terms cannot be offered.