Debt Counselling

1. 5.2.4.1Licensed Financial Institutions must provide Consumers with qualified credit counselling services on debt problems and encourage Consumers to feel confident about approaching the Licensed Financial Institutions and openly discussing their financial concerns. When approached by a Consumer, the Licensed Financial Institution must give reasonable consideration to alternative arrangements that could enable Consumers to overcome their repayment/payment difficulties.
2. 5.2.4.2Licensed Financial Institutions must proactively provide assistance to Consumers when initial irregularities in payments are observed. Licensed Financial Institutions must encourage Consumers to reach out to them to discuss their financial difficulties.
3. 5.2.4.3Licensed Financial Institutions must ensure their counselling Staff is qualified and adequately trained to handle Consumers facing financial difficulties and treat them with respect and empathy.

Revised Payment Arrangements

1. 5.2.4.4Where Licensed Financial Institutions reach an agreement on a revised repayment/payment arrangement with a Consumer, the Licensed Financial Institution must, within 10 complete business days, provide the Consumer in Writing, with a clear disclosure and explanation of the revised repayment/payment arrangement. The Licensed Financial Institution will provide the Consumer with a copy of detailed and revised payment schedule, and a breakdown of how payments will be allocated to interest/profit and the outstanding balance owing. The Licensed Financial Institution must disclose to the Consumer that reporting relating to the Consumer’s Arrears must be shared with the Credit Information Agency.
2. 5.2.4.5Where Arrears arise on an account and a Consumer makes an offer of a revised repayment/payment arrangement that is rejected by the Licensed Financial Institution, the Licensed Financial Institution must internally document its reasons for rejecting the offer and communicate to the Consumer in Writing why the matter was rejected.
3. 5.2.4.6Licensed Financial Institutions must make the following information available for Consumers, including on a dedicated section of its website for debt management that provides the following:
   1. a.General information to encourage a Consumer to deal with debt issues and problems of Arrears, and stating the benefits of doing so;
   2. b.Licensed Financial Institutions’ contact information for Staff that deal with debt issues and Arrears management including Staff dealing with counselling;
   3. c.Details on the Fees that may be imposed on Consumers in Arrears; and
   4. d.Self-help tools for budgeting and managing money.
4. 5.2.4.7The information on the website must be easily accessible with a prominent link on the homepage.