Settlement
How long is a regulated settlement quote valid for?
28 days
How long does the customer have to withdraw from the agreement?
14 days from the contact is signed, or the customer gets the signed copy of their agreement, whatever is later.
What is the acronym used in relation to vulnerable customers?
TEXAS
When does VT stand for?
Voluntary Termination
How many questions must a customer answer correctly to pass security?
Two from list A and 2 from list be. 4 in total.
What types of agreements can be settled?
HP and Loans
What type of agreements can withdraw?
Regulated HP and loan agreements.
What should you never refer to a vulnerable customer as?
Vulnerable
When can a customer start the VT process?
When they have paid 50% or more of the contract.
Can clearance be sent by email?
Yes
How long is a settlement figure on an unregulated agreement valid for?
Until the next payment date
How many days after confirming they wish to withdraw, does the customer have to pay the withdraw amount?
30 days
What does the X stand for in TEXAS?
Explicit Consent
What types of agreements can VT?
Regulated HP agreements
What does regulated mean on an agreement?
The agreement is covered under the consumers right act.
On what type of agreements would you need to select the specific vehicle they want to settle?
Multi Asset
Should a customer withdraw if there is a mechanical issue with the vehicle?
No, they customer should attempt to reject the vehicle.
When should a Vulnerability NEC Marker be placed on an account?
When explicit consent is not given.
Under what circumstances can the vehicle be collected?
Exceptional circumstances (Non-runner/Vulnerable customer)
What is the clearance time frame for a manual payment/standing order?
1 working day
What action can invalidate a settlement figure?
Changing the payment date
What does the customer have to confirm before we can complete a withdraw?
Source of funds and if they have the funds in place.
Why is it important to complete TEXAS?
To get the information to help vulnerable customers to the best of our ability.
Who must authorise vehicle collections?
A Team Leader
What is the third party/outbound scripting?
I have to advised you the call is being recorded for quality, training and compliance purposes, is that ok?