Row 1
who is our market?
Sub-Prime/Underserved
what is the charge for withdrawing cash at an ATM?
£3/3% of the amount withdrawn, whichever is greatest
how long does bankruptcy last on credit file?
10 years
how long does a default last on credit file?
6 years
full word for IVA
Individual Voluntary Arrangement
full word for CRA
Credit Reference Agency
Who are the three CRA's
Experian
Transunion
Equifax
what does it mean if a customer is overlimit and what is the charge?
The customers balance exceeds their credit limit and they get charged £12
what is the late payment charge?
£12
When will a customer recieve a default notice?
when they have missed three consecutive min payments
how often is credit score updated?
every 30 days bru
what is interest?
this is the monetary charge for the privelage of borrowing money
What is the difference between payment methods and payment options?
Payment methods refers to how the customer is making the payment, e.g. Bank Transfer or by Post
Payment options refers to forebearance options available when a customer isnt able to make their min payment
what is credit?
the ability to borrow money or access goods or services with the understanding that you will pay later
when is the customer eligible for a credit limit increase?
the customers account starts getting reviewed in the fourth month after the account is opened, and then is reviewed on a monthly basis going forward
what is a default notice?
it is a legal document that provides the customer with 28 days to contact us and clear the full arrears or setup a payment plan
what is a credit report?
information on a customers financial behaviour in the last 6 years. provides lenders with a summary of all credit accounts they had and how they manage their finances
what is a Balance Transfer?
a Balance Transfer allows for a customer to clear the balance of one credit card using another credit card usually to avoid interest
what is a credit score?
a numerical indication of how well the customer has been managing their finances today and how theyve managed it in the past
Type of cards we offer?
Cards for the underserved
Credit builder cards
Low and Grow cards
what does the minimum monthly payment consist of?
the amount you need to repay your credit cad provider each month to avoid any fees/ late payment charges and is usually based on your balance each month
5 features of the Vanquis app?
customer can report card lost/stolen/not recieved
register a new debit card
setup Direct Debits and CPA's
Check recent transactions
Manage personal details
Request BT or MT if eligible
manage statement preferences
setup promise to pay
Complete I&E for CLI if eligible
8 things you will find on your credit report?
overdraft
Payment history
Credit cards
store cards
Mobile Phone contract
Mortgage
Financial associates
Previous Searches
Credit score
Electoral Roll InfoCredit limits
Total available credit
Balance History
IVA's
CCJ's
DRO's
Aliases
what is a Money Transfer, and when do you think a customer will use this?
the transfer of funds from credit card to debit card, usually used when a customer has lost their credit card
why do we advise customers to keep 10% of the credit limit in their available credit?