FCA registered

RE: FCA registered

Wren — Tue, 15 Oct 2019 14:46:14 GMT

[quote user="Bob Russell"]but those with a dodgy past will still be rejected. [/quote]

I think that's the point though for the guys above. 'The computer says no'. Rather than the evil money-grabbing vet says no.

RE: FCA registered

Bob Russell — Tue, 15 Oct 2019 14:42:09 GMT

The problem with carefree credit and similar is that those with a clean credit history can borrow but those with a dodgy past will still be rejected.

RE: FCA registered

Arlo Guthrie — Tue, 15 Oct 2019 09:47:21 GMT

[quote user="Anthony Dennison"]We also offer carefree credit loans (thanks in part to Arlo Guthrie advertising it on here years ago)[/quote]

That's nice to know! I always thought Carefree credit was rather a good idea.

RE: FCA registered

Anthony Dennison — Mon, 14 Oct 2019 17:43:42 GMT

[quote user="Julie Innes"]

On the other hand, it can work in your favour when people ask "Can I pay it up?"

"Sorry, we are not FCA registered, so can't do payment plans".

A great excuse I have used a few times!

[/quote]

We do this. Works a treat. We also offer carefree credit loans (thanks in part to Arlo Guthrie advertising it on here years ago) so if they get declined credit we don't look like the bad people as it's an external company.

RE: FCA registered

Julie Innes — Mon, 14 Oct 2019 11:42:50 GMT

On the other hand, it can work in your favour when people ask "Can I pay it up?"

"Sorry, we are not FCA registered, so can't do payment plans".

A great excuse I have used a few times!

(In some circumstances I will, of course, let people pay in bits, but it deters the people who phone around looking for treatment without funds)

RE: FCA registered

Carolyn — Thu, 10 Oct 2019 23:16:12 GMT

Thats brilliant thank you!

RE: FCA registered

Rob Loxley — Thu, 10 Oct 2019 18:01:50 GMT

[quote user="Carolyn"]I am aware that from a business point of view the practice of ‘payment plans’ is less than ideal, however with this post I am trying to establish if what we do at present puts us in breach of the law![/quote]

See https://www.fca.org.uk/firms/authorisation/when-required/exemptions-exclusions/installment-credit

RE: FCA registered

Carolyn — Thu, 10 Oct 2019 17:53:43 GMT

Thank you. I can assure you we actively avoid anyone asking for a ‘payment plan’!!

RE: FCA registered

Bob Russell — Thu, 10 Oct 2019 15:20:32 GMT

I don't think we come under the terms of the FCA.

I consider an unpaid bill a debt. One that is overdue an overdue unpaid debt. Not credit. It is not a service but a burden!!

If you benefit by attracting business on the grounds that you offer credit then this is probably different.

Just don't call it a payment plan!