As of the 1st October 2008, new legislation introduced by the government requires companies like First Response to send information to their customers about the financial state of their loan. Each year we will send you a statement confirming how much you’ve paid and how much you have left to pay. We also have to tell you each time we apply a charge to your agreement and if you ever go into arrears.
Previously First Response has only considered arrears to include the contractual payments that were missed by our customers. However, regulations now require us to also consider any unpaid charges or default interest as arrears in addition to missed payments. This means that some of our customers who are currently up to date with their loan will now have to be considered as in arrears and will therefore receive Arrears Notices. Please do not worry, we will not treat your agreement any differently from before, we do however have a duty to send you these notices.
The information on this Notice will help you understand why your agreement may now be in arrears and will include advice from the Office of Fair Trading regarding your next steps.
Please be assured that First Response Finance aim to ensure complete transparency to our customers in order that they can manage their agreement.
More information is available on the attached Question and Answer sheet at the bottom of this page. Should you wish to contact us please use the e-mail query form available
HERE. Alternatively you may wish to call us on 0844 8730812.
You can visit the Office of Fair Trading website for more information about these regulations at
www.OFT.gov.uk
