- A 17 year old can set up a credit agreement with Close Brothers as long as their bank allows it. Close mark them as vulnerable customer. If a dd is being set up using parent's details, then still fill out the credit agreement in the policyholder's name and details but update the bank account details section to the parent's details.
- Client will default to e-signable but we can change this if customer is not happy with this (un-tick the option) and they will receive correspondence via post
- Default and cancellation letters are always are sent by post, this doesn’t need to be signed for in order for the policy to still be cancelled
- Close do not need credit agreements signed and returned for the customer to stay on cover (Close will chase for 14 days) but they do not do anything if it is not returned
- Add-ons need to be set up separately as they are different insurers and also have to be cancelled separately and separate shortfall claims (there will be nothing back from insurers on the add-ons as they do not give back after cancellation) I am referring this TBC
- Needs to be 3 working days to do any changes on a policy before/after there is a dd due (to make sure dd has not defaulted)
- Need at least 3 working days ahead to amend a dd date
- Subsidy box needs to be ticked in order for us to take the charge and not the customer if the minimum amount is not met (MCC £15)
- Needs to be 5 workings days to get a redemption quote after a dd is due (to re-calculate etc. if there has been a default)
- It takes overnight for Close to update if payment was taken for last chance date/representation date
- Mta’s populate as a 2nd, 3rd loan etc. if reinstating or cancelling, need to do these separately
- Close use Experian for credit checks on customer, if they do not come back a good score, they will still accept the load but the agreement is likely to not include default fees.
- There is a vulnerable customer scheme for customers that are struggling with their dd payments
- If a client gets in touch to change their DD date (contacting us within 3 working days of payment date and moving date to 14 days either side), the system sometimes will not allow us to amend the date on the system - we had to phone customer services and they could do this for us, they said system sometime won’t go far enough with the dates – is this something that can be changed?
This could be because the dates have already been moved previously. The system will only allow you to move payments by 14 calendar days either side of the payment date. We are not allowed to move the 1st payment.
- Can last chance date be amended by 3 days in all cases?
If the LCD hasn’t been moved before you can move LCD maximum of 3 working days and account will stay NON-RECOURSE. You can move it by 4 & 5 working days but you would have to confirm to take on a RECOURSE which will mean your risk if account was to cancel due to default.
- If we are unsure of questions, can we direct the customer to call Close directly? Can you confirm the customer contact number?
Yes you can the phone number is 0333 321 8566
- System errors - is this a regular thing? Often when we are searching for a customer we will get an error message as if the customer doesn’t exist but it will be there later that day
It might be if you have loaded a loan and it hasn’t gone through the system yet. Or the system is waiting for the loan to be confirmed.
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If a shortfall claim is under £500 it should usually be processed within 2 working days and if over £500 then it would need to be referred for authorisation when all the necessary documentation is received. Regarding payments this is down to the bordereau statement dates/cut off dates and payment delays so this always varies.