Reckless Lending Procedure – CIF

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The Act states that a debt counsellor must conduct a reckless credit investigation should the consumer wish to pursue reckless credit against a credit provider. Seeing as this is most likely “recommended” by the debt counsellor when a consumer approaches them, it was prudent that a process be agreed on to handle reckless lending investigations.

The Credit Industry Forum (CIF) convened and a process was agreed on which set out the time frames and requirements when reckless credit investigations are conducted.

A noteworthy requirement proposed is that the debt counsellor must supply a basis on why they view an agreement to be potentially reckless, and that only certain documents are supplied by credit providers at first.

The industry awaits CIF’s final recommendations.

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