What does the Finance & Leasing Association (FLA) Lending Code say about the CFS?
The FLA is an industry body representing the asset finance, consumer finance and motor finance sectors across the UK. The FLA Lending Code sets out the commitments and principles which FLA members must follow. The FLA refers to the CFS under several sections within the Lending Code including: • Section 2C.10 – Cards • Section 2D.19 – Credit card cheques • Section 2E.10 – Interest option loans • Section 2F.6 – Variable rate loans • Section 2G.10 – Revolving credit loans The code states: “If you have unsecured debts with many lenders, a not-for-profit debt counseling organisation may complete a common financial statement (or equivalent that is acceptable to us) on your behalf, which we will accept as the basis for negotiations with you in drawing up a plan for managing your debt”. For more information view the FLA Lending Code.
