Learning objectives
- Understand what APRC and total charge for credit are, and how they are calculated
- Recognise the assumptions made when calculating APRC and total charge for credit
- Know what you have to do to ensure that our customers are treated fairly
- Recognise the different types of charges
- Recognise good and poor practice in respect of payment and sale shortfalls
Welcome
What is MCOB - APRC, Shortfalls & Charges?
Introduction
Assumptions involved in calculating APRC
Total charge for credit
- Total charge for credit exclusions
- Exercise: Total charge for credit
Charges
- Exercise: Charges
Dealing with payment shortfall charges
- Calculating costs: What is and is not acceptable?
- Exercise: Good or poor practice?
- Safeguarding against excessive charges
- Exercise: Averaging fees
- Charging for payment shortfalls
- Going the extra mile
- Exercise: Dealing with payment shortfalls
- Exercise: Dealing with payment shortfalls -2
- Exercise: Dealing with payment shortfalls - 3
- Exercise: Dealing with payment shortfalls -4
- Providing information to customers with payment shortfalls
- Exercise: Providing information to business customers
Repossessions
- Sales shortfalls
Record keeping
- Exercise: The contents of records
Summary
Affirmation
Assessment
Economic Sanctions
Violation of sanctions issued by the UN, the US and the EU which place restrictions on payments and other financial transactions can result in fines as well as criminal charges.