Consumer Credit Trade Association (CCTA)
The CCTA represents finance houses, retailers, building societies, credit brokers, professional firms, debt collection companies and others acting in providing credit, hire and leasing facilities to consumers.
The purpose of the Code is to ensure compliance by its members to the standards set by the Association.
If you would like more information please visit www.ccta.co.uk.
Continuous Payment Authority
It is an authority given by an individual to collect money from the individual’s bank or building society account at any time and in any amounts. This authority is accepted by the bank or building society. When the authority is taken from a customer its proposed use must be fully explained and it may only be used as explained or otherwise specifically agreed by the customer and always in accordance with the rules and guidance issued by the Financial Conduct Authority from time to time. Bamboo uses CPAs to collect payments from its borrower and guarantor customers and information on how the CPA will be used is set out in the pre-contract information and contract.
Cooling Off Period
This is a period of time during which you can cancel your loan and repay the full balance without a penalty charge.
You can cancel your agreement with Bamboo Ltd and return the full outstanding balance within 14 days, starting on the day after the loan was granted.
County Court Judgement (CCJ)
CCJ stands for County Court Judgment. This is an order from a county court to repay a debt and is a serious event. Any such order against you affects your credit status, your ability to obtain credit and borrow, and remains on your credit file for up to 6 years. If the debt has been paid in full in 30 days of the judgment being released then it won't show up on your credit file. Once it has been paid in full, it will appear as satisfied.
A credit agreement explains all the terms of the contract. For the most part, all types of loans (ranging from credit cards to mortgages) have some sort of credit agreement, which must be signed and agreed upon by both the bank or lender and the Customer - the contract does not come into effect until the document has been signed by both parties.
The Credit File is a confidential report and contains your credit history. It relates to details of your credit and borrowing arrangements, payment history, address etc. This information is used when assessing your application.
The Credit History is a record of your past and present borrowing. It provides an overall picture of your payment history and can impact on the decision to grant a loan.
Credit Reference Agency
These are the agencies that compile your credit files and provide this information to companies offering credit terms. You are legally entitled to a copy of your Statutory Credit Report.
A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits.
During your application, your credit file will be reviewed to obtain details of your credit history and to confirm any existing credit agreements you may have.