Criteria Fair Creditor Mark

1. The first criterion is a limit to the interest, fees and costs that can be added to FairLife debt.
FairLife debt is the name given to debt from a FairLife Mark holder once debt recovery has been initiated.  The aggregate interest, fees and costs during debt collection must not exceed the value of the debt upon entering debt recovery.  There is an exception for small debts; any debt below £500 may add up to £500.  Court fees and court costs are exempt from the calculation.

2. The second criterion is to highlight free debt advice.
If a customer misses two or more consecutive scheduled payments they should be informed that they can access free debt advice from groups which includes FairLife debt advisors.

3. The third criterion is the treatment of non-FCA-regulated debt.
Customers holding non-FCA-regulated debt should be treated in a similar manner to those holding FCA regulated debt and should, as far as possible, be afforded the same benefits and protections.

4. The fourth criterion is display of the FairLife Mark.
Where practical, customer contracts and communications regarding any outstanding balance should either display the Fair Creditor Mark or state clearly the words: FairLife Creditor.

5. The fifth criterion is the FairLife Family.
The fifth criterion is a request that when passing on or selling customers’ debt the licensee should, where it is in the customer’s best interest, favour companies with a relevant FairLife Mark (such as FairLife Debt Recovery).