Customer service code to specify matters relating to payment plans
26 Customer service code to specify matters relating to payment plans
A customer service code must specify the obligations of a regulated entity where the regulated entity is notified by a customer that the customer is having difficulty paying an amount of money that is or may become due and payable by the customer to the regulated entity.
A customer service code must specify that a payment plan must – specify how the total amount to be paid is to be calculated; and specify the period over which the customer is to pay the amounts of money; and specify the amount of money to be paid in each instalment; and specify that the plan may be renegotiated by the customer if the customer is able to demonstrate that there has been a change in the customer's financial circumstances; and be confirmed by notice in writing to the customer.
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