Payplan launches Reference Point

26 July 2010 | By Natalie Thomas

The range of services offered includes a phone based assessment of the borrower’s financial circumstances where the information is tested against behavioural analysis of Payplan’s existing 70,000+ customer base.

The client information is then validated by means of reference and assessment by a highly qualified team at their Grantham office. The summary of data and evidence provided to the lender is designed to enable an informed decision to be made about the likelihood of the client to default.

John Fairhurst, managing director of Reference Point, says: “Our experience of dealing with customers who have debt problems over many years has given us a unique perspective of a customer’s ability to handle their income and expenditure. Reference Point can really add a different dimension to the lending decision making process and still be achieved within a timeframe that does not compromise the ability to turn round applications in a timely fashion.

“Under the latest MMR proposals, it is clear that lenders’ obligations to the FSA will soon have to incorporate a greater guarantee that not only do they have verifiable proof of income on all clients but have also thoroughly vetted the client’s ability and intent to repay. In particular, where the client’s financial situation is of a complex nature, Reference Point will provide the lender with critical information regarding the client’s wider financial circumstances, whilst evidencing the information given. 

“Reference Point is independent of the client, introducer and distribution channel and provides the ultimate independent outsourced reporting facility. Lenders now have a facility at their disposal that will enhance their front end process to make informed and compliant lending decisions without increasing administration and resource costs.”