Last updated: [LAST UPDATED DATE]
Credit is useful when it is affordable and matched to its purpose. It becomes harmful when it is used to cover a shortfall that keeps returning. This page sets out how we approach that distinction from both sides.
1. Our commitments as a lender
In assessing and administering financing, we commit to:
- Assess affordability on your actual circumstances, not on the maximum a formula permits.
- Publish eligibility criteria before an application rather than after a refusal.
- State the total cost of credit in writing before signature.
- Avoid pressure tactics, artificial deadlines and headline rates that few applicants receive.
- Explain refusals so you understand whether the situation is worth revisiting.
- Treat early notice of difficulty as good management and respond to it constructively.
2. What we assess
A creditworthiness assessment normally considers:
- Income, its stability and how it is evidenced.
- Essential expenditure and existing credit commitments.
- Credit history, including any recent difficulty and how it was resolved.
- The purpose of the borrowing and whether the product matches it.
- Resilience: whether repayments would remain affordable if income fell or rates rose.
- For businesses: trading history, cash flow and customer concentration.
3. Borrowing responsibly
Before committing, it is worth answering these honestly:
- Do I need this amount, or is it simply the amount available?
- What is the total repayable, not just the monthly figure?
- Could I still pay if my income fell for three months?
- Is the term matched to what I am financing, or am I paying for something long after it has gone?
- Am I solving a problem, or postponing it?
- Have I compared alternatives, including doing nothing for now?
4. Warning signs
Borrowing may already be doing harm if any of the following is true:
- You are borrowing to make payments on existing credit.
- You are unsure of the total you currently owe.
- You are using credit for essential everyday costs.
- You are avoiding letters, statements or calls from lenders.
- Repayments regularly take priority over essentials.
If you recognise your situation here, seek free independent debt advice before taking on further credit.
5. If you are in difficulty
Tell us before a payment is missed. Options are wider before arrears build up than afterwards. Depending on the agreement and applicable law, possibilities may include a payment arrangement, a temporary variation, or a referral to independent support. Contact us at contact@fortiscrest.com or [PHONE NUMBER].
6. Free independent advice
Most countries have free, confidential debt advice services run by non-profit organisations or public bodies. These services are independent of lenders and cost nothing to use.
- Service in your jurisdiction: [LOCAL DEBT ADVICE SERVICE].
- Contact details: [LOCAL DEBT ADVICE CONTACT].
We will point you to the service covering your country on request. Be wary of firms charging fees for services that are available free.
7. Consequences of non-payment
Missing payments can result in additional charges, a record with credit reference agencies that affects future borrowing, referral of the debt for recovery, and — where security has been given — enforcement against the secured asset, including repossession of property.