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Non-disclosure

Definition
Non-disclosure is where a customer fails to give information when they apply for their personal loan.

Explanation
Used when talking about applications for consumer credit.

Notice of Arrears

Definition
A formal notice that has to be served by a lender when a borrower is two months in arrears, and every six months afterwards.

Explanation
City Energy Network provides a number of different lending options for our customers. As an example, a Notice of Arrears for our Pay As You Save loans is issued for a maximum of two consecutively missed or underpaid repayments.  We encourage our customers to contact us before such arrears happen so that we can work with them to avoid such situations.

Notice of Default

Definition
Formal notice required under the Consumer Credit Act 1974 requiring customers to bring their account to order, or to come to an arrangement with the lender, within 14 days if they don' t want a default to be recorded on their credit report.

Explanation
City Energy Network provides a number of different lending options for our customers.  As an example, a Notice of Default for our Pay As You Save loans is issued once a third consecutive payment has been missed fully or partially by a customer.  Terms of our potential actions are noted in the letter.  We will work with customers to find solutions suitable for them to prevent further detrimental actions against them.

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