26Customer service code to specify matters relating to payment plans

26 Customer service code to specify matters relating to payment plans

(1)  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.

(2)  A customer service code must specify that a payment plan must –

(a) specify how the total amount to be paid is to be calculated; and

(b) specify the period over which the customer is to pay the amounts of money; and

(c) specify the amount of money to be paid in each instalment; and

(d) 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

(e) be confirmed by notice in writing to the customer.