A recent study conducted by iVendi, a leading provider of motor finance technology, has revealed some concerning findings about the vulnerability of a small but significant portion of motor finance customers. According to the study, approximately 5% of motor finance customers may be considered vulnerable, meaning they are at a higher risk of experiencing financial harm or exploitation.
The study defined vulnerability as a combination of factors that may make individuals more susceptible to financial difficulties, such as low income, poor credit history, mental health issues, or lack of financial literacy. These vulnerabilities can make it harder for individuals to make informed decisions about their finances and may put them at risk of falling into debt or being taken advantage of by unscrupulous lenders.
The findings of the study highlight the importance of ensuring that motor finance providers are equipped to identify and support vulnerable customers. This includes providing clear and transparent information about the terms and conditions of finance agreements, as well as offering appropriate support and guidance to help customers make informed decisions about their finances.
In response to the study, iVendi has called for greater awareness and understanding of the needs of vulnerable customers within the motor finance industry. They have also emphasized the importance of implementing robust processes and procedures to identify and support vulnerable customers, as well as providing training for staff to help them recognize and respond to signs of vulnerability.
Overall, the study by iVendi serves as a reminder of the importance of ensuring that all customers, including those who may be vulnerable, are treated fairly and ethically by motor finance providers. By taking steps to identify and support vulnerable customers, the industry can help to protect individuals from financial harm and ensure that they are able to make informed decisions about their finances.
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- Source: https://zephyrnet.com/ivendi-finds-one-in-20-motor-finance-customers-could-be-vulnerable/