The present document is a volunteer act and it aims:
As a significant professional and public organization the Association realizes its role in the lasting growth of the Bulgarian economy. Its members admit the meaning of the ethical principles and its value for their daily business work and this Ethical code express their willingness and moral engagement for encouraging the socially responsible business, which gains benefits for the society.
The purpose of existence of this Association is inextricably bound up with the core principles of the fair play, stable business behavior and business development, which principles are accepted by the Association as a main engine for a long-term corporate success. Its members stake on a basic principles as quality, professionalism, honesty, initiative, innovation, loyalty, enthusiasm for work, responsibility to Clients and mutual respect.
The ethical code consist the following parts:
I. Principles
ІІ. Relations between consumer lending companies, members of the Association
ІII. Relations between consumer lending companies, members of the Association and their Clients
IV. Settlement of disputes between consumer lending companies, members of the Association
V. Relations between the Association and the public
І. Principles
Members of the Association accept to be guided by the principles of propriety, honesty and good faith in the relations between them, their clients and the public. Members will observe the principles of mutual respect in relations among themselves and in relations with their customers. They will strictly perform their obligations under the concluded credit contracts, will ensure the accuracy of the information shared and will not perform actions that lead or might lead to negative consequences to other members or their products. While performing their business each of the members will strive for social responsibility acting and respect to the public interests.
ІI. RELATIONS BETWEEN CONSUMER LENDING COMPANIES, MEMBERS OF THE ASSOCIATION
The ethical behavior in the relations between the members requires:
1. Respecting the principle of the honest and loyal competition in the business relations, using only legal and based on ethical standards tools.
2. Interaction between members should be based on accessibility, mutuality and trust, by exchanging relevant and reliable information.
3. Members do not have to use false or misleading information about their or their competitors` activity in any advertising.
4. Members do not have to apply methods of advertising that are in contradiction to the bona fide merchant practice and damage or may damage the interests of the Members in the relations between them and their clients.
5. Members do not have to allow advertising that damages the reputation and trust of another consumer lending company, member of the Association, as of the products offered by the company, by stating or disseminating false information, using a form, which leads to reducing of the trust and by presenting facts in a distorted form.
6. Members don not have to aim intentionally damage the competitive consumer lending companies, members of the Association, as attracting customers by offering unrealistic interest rates for products or services (economically ungrounded) and to provide for such purposes advantages or privileges that are not directly associated with their activity.
7. Members do not have to undertake any actions for initially damaging the interests and activity of another Association member.
8. Members of the Association have to collaborate in sharing information for the correctness in relations with their merchants.
9. While performing their activity Members of Association have to inform each other in case of unmoral attitude by third party/company has occurred and it is related to the rest of the Members.
III. RELATIONS BETWEEN CONSUMER LENDING COMPANIES, MEMBERS OF THE ASSOCIATION AND THEIR CLIENTS
1. In its relations with customers, each Association member shall be governed by the supremacy of the Law and this Code of Ethics.
2. Clients can not be leaded into deliberate error regarding offered products and conditions for use, as well as to remain uninformed or insufficiently familiar with their rights and obligations arising from the use of the credit products.
3. In its work each association member has to strictly observe all domestic and international regulations in the consumer credit area, as well as the General Conditions of its contracts for consumer crediting.
4. Each member develops its own internal procedures or rules for handling client complains, which includes reasonable and as shortest as possible deadline for solving them and giving an answer to the client by providing the mentioned above internal rules to all employees, working in the customer service division.
5. In case of eventual customer dispute arises each of Association members resolves it in a mutual interest, avoiding client disputes not related with their normal activity.
IV. SETTLING OF DISPUTES BETWEEN THE CONSUMER LENDING COMPANIES, MEMBERS OF THE ASSOCIATION
1. The Management board of the Association mediates to resolve disputes between its members, related to unfair competition, incorrect interpretation of regulations, precedents in dealing with clients, usage of vague terms for new credit products, non-observance of the Ethical Code etc.
2. The Association involves when necessary experts and specialists for solving of tax, credit and other economic and legal issues.
3. The Association elaborates and provides statements referred to the current legislation in the consumer credit area as well as offers and takes part in the development of new rules that facilitate the activity of the Association members.
4. The Association provides advises and support to its members for obtaining protection and assistance when their rights and interests are threatened or violated.
5. In its activity the Management board shall be guided by the articles of Association Statute in order the disputes between members to become not into public or judicial ones.
V . RELATIONS BETWEEN THE ASSOCIATION AND THE PUBLIC
1. The Association correctly informs the public for its activity and ensures accessible and clear information about the products offered by its members.
2. The Association does not do any public statements that can lead to decrease the trust in its members or to damage their good name.
3. The Association accepts and works over programs related to significant problems in the consumer credit area.
4. The Association accepts and works over programs for common actions for economy development with other non governmental organizations in regional, national and international level.
5. The Association makes popular its activity and spreads information related to its development and achievements as organizing issuing, printing and distributing of periodical publications, brochures, etc., needed for achieving its goals.
6. The Association supports the marketing and advertising initiatives of its members.
7. The Association maintains a register of its members.
8. The present Ethical code as well as the list of the members accepted it will be published on the internet page of the Association.
The present Code of ethics is accepted on …………… 2010 from the General Assembly of the Bulgarian Consumer Credit Association on the grounds of art.23, p. 13 from the Statute. Members of the Association accept to respect the requirements of the Ethical Code, by simply signing a declaration for its adoption which will be attached to each member’s record. Amendments to the Code may be carried out by the General Assembly of the Association.