Elements and Performance Criteria
- Elements define the essential outcomes
- Explain role of credit and options
- Explain concepts and terminology of credit provided by a financial institution and the debt incurred by a borrower
- Compare features of different types of loans or credit facilities
- Identify differences between unsecured and secured loans and explain implications of default on secured and unsecured loans
- Explain the cost of credit
- Explain uses of documentation and the importance of maintaining paperwork
- Identify common debt issues
- Discuss common types of debt with client group and identify its potential implications in relation to specific client’s situation
- Provide appropriate referrals to specialised services to assist clients to deal with debt issues
- Identify and inform clients of ways to avoid debt as a means to assist client to minimise debt
- Identify and inform clients of range of debt reduction strategies to address client situation
- Identify complaints and hardship options to address personal financial issues