Before granting a loan or significantly increasing the amount of credit you have, a lender must check your creditworthiness. See the full list of information that the creditor or credit intermediary must provide to the consumer before the conclusion of the credit agreement. Regulation (EU) 2016/1011 amends Directive 2008/48/EC and requires the creditor to indicate the name of that repository and its administrator during the pre-contractual phase of the consumer credit agreement, where the credit agreement refers to a repository, the name of that repository and its administrator, and the potential impact on the consumer. Research: `Consumer Credit Agreement` at Oxford Reference "This additional protection only applies to credit card purchases, not debit card purchases. Where the change in the reference interest rate is caused by a change in the reference rate, the consumer and the creditor may agree that the consumer shall receive regular information on changes in the reference interest rate. The reference rate shall be made available to the public in an appropriate manner and shall also be made available at the lender`s offices. Information relating to financial matters must be mentioned in the advertising used before the contract is signed, so that the consumer can compare the different offers. It also applies to the main credit intermediaries. Suppliers of goods or services who present themselves as credit intermediaries on an ancillary basis are not subject to pre-contractual information obligations. Community law currently consists of three directives on consumer credit: Directive 87/102/EEC, Directive 90/88/EEC and Directive 98/8/EC. The new legislation will harmonise these three directives into a single text. You can then contact the agency or agencies to get a copy of your credit file which they must provide for £2. If you received a credit for the services, you will likely be reimbursed if you terminate the credit agreement, if you have already made part of the payment, for example.
B in the form of a deposit. Some aspects that were not included in the original proposal, such as. B real estate contracts, which will be the subject of future legislation, leave them out of scope (see Green Paper on mortgage credit). That is why the Commission has proposed to exclude loans of more than EUR 50 000 from the proposal. Beyond this amount, consumers mainly use mortgages. The consumer must be informed of the assignment, unless the original creditor continues to manage the credit agreement with the agreement of the assignee. Where the creditor assigns his rights of the contract or contract itself to a third party, the consumer has the right to assert against the assignment any defences that he could have asserted against the original lender, including a right to compensation if the latter is provided for in the contract and permitted by law. However, there are types of credit agreements that the Consumer Credit Act does not cover. These include gas, electricity or water meter contracts, mortgages, credit union loans and money loaned by employers, to name a few. If you have purchased items but wish to terminate the credit agreement, you usually need to return the goods or find another way to pay for them. Future legislation on consumer credit agreements will harmonise existing legislation in this area by ensuring the same level of consumer protection and facilitating access to transnational credit at European level. .