(b) the name and address of the creditor and the name and address of a credit intermediary concerned; (q) a statement of the consumer`s right to obtain, on request and free of charge, a copy of the draft credit agreement (unless the creditor is unwilling to conclude the credit agreement with the consumer at the time of application); and 12. (1) where a consumer`s application for credit is rejected on the basis of a database; subject to paragraph 2, the creditor concerned shall inform the consumer without delay and free of charge of the outcome of the consultation and of the details of the database consulted. 12 Rejection of credit applications on the basis of access to the database. (k) in the case of a credit agreement within the meaning of Article 3(2), information on the charges applicable from the date of conclusion of those agreements and, where appropriate, on the conditions under which those charges may be changed, and (II) on other terms more favourable to the consumer than those prevailing on the market and at interest rates not higher than those applicable on the market. `total amount of credit` means, in respect of a credit agreement, the upper limit of the credit or the total amount made available under the credit agreement. 7. In the case of a credit agreement in the form of an overdraft in which the credit is to be repaid on request or within 3 months, the following are clearly and concisely: `overdraft`: an explicit credit agreement whereby a creditor makes available to a consumer who operates a current account with the funds of the creditors exceeding the current balance of the current account; You must pay:[Amount, number and frequency of payments to be made by the consumer]Interest and/or fees are payable as follows: • 14 full days ”Right of withdrawal” applies to all credit agreements subject to the full provisions of the Directive. The possibility of waiving the ”right of withdrawal” is not permitted. Where applicable, the conditions under which the above-mentioned costs relating to the credit agreement may be changed mean ”total amount due by the consumer” in relation to a credit agreement: the sum of the total amount of credit and the total cost of credit to the consumer; (l) a credit agreement under the conclusion of which the consumer must deposit an article as collateral in the custody of the creditor and in which the consumer`s liability is strictly limited to the goods pledged, or 7. (1) any advertising of credit agreements indicating an interest rate or figures on the cost of credit to the consumer; contain standardised information in accordance with this Regulation.
In 2020, the European Commission (`the Commission`) launched a public consultation on its Consumer Agenda, including a revision of the Consumer Credit Directive (”CCD”). The Commission has carried out an impact assessment identifying a number of areas for improvement. In the document below, we give a summary of the Commission`s findings and the resulting changes. 6. Any compensation shall not exceed the amount of interest that the consumer would have paid between the early repayment and the agreed date of termination of the credit agreement. 19. (1) A consumer may at any time perform his or her obligations under a credit agreement, in whole or in part. In such cases, he is entitled to a reduction in the total cost of the loan by the amount of interest and costs for the remaining term of the contract. 6. For the purposes of this Regulation, a credit agreement within the meaning of point (e) of Rule 3(6) and a credit agreement in the form of an overrun shall be considered to be a credit agreement to which this Regulation applies.
(k) a credit agreement relating to the free carry-over of existing debt(10) A creditor or credit intermediary shall provide the consumer with an appropriate explanation to enable him to assess whether a proposed credit agreement is proportionate to his needs and financial situation, if applicable by explaining: The central bank shall prescribe conduct of business rules by means of a set of consumer protection codes. These are: (a) if the period between early repayment and the agreed termination of the loan agreement exceeds one year, one percent of the amount of the loan repaid in advance, or 15 percent. 1. Where a credit agreement covers credit in the form of an overdraft facility, the creditor shall regularly inform the consumer thereof by means of a statement of account on paper or on another durable medium containing: 2. Where agreed in the credit agreement concerned, the creditor may terminate a credit agreement of indefinite duration on paper or on another durable medium, subject to a period of at least 2 months. do. Average pain. 8. Upon request, a creditor shall provide the consumer with a copy of the draft credit agreement and a duly completed standard form for European consumer credit information free of charge (unless the creditor is not willing to conclude the credit agreement with the consumer at the time of application). 3. Where agreed in the credit agreement concerned, a creditor may, on objectively justified grounds, terminate a consumer`s right to rely on a credit agreement of indefinite duration.
The creditor shall inform the consumer of the termination and the reasons for it on paper or on another durable medium, if possible before the termination and at the latest immediately thereafter, unless the provision of such information is prohibited by another law or is contrary to objectives of public policy or public security. 4. Where point (i) of paragraph 3 applies to a credit agreement, the creditor concerned shall provide the consumer concerned with a statement of account in the form of a repayment table free of charge and at any time throughout the term of the credit agreement. Where applicable, credit shall be granted in the form of a deferral of payment for goods or services or is linked to the supply of certain goods or the provision of a serviceName of the goods/servicesSign lower price (4) Where the conclusion of an ancillary service contract (in particular an insurance policy) in relation to the credit agreement is strictly necessary to obtain credit or obtain it on marketed terms, and the cost of this service cannot be determined in advance, the obligation to conclude this contract, as well as the annual percentage rate of charge, must also be clear, concise and clear. Right of withdrawalYou have the right to withdraw from the credit agreement within 14 calendar days. It remains to be seen whether the regulation will successfully interact with the law and code, resulting in regulation that is user-friendly for lenders and consumers. 3. For a credit agreement of indefinite duration in force on the date of entry into force of this Regulation, the creditor concerned shall regularly make the information referred to in point (e) of Rule 9(1) available to the consumer concerned on paper or on another durable medium. 3. The costs of maintaining an account recording payment transactions and receivables, the costs of using a means of payment for payment transactions and receivables and all other costs related to payment transactions shall be included in the total cost of credit to the consumer, unless (o) the existence or absence of a right of withdrawal, the time limit: where that right can be exercised and other conditions for the exercise of that right, including information on the consumer`s obligation to pay the principal and the interest earned in accordance with point (b) of Article 17(3) and on the amount of interest payable per day(2)(1), shall not affect the creditor`s obligation: ensure that a consumer receives the pre-contractual information referred to in Regulations 8 and 9 […].