If the creditor sends you a copy of your agreement and account statement at any time after requesting it, the creditor can take or continue legal action against you to collect the debt. If you offer or grant a loan to consumers, you must comply with the Consumer Credit Act and all relevant rules. Contractual conditions must also comply with the provisions on unfair terms contained in consumer contracts – see customers` rights to challenge unfair contract terms. If you want to terminate the contract, you must pay the financial company the money you still owe for the car within 30 days. The FCA has published detailed guidance on how lenders should act in the Consumer Credit Sourcebook (CONC). For more information, see the “Useful Contacts” section. You can find advice on calculating the TCC in the Ministry of Economy, Energy and Industrial Strategy (BEIS) guide on consumer credit rules. Download the guide on consumer credit rules (PDF, 563K). If you are within 14 days of signing the credit agreement, you will know how to terminate a credit agreement instead. You need to check the creditworthiness of a potential borrower before granting a loan or significantly increasing the credit already granted. This information must be based on sufficient information collected, where appropriate, by the borrower and, where appropriate, by a credit information service. Note that the Consumer Credit Directive has changed the rules for calculating the global credit charge (CER) on which the annual percentage rate of charge is based. We can offer extensive experience in the implementation of the Consumer Credit Act 2006, including arrears and late announcements, unfair credit relationships and the new licensing system.
It has also had an impact on clients` business agreements and has necessitated the termination or renegotiation of relevant contracts – for example, commission contracts with brokers. If you think you were wrongly denied credit, you can ask the credit provider what information or agency they used. They must ensure that the proposed credit agreement is duly explained to the borrower. This should include the following: in some cases, the consumer can challenge the agreement in court and remedy it because the relationship as a whole is unfair to the borrower. You have the right to request personal information from lenders and other organizations under two laws: passing your information on to a credit information service (which could affect your creditworthiness); If the creditor did not do what he should have done after your application, your guilt persists. If you do not charge, the creditor can add interest and other fees if the terms of the agreement allow it. There is a right to terminate the contract within a specified period of time if the contract was signed at your home and not at the seller`s premises. If you have paid one-third of the total price of the goods under an HP agreement, the creditor cannot take back the goods without first obtaining a court order. . . .