Restrictions On Varying Or Modifying Consumer Credit Agreements

April 11, 2021

The annual interest rate as a percentage; In the case of a credit contract of the type covered by Article 2, paragraph 3, Member States may decide that the annual percentage of the contribution is not mandatory; in addition to the obligation for the consumer to repay to the creditor, within thirty days of the date of notification of payment, the amount of the credit already used, including interest (paragraph 2, paragraph b), b) the total commission of credits (or the elements included in it) with respect to the credit to be submitted under the revised agreement; or in recent years, the types of credit offered and used by consumers have changed considerably. New credit instruments have emerged and their use is evolving. It is therefore necessary to amend the existing provisions and, if necessary, to broaden their scope. With regard to the changes to the list of pre-contract information, the Commission has also expanded the list of information to be provided to the consumer at the time of the conclusion of the credit contract (most often in parallel with the additions provided for in Article 5, paragraph 2, and Article 6, paragraph 1). In accordance with Article 10, paragraph 2, the following additional information must be provided to the consumer: the consumer credit tables (parts 1 to 15) covered by Schedule 7 may be obtained from Her Majesty`s stationery office or from booksellers. The Council also recognised that the directive should ensure a high degree of harmonisation in key areas and constitute a `European added value` for the internal market, consumer choice and consumer protection. The Council mentioned five main areas in which such “European value added” should be achieved: 1. In due course before the consumer is bound by a credit contract or offer of credit, the lender and, if necessary, the credit intermediary, on the basis of the credit terms offered by the lender and, if necessary, , preferences and information provided by the consumer are required to provide the information to the consumer, which are necessary to compare different offers in order to make an informed decision about the conclusion of a credit contract.

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