In order to understand the nature of credit obligations and their legal aspects, let's look at the credit law or the rules on consumer credit. The provisions to be considered have entered into force on May 1, 2011 and will replace the Cabinet of Ministers Regulations No. 692 "Consumer Credit Agreement". Changes in consumer credit protection rules are linked to the actions of the European Union legislator on consumer protection in the financial sector.
The Consumer Rights Protection Center or the CRPC monitors compliance with these regulations. The Rules set out the requirements for the content of the consumer lending services advertising information and the procedures for providing information prior to the conclusion of the consumer credit agreement.
The requirements to be set for the credit agreement
And the information to be included therein, the annual interest rate or GPL calculation method, the consumer information procedure during the term of the credit agreement, arrangements for early repayment of credit and fair reduction of total credit costs, applicable requirements and obligations of credit intermediaries for certain types of credit agreements, as well as the legal framework for crediting the consumer against movable pledge.
The annual interest rate is calculated by calculating the present value of all existing and future liabilities agreed between the lender and the borrower. The total cost of the borrower's credit is calculated for the calculation of the APR, without taking into account the payments made by the borrower for non-performance or improper performance of the contractual obligations, payments made by the borrower in the purchase of the good or service, the cost of maintaining the credit account and the means of payment and other costs. related to making payments.
The rate calculation is made for the period covered by the contract
The annual interest rate is calculated by recording the borrowing rate and other costs, applying them until the expiry of the contract. Promoting irresponsible borrowing in lending service advertisements (calls to borrow ill-advised or not, calls to borrow regardless of the person's financial situation, giving the impression that there is no risk of borrowing, and that this is the most appropriate way to solve financial problems , influencing the decision to enter into a contract products or benefits that are not directly related to the credit and that have a significant impact on the person's credit decision), provide information on the possibilities of earning credit also in cases of negative credit history.
Advertisements with illustrative examples should include numerical information on credit costs, such as borrowing rate, total amount of credit, total amount of consumer spending, LPG, contract term, additional product price and first installment, obligatory obligations such as compulsory insurance, as well as other relevant information.
Before entering a contract
The person must provide the following information: type of credit, name or given name of the creditor and / or intermediary, registration number, legal and current address or declared and current place of residence, total amount of credit and withdrawal rules, duration of the contract, product and its price, borrowing rate and its terms, base interest rate, borrowing rate swap periods, terms and procedures, APR , total consumer spending, amount, number, frequency and order of credit payments, credit account retention costs, notary costs, compulsory obligations, late payment interest, the procedure for its application and other sanctions (contractual penalties, compensation), consequences of non- payment, security, right of withdrawal, right of early repayment, consumer rights under the Consumer Rights Protection Law, information act The contract may be concluded either in person or on a distance. More detailed information on the rules under review, as well as other regulations,