Borrowers have rights

Whether you are looking for cash credit or planning on future financial commitments, you do not have to be a slave to all the wishes of the bank, as borrowers have their own rights written into the consumer credit agreement. What should you know in order to increase your awareness and not be a victim of banking loopholes?

A credit promotion, a quick decision and the like need money. The cheerful expressions on faces quickly disappear once we become aware of the additional costs and the level of penalty payments. It is important before signing an agreement to familiarise ourselves with the terms of consumer-credit law, which is a source of information about our rights and duties concerning credit lenders. We present here only the most important aspects, the parts which all Brits should know as part of their financial education.

- The right to detailed credit information

The consumer credit agreement should be made out in writing and contain detailed information about the credit. The agreement document should be given to the consumer as soon as it is signed, and if that is not possible, the lender has an obligation to make it available immediately.

- The right to repay credit early

A consumer who repays credit early has the right to a reduction in repayment costs. In the case of credit on which interest is charge, there is no obligation to pay interest for the period after repayment. In cases when credit does not carry an interest charge, the borrower has the right to a reduction in the payments to the lender for commission and payments proportional to the time shortened.

The consumer credit law does not apply to credit destined for construction, reinforcement or extension of real estate, or property purchase. The rights of residents or permanent tenants to obtain loans through credit agencies is not within the bounds of the above act. It is worth spending several minutes of such valuable time to get acquainted with the credit agreements and we may, thanks to such diligence, find the best loan offer.

Remember: choose credit wisely.

Would you like to discuss with a consultant how much money you may borrow and when? Click here and a consultant will phone you and tell you how much money is available for you. The money may be obtained today. Click here for further details.

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