• Welcome to the LegalBeagles Consumer and Legal Forum. Please register to get the most out of the forum. Registration is free and only needs a username and email address.
  • Please note that LegalBeagles is a public forum and the main areas are accessible to all, and as such, please take care your username or posts do not identify you. There is no need to post claim numbers, names or precise amounts to get support with your case. When uploading documents please ensure that you have properly redacted your personal details. Thank you.

Consumer Credit Directive officially adopted

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Consumer Credit Directive officially adopted

    Consumer Credit Directive officially adopted The Consumer Credit Directive has today (22 May) been published in the Official Journal (OJ) of the European Union.

    This means that it has now been formally adopted. It will need to be implemented by Member States by May 2010.

    Click here to view the OJ extract.
    Common Sense .... if in doubt, use it !

    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

  • #2
    Re: Consumer Credit Directive officially adopted

    http://www.experian.co.uk/www/pages/...ive_220508.pdf

    Compliance - Consumer Credit Directive - Experian UK and Ireland
    Common Sense .... if in doubt, use it !

    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

    Comment


    • #3
      Re: Consumer Credit Directive officially adopted

      Article 2
      Scope
      1. This Directive shall apply to credit agreements.
      2. This Directive shall not apply to the following:
      (a) credit agreements which are secured either by a mortgage
      or by another comparable security commonly used in a
      Member State on immovable property or secured by a right
      related to immovable property;
      (b) credit agreements the purpose of which is to acquire or
      retain property rights in land or in an existing or projected
      building;
      (c) credit agreements involving a total amount of credit less
      than EUR 200 or more than EUR 75 000;
      (d) hiring or leasing agreements where an obligation to
      purchase the object of the agreement is not laid down
      either by the agreement itself or by any separate agreement;
      such an obligation shall be deemed to exist if it is so
      decided unilaterally by the creditor;
      (e) credit agreements in the form of an overdraft facility and
      where the credit has to be repaid within one month;
      (f) credit agreements where the credit is granted free of interest
      and without any other charges and credit agreements under
      the terms of which the credit has to be repaid within three
      months and only insignificant charges are payable;
      (g) credit agreements where the credit is granted by an
      employer to his employees as a secondary activity free of
      interest or at annual percentage rates of charge lower than
      those prevailing on the market and which are not offered to
      the public generally;



      (h) credit agreements which are concluded with investment
      firms as defined in Article 4(1) of Directive 2004/39/EC of
      the European Parliament and of the Council of 21 April
      2004 on markets in financial instruments (1) or with credit
      institutions as defined in Article 4 of Directive 2006/48/EC
      for the purposes of allowing an investor to carry out a
      transaction relating to one or more of the instruments
      listed in Section C of Annex I to Directive 2004/39/EC,
      where the investment firm or credit institution granting the
      credit is involved in such transaction;
      (i) credit agreements which are the outcome of a settlement
      reached in court or before another statutory authority;
      (j) credit agreements which relate to the deferred payment, free
      of charge, of an existing debt;
      (k) credit agreements upon the conclusion of which the
      consumer is requested to deposit an item as security in
      the creditor's safe-keeping and where the liability of the
      consumer is strictly limited to that pledged item;
      (l) credit agreements which relate to loans granted to a
      restricted public under a statutory provision with a general
      interest purpose, and at lower interest rates than those
      prevailing on the market or free of interest or on other
      terms which are more favourable to the consumer than
      those prevailing on the market and at interest rates not
      higher than those prevailing on the market.

      3. In the case of credit agreements in the form of an overdraft
      facility and where the credit has to be repaid on demand or
      within three months, only Articles 1 to 3, Article 4(1), Article
      4(2)(a) to (c), Article 4(4), Articles 6 to 9, Article
      10(1), Article 10(4), Article 10(5), Articles 12, 15, 17 and
      Articles 19 to 32 shall apply.

      4. In the case of credit agreements in the form of overrunning,
      only Articles 1 to 3, 18, 20 and 22 to 32 shall apply.



      nb: (d) ‘overdraft facility’ means an explicit credit agreement
      whereby a creditor makes available to a consumer funds
      which exceed the current balance in the consumer's current
      account;
      Common Sense .... if in doubt, use it !

      “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

      Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

      Find Solicitors offering fixed fees on our sister site - JustBeagle.com

      Comment


      • #4
        Re: Consumer Credit Directive officially adopted

        Pre-contractual information
        1. In good time before the consumer is bound by any credit
        agreement or offer, the creditor and, where applicable, the credit
        intermediary shall, on the basis of the credit terms and
        conditions offered by the creditor and, if applicable, the
        preferences expressed and information supplied by the consumer,
        provide the consumer with the information needed to
        compare different offers in order to take an informed decision on
        whether to conclude a credit agreement. Such information, on
        paper or on another durable medium, shall be provided by
        means of the Standard European Consumer Credit Information
        form set out in Annex II. The creditor shall be deemed to have
        fulfilled the information requirements in this paragraph and in
        Article 3, paragraphs (1) and (2) of Directive 2002/65/EC if he
        has supplied the Standard European Consumer Credit Information.
        The information in question shall specify:

        (see article)



        (r) the consumer's right to be supplied, on request and free of
        charge, with a copy of the draft credit agreement. This
        provision shall not apply if the creditor is at the time of the
        request unwilling to proceed to the conclusion of the credit
        agreement with the consumer; and






        ..............





        Article 6
        Pre-contractual information requirements for certain credit
        agreements in the form of an overdraft facility

        ....
        (k) in the case of credit agreements as referred to in Article
        2(3), information about the charges applicable from the
        time such agreements are concluded and, if applicable, the
        conditions under which those charges may be changed;

        (i) the interest rate applicable in the case of late payments and
        the arrangements for its adjustment, and, where applicable,
        any charges payable for default;





        4. However, in the case of voice telephony communications
        and where the consumer requests that the overdraft facility be
        made available with immediate effect, the description of the main
        characteristics of the financial service shall include at least the
        items referred to in points (c), (e), (f) and (h) of paragraph 1.

        (thats the only bit compulsory for telephony overdraft )






        PAGE 20 for calculations for repayments/drawdowns etc


        Page 25 - prescribed terms for contracts (overdrafts)

        Costs in the case of late payments You will be charged […… (applicable interest rate and
        arrangements for its adjustment and, where applicable,
        default charges)] for missing payments.



        Last edited by Amethyst; 12th August 2008, 07:42:AM.
        Common Sense .... if in doubt, use it !

        “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Find Solicitors offering fixed fees on our sister site - JustBeagle.com

        Comment


        • #5
          Re: Consumer Credit Directive officially adopted

          Oxera report on CCD - April 2007 (PDF)
          Common Sense .... if in doubt, use it !

          “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Find Solicitors offering fixed fees on our sister site - JustBeagle.com

          Comment


          • #6
            Re: Consumer Credit Directive officially adopted

            – A direct increase in the cost of providing credit—in particular, the enforced duty to
            advise and the requirement for credit providers to ensure that their customers re-sign
            their credit agreements would add directly to the costs of providing credit. Overall, there
            would be similar impacts across the product range. For example, by abolishing the
            present exemption of overdrafts from the scope of the Directive, the draft Directive
            would pose a real threat to the current flexibility enjoyed by users of overdraft
            arrangements. The costs imposed by the Directive would tend to be fixed per
            agreement, and so would have the greatest impact on those credit agreements where
            the amount of credit drawn was the smallest.
            Common Sense .... if in doubt, use it !

            “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

            Find Solicitors offering fixed fees on our sister site - JustBeagle.com

            Comment


            • #7
              Re: Consumer Credit Directive officially adopted

              In many ways, this directive is based on British Consumer credit legislation, and I don't think it will make a really major effect on the law.

              Comment

              Announcement

              Collapse
              No announcement yet.
              Loading...

              upgrade to vip

              Want exclusive access to forums, more privacy and a live chat box? Upgrade to become a bigger part of our community.

              only £15/yr

              Offers available. No subscription traps.

              sign up now



              Search and Compare fixed fee legal services and find a solicitor near you.

              Find a Law Firm


              Working...
              X