When Can A Consumer Settle A Regulated Finance Agreement

15 Apr

He said: “In the case of a true interpretation of the contract, the contract debt has not been deferred and the credit has not been renewed. In my view, the law does not provide that a structured resolution clause providing for the payment of a debt over a longer period extends the credit or the “early account” financial settlement must be interpreted in accordance with Regulation 2, paragraph 1, below; (2) In Regulation 3 (which sets the settlement date to be used for settlement purposes), (c) in any other case, the date on which the debtor pays an amount involving an advance payment. Just because you asked for an early count doesn`t mean you have to do it. Instead, you can continue with your usual payments. 2.-1) Subject to the provisions of this regulation below, the lender provides the debtor, under a regulated consumer credit contract, with a discount that at least corresponds to the rebate calculated in accordance with the following provisions of these regulations, when an early liquidation is carried out, i.e. when, under section 94 of the Act, refinancing is , in the event of an infringement or for any other reason, the debtor`s debt is reduced or due before the deadline set by the contract. , or an amount is due by it before the set date. Borrowers can terminate regulated agreements at any time. If they choose to do so, they must notify the debtor by legal notification and pay all amounts owed (minus the rebates due below) – Consumer Credit Act 1974, s 96 (CCA 1974). If the regulated agreement is not guaranteed in rural areas, borrowers are allowed to assume all or part of their debt. The development of this right is prohibited; Lenders cannot deprive borrowers of the right to early resolution or subject to early settlement conditions.

Consumer credit in the United Kingdom is governed by the Consumer Credit Act 1974 (amended in 2006), the Financial Services and Markets Act 2000 and various regulations transposing EU consumer credit legislation. For now, lenders can rely on this decision that structured transaction agreements are not regulated consumer credit contracts.