Posted by on Sep 16, 2021 in Uncategorized |

Disclosure means exchange of information, usually between the lender and you. By law, lenders must first have disclosed the most important information before signing anything. Once the loan is complete, the lender must make continuous disclosure, which involves regular updates of your payment progress and credit account. The minimum is every six months or more regular for credit cards and other revolving agreements. A credit provider may suspend a credit facility (such as a credit card or chequing account) at any time in the event of a consumer delay or, in any other way, close the facility with a delay of ten business days. A credit provider can only go to court if a default means that it is in arrears in the event of payment and does not get back on track or violates another rule of a credit agreement. Someone who misses payments is sometimes called a defaulter. Section 89 lists a number of credit agreements that are illegal, including a “credit transaction” that may relate to one of the different types of transactions. The most important thing for the purposes of these provisions is that the following consumers are entitled to settle their debts at any time, with or without notice, after requesting from the creditor a settlement of the amount of the credit institution on the amount necessary for the payment of the account. for small contracts, no billing fee is payable; Interest and other charges must only be paid until the date of the statement. This means that a consumer can demand the balance due from the credit provider, pay the full amount and not be sanctioned for it. A credit provider cannot conclude a credit agreement lightly with a consumer. Before entering into a credit agreement, a credit provider must first take appropriate steps to assess the consumer In most cases, the borrower has the right to withdraw from a credit agreement within 14 days of signing without justification.

Or within one day of receiving a copy of the agreement reached – or notification of the credit limit by credit card – if this happens after the expiry of the 14-day period. For some credit agreements (usually tempered contracts), the consumer becomes the owner only when the purchase price has been paid full-time and the credit provider is entitled to a withdrawal in the event of a breach of contract. Until then, the lender has an interest in the goods being retained. If a consumer is late, the credit provider must inform the consumer in writing of the delay. It is practically a letter of credence. However, the termination must be more regrettable: the creditor must propose to the consumer that the consumer transfer the credit agreement, among other things, to a debtor advisor to settle the dispute or that he agree on a plan to update the payments. It will be extremely difficult for consumers to find the money to pay the introductory fees in advance when they borrow, precisely because they need cash. Most lenders will therefore not be able to afford to pay the introductory fees when borrowing, especially in the event of a very bad loan for consumption purposes. . . .