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What Are Your Rights As A Credit User

Often in our lives we face a shortage of financial means to cover our current needs or invest in a new car, apartment or simply to repair our old home. Then our only option is to sign a loan agreement with a bank. Each bank determines its commercial lending policy and its terms. Yet there are basic requirements that must be met by both parties and of course, depending on the type of credit we apply for. Brian Ross law firm is here to guide you through the whole process.

Before you are bound by a proposal or a consumer credit agreement, the creditor or the credit intermediary shall provide the terms and conditions of the contract in good time and the necessary information to compare the various offers and to make an informed decision to conclude a consumer credit agreement.

It shall be provided free of charge on paper or any other durable medium in a clear and comprehensible manner, and all elements of the information shall be presented in a uniform font size, type and format of not less than 12.

Upon your request, the creditor provides you with a preliminary and unpaid copy of the draft credit agreement.

You should always read everything on the contract, no matter how severe these conditions are, if they do not contradict the law.

It is the legal duty of the bank to provide information on general conditions, rates and the order of the provision of credits in the premises for servicing its clients as well as on its website.

The annual percentage rate of charge of the credit reflects the total cost of the consumer loan, current or future (interest, other direct or indirect costs, commissions, fees of any kind, including those owed to contract agents) as an annual percentage of the total amount of credit granted.

The creator is required to publish on their website the current amount of their reference interest rates and the method used by them to determine the reference interest rate.

The methodology cannot be changed unilaterally by the creditor after the conclusion of the contract.

Interest rate. That’s why the bank is giving you credit, it’s her profit. Each bank determines the interest rate of its individual credit lines on its own commercial policy and needs. If it fails to pay its contribution, it also owes interest for delay, but it cannot exceed the statutory interest.

If you have exercised the right to withdraw from the credit agreement, you have to return the debt to the creditor and to pay the interest charged for the period from the date the loan was drawn up until the date of repayment of the principal. The return must be made no later than 30 calendar days from the date of the notification to the creditor of the exercise of the right of withdrawal. Interest is calculated on the basis of the interest rate agreed in the contract.
You have the right to repay all or part of your obligations under the credit agreement at any time. Upon prepayment, no penalty fees are due, but the bank is entitled to the costs associated with repayment – the technical processing.

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