The consumer must also, upon request, tell the lender or sheriff the address of the goods, as well as the name and address of the owner of the premises. The customer can request information at any time about the amount to be paid to settle an early agreement. You have to calculate this amount in the way defined by the regulations. The customer also has the right to make partially advance billing. In certain circumstances, you can claim compensation for early repayment. This applies as long as it is fair and the amount does not exceed 1 per cent of the prepayment amount, or 0.5 per cent if the contract runs for a year or less. A lender must advise a debtor before reporting adverse information to a credit bureau. Anyone can challenge the accuracy of all information reported or held by a credit bureau. The credit bureau or NCR is then required to identify and correct the erroneous information free of charge.
Any credit contract considered illegal by a court or the Court of Justice may take the following injunctions: When granting credits to consumers within the meaning of the ANCA, it is imperative for credit providers and consumers to be aware of the ANCA and its effects in order to avoid the accountability and illegality of the credit contract. Then a debt check must take place. The debtor advisor must notify all credit providers and credit bureaus mentioned in the application; they must cooperate fully with the debtor advisor. The debtor advisor must then assess the consumer`s indebtedness. The assessment may have one of three possible outcomes: the consumer has the right to obtain an offer and a credit contract in an official language that he reads or understands, as long as it is reasonable. All documents that are not required must be available in a plain language (a language that an ordinary consumer understands with average reading and writing skills and minimal credit experience). The National Credit Act is a complex and time-consuming law that attempts to regulate precisely every consumer credit sector. The final provisions of the Act will come into force on June 1, 2007. The Act repealed the Usury Act and the Credit Agreements Act and bears little resemblance to these statutes. It`s a clear break with the past. All consumer credit law is included in the law applicable to all credit contracts and credit providers.
A credit contract is a credit contract if it provides for a deferral or delay in payment and when a commission or interest is charged for the deferred payment. The law does not require a credit contract to be signed in writing and by both parties, even though this is implicit in the law as a whole. A credit contract can be a credit facility, a credit transaction or a credit guarantee (or a combination of these). These three terms are defined in section 8 of the act. If a consumer is late, the credit provider must inform the consumer in writing of its failure. It is in fact a letter of claim. However, the communication must do more: the credit provider must propose to the consumer that the consumer pass on the credit contract, among other things, to a debt advisor in order to resolve the dispute or to agree on a plan to update the payments.