22. Consumer Credit Flashcards

1
Q

Consumer Credit Act

A

Providing credit, obtaining credit and paying debt

Personal loans

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2
Q

8x Main provisions

A
  • FCA Licensing
  • Advertisement + credit agreements
  • APr
  • Loan agreement
  • cooling off period
  • credit refrence agencies
  • Default termination/ early settlement
  • extortionate
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3
Q

Consumer credit directive

A

Implemented by 6 sets of regulations

affect creditors, credit brokers and credit intermediaries

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4
Q

representative APr

A

an apr that applies to 51% or more of successful clients

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5
Q

Credit Intermediary

A

Helps an individual to obtain credit by helping them to complete a loan application or find the lender offering the best rates or willing to lend to those with poor credit history

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6
Q

What product is exempt from the Consumer Credit Act

A

MCOB

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7
Q

two main factors in the calculation of APR?

A

The interest rate

additional costs and fees

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