Consumer Credit Act came into force on the nineteenth of September 2002. Clearly it affected the consumer's right to use the credits. These rights have been largely expanded. The provisions in this law apply to all businesses who provide consumer credit.
This Act applies primarily to banks, but also for other institutions that provide financing to customers. This is primarily for loans, bank loans, hire purchase and loans which are granted by the co-operative savings and credit.
provisions of the new law but do not include housing loans, consumer loans below $ 500, or above 80 000 PLN, as well as those whose repayment period exceeds three months.
Besides, we also include loans for which the consumer does not incur any expenses, loans, lease receivables and loans, which resulted from the fact that postponement of payment for municipal services.
Terms of formal credit agreement
credit agreement must be in writing. Mandatory elements of this agreement are:
- the consumer, his name, address and data lender
- determination of the loans,
- establish the rules and terms of loan repayment,
- determine the type of charge,
- ; breakdown of other fees associated with granting the loan,
- provide reliable information about the total cost of credit and an annual interest rate,
- ; term effects of early repayment,
- information on the effects that cause not sticking to deadlines and unregulated charges.
When signing a credit agreement should pay particular attention to given the total cost of credit.
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