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Before granting loans or significantly increasing the amount of the loan you have, a creditor must assess your creditworthiness. However, depending on the circumstances, you may be eligible for coverage under section 75A. The price of the item or service must be more than $30,000 and the amount of the loan that the seller has arranged for you must not exceed $60,260. You can then contact the agency or agencies to get a copy of your credit file that they have to provide for 2 euros. Distance Marketing regulations apply when you enter into a remote credit contract – for example by phone or online. The termination of a credit contract within the cooling-off period means that the agreement and all related transactions are treated as if they had never been concluded. Therefore, the loan company must repay all the money you paid and you must return all the goods you received. There are three credit reference agencies: Equifax, Experian and CallCredit. Both parties must sign the agreement and a copy of the agreement must be given to you either at the time of signing or within seven days. This information must be included in a document entitled “Pre-contract information,” which must be made available to the credit contract itself separately. In this case, a notification of your withdrawal rights must be included in the copy of the credit contract and sent by mail or email within seven days. If you feel that you have been unfairly denied credit, you can ask the credit provider which credit reference agency or agency has used it. Section 75 of the Consumer Credit Act provides additional protection for credit card purchases that cost between $100 and $30,000.

Write to the agency that gives your full name and address. It can also help give your credit reference file number. They will use this information when they decide to give you a card or credit. In addition, certain information must be made available to you before an agreement is reached. You should be informed of the following: If you sign a credit contract outside of commercial spaces – such as z.B. on a temporary marketing display stand – you have the right to terminate the contract within the cooling-off period. If you want to repay a loan in advance or in full, you must write to your lender asking how much you must pay to pay the debts or specify how much you want to pay. While the credit contract may be terminated, the contract will not be allocated for the item or service itself, so if you have used credits to finance the purchase of a car, you should find another way to pay unless you have another right to terminate that contract. There are some agreements that cannot be terminated, z.B.

if the loan amount exceeds $60,260 and the agreements are guaranteed onshore. If you are applying for a credit or credit card, the card company or credit provider can request a credit reference agency to check your credit history and other details, such as .B place where you have lived in recent years. If the credit provider has not responded to your letter indicating how much you must pay to repay some or all of the credit, or if you think they are trying to charge you too much, let them know that you will refer the matter to the Financial Ombudsman Service because your right to settle the agreement is denied. If you have a claim for non-compliance or misrepresentation against the supplier of goods or services, section 75 gives you the same right against the creditor. Consumer credit in the United Kingdom is governed by the Consumer Credit Act 1974 (amended in 2006), the Financial Services and Markets Act 2000 and various regulations transposing EU consumer credit legislation.