22. Consumer Credit Flashcards
1
Q
Consumer Credit Act
A
Providing credit, obtaining credit and paying debt
Personal loans
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
3
Q
Consumer credit directive
A
Implemented by 6 sets of regulations
affect creditors, credit brokers and credit intermediaries
4
Q
representative APr
A
an apr that applies to 51% or more of successful clients
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
6
Q
What product is exempt from the Consumer Credit Act
A
MCOB
7
Q
two main factors in the calculation of APR?
A
The interest rate
additional costs and fees
