These may have longer interest-free periods than memory cards and interest rates similar to those of uns brandished credit cards, but you should always think about how you will pay them – be sure to do so before the end of the introductory period. Credit Repair Agencies Beware of companies that promise to repair your loan for a fee. They do not have the power to do something that you cannot do yourself. This is because lenders can look at the total amount of credit you have and all your repayments when they decide whether or not to grant loans. These are credit cards that bear the brand image of the store you received the card from, and that merchants could give you benefits and discounts if you use your card, but they can also be used outside the store. Credit Reference Agencies Major credit reference agencies collect and store information about a person`s financial situation. These agencies do not keep “blacklists” or give opinions on whether or not to give you credit. You provide factual information, details of district court judgments, bankruptcy, all real estate claims, all other credit accounts you have and a record of all those who have requested a credit check in your file. You can check the information provided by the credit reference companies by asking them in writing for a copy of your file and writing the required fees.
You can demand that the incorrect information be corrected, but you cannot require that the correct information be deleted. Anyone offering loans must be authorized by the Financial Conduct Authority (FCA) so that you have significant rights in the event of a problem. A creditor in an ongoing account credit contract (for example. B a credit card) must provide you with explanations showing certain information at intervals of up to 12 months. Once you have made all the payments to the financial company, you can purchase the merchandise by paying a final “purchase option.” You do not have an automatic credit right and you cannot insist on credit. Responsible creditors should only offer loans if appropriate based on their creditworthiness. Most creditors will use credit reference agencies and/or a credit rating to decide whether they lend or not. If you are refused because of a credit contract, you can request a copy of the draft contract and you must be informed if the reason for the refusal is based on information received from a credit reference agency. Consumer credit fees, standard consumer credit information form, credit assessment, debt advice and distance sale of financial services.
If you miss refunds, it will affect your creditworthiness. Early settlement of a credit contract It may be possible to settle a pre-credit contract and get a discount on the cost of credit. The existing right to settle a pre-existing credit contract has been extended at any time to the right to pay partially anticipated invoices. However, a creditor may seek compensation for an early liquidation. A computer based on the provisions of the Consumer Credit Directive is available to help users (including regulators, consumers, creditors) calculate the RPA of a given credit value. Can you terminate your credit contract? You can withdraw most credit contracts within 14 days of the agreement or, if presented later, if you receive a copy of the agreement or are informed of the credit limit.