Press kit
Consumer Credit campaign: the five key rights In the complex world of consumer credit it can be hard for citizens to compare offers and understand credit agreements. The EU's Consumer Credit Directive (CCD) – introduced in 2008 and updated in 2011 – sets out rights, protections and obligations that help European consumers navigate the world of credit and make more informed choices. The CCD contains 13 rights and obligations, and the five key rights that will take the limelight are outlined below:
The right to transparent advertising All advertising concerning credit that states the interest rate or cost of the credit must contain certain information to help you compare offers and shop around for the best deal. It must include a representative example, which will give you a clear and balanced view of the nature and costs of the credit. Legal reference: Directive 2008/48/EC of the European Parliament and of the Council1, Article 4. The right to pre-contract information A credit provider is obliged to give you key information in good time before you sign a credit agreement. You should receive this information in a clear, standardised format called the Standard European Consumer Credit Information form (SECCI). Legal reference: Directive 2008/48/EC of the European Parliament and of the Council1, Articles 5-7. Annex II describes exactly what must be included in the SECCI. The right to clear information in the contract You have a right to receive a copy of the credit agreement you have signed. The credit agreement must be written in clear and concise language. It must state details of the type of credit, the total amount owed and the Annual Percentage Rate of Charge (APR). Legal reference: Directive 2008/48/EC of the European Parliament and of the Council1, Article 10.
The right to change your mind
If you are having second thoughts about a credit agreement you have signed, don’t forget that you can withdraw from the agreement within 14 days of signing. You will, of course, have to 1
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:2008L0048:20111205:EN:PDF