Typically, non-mortgage signature loans according to provision of a set amount of credit (instead of revolving credit) are susceptible to broadly the exact same regulatory regime as bank cards. Some key regions of distinction are:
- the same exemption to your ‘charge card exemption’ relates where credit is paid back within a year in 12 instalments or less, without any significant prices for credit applying; and
- along with NOSIAs, an integral area for enforcement action and consumer remediation is wrong yearly statements.
Any protection supplied with regards to a credit rating contract should be written down,