You must base this assessment on the information you have received, as well as a credit reference agency. Purchase of rentals or conditional sales contracts These can be terminated at any time indicating that you want to return the goods and terminate the contract. This can be an expensive option, as you are responsible for half of the total amount to be paid under the contract at the time of cancellation, as well as all arrears and compensation in case of damage to the item. You may also have taken out additional insurance that will be listed separately in the agreement. After termination, you may be responsible for insurance premiums. This should be described in detail in your lease-sale. If you dispute the balance, the creditor says you must, so it is important to write to the creditor and tell them. Maybe it`s because they say you damaged the merchandise. You may have to cash in a “defence” when they send you the legal claim, sometimes referred to as “initial writing.” The court may set an amount less than the creditor argues if it believes that the creditor was properly compensated for its loss. The agreement must be signed by both you and the creditor, and you are entitled to a copy of the agreement.

If this information is not provided or signed by both parties, the agreement may not be applicable. If you have a permanent drop in your income, you may no longer be able to afford to pay more than token payments to the lender. If so, you may have to decide whether, realistically, you can afford to keep the merchandise over. They must decide how best to end the agreement. Distance Marketing regulations apply when you enter into a remote credit contract – for example by phone or online. Defaults There can be serious consequences if you do not pay payments under a credit contract. You are violating the contract with the financial company and the company could terminate the contract, demand an advance payment of the amount owed or even, in some cases, recover property or your home. As of April 2008, the new agreements will generally be covered by the Consumer Credit Act 1974, even if you have borrowed more than $25,000, unless the agreement is used for commercial purposes. An agreement is not within the law if the borrower is a limited company.

Part IV of the Act also applies to ancillary credit transactions in advertising, advertising and offers, as well as to business research. The law also limited the brokerage fees that credit brokers can collect. According to Section 155, if the brokerage does not lead the client to enter into an agreement with a creditor within 6 months of the work, the full fee (deducted from the sum of 1 euro) is refunded to the client.