Information requirements in consumer credit

credito al consumo

What is the information to be given to a consumer when you hire a loan?

The European Court of Justice It has identified some issues information to be provided to a customer (consumer) when it concludes a loan, and the effects of their omission, in its judgment of 9 November 2016 (Case C-42/15).

Resolves a preliminary ruling from a Court of Slovakia, on consideration of the Directive 2008/48 on consumer credit contracts.

En junio de 2011 financial "Home Credit Slovakia" held a contrato de préstamo amounting to 700 Ms. euros. Biroova, using a standard form containing a few boxes where their conditions were being fulfilled (inter, personal data of the borrower including income and type of work, credit data, provision of funds, Total amount of credit, total amount due, monthly fees, number of installments and due dates, type of debtor, term total credit repayment -36 months- and annual percentage rate that was between 35% and 37.7%).

Also, the contract stipulated that a document entitled "Conditions of credit agreements of the company Home Credit Slovakia A.S cash -Créditos" (the General Terms and Conditions) It was an integral part of the contract. These general conditions of contract were not signed by the parties.

After paying two installments, la prestataria dejó de pagar el crédito y Home Credit Slovakia solicitó el reembolso anticipado de la totalidad y requirió a la Sra. Bíróová payment of principal, with default interest and penalties provided for in the loan. Having failed to obtain payment, Financial filed suit to collect credit.

The national court raises questions on the validity of a credit agreement in which the parties did not sign the general conditions.

In this situation, The European Court of Justice issued the following conclusions:

1.- The credit agreement must not necessarily be granted in a single document, so good all the information specified in Article 10, paragraph 2, of that directive must be specified on paper or on another durable medium; not preclude a Member State provides in its national legislation, on the one hand, the credit agreement falls within the scope of the Directive 2008/48 and set on paper must be signed by the parties, and, por otro, this signature requirement applicable with respect to all contract data listed in Article 10, paragraph 2, Directive.

2.- It is not necessary that the credit agreement indicate the maturity of each payment that the consumer must make reference to a specific date, provided that the conditions of the contract allow the consumer to easily determine with certainty and dates of such payments.

3.- The credit agreement with fixed duration, which provides for the repayment of capital through consecutive payments, not necessarily should specify, in the form of an amortization table, what portion of each payment will be allocated to repayment of capital.

4.- It is correct that a Member State provides in its national legislation, in the event that a credit agreement does not specify all the information required in Article 10, paragraph 2, of that Directive, the contract will be exempt from interest and expenses, always concerned lack of a data which may undermine the possibility that the consumer values ​​the scope of its commitment.

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