Credit contracts: Hire purchase, loans and other credit Key terms and concepts What is “credit”? Credit Contracts and Consumer Finance Act 2003, ss 5, 6 A “credit” contract is an agreement you make to borrow money, or an agreement that gives you…
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Credit contracts: Hire purchase, loans and other credit High cost consumer credit contracts What is a high cost consumer credit contract? Credit Contracts and Consumer Finance Act 2003, s 45C A high cost consumer credit contract is a contract that has an…
Lenders: Their responsibilities to you Responsible lending requirements Lenders must be certified by the Commerce Commission Credit Contracts and Consumer Finance Act 2003, Part 5A From October 2021, lenders providing consumer credit or mobile trading services must be certified as “fit and…
Lenders: Their responsibilities to you The information you must be given “Initial disclosure”: Information you must be given in advance Credit Contracts and Consumer Finance Act 2003, ss 17, 32–35, Schedule 1 The lender must give you the following key information before…
Your rights and obligations: When you can cancel a credit contract Overview Different rights to cancel at different times Credit Contracts and Consumer Finance Act 2003, ss 27–31, 35 You have various rights to cancel a consumer credit contract. The extent of…
Your rights and obligations: When you can cancel a credit contract Interest and fees What interest can I be charged under a consumer credit contract? Credit Contracts and Consumer Finance Act 2003, ss 36–40 The interest rate and the method for calculating…
Your rights and obligations: When you can cancel a credit contract Credit-related insurance Do I have to take out credit-related insurance? Credit Contracts and Consumer Finance Act 2003, ss 69, 70, 94(1)(cb) Lenders can’t unreasonably require you to sign up for: credit-related…
Guarantors Overview What is a guarantor? Contract and Commercial Act 2017, s 102 A guarantor is a person who agrees to be responsible for the debt of another person. Being a guarantor is a serious obligation. If the borrower fails to meet…
Guarantors Your rights as a guarantor What information should I be given as a guarantor? Credit Contracts and Consumer Finance Act 2003, ss 24, 25, 26 If you agree to be a guarantor for a borrower, the lender must give you the…
Guarantors Contents of the guarantee What should be in a guarantee? Property Law Act 2007, s 27 The guarantee must be in writing and must be signed by the guarantor. A guarantee should include: how much money the guarantor is responsible for…
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