Consumer credit reform: what has changed?
Consumer credit reform: what changes for loans and salary-backed loans!
The consumer credit reform was the result of a long gestation period, which found the right outlet thanks to the intervention of the European Community aimed at standardizing the provisions and methods of delivery. In Italy it has therefore materialized through the approval of Legislative Decree n. 141/10 of 13 August 2010, which then came into effect as of 19 September 2010.
With this reform there has been a reversal in the “strength” relationship between the financing companies or the banks and the consumers, as the latter have been made available with the necessary tools to be able to make a more informed and advantageous choice, or in any case more in line with your needs.
The reform involves all forms of financing, from the most frequent ones such as loans and financing, to those of longer duration such as the sale of the fifth or mortgages. The reform concerns loans for amounts up to 200 USD and 75 thousand USD, for durations up to 120 installments.
The key points of the reform
The underlying principle is inspired by clarity and transparency both in the communication phase, as in the case of advertising or various forms of sponsorship, and in the pre-contractual phase.
In both cases, all the necessary data must be provided to the consumer in a clear, clear and direct manner in order to be able to choose the best, highlighting in particular:
- The Taeg rate which effectively summarizes the total cost that must be sustained, including the preliminary investigation costs or other ancillary costs if required;
- The duration if fixedly fixed (such as in the case of particular promotions);
- The total sum to be returned with an indication of the sum requested on loan and the total loan matured and repaid at maturity;
- The Tan ;
- Any special requirements that must be in possession.
So not only the various forms of advertising must adapt to this kind of information, but also the same forms to use to be able to make a quote, which must be made on preprinted sheets, so as to allow an easy comparison, and necessarily in writing.
In addition, the possibility must be given, always in the preventive phase, or in any case in the pre-contractual phase, to be able to see also the best offers proposed by any competing companies, so as to give the possibility to choose the most advantageous solution also from an economic point of view.
The rules are not always respected
Although the reform has now been fully implemented for almost three years, there are still many companies that have not adapted the forms and pre-printed sheets to be used. So when you ask for even a quote without any commitment, you need to make sure that this is done on the appropriate pre-printed form, and that the release date and the date by which the conditions indicated are valid, the bank’s stamp and the signature of the operator who provided the compilation.
The creditworthiness of the consumer and the right of withdrawal
If the consumer is in good standing with the conditions indicated in the pre-contractual forms, then he passes to the “creditworthiness of the consumer”, or he moves on to the phase in which the financial institution must ascertain that the consumer has the economic capacity to meet the payment of the installments. Therefore, once the sum has been paid, the consumer can exercise the right of withdrawal, within 14 days of the signature and without incurring costs.
Termination penalties and the case of non-fulfillment by the supplier
The consumer can extinguish the loan at any time, with the discount of interest not yet accrued, and if required having to pay the penalty of extinction (eliminated only for mortgages) which must however be a maximum of 1% in the case of duration of a debt exceeding one year, and 0.50% for lower durations.
However, perhaps the most interesting aspect of the reform is the non-fulfillment of the “supplier” that occurs when the goods taken with installment purchase is different from the one requested or is not supplied at all, as the consumer can get the repayment of the installments already paid and the cancellation of the loan, without necessarily having to go through a long cause.