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Standardised form explained

The credit provider is obliged to provide you with the Standard European Consumer Credit Information (SECCI) form before you get down to considering a contract. It will give you the best overview of the agreement you’re considering. The form includes key details such as the type of credit, the Annual Percentage Rate (APR), the number and frequency of payments, the total amount owed etc. Receiving the same form from each credit provider will allow you to easily compare and choose the best credit offer for you.

If your credit provider didn’t give you a SECCI form, then ask for it. You have a right to receive it!

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Standard european consumer credit information form

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Standard european consumer credit information form explained

1. Identity and contact details of the creditor/credit intermediary

Name creditor
Identity
Address
Geographical adress to be used by the consumer
Telephone number *
Fax number *
Email address *
Web address *
If applicable
Identity
Credit intermediary
Geographical adress to be used by the consumer
Address
Telephone number *
Fax number *
Email address *
Web address *

(*) This information is mandatory for the creditor

Whenever “if applicable” is indicated, the creditor must fill in the box if the information is relevant to the credit product or delete the respective information or the entire row if the information is not relevant for the type of credit considered.

Indications between square brackets provide explanations for the creditor and must be replaced with the corresponding information.

2. Description of the main features of the credit product

The type of credit
The total amount of credit This means the ceiling or the total sums made available under the credit agreement.
The conditions governing the drawdown This means how and when you will obtain the money.
The duration of the credit agreement
Installments and, where appropriate, the order in wich installments will be allocated
You will have to pay the following:
The amount, number and frequency of payments to be made by the consumer.

Interest and/or charges will be payable in the following manner:
The total amount you will have to pay This means the amount of borrowed capital plus interest and possible costs related to your credit.
Sum of total amount of credit and total cost of credit
If applicableThe credit is granted in the form of a deferred payment for a good service or is linked to the supply of specific goods or the provision of a service

Name of good/service

Cash price

If applicableSureties required This is a description of the security to be provided by you in relation to the credit agreement.
Kind of sureties
If applicableRepayments do not give rise to immediate amortisation of the capital.

3. Costs of the credit

The borrowing rate or, if applicable, different borrowing rates which apply to the credit agreement
%

- fixed, or

- variable (with the index or reference rate applicable to the initial borrowing rate),

- periods
Annual Percentage Rate of Charge (APR) This is the total cost expressed as an annual percentage of the total amount of credit.

The APR is there to help you compare different offers.
% A representative example mentioning all the assumptions used for calculating the rate to be set out here
Is it compulsory, in order to obtain the credit or to obtain it on the terms and conditions marketed, to take out

- an insurance policy securing the credit, or

- another ancillary service contract?

If the costs of these services are not known by the creditor they are not included in the APR.
Yes/no

if yes, specify the kind of insurance

Yes/no

if yes, specify the kind of ancillary service

Related costs

If applicable Maintaining one or more accounts is required for recording both payment trans actions and drawdowns
If applicable Amount of costs for using a specific means of payment (e.g. a credit card)
If applicable Any other costs deriving from the credit agreement
If applicable Conditions under which the abovementioned costs related to the credit agreement can be changed

If applicable Obligation to pay notorial fees
Costs in the case of late payments Missing payments could have severe conse quences for you (e.g. forced sale) and make obtaining credit more difficult.
You will be charged
(applicable interest rate and arrangements for its adjustment and, where applicable, default charges)
for late payments

4. Other important legal aspects

Right of withdrawal You have the right to withdraw from the credit agreement within a period of 14 calendar days.
Yes/no
Early repayment You have the right to repay the credit early at any time in full or partially.
If applicable The creditor is entitled to compensation in the case of early repayment
Determination of the compensation (calcu lation method) in accordance with the provisions implementing Article 16 of Directive 2008/48/EC
Consultation of a database The creditor must inform you immediately and without charge of the result of a consul tation of a database, if a credit application is rejected on the basis of such a consul tation. This does not apply if the provision of such information is prohibited by European Community law or is contrary to objectives of public policy or public security.
Right to a draft credit agreement You have the right, upon request, to obtain a copy of the draft credit agreement free of charge. This provision does not apply if the creditor is at the time of the request unwilling to proceed to the conclusion of the credit agreement with you.
If applicable The period of time during which the creditor is bound by the pre-contractual information
This information is valid from …... until ...…

if applicable

5. Additional information in the case of distance marketing of financial services

(a) concerning the creditor
If applicable Representative of the creditor in your Member State of residence
Identity
Address
Geographical adress to be used by the consumer
Telephone number *
Email address *
Fax number *
Web address *
If applicable
Registration
The trade register in which the creditor is entered and his registration number or an equivalent means of identification in that register
If applicable The supervisory authority
(b) concerning the credit agreement
If applicable Exercise of the right of withdrawal
Practical instructions for exercising the right of withdrawal indicating, inter alia, the period for exercising the right, the address to which notification of exercise of the right of withdrawal should be sent and the conse quences of non-exercise of that right
If applicable The law taken by the creditor as a basis for the establishment of relations with you before the conclusion of the credit contract
If applicable Clause stipulating the governing law applicable to the credit agreement and/or the competent court
Relevant clause to be set out here
If applicable Language regime
Information and contractual terms will be supplied in [specific language]. With your consent, we intend to communicate in [specific language/languages] during the duration of the credit agreement.
(c) concerning redress
Existence of and access to out-of-court complaint and redress mechanism
Whether or not there is an out-of-court complaint and redress mechanism for the consumer who is party to the distance contract and, if so, the methods of access to it

(*) This information is optional for the creditor

Credit comes in all shapes and sizes from a store card at your local supermarket to a loan from your bank. The Consumer Credit Directive applies to most credit agreements with a value between EUR 200 and EUR 75 000.
All credit agreements include a ‘ceiling’ or upper limit. This is the total amount of money that the credit provider commits to provide you with in accordance with the terms of your agreement.
Each credit agreement will include the date that the agreement takes effect (either the day of signing or the day you receive a copy of the contract) and the date that it finishes in a ‘from-to’ format. Remember, however, that some credit agreements can be ‘open-ended’, i.e. without a finish date.
The number, frequency and size of all payments that you will be obliged to make.
This will be one number and will include the amount of money borrowed, as well as interest and any other associated costs.
This is the interest rate charged to you to borrow a certain amount of money from a credit provider. It is expressed as a fixed or variable percentage applied to the amount of credit provided to you every year.
Annual Percentage Rate of Charge (APR) represents the total cost of your credit. It is expressed as a percentage of the total cost of the credit and includes interest, commission, taxes and any other kinds of fees.
Insurance policy and ancillary service contracts – If, in order to secure your credit (or to secure it on the terms marketed) you’re obliged to take out an insurance policy securing the credit or to sign another ancillary service contract, it will be indicated here. If the costs of these services are not known by the creditor, they are not included in the APR.
If, in order to secure your credit (or to secure it on the terms marketed) you’re obliged to take out an insurance policy securing the credit or to sign another ancillary service contract, it will be indicated here. If the costs of these services are not known by the creditor, they are not included in the APR.
If you miss payments there could be serious consequences that may affect your financial position. The cost and consequences of missed payments will be outlined in this section.
This is one of the two major rights granted to consumers by the Consumer Credit Directive (CCD). It states that you’re allowed to withdraw from a credit agreement without giving any reason within a period of 14 calendar days after the signing of the contract. You must just pay what the credit has cost to date. The payment must be made without any undue delay and no later than 30 calendar days after the withdrawal.
You can repay your credit earlier than foreseen. However, you may have to compensate the credit provider for their lost income, but the compensation can’t exceed the total amount of interest you would have otherwise paid.
If you have a dispute with your credit provider, you can address it to an out-of-court dispute resolution body that should be able to solve your dispute in an independent and objective way without having to go to court.