Thursday 29 September 2016

The new lending rules at a glance

Published 29/06/2016 | 02:30

Your lender must make information about the credit application process available to you.

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If your lender does not make a decision on your credit application within 15 working days, it must tell you the reasons why.

If your credit application is declined you are entitled to get the reason(s) in writing from your lender.

If your credit application is successful your lender must give you information about the loan that it is offering you, including the terms and conditions that apply.

Your lender must offer you the option of a meeting, which includes a credit review, at least once a year.

Clarity on what constitutes a 'financial difficulties' case and a requirement that the lender must give information on how it will work with borrowers in financial difficulties.

The lender must have an internal appeals procedure.

The lender must give you information about the security required for a loan and the possible consequences of providing such security.

If the lender offers you an alternative arrangement to discharge your debts, you must be provided with information about the alternative arrangement in the loan offer document.

The lender is required to make guarantors aware of what they are undertaking and update them on loan alterations.

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