Chapter II, Article 10, Paragraph 3. · Directive (EU) 2023/2225

Contents

3.The pre-contractual information referred to in paragraph 1 shall specify all of the following elements in a prominent way in the first part of the Standard European Consumer Credit Information form on one page:

(a)the identity of the creditor as well as, where applicable, of the credit intermediary involved;

(b)the total amount of credit;

(c)the duration of the credit agreement;

(d)the borrowing rate, or all borrowing rates if different borrowing rates apply in different circumstances;

(e)the annual percentage rate of charge and the total amount payable by the consumer;

(f)in the case of a credit in the form of deferred payment for specific goods or services and in the case of linked credit agreements, the specific goods or services and their cash price;

(g)the costs in the case of late payments, i.e. the interest rate applicable in the case of late payments and the arrangements for its adjustment and, where applicable, any charges payable for default;

(h)the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments will be allocated to different outstanding balances charged at different borrowing rates for the purposes of reimbursement;

(i)warning regarding the consequences of missing or late payments;

(j)the existence or absence of a right of withdrawal and, where applicable, the withdrawal period;

(k)the existence of a right of early repayment, and, where applicable, information concerning the creditor’s right to compensation;

(l)the geographical address, telephone number and email address of the creditor as well as, where applicable, the geographical address, telephone number and email address of the credit intermediary involved.

Defined terms · 22

Show every defined term

advisory services
means personal recommendations to a consumer in respect of one or more transactions relating to credit agreements and that constitute a separate activity from the granting of a credit and from the credit intermediation activities as set out in point (12);
ancillary service
means a service offered to the consumer in conjunction with the credit agreement;
APR
means the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit and calculated as set out in Article 30;
borrowing rate
means the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit drawn down;
bundling practice
means the offering or the selling of a credit agreement in a package with other distinct financial products or services where the credit agreement is also made available to the consumer separately but not necessarily on the same terms or conditions as when offered bundled with those other products or services;
consumer
means a natural person who acts for purposes which are outside his or her trade, business or profession;
credit agreement
means an agreement whereby a creditor grants or promises to grant to a consumer credit in the form of a deferred payment, loan or other similar financial accommodation, except for agreements for the provision on a continuing basis of services or for the supply of goods of the same kind, where the consumer pays for such services or goods for the duration of their provision by means of instalments;
credit intermediary
means a natural or legal person that is not acting as a creditor or notary and not merely introducing, either directly or indirectly, a consumer to a creditor, and who, in the course of that person’s trade, business or profession, for remuneration, which may take a pecuniary form or any other agreed form of financial consideration:
creditor
means a natural or legal person who grants or promises to grant credit in the course of that person’s trade, business or profession;
debt advisory services
means personalised assistance of a technical, legal or psychological nature provided by independent professional operators which are not, in particular, creditors or credit intermediaries as defined in this Directive, or credit purchasers or credit servicers as defined in Article 3, points (6) and (8), of Directive (EU) 2021/2167 of the European Parliament and of the Council, in favour of consumers who experience or might experience difficulties in meeting their financial commitments.
durable medium
means any instrument which enables the consumer to store information addressed personally to him or her in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored;
early repayment
means the full or partial discharge of the consumer’s obligations under a credit agreement, before the date agreed in the credit agreement;
fixed borrowing rate
means the borrowing rate that the creditor and the consumer agree on in the credit agreement for the entire duration of the credit agreement, or several borrowing rates that the creditor and the consumer agree on in the credit agreement for partial periods for which the borrowing rates are determined exclusively by a fixed specific percentage;
linked credit agreement
means a credit agreement where:
overdraft facility
means an explicit credit agreement whereby a creditor makes available to a consumer funds which exceed the current balance in the consumer’s current account;
overrunning
means a tacitly accepted overdraft whereby a creditor makes available to a consumer funds which exceed the current balance in the consumer’s current account or the agreed overdraft facility;
pre-contractual information
means the information which is provided before the consumer is bound by a credit agreement or, where applicable, by the submission of a binding offer and which the consumer needs in order to be able to compare different credit offers and take an informed decision on whether to conclude the credit agreement;
profiling
means profiling as defined in Article 4, point (4), of Regulation (EU) 2016/679;
total amount of credit
means the ceiling or the total sums made available under a credit agreement;
total amount payable by the consumer
means the sum of the total amount of credit and the total cost of the credit to the consumer;
total cost of the credit to the consumer
means all the costs, including interest, commissions, taxes and any other kind of fees which the consumer is required to pay in connection with the credit agreement and which are known to the creditor, except for notarial costs;
tying practice
means the offering or the selling of a credit agreement in a package with other distinct financial products or services where the credit agreement is not made available to the consumer separately;