The Consumer Credit Code

The Consumer Credit Code makes sure you get the information you need to compare different credit schemes and make an informed choice. It does this by making credit providers give you the following information in all credit contracts:

• The amount of credit that is to be provided
• The annual percentage rate
• How the interest is calculated and when it is charged
• The amount of interest if the contract is to be paid out within seven years
• The credit fees and charges to be paid
• How you are to be informed about changes to the contract
• Any default rate of interest and how this is calculated
• The frequency of account statements
• Details of relevant commission charged
• Information about whether a mortgage or guarantee applies
• Details of credit related insurance financed under the contract.

The information just given must be presented in the Pre-contractual (Before the contract is signed) Statement. It provides you with details about fees and charges.

Also the Information Statement, which outlines your rights and obligations.

You may find these two statements are combined with the credit contract or are issued separately. You should take your time and read both of these statements before signing the contract.