Consultation on the implementation of the Consumer Credit Directive (2008/48/EC)

Background to consultation

The Consumer Credit Directive was adopted by the European Commission in May 2008 and must be implemented into UK law by June 2010. It replaces the 1986 Consumer Credit Directive and amendments. The Directive aims to protect consumers, offer them some new rights and set out common standards across the EU in relation to a range of unsecured credit products.

Purpose of consultation

Implementation of the Directive will require changes to UK consumer credit law. To prepare for these changes it's important to hear the views of consumer groups and the credit industry to ensure that our approach to implementation is the right one

Areas for consultation

The provisions to be consulted on include:

• the pre-contractual, contractual and post-contractual information that must be given to consumers;
• information to be included in advertisements;
• rights for consumers to repay an agreement early, in full or part
• calculation of the APR
• the duty on the lender to provide adequate explanations about the credit on offer to the consumer;
• the obligation on the lender to check creditworthiness before offering or increasing credit;
• the right for consumers to withdraw from a credit agreement within 14 days, without giving any reason.

Download the consultation

• Consultation on proposals for implementing the Consumer Credit Directive (PDF, 988KB)
• Impact assessment of the Consumer Credit Directive (PDF, 459KB)
• Consumer Credit Directive: worked examples of full and partial early repayments (PDF, 106KB)
• Study of the effects of the UK economy of the revised Consumer Credit Directive (PDF, 8924KB)
  
  

Download the consultation

• Consulation on proposals for implementing the consumer credit directive (PDF, 1.0 Mb) 

Download the government response

• Consultation on proposals for implementing the Consumer Credit Directive: Government response (PDF, 739 Kb)