Credit Repair informationInformation on credit repair
Lending and loan repair
So, the 2013 Regulation is a bit old news, one might think: the Regulation has been in effect since June 2014. As soon as this is the case, the old 2008 rules will no longer help. In the longer term, there are a number of new provisions/definitions in the 2013 Regulation that can be construed in different ways or are open to reasoning from both sides.
It may still be argued that those occasional/part-time cabbies who use their cars also for welfare and household use are still covered by the rules. Is this to say that the supply of rental or repair on credit is precluded and therefore the rules do not even exist?
It is likely that this will be the case for credit leases, as the exemption in rule 28 (see below) does not cover Part 2. Not providing the remaining information does not constitute a criminal offense. So, is it alleged that not providing any of the other information cannot be so serious as to make the arrangement inoperable?
At first glance, this is likely to be the case for credit leases, see below. What is not contained, however, are these credit repair contracts, so that a term of prior notification is still necessary for these. The actual issue will therefore be what is implied by "specific date or service period"?
Meaning that if the entire rental term is known from the beginning, the rules do not work? Even if only the starting date is known, but not the end, then the rules do not work? Although I suppose that there will be a moment of confusion as to the interpretations or applications of the rules, I can imagine in the near future that the points of reference will be addressed, in particular with regard to Rules 28(1)(h) and 6(1)(b).