Payment Options and Credit (Leaving Cert Home Economics): Flashcards
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13 cards from this deck
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Practise the cards
13 cards from this deck
Consumer Credit Act 1995 definition
Consumer Credit Act 1995 definition
Irish law regulating credit agreements & protecting consumers
Cooling-off period purpose
Cooling-off period purpose
Allows withdrawal from credit agreement without penalty
What lenders must disclose
What lenders must disclose
Total repayment, interest, fees, schedule, rights
APR stands for
APR stands for
Annual Percentage Rate
What APR represents
What APR represents
True yearly cost of credit including interest & fees
Credit ad legal requirement
Credit ad legal requirement
Must show APR & not mislead
Credit provider must have
Credit provider must have
Proper licence from regulatory authorities
Right to information includes
Right to information includes
Clear, complete info about credit terms & costs
Act protects against
Act protects against
High-pressure tactics & unfair credit terms
Central Bank of Ireland enforces by
Central Bank of Ireland enforces by
Supervising & regulating credit institutions
Consumer Protection Commission role
Consumer Protection Commission role
Investigates complaints & enforces consumer rights
Non-compliance consequences
Non-compliance consequences
Fines, licence revocation, legal action
Act's impact on consumers
Act's impact on consumers
Ensures fair treatment & transparency in credit