Thanks for message username123. I’m new to posting - so I just created my own thread. I’ll post my query under that thread now. ThanksHave you read the key post on this topic? https://www.askaboutmoney.com/threa...nk-to-break-out-of-a-fixed-rate-early.204442/ which discusses everything under the sun about this, including real life examples.
4.25 Where a regulated entity: a) offers credit on a fixed interest rate to a personal consumer; or b) offers a personal consumer the option to fix their rate or to switch to a fixed rate, on an existing credit agreement; the regulated entity must provide, in the credit documentation, a worked example specific to the personal consumer of the early redemption charge in monetary terms and details in relation to the calculation of this charge
Thanks for the info NoRegretsCoyote. It’s great to have the exact code and point 4.25 to be able to reference them to. I would never have known what code or point to quote without your help. Thanks againCall them up and tell them that they are legally obliged to comply with the Central Bank Consumer Protection Code.
Quote them point 4.25 which clearly states they must provide you with a worked example.
Tell them failure to comply with result in a complaint to the Financial Services Ombudsman.
Hi there,
Wrong legislation.
The CPC section above refers to pre contract information (ie before you fixed). They're fully compliant with this, so your complaint would be rejected quickly.
They're in breach of the Mortgage Credit Directive.
.25 Where a regulated entity......offers a personal consumer the option to.....switch to a fixed rate, on an existing credit agreement; the regulated entity must provide.....a worked example specific to the personal consumer of the early redemption charge in monetary terms and details in relation to the calculation of this charge
Context. The bits you deleted.What am I missing?
S.I 26 (5)Which section of the Mortgage Credit Directive or the implementing SI?
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