Related provisions for CONC 6.7.21

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CONC 6.7.22GRP
A firm should not allow a customer to enter into consecutive agreements with the firm for high-cost short-term credit if the cumulative effect of the agreements would be that the total amount payable by the customer is unsustainable.[Note: paragraph 6.25 (box) of ILG]
Where the regulated credit agreement is high-cost short-term credit, the lender or a credit broker must explain under CONC 4.2.5R (1)(a) that entering into that agreement would be unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing. [Note: paragraph 3.13 (box) of ILG]
Even where a customer states or implies that there is no need for an explanation of the regulated credit agreement, the lender or credit broker must continue to comply with CONC 4.2.5 R.[Note: paragraph 3.10 of ILG]
CONC 4.2.15RRP
The following information must be provided by the lender or a credit broker as part of, and in addition to that provided under, the adequate explanation required by CONC 4.2.5 R, where applicable, in the specified cases: (1) for credit token agreements:(a) different rates of interest and different charges apply to different elements of the credit provided (for example, a higher cost of withdrawing cash);(b) the implications of only making minimum repayments; (c) interest rates
An agreement is likely to be unsuitable for the purposes of CONC 3.8.2R (3) including in the following situations where a firm:(1) promotes, suggests or advises taking out a secured loan or to take out a secured loan to replace or convert an unsecured loan when it is clearly not in that person's best interests to do so at that time; or(2) promotes, suggests or advises taking out high-cost short-term credit which would be expensive as a means of longer term borrowing, as being