Related provisions for CONC 6.7.5
1 - 1 of 1 items.
A firm under a regulated credit agreement for a credit card or a store card must provide a customer with the option to pay any amount they choose (equal to or more than the minimum required repayment but less than the full outstanding balance) on a regular basis, when making automated repayments. [Note: paragraph 6.5 of ILG]
Where a customer is at risk of financial difficulties, a firm under a retail revolving credit agreement or a5regulated credit agreement for a credit card 5must, other than where a promotional rate of interest ends, not increase the rate of interest under the agreement. [Note: paragraph 6.10 of ILG]
Where a firm proposes to exercise a power under a regulated credit agreement for a credit card or store card to increase the interest rate, the firm must: (1) permit the customer sixty days, from the date of the firm's notice of the proposed increase during which period the customer may give notice to the firm requiring it to close the account;(2) permit the customer to pay off the outstanding balance at the rate of interest before the proposed increase and over a reasonable