What new requirements does the CCD impose into UK consumer credit law?
The CCD contains some requirements which are substantially new to UK law. These include: • A duty on the lender to provide adequate explanations about the credit on offer to the consumer (articles 4, 5 and 6, CCD). • An obligation on the lender to check creditworthiness before offering or increasing credit (article 8, CCD). • Requirements concerning credit reference databases (article 9, CCD). • A right for consumers to withdraw from a credit agreement within fourteen days without giving any reason (article 14, CCD). • Requirements to inform consumers when debts are sold on (article 17, CCD). • Requirements for credit intermediaries to disclose fees and links to creditors (article 21, CCD).
