European Commission launches public consultation on the Consumer Credit Directive

Ten years after its adoption, the European Commission is launching an Evaluation to assess whether the Directive is still effective and fit for purpose given the current features of the consumer credit market.

This Directive increased consumer rights in regard to consumer credit, such as the right, which cannot be waived, to withdraw from the credit contract within 14 days and the right to early repayment of the credit.

It also ensured that all consumers receive standard pre-contractual information prior to the conclusion of the credit agreement, through a standard European consumer credit information form.

The Directive imposed on credit providers an obligation to perform a creditworthiness assessment. It also set forth the mandatory use of the annual percentage rate of charge (APRC) and of the total amount payable by the consumer as comparable information on the total cost of the credit to the consumer.

Public consultation procedure

You can contribute to this consultation by filling in the online questionnaire on the European Commission’s website until 8 April 2019.

Questionnaires are available in all official EU languages.