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First, it seeks to locate the problematic components of credit rating provision when you look at the post-crisis environment that is lending the EU
The aim of this article is twofold against this background.
Next, it tries to evaluate as to the extent the 2008 credit rating Directive is fit for the purpose as far as the consumer protection cash america loans title loans against irresponsible lending practices is concerned today. The analysis commences by having a research of this basic concept of вЂњresponsible lendingвЂќ within the context of customer creditвЂ”that is, unsecured credit given to individual, home, or domestic purposes. Building upon the contours associated with the idea of accountable financing which has had emerged with this quest, along with the outcomes of the study that is empirical by the writers, this article afterwards identifies the absolute most imminent irresponsible financing techniques within the credit areas throughout the EU and tentatively analyses their key motorists. The empirical study involved several semi-structured interviews with the representatives of the consumer organizations and national competent authorities aimed at verifying the preliminary findings and obtaining further information on the problematic aspects of consumer credit, both in old and new Member States in addition to the desk research. Footnote 5 the content then proceeds to look at from what extent the buyer Credit Directive acceptably addresses the situation of reckless financing and analyses customer protection requirements and their enforcement inside the broader EU regulatory framework for credit rating. The latter also incorporates a quantity of horizontal EU measures, in specific the unjust Contract Terms Directive Footnote 6 and the Unfair Commercial techniques Directive. Footnote 7 This analysis reveals some crucial restrictions associated with the present EU framework that is regulatory credit rating, in specific compared to the buyer Credit Directive, in supplying sufficient customer security contrary to the reckless financing techniques previously identified.
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