Related provisions for CONC 6.7.14

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CONC 6.7.5RRP
(1) A firm must set the minimum required repayment under a regulated credit agreement for a credit card or a store card at an amount equal to at least that amount which repays the interest, fees and charges that have been applied to the customer's account, plus one percentage of the amount outstanding. [Note: paragraph 6.4 of ILG](2) Where (1) applies and a firm applies interest to a period of more than one month, for the purpose of calculating the amount of the interest part
CONC 6.7.6RRP
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]
CONC 6.7.10RRP
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]
CONC 6.7.13RRP
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
CONC 6.7.15GRP
Examples of valid reasons for increasing the rate of interest in CONC 6.7.14 R include:(1) recovering the genuine increased costs of funding the provision of credit under the agreement; and (2) a change in the risk presented by the customer which justifies the change in the interest rate, which would not generally include missing a single repayment or failing to repay in full on one or two occasions [Note: paragraph 6.20 (box) of ILG]
CONC 6.7.19RRP
A firm must not refinance a customer's existing credit with the firm (other than by exercising forbearance), unless: (1) the firm does so at the customer's request or with the customer's consent; and (2) the firm reasonably believes that it is not against the customer's best interests to do so. [Note: paragraph 6.24 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
CONC 7.3.3GRP
Where a customer under a regulated credit agreement fails to make an occasional payment when it becomes due, a firm should, in accordance with Principle 6, allow for such unmade payments to be made within the original term of the agreement unless:(1) the firm reasonably believes that it is appropriate to allow a longer period for repayment and has no reason to believe that doing so will increase the total amount payable to be unsustainable or otherwise cause a customer to be in
CONC 15.1.9GRP
Before a regulated credit agreement secured on land is entered into: (1) the firm should consider the adequate explanations it should give to the customer under CONC 4.2; and[Note: paragraph 3.1 (box) of ILG](2) the firm is required under CONC 5.2A to carry out a creditworthiness assessment5.[Note: paragraphs 1.14 and 4.1 of ILG]
CONC 7.7.4GRP
Where a firm has a contractual right to levy default charges, a regulated credit agreement must state the charges and the conditions for making the charge under, as the case may be, the Consumer Credit (Agreements) Regulations 2010 (SI 2010/1014) or the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553).[Note: paragraphs 3.11c of DCG and 7.15 of ILG]