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EU Mulling Consumer Credit Directive

Politics » BULGARIA IN EU | May 12, 2007, Saturday // 00:00

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The European Union is about to introduce a new directive regulating consumer credits, Bulgaria's EU Commissioner Meglena Kuneva announced in Dobrich.

She explained that if the bill passes through, consumers would be able to pay off that type of credits before the end of its term without penalties. Kuneva has already introduced the directive in the Council of Ministers of the EU.

Another crucial point in the directive is that consumers would have 14 days to reconsider the contract and get out of it without any sanctions. This is all done to protect the consumer as he or she is the weaker party in the contract, Kuneva explained.

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