Bulgaria: Inspections of Fast Loan Companies are starting all over the country
Serious breaches, unfair trading practices and non-compliance with the Consumer Credit Act which distort the market. This has been established by a preliminary review of contracts by the Commission for Consumer Protection. On this occasion, inspections of the companies for fast loans are starting all over the country, announced the Minister of Economy, Nikola Stoyanov.
The Commission for Consumer Protection, whose principal is the Ministry of Economy and Industry, will check whether the rights of consumers of fast loans are respected.
The reasons for the inspections are the numerous reports of unclear or confusing terms in the contracts and misleading information.
Some time ago an attempt was made to solve the problem through a new law. However, the expert analysis showed that the root of the problem is the lack of control and prevention.
Companies are left to insert unregulated clauses into the contracts that consumers used to bind themselves to. After the signing of the contract by both parties, there is actually a legal basis for collecting the receivables with unfair commercial practices.
Therefore, the main purpose of the inspections is to identify such illegal practices in order to protect the rights of customers as much as possible.
Compliance with better information and guarantees for users of fast loans will also be checked.
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