What is credit?

If you have a mortgage, personal loan, overdraft or use a credit card then you are using credit.

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Tips for each stage of a loan

Everyone's experience with borrowing money will be different, but there are some things all borrowers will go through when getting a loan. Below we have set out some tips and important information for you to keep in mind.

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When have I entered into a consumer credit contract?

A consumer credit contract is a contract between a consumer and a lender. If you take out a mortgage, sign up for a credit card, arrange an overdraft or take out a personal or cash loan – you have entered a consumer credit contract.

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Know what to look for when getting a loan

Before you take out a loan, you need to understand what you are getting into.

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What you can expect from your lender

Your lender must meet a set of lender responsibilities to you throughout your loan. There are also certain things a lender must tell you before you enter into a loan.

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Fees a lender may charge

When you take out a loan or buy goods on credit, a lender may add other costs on top of the amount you borrow.

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Being a guarantor

Sometimes a lender will require a guarantee that a debt will be paid back by someone else if the borrower stops repaying the loan. A guarantor is someone who agrees to do this.

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What to do if you are struggling with debt

If you are facing financial difficulty and think you may struggle to meet your debt repayments you have two options. Either talk to your lender as soon as possible to see if they can make changes to your credit contract or, if you qualify, you can make a hardship application.

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Repossession

When you enter into a credit contract, some items may be listed as security and may be repossessed if you do not make your loan repayments.

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