Directive 2014/17/EU of the European Parliament and of the CouncilShow full title

Section ‘13. U.K. Non-compliance with the commitments linked to the credit: consequences for the borrower’

(1) Where non-observance of any of the consumer’s obligations linked to the credit may have financial or legal consequences for the consumer, the creditor shall describe in this section the different main cases (e.g. late payments/default, failure to respect the obligations set out in Section 8 ‘Additional obligations’) and indicate where further information could be obtained. U.K.

(2) For each of those cases, the creditor shall specify, in clear, easy comprehensible terms, the sanctions or consequences to which they may give rise. Reference to serious consequences shall be highlighted. U.K.

(3) Where the immovable property used to secure the credit may be returned or transferred to the creditor, if the consumer does not comply with the obligations, this section shall include a statement indicating that fact, using the wording in Part A. U.K.