Consumer Credit Directive

The new Consumer Credit Directive legislation (CCD) aims to guarantee high levels of consumer protection and joins together Law, Regulation and Administrative processes for consumer credit for customers.

CCD is designed to establish common rules on consumer credit across the United Kingdom (UK) and also Europe wide (EU).

This page is designed to provide all customers with details and further information surrounding this important and high profile new legislation and assist with easy access to key information.

CCD Summary

  • The CCD sets new requirements on advertising information which must now include the interest rate and any charges included in the total cost of credit to the consumer, with a clear indication of the annual percentage rate of the loan (APR) so a new standardised APR has been introduced across the whole of the UK and the EU.
  • Finance houses must provide consumers with detailed Pre-contract and contractual information in a standard format, to help ensure the customer is creditworthy and can manage the loan they take out. This printed material is provided by Volkswagen Financial Services (UK) Limited, via our Retailer and Dealer Showroom Finance quotation system, available in every showroom at the point of sale and produced whenever a finance quotation or agreement is issued. This is titled 'PRE-CONTRACT CREDIT INFORMATION'  (Standard European Consumer Credit Information) [SECCI]. An example of this can be downloaded via our 'Further info' panel  below on this web page.
  • All customers who fall within the CCD scope have a period of fourteen calendar days to exercise a right of withdrawal from a credit agreement without giving any reason and have the right to early repayment of the finance agreement.
  • All Finance houses must satisfy themselves that customers are creditworthy on the basis of sufficient information obtained from both the consumer, widely used finance industry databases and information sources during the finance application process.
  • If a credit application is rejected on the basis of the data obtained by the finance house, all customers must be informed immediately and without charge that this has occurred, with the industry database used to make any decision clearly identified.

Useful websites

We have selected below a number of Government and useful industry websites which contain information and in-depth detail surrounding the new Consumer Credit Directive regulations should you require further reference detail.

Further info

Consumer Credit Directive (CCD) FAQs

Questions and answers about the Consumer Credit Directive (CCD).

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Pre-contract Credit Information/ SECCI example document

Example copy of a Volkswagen Financial Services Pre-contract Credit Information/SECCI document.

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