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An obligation to inform about changes
angelica
Posts: 274 Forumite
Hi MSE experts,
I've just read a proposal for changes in the credit law of one of the Nordic countries, and they suggest that a borrower should have an obligation to inform a lender about possible future changes in his/her financial circumstances as soon as this person knows about them given that they will have an effect on his/her ability to repay loan.
Do we have this rule in UK? Never heard anything like that before...
Also what do you think about lenders' right to check frequently your credit file during the live of your credit agreement with them to prevent over-indebtness and possible defaults?
I've just read a proposal for changes in the credit law of one of the Nordic countries, and they suggest that a borrower should have an obligation to inform a lender about possible future changes in his/her financial circumstances as soon as this person knows about them given that they will have an effect on his/her ability to repay loan.
Do we have this rule in UK? Never heard anything like that before...
Also what do you think about lenders' right to check frequently your credit file during the live of your credit agreement with them to prevent over-indebtness and possible defaults?
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