Section 8: Revolving credit

For the credit referred to in article L. 312-57, the information on the cost of credit that must be indicated in advertising pursuant to article L. 312-6 must be provided using a representative example meeting the following characteristics: 1° An amount of 500 euros; 2° An amount of 1,000 euros; 3° An amount of 3,000 euros; 4° The maximum repayment period provided for in the commercial offer to which the…

Where the advertising mentions a promotional rate or special terms of use that deviate from the normal operation of the credit concerned, the representative example defined in Article D. 312-21 illustrates the normal conditions of performance of the credit agreement.

The representative example must indicate, in the same font size as that provided for the information set out in article L. 312-8 : 1° Its nature as an example; 2° The number of instalments for each instalment of the same amount.

In the cases provided for in article L. 312-7, the representative example indicates, in addition to the information provided for in article D. 312-21 and in the same font size: 1° That the amount of the instalments is given “excluding optional insurance”; 2° The cost of optional insurance to guarantee repayment of the credit. This cost is expressed in the commercial offer to which the advertisement relates in euros per…

The threshold mentioned in the first paragraph of article L. 312-62 is set at €1,000.

The information mentioned in article L. 312-62 is presented in accordance with the document attached as an appendix to this code. The creditor shall provide this information to the consumer prior to the provision of the information mentioned in article L. 312-12. It provides the document, mentioned in the previous paragraph, on paper or on another durable medium at the latest when providing the information mentioned in article L. 312-12.

The minimum repayment of the capital borrowed at each instalment provided for in article L. 312-65 corresponds to the following formula: R = α x K In this formula: R denotes the amount of the minimum capital repayment; K denotes the amount of capital outstanding after the last use of the credit facility; α denotes the minimum repayment percentage, which is calculated as follows: 1° For revolving credit where the…

The amount of the instalment may not be less than 15 euros.The instalment by which the borrower pays the balance enabling the entire outstanding capital to be repaid may derogate from the amount stipulated in the first paragraph. .

The minimum repayment percentage established under the conditions defined in article D. 312-27 and the minimum maturity amount defined in article D. 312-28 correspond to a monthly repayment schedule. In the case of an instalment covering a period other than a monthly payment, the lender determines the minimum repayment percentage and the minimum amount of the instalment in proportion to the period covered by this instalment.

As an exception to the provisions of article D. 312-27, the lender may grant the borrower: 1° An extension of the repayment date, no more than twice a year; 2° In the event of temporary financial difficulty or deterioration in the borrower’s solvency, an extension of all or part of one or more repayment dates, provided that the borrower’s right to use the credit is suspended until the borrower has…