As the National Commission on Financial Market (NCFM) expands its powers to protect consumer rights, more new defendants are being identified in cases of violations of the law on consumer credit contracts. Among them are insurers and microfinance organizations.
The most frequently identified violations, according to consumer complaints, are the establishment of illegal fees for early repayment, incorrect application of the interest rate to the total cost of the loan throughout the term of the contract.
Contractual provisions regarding penalties, the purpose of the loan and unreasonable restrictions on the debtor’s freedom (to enter into other loans, leave the country or dispose of their property without the consent or notification of the creditor) are also violated.
The NCFM accuses OK CREDIT, CREDIT AUTO, AVENTUS FINANCE, EASY CREDIT, PRIME CAPITAL, etc. of such violations of the law on consumer loan agreements. All of them in one way or another have been found guilty of unfair contractual provisions regarding the interest rate, its change, increase of interest and penalties applied to the debtor, and other violations, which can be challenged only in court due to the sanctions imposed.
Aggressive commercial practices have been noticed in the insurance company “TRANSELIT“, unreasonably demanding additional documents when concluding medical insurance with consumers traveling abroad. In the case studied, the insurer refused to pay compensation for an accident that occurred during the period of validity of the health insurance policy. Subsequently, despite the case being recognized as insured, the company delayed payment of insurance compensation.
