Home credit lenders can’t legally contact you or cold call you to offer a loan. If you want to take one out, you must tell the lender first – setting out your request in writing before they can visit you to discuss the details.
The same applies if you already have a loan with the home credit lender and you’re thinking about getting another one from them (this is called refinancing).
The agent must arrange a separate visit and get a written request from you outlining the details of what you’re looking for. You then have time to change your mind about the visit, without feeling under pressure.
Also, if they do arrange a separate visit to discuss another loan, they must explain to you – in a way that you can easily understand – what the costs are of refinancing any existing loan compared with taking out a new loan.
This is so that you can consider the costs of what you’re being offered and shop around to compare them with other types of borrowing.
During the visit, you can change your mind at any time and ask them to leave.