Representative example. Borrowing £7,500 over 4 years with a representative APR of 24.9%, an annual interest rate of 24.9% (Fixed) and no deposit, the amount repayable would be £238.10 per month, and total cost of credit would be £3,928.80 and the total amount payable would be £11,428.80*
ADR and the EU online dispute resolution platform
18th February 2016
ADR and the EU Online Dispute Resolution (ODR) platform rules in force from 15 February 2016. (The Alternative Dispute Resolution for Consumer Disputes (Competent Authorities and Information) Regulations 2015 as amended by the Alternative Dispute Resolution for Consumer Disputes (Amendment) Regulations 2015).
From 15 February 2016, the European Commission will make an online dispute resolution (ODR) platform available on their website, which will allow consumers who have a complaint about a product or service bought online to submit the complaint using the platform.
It will facilitate resolution complaints rather than actually resolving them.
Complaints submitted to the platform will be dealt with by approved alternative dispute resolution (ADR) providers such as the Financial Ombudsman Service.
The EU ADR Directive and the ODR Regulation require firms to provide certain information to consumers about the ODR platform. They are only relevant to an ‘online trader’, which includes any trader who offers goods or services on a website, or by other electronic means (i.e. email).
The Department for Business, Innovation and Skills (BIS) has produced detailed guidance for businesses on the ODR requirements.
The link to dispute resolution platform: http://ec.europa.eu/odr
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