Your washing machine is out of order, you have a lot of other expenses and you notice an advert in an outlet store for a washing machine which can be paid for in instalments.

How do you know if this advert is legitimate?

Credit institutions and intermediaries use almost any means necessary to promote instalment payments.

Adverts for instalment payments are subject to certain regulations.

The modification of the Law of 2004 enlarged and reinforced the provisions on consumer credit advertising. The advert is required to include certain data (complete identity of the advertiser, address and status). It must mention what type of credit is being advertised as well as the exact conditions related to the granting of credit.

In addition to written advertising, consumer credit adverts broadcast on radio and television must be clearly audible and unambiguous.

Aside from obligatory labels, there are also labels which are forbidden and which may never be included in consumer credit advertising (for example, the advert can never refer to a registration or approval number for the credit lender or intermediary or, illegitimately, to credit centralisation).

Advertising for “free credit” and other similar offers are never authorised.

In order to inform the consumer fully on the different credit options available to him, an information document must also be provided by all credit lenders and intermediaries. The consumer must always be able to see this information document and take it with him, and without having to make an express request to do so..

Want to submit a complaint?

If a consumer credit advert is not in conformity with legal requirements, the consumer may submit a complaint to the Directorate-General Control and Mediation. Any infringement of advertising laws may be subject to criminal prosecution..

This only refers to adverts for consumer credit contracts targeted by the Law of 12 june 1991 on consumer credit, so only loans repayable by instalments, sales on instalment, opening new lines of credit and financial leasing (especially for cars). Mortgage credit advertising is handled by the Banking, Finance and Insurance Commission (CBFA). Complaints relating to these types of adverts must be addressed to this organisation..

If certain advertisements do not provide enough information, the DGCM potentially may intervene based on the articles relating to advertising messages of the Law of 6 April 2010 on market practices an consumer protection.