• Have you repaid a consumer credit earlier? The financial institution must refund you a proportionate share of the fees charged.
• UOKiK issued decisions regarding the next 3 companies: Vivus Finance, Zaplo and Bank Pocztowy.
• These companies must accept complaints and return part of the commission calculated with the straight-line method to consumers.

The Office of Competition and Consumer Protection issued next decisions related to infringement of the collective interests of individuals who have repaid a consumer credit before the due date. They regard two loan companies, Vivus Finance and Zaplo, and Bank Pocztowy. If the customer repaid the debt earlier than specified in the contract, these companies kept the entire commission. However, pursuant to Article 49 of the Consumer Credit Act, they should settle the costs of granting the loan in proportion to the period by which the contract duration was shortened. Such interpretation of the regulations was presented by the President of UOKiK as early as in 2016 and confirmed in the judgment by the Court of Justice of the EU of September 2019.

The President of UOKiK directed Vivus Finance and Zaplo to immediately cease the questioned practice. It also accepted the commitment of Bank Pocztowy to remedy the effects of the practice to consumers. As a result of the UOKiK’s decisions, all three companies will have to inform each consumer* who has repaid the credit before the due date that they can file a complaint. Complaints shall be considered within 30 days at maximum. Consumers will then receive a refund of the overpaid commission portion.

Financial institutions are to calculate the refundable amount with the straight-line method. This requires to determine how much of the credit cost falls on one day, how many days the credit period has been shortened by, and to multiply these two numbers. “The straight-line method is compliant with the regulations and fully transparent to consumers. It is the straight-line mechanism for calculating refund to customers that is the most advantageous and fairly fulfills the CJEU judgment. Thus, I expect all financial institutions to use it for the settlement of early repayment of consumer credits. We also presented such a stance at the meeting with the Polish Bank Association in October 2019,” says Tomasz Chróstny, President of UOKiK.

These are the next decisions regarding financial institutions which incorrectly settled early repayments of credit. Previously, the Authority banned the following companies from continuing such practices: Aasa, iCredit, Optima and Eurocent in bankruptcy. Further proceedings against banks and loan companies are under way.

The decisions towards Zaplo and Vivus Finance are not final, the companies have appealed to the court. The decision towards Bank Pocztowy is final.

* Bank Pocztowy - applicable to individuals who concluded the “Pożyczka na Poczcie" contract between 1 March 2015 and 30 June 2016 and repaid it before the due date; see details in the decision
Vivus Finance - applicable to individuals who have made early repayment of credit from 16 May 2016 till the decision becomes final; see details in the decision
Zaplo - applicable to individuals who have made early repayment of credit from 16 May 2016 till the decision becomes final; see details in the decision

Consumer support:

Phone: +48 801 440 220 or +48 22 290 89 16 – consumer helpline
e-mail: [SCODE]cG9yYWR5QGRsYWtvbnN1bWVudG93LnBs[ECODE]
Consumer ombudsmen – in your town or district
Regional Consumer Centres: Phone: +48 22 299 60 90 – Dlakonsumenta.pl
Financial Ombudsman - when a complaint has been rejected by a financial institution

Additional information for the media:

UOKiK Press Office
Pl. Powstańców Warszawy 1, 00-950 Warszawa, Poland
Phone +48 695 902 088, +48 22 55 60 246
E-mail: [SCODE]Yml1cm9wcmFzb3dlQHVva2lrLmdvdi5wbA==[ECODE]
Twitter: @UOKiKgovPL