QFA Loans - Sample Paper 1 Questions & Correct Answers | Latest Update |Already Graded A+

A lender generally charges a lower interest rate on a housing loan because: A the loan is secured against the property. B they are required to do so by the Consumer Credit Act, 1995. C the loan is unsecured. D they are required to do so by the Consumer Protection Code. : A 1.2 - Individual Loan Needs Finn buys a car by taking out a Personal Payment Plan (PPP). When will Finn be the legal owner of the car? A As soon as the contract is signed. B After he pays an initial deposit. C When the final payment has been made. D When 50% of all payments have been made. : C 2 | P a g e 1.2.1 Different forms of Loans To which of the following consumers do the provisions of the Consumer Protection Code, 2012 NOT apply? A Janet, who has borrowed €10,000 as a personal loan from Clear Bank. B Jennifer, who has engaged the services of a Debt Management firm to act on her behalf with her creditors. C Ross, who has taken out a life assurance policy with his local Credit Union. D James, who has received finance under a hire-purchase agreement. : D 1.6.2 Consumer Protection Code, 2012 Mary referred a complaint she had made about Delta Bank to the Financial Services and Pensions Ombudsman (FSPO) as she was unhappy with their final response. The FSPO upheld Mary's complaint and awarded her compensation of €50,000. Delta Bank wish to appeal the FSPO's decision. Within how many days of the FSPO's decision must Delta Bank submit their appeal to the High Court? A 15 days B 20 days C 30 days 3 | P a g e D 35 days : D 1.5.3.1 Financial Services and Pensions Complaints Process Which of the following is not an element of a valid contract? A Consideration B Acceptance C Verification D Capacity :