QFA Loans - Sample Paper 2
A client has the right to withdraw from a credit settlement included by way of the Consumer
Credit Regulations with out cause.
Within what number of days from the date the settlement changed into concluded can they
withdraw?
A1
B7
C 14
D 21 - ANS-C
nine.8 Cooling Off Right
A credit score sale agreement is wherein:(i) the purchaser buys items now with the
useful resource of a mortgage from a finance organization.
(ii) the purchaser owns the products from day one.
(iii) the customer ought to make a huge lump sum charge on the quit of the term.
A (i) simplest.
B (ii) most effective.
C (i) and (ii) only.
D (i), (ii) and (iii). - ANS-C
nine.1 - Consumer Credit
A debt consolidation housing loan can result in better overall payments over the time period in
comparison to that on a brief time period loan due to the fact:
A preceding brief term mortgage payments at the moment are made over a long term.
B housing loans normally convey a higher interest price than quick time period unsecured
borrowings.
C less tax remedy may be claimed.
D the general APRC could be higher. - ANS-A
7.2.2 - Cost of Credit
A Debt Relief Notice will quit to have effect and the debtor could be eliminated from the sign in
and all of the closing money owed might be discharged right now while the debtor makes
repayments totalling:
A 50% of the original debt within twelve months of the awareness getting into effect.
B eighty% of the authentic debt at any level of the procedure.
C 60% of the unique debt at any stage of the manner.
D 50% of the unique debt at any stage of the system. - ANS-D
,8.13.3 - Debtor Responsibility
A Debt Settlement Arrangement is MOST suitable for an person with unsecured money owed
over:
A €10,000
B €20,000
C €25,000
D €35,000 - ANS-D
8.Thirteen.Four - Debt Settlement Arrangement (DSA)
A Debt Settlement Arrangement:
A applies to all credit agreements entered into
by way of an man or woman.
B permits the person to searching for safety from their secured lenders, preserving repayments
on their secured debt (together with the own family home) at the same time as acquiring debt
comfort from unsecured creditors.
C allows the person to searching for protection from their unsecured lenders, maintaining
repayments on their secured debt (consisting of the own family domestic) while they input into a
settlement settlement with all in their creditors.
D allows the man or woman to seek protection from all creditors and achieve transient remedy
from payments on secured and unsecured debt. - ANS-C
eight.13.4 - Debt Settlement Arrangement (DSA)
A hire purchase settlement is in which a purchaser:
A purchases items now from a store with the resource of a mortgage provided via a finance
corporation.
B concurs to rent goods from a finance enterprise over a selected period via paying a monthly
price, and ought to go back the goods to the finance enterprise on the cease of the desired time.
C agrees to lease items from a finance business enterprise over a specific length with the goods
transferring mechanically to the patron at the end of the duration.
D concurs to lease goods from a finance enterprise over a selected period with the choice to
purchase on the quit of the period. - ANS-D
1.2.2 - Different types of mortgage
A lifetime mortgage is in which:
A a property is together owned by means of the lender and
borrower.
B the mortgage is repaid from the sale proceeds of the assets.
C the borrower pays a notional rent for use of the belongings throughout their lifetime.
D a assets is offered to the financial group at a reduced fee by a borrower in arrears. - ANS-B
, 1.2.1 - Different styles of loans
A loan deed is a report which:
A permits the borrower to go back the belongings to the lender in the event that they get into
monetary trouble.
B gives the lender automatic prison energy to evict a borrower, at any time.
C transfers the ownership of a property to a lender.
D transfers a prison hobby in the property to a lender. - ANS-D
2.4 - Legal loan
A mortgage loan provide percent need to contain statistics on which of the subsequent?
(i) Details at the impact to the month-to-month compensation of a 1% boom in hobby costs
within the first 12 months.
(ii) Impact of the interest rate pressure check.
(iii) European Standardised Information SHeet (ESIS).
A (ii) best.
B (i) and (ii) best.
C (ii) and (iii) best.
D (i), (ii) and (iii). - ANS-D
6.14.2 - The loan provide
A protective certificate issued by means of the courts walking of an software from the debtor
way that lenders can not take any movement (or hold motion) towards the debtor for at LEAST
what number of days?
A 21
B 30
C forty five
D 70 - ANS-D
8.13.Four - Debt Settlement Arrangement (DSA)
A Split loan is in which a regulated entity has the same opinion to:
A split a borrower's loan loan into an low-cost mortgage mortgage which the borrower keeps to
pay off, and a last balance which is set apart or warehoused to a later date.
B cut up a borrower's loan mortgage into an hobby simplest mortgage which the borrower
maintains to pay off, and recommence capital and interest bills whilst the borrower is in a
position to do so.
C break up a borrower's loan mortgage right into a term loan for the arrears and an interest best
mortgage for the last loan until the borrower can recommence capital and interest payments.
A client has the right to withdraw from a credit settlement included by way of the Consumer
Credit Regulations with out cause.
Within what number of days from the date the settlement changed into concluded can they
withdraw?
A1
B7
C 14
D 21 - ANS-C
nine.8 Cooling Off Right
A credit score sale agreement is wherein:(i) the purchaser buys items now with the
useful resource of a mortgage from a finance organization.
(ii) the purchaser owns the products from day one.
(iii) the customer ought to make a huge lump sum charge on the quit of the term.
A (i) simplest.
B (ii) most effective.
C (i) and (ii) only.
D (i), (ii) and (iii). - ANS-C
nine.1 - Consumer Credit
A debt consolidation housing loan can result in better overall payments over the time period in
comparison to that on a brief time period loan due to the fact:
A preceding brief term mortgage payments at the moment are made over a long term.
B housing loans normally convey a higher interest price than quick time period unsecured
borrowings.
C less tax remedy may be claimed.
D the general APRC could be higher. - ANS-A
7.2.2 - Cost of Credit
A Debt Relief Notice will quit to have effect and the debtor could be eliminated from the sign in
and all of the closing money owed might be discharged right now while the debtor makes
repayments totalling:
A 50% of the original debt within twelve months of the awareness getting into effect.
B eighty% of the authentic debt at any level of the procedure.
C 60% of the unique debt at any stage of the manner.
D 50% of the unique debt at any stage of the system. - ANS-D
,8.13.3 - Debtor Responsibility
A Debt Settlement Arrangement is MOST suitable for an person with unsecured money owed
over:
A €10,000
B €20,000
C €25,000
D €35,000 - ANS-D
8.Thirteen.Four - Debt Settlement Arrangement (DSA)
A Debt Settlement Arrangement:
A applies to all credit agreements entered into
by way of an man or woman.
B permits the person to searching for safety from their secured lenders, preserving repayments
on their secured debt (together with the own family home) at the same time as acquiring debt
comfort from unsecured creditors.
C allows the person to searching for protection from their unsecured lenders, maintaining
repayments on their secured debt (consisting of the own family domestic) while they input into a
settlement settlement with all in their creditors.
D allows the man or woman to seek protection from all creditors and achieve transient remedy
from payments on secured and unsecured debt. - ANS-C
eight.13.4 - Debt Settlement Arrangement (DSA)
A hire purchase settlement is in which a purchaser:
A purchases items now from a store with the resource of a mortgage provided via a finance
corporation.
B concurs to rent goods from a finance enterprise over a selected period via paying a monthly
price, and ought to go back the goods to the finance enterprise on the cease of the desired time.
C agrees to lease items from a finance business enterprise over a specific length with the goods
transferring mechanically to the patron at the end of the duration.
D concurs to lease goods from a finance enterprise over a selected period with the choice to
purchase on the quit of the period. - ANS-D
1.2.2 - Different types of mortgage
A lifetime mortgage is in which:
A a property is together owned by means of the lender and
borrower.
B the mortgage is repaid from the sale proceeds of the assets.
C the borrower pays a notional rent for use of the belongings throughout their lifetime.
D a assets is offered to the financial group at a reduced fee by a borrower in arrears. - ANS-B
, 1.2.1 - Different styles of loans
A loan deed is a report which:
A permits the borrower to go back the belongings to the lender in the event that they get into
monetary trouble.
B gives the lender automatic prison energy to evict a borrower, at any time.
C transfers the ownership of a property to a lender.
D transfers a prison hobby in the property to a lender. - ANS-D
2.4 - Legal loan
A mortgage loan provide percent need to contain statistics on which of the subsequent?
(i) Details at the impact to the month-to-month compensation of a 1% boom in hobby costs
within the first 12 months.
(ii) Impact of the interest rate pressure check.
(iii) European Standardised Information SHeet (ESIS).
A (ii) best.
B (i) and (ii) best.
C (ii) and (iii) best.
D (i), (ii) and (iii). - ANS-D
6.14.2 - The loan provide
A protective certificate issued by means of the courts walking of an software from the debtor
way that lenders can not take any movement (or hold motion) towards the debtor for at LEAST
what number of days?
A 21
B 30
C forty five
D 70 - ANS-D
8.13.Four - Debt Settlement Arrangement (DSA)
A Split loan is in which a regulated entity has the same opinion to:
A split a borrower's loan loan into an low-cost mortgage mortgage which the borrower keeps to
pay off, and a last balance which is set apart or warehoused to a later date.
B cut up a borrower's loan mortgage into an hobby simplest mortgage which the borrower
maintains to pay off, and recommence capital and interest bills whilst the borrower is in a
position to do so.
C break up a borrower's loan mortgage right into a term loan for the arrears and an interest best
mortgage for the last loan until the borrower can recommence capital and interest payments.
