A new era begins for consumers in Turkey

The new regulation on consumers prepared by the Ministry of Commerce’s has entered into force. Said regulation is supposed to bring changes in favor of the consumer in many titles.

With the entry into force of the new consumer regulation, a new era will begin in many issues, from credit agreements to distance sales, from after-sales services to consumer arbitration committees.

According to the information obtained from the Ministry of Trade, the new regulation, which provides for amendments to the Law on Consumer Protection and the Condominium Ownership Law published in the issue of the Official Gazette dated April 1, 2022, aims to protect consumers at a more advanced level.

In this context, the regulations on the share-time holiday came into force with the publication of the law. Most of the provisions in the law have been implemented since October 1.

After April, some secondary arrangements were also made regarding these.

Some of the new regulations that come with the law are as follows:

In case of default of the consumer in installment sales contracts, an arrangement was made in favor of the consumers. In case of default of consumers, the contract price was taken into account in order to claim the entire debt, and it was ensured that the consumer who had difficulty paying paid the whole debt later.

​​​​​​​Consumers will be prevented from incurring the cost of fees and commissions they pay in addition to interest on loan debts, which they can close by paying only the interest for the period used in the loan by using their right of withdrawal within 14 days in consumer loan agreements, due to the non-use of this rig

In order for the interest rate reduction made on indefinite-term contracts such as credit cards or overdraft accounts to be applied, the requirement to notify 30 days in advance has been removed. In the event of a reduction in the contractual interest rate, it was also made possible to apply this change from the pay deadline for the period when the consumer was notified.

FOR MORE DETAILED INFO: ntv.com.tr/galeri/ntvpara/tuketiciler-icin-yeni-donem-basladi,dYZGAnodOUWdJd3OTqdvgw/lMT1AGWXEkm0eU0-mIcuLA (in Turkish)