Consumer Credit Act 1974


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Consumer Credit Act 1974

a UK Act which provides for the licensing of persons and businesses engaged in the provision of consumer CREDIT (specifically moneylenders, pawnbrokers and INSTALMENT CREDIT traders – but not banks which are covered by separate legislation), and the regulation of debtor-creditor contracts. The former requirement is designed to ensure that only ‘fit and proper’ persons are allowed to provide consumer finance, and the latter gives borrowers certain rights in respect of withdrawal from an agreement, to complete payments ahead of time and to terminate the agreement. The Act contains important provisions protecting creditors from extortionate rates of interest. The Act is administered by the OFFICE OF FAIR TRADING in conjunction with the DEPARTMENT OF TRADE AND INDUSTRY. See CONSUMER PROTECTION, APR.

Consumer Credit Act 1974

a UK Act that provides for the licensing of persons and businesses engaged in the provision of consumer CREDIT (specifically, moneylenders, pawnbrokers and INSTALMENT CREDIT traders - but not banks, which are covered by separate legislation) and the regulation of DEBTOR-CREDITOR contracts.

The Act contains important provisions protecting creditors from ‘extortionate’ rates of interest. The Act is administered by the OFFICE OF FAIR TRADING in conjunction with the DEPARTMENT OF TRADE AND INDUSTRY. See CONSUMER PROTECTION, APR.

References in periodicals archive ?
Section 75 of the Consumer Credit Act 1974 says that when buying goods or services worth PS100-PS30,000 on a card, you have extra protection.
GET YOUR MONEY BACK If you used a credit card for something that cost more than PS100, you may be able to get your cash back, thanks to section 75 of the Consumer Credit Act 1974.
If you paid by credit card, you are also protected under Section 75 of the Consumer Credit Act 1974.
He admitted four offences breaching the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000.
The balance on your account is a debt which has been properly incurred by you under an agreement signed by you and regulated by the Consumer Credit act 1974.
Uncertainty about whether customers who borrowed less than PS25,000 were protected by the Consumer Credit Act 1974 led UKAR to raise a test case against an employee who held such a mortgage.
THE LAW THE court found that Paragon's failure to disclose the commission payment to Mrs Plevin meant the relationship between Paragon and her was unfair under section 140a of the Consumer Credit Act 1974.
Failure to make this obvious was ruled unfair under the Consumer Credit Act 1974.
If you are affected, write to your bank's head office, quoting Section 75 of the Consumer Credit Act 1974.
Under Section 77A of the Consumer Credit Act 1974 (CCA), lenders are required to send periodic statements to customers, which must contain specific information and wording.
This will give you protection if the retailer does go bust - under a law known as section 75 of the Consumer Credit Act 1974 - and you will be entitled to your money back.
Licensed under the Consumer Credit Act 1974 under registration numbers 0004685 and 0198797 respectively.

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