Consumer Credit Act 1974


Also found in: Wikipedia.

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 ?
We will also be taking up the matter with our credit card providers as we believe them to be jointly liable with you, under Section 75 of the Consumer Credit Act 1974.
South cambridgeshire district council (scdc) are leading on a procurement for a cycle to work scheme on behalf of scdc and cambridge city council (ccc) collectively known as the councils.The provision and implementation of a cost effective, flexible, high quality and value for money cycle to wo...Ensure hmrc approval of the scheme and compliance with the consumer credit act 1974 in all activities.Please note that scdc and ccc may operate their schemes differently, currently scdc offers all year round access to the scheme, whereas ccc offer a fixed window of opportunity for their scheme.
Get in touch with your credit card company as it is jointly and severally liable in this case under s75 of the Consumer Credit Act 1974. As you paid the deposit by credit card, you're protected for the full amount.
Pay at least 1p on a credit card for extra protection Section 75 of the Consumer Credit Act 1974 means if you buy something costing PS100 to PS30,000 on a credit (not debit) card, the credit card firm is jointly liable with the retailer if things go wrong.
Credit cards are not covered by the Payment Services Regulations but come under the Consumer Credit Act 1974. If it is lost or stolen then used to buy something, you will be responsible for the first PS50 spent on it prior to you reporting it stolen.
Hire purchase agreements are covered by the Consumer Credit Act 1974, subject to the usual conditions.
If you paid by credit card, you are also protected under Section 75 of the Consumer Credit Act 1974. The credit card company is liable for breach of contract or misrepresentation for goods and services that cost PS100 to PS30,000.
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.
NRAM had launched the case itself to test whether customers were owed compensation because agreements were documented as though they were regulated by the Consumer Credit Act 1974.
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.

Full browser ?