The Consumer Credit Act is the legislation governing the credit industry More Contents Insurance - Contents Insurance covers you against loss or damage to posessions held in your home More
This is the main legislation covering the provision of loans to individuals. A regulated loan is one that does not exceed £15,000 and would not include a mortgage loan of over £15,000 and so the lenders set a minimum loan of £15,001 to ensure it is not treated as a regulated loan.
The CCA is there to protect individuals and to ensure that the Finance Houses comply with set rules.
the Consumer Credit Act 1974 regulates consumer credit and consumer hire agreements for amounts up to £25,000. Its protections apply to agreements between traders and individuals, sole traders, partnerships and unincorporated associations, but not agreements made between traders and corporate bodies such as limited companies.
The CCA was enacted in 1975 and regulates consumer credit and consumer hire agreements for amounts up to £25,000. The CCA lays down rules covering the form and content of agreements, credit advertising, the method of calculating the Annual Percentage Rate ( APR ) and the procedures to be adopted in the event of a default, termination, or early settlement. The Act also requires that all traders who make regulated agreements obtain licenses from the Office of Fair Trading. In December 2003, the government published a White Paper which proposes a range of legislative changes to reform and modernize the consumer credit market.
The Consumer Credit Act 1974 is a consumer protection law that requires businesses that offer goods or services on credit or who lend money to consumers to be licensed by the Office of Fair Trading. The Act also sets out, among other things, requirements about credit agreements and credit advertising. Loans under £25,000 are usually regulated by the Consumer Credit Act.
Legislation to define the rules which relate to lending money and is designed to protect the consumer.
UK legislation which sets the rules for the way in which banks and other lenders lend money to members of the public.
Amongst other things, the Consumer Credit Act regulates the sales of certain secured and unsecured lending. Loans in excess of £25,000 are unregulated. Loans for house purchase are exempt. Regulated loans require set procedures for both pre-loan administration and defalt arrangements. The Act also sets out requirements for cooling off periods - these provide the opportunity for borrowers to change their minds.
The Consumer Credit Act is the law that governs personal loans and other credit agreements such as hire purchase, credit cards etc.
Regulates certain secured and unsecured lending up to £25,000.
Act of legislation to define the rules relating to lending money and aimed at protecting the consumer when credit is agreed with a third party.
