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Law: Consumer Credit Act 2006 – further information

On April 6 new provisions were introduced under the Consumer Credit Act 2006.

 

  • The financial limit of £25,000 credit was removed.
  • The Office of Fair Trading has a strengthened licensing regime
  • A new consumer credit appeals tribunal was set up (for appeals against licensing decisions).
  • There is an unfair relationships test for all credit agreements

    On October 1 lenders will be obliged to give more information to borrowers about accounts such as annual statements.

    Visit www.lawgistics.co.uk or call 0870 26 77 118 for more information.

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