Info on Consumer Credit Act 1974

Info on Consumer Credit Act 1974

This application contains all information related to the Consumer Credit Act 1974. The Consumer Credit Act has been on the statute book since 1974, but many people remain ignorant of its existence. Even if you don’t know about it, at one point or another you’ve probably used the Consumer Credit Act – it’s one of the most important pieces of legislation for consumers ever enacted. The Act requires most businesses that lend money to consumers or offer goods or services on credit or engage in certain ancillary credit activities to be licensed by the Financial Conduct Authority.

When you go through the contents of this application you will be very much knowledgeable about the Consumer Credit Act. Under the consumer credit act, if you sign a credit agreement off trade premises, you have the right to cancel the agreement within a cooling off period of five days. This part of the Act is designed to give consumers power when they make a deal that is perhaps rash or not thought through. Think temporary marketing stands in your local shopping Centre trying to sell you broadband or TV contracts.

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