The Consumer Credit Act 1974 is a consumer protection law in the UK. It requires certain businesses to obtain Consumer credit licences and protects individuals receiving credit up to £25,000. Appeals under the Consumer Credit Act are made to the Office of Fair Trading. Consumer protection is government regulation to protect the interests of consumers, for example by requiring businesses to disclose detailed information about products, particularly in areas where safety or public health is an issue, such as food. ... In the United Kingdom, the Consumer Credit Act 1974 regulates the commercial provision of money loans and of good and services on credit to consumers. ... The Office of Fair Trading or OFT is a UK statutory body established by the Enterprise Act 2002, which seeks to protect the consumer from anti-competitive practices. ...
See also
Annual percentage rate Annual Percentage Rate (APR) is an expression of the effective interest rate that will be paid on a loan. ...
The requirement to state the amount of credit in an agreement regulated by the ConsumerCreditAct1974 (‘CCA’) does not mean that the only the words ‘amount of credit’ may be used to describe the sum.
In both cases, the borrower argued that since the agreements which they had signed did not state ‘amount of credit – £x’, they did not make clear what the amount of credit was, and that since this term is one of the prescribed terms, the agreements were unenforceable.
In these two cases, the Court proceeded on the assumption that the figures given on the agreement were correct (although this was at issue in at least one of the cases) and simply addressed the way in which the figure was described.
It is not in dispute that the pursuers and the defender entered into a credit agreement regulated by the ConsumerCreditAct1974 (hereinafter referred to as the 1974Act).
Earlier payment may be demanded by the service on the defender of a default notice in terms of the 1974Act, and failure to comply with the terms of the notice results in the whole of the remaining balance becoming payable immediately.
No time limits for the making of such applications were specified in the 1974Act, and the unqualified nature of the words "in an action" indicated that a time order could be applied for at any point during the progress of a cause.
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