| Consumer Credit Act 2006 |
Article Index for Consumer Credit |
Website Links For Consumer |
Information AboutConsumer Credit Act 2006 |
| CATEGORIES ABOUT CONSUMER CREDIT ACT 2006 | |
| united kingdom acts of parliament 1991 | |
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The Consumer Credit Act 2006 is a piece of UK Legislation intended to increase Consumer Protection when borrowing money. PROVISIONS The main provisions of the Act are to extend the scope of the Consumer Credit Act 1974 , to create an Ombudsman scheme, and to increase the powers of the Office Of Fair Trading in relation to consumer credit. In addition, it permits borrowers to challenge in court "unfair relationships between creditors and debtors". CONSUMER CREDIT ACT 1974 The 2006 Act brings two further types of agreement under the scope of the 1974 Act:
OMBUDSMAN SCHEME The 2006 Act gives consumers the option of using the Financial Ombudsman Service if they are unhappy with their lender's dispute resolution service, whether the lender consents or not. Complaints may also be raised against other types of credit related companies, such as debt-collection agencies. OFFICE OF FAIR TRADING The 2006 Act empowers the Office Of Fair Trading (OFT) to investigate applicants for consumer credit licences, to inpose conditions on licences, and to impose civil penalties of up to £50,000 on companies which fail to comply with its conditions, appeals from which lie to the Consumer Credit Appeals Tribunal and thence, with leave, to the Court Of Appeal . EXTERNAL LINKS |
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