The Consumer Credit Act 1974 and the Consumer Credit Act 2006 contain specific requirements for information that must be provided in writing before the agreement is legally binding. You must include the following information: Anyone who offers you a credit must be licensed by the Financial Conduct Authority (FCA). Most consumer credit contracts are covered by the Consumer Credit Act 1974 and the Consumer Credit Act 2006. These agreements are called “regulated agreements.” When you purchase goods or services under a regulated credit contract, specific rules apply. Each credit contract must be written and contain certain necessary information. The contract must show: CONDITIONAL SALE This is similar to the lease-sale and, once again, the creditor (not the supplier) has a direct contractual liability if the goods are defective. Credit Reference Agencies Major credit reference agencies collect and store information about a person`s financial situation. These agencies do not keep “blacklists” or give opinions on whether or not to give you credit. You provide factual information, details of district court judgments, bankruptcy, all real estate claims, all other credit accounts you have and a record of all those who have requested a credit check in your file. You can check the information provided by the credit reference companies by asking them in writing for a copy of your file and writing the required fees.
You can demand that the incorrect information be corrected, but you cannot require that the correct information be deleted. This does not apply to loading or debit cards. However, if you use a debit card to purchase goods or if you use a credit card and the price of the item is less than $100 (your rights under the Consumer Credit Act 1974 would not apply), you can use the refund system. Chargeback is the term used by card providers to collect a card payment from the merchant`s bank. If you are able to prove a breach of contract, you can ask your card provider to try to recover the payment. Ask your card provider how the rules apply to your card, whether online transactions are covered, and how long it takes to file a claim. Credit Repair Agencies Beware of companies that promise to repair your loan for a fee. They do not have the power to do something that you cannot do yourself. Before a enforcement action can be taken against you, the lender must send you a standard notice and a standard fact sheet allowing you to make your payment within a specified time frame.
It must indicate what action it intends to take if you do not pay. A creditor in an ongoing account credit contract (for example. B a credit card) must provide you with explanations showing certain information at intervals of up to 12 months. Payment failure information is recorded on your credit report, which may affect your ability to get credit in the future.