Consumer Credit Act Claim Solicitors: Know Tips From Experts

Author Information

Yossarian Smythe has 108 Published Articles

United Kingdom,
West Yorkshire,,
Sowerby Bridge,,
Jambootan Ltd,,
No. 2 Warehouse,

Consumer Credit Act Claim Solicitors: Know Tips From Experts

Posted On : Feb-18-2010 | seen (533) times | Article Word Count : 511 |

The Consumer Credit Act came into force in 1974 and made it compulsory for most company to be licensed before offering services and goods to the consumers. Without the license by OFT, trading will be deemed as criminal offence and is subject to fine or/and imprisonment. At the same time, the Act requires that some hire arrangements and credits are set out in particular way and this should contain some specific information. However, since it has plenty of legal complexities, it is best to ask for Consumer Credit Act Claim Solicitors whenever you are in doubt. Still, it is always useful to have a basic idea about the law.

Basically, the Act was meant to protect the consumers in the United Kingdom while taking credit. After being passed in 1974, the law however, underwent a lot of addendums and modifications with the changing of the time. The idea of course, was to make it more effective and understandable. But, in reality, the Act is one of most misunderstood ones. In fact, the Banks have often misunderstood its points and created contracts that are simply unenforceable.

However, realizing the scenario, the Consumer Credit Act underwent a significant change in 2006. Along with including a series of new clauses that ensured that the Banks will have to act reasonably with their customers, the changes also clarify a number of issues that were quite confusing otherwise. Till the date of 6th April 2008, the companies need to get Consumer credit licenses and protected individuals for credits up to £25,000. However, thanks to the amendments in 2006, credit beyond £25,000 also becomes protected as well. The appeals under this Act are made to OFT and Financial Ombudsman Service.

If the agreement is cancelable, there will be a cooling off period of 14 days from the day when the customer signs the agreement. Otherwise, it should be done in five days after the customer receives a copy of the notice of cancellation rights or the second copy of agreement. Another significant change of the Consumer Credit Act 2006 is that it brings small one-man companies as well as the partnerships of up to three persons under the Act of 1974.

Now, let us consider the two establishments that are given the rights to review the Act and solve the disputes. The Financial Ombudsman Service was established in 2001 because of Financial Services and Markets Act 2000. The purpose was to settle disputes between consumers and financial services such as insurance companies, banks, building societies, investment firms, finance companies and even financial advisers. However, the customers can now appeal to this body if they are not satisfied with the effort by the dispute resolution service of the lender. On the other hand, the OFT is given the authority to review the credit licenses and impose civil penalties if there is a breach.

However, if you are living under the growing stress of debt, you should contact an able and sympathetic lawyer who will understand your predicaments and bring you out of it.

Re-Publish this Article

<h1>Consumer Credit Act Claim Solicitors: Know Tips From Experts</h1> Author: <a href='http://www.articleseen.com/profile_Yossarian Smythe.aspx'>Yossarian Smythe</a> The Consumer Credit Act came into force in 1974 and made it compulsory for most company to be licensed before offering services and goods to the consumers. Without the license by OFT, trading will be deemed as criminal offence and is subject to fine or/and imprisonment. At the same time, the Act requires that some hire arrangements and credits are set out in particular way and this should contain some specific information. However, since it has plenty of legal complexities, it is best to ask for Consumer Credit Act Claim Solicitors whenever you are in doubt. Still, it is always useful to have a basic idea about the law.

Basically, the Act was meant to protect the consumers in the United Kingdom while taking credit. After being passed in 1974, the law however, underwent a lot of addendums and modifications with the changing of the time. The idea of course, was to make it more effective and understandable. But, in reality, the Act is one of most misunderstood ones. In fact, the Banks have often misunderstood its points and created contracts that are simply unenforceable.

However, realizing the scenario, the Consumer Credit Act underwent a significant change in 2006. Along with including a series of new clauses that ensured that the Banks will have to act reasonably with their customers, the changes also clarify a number of issues that were quite confusing otherwise. Till the date of 6th April 2008, the companies need to get Consumer credit licenses and protected individuals for credits up to £25,000. However, thanks to the amendments in 2006, credit beyond £25,000 also becomes protected as well. The appeals under this Act are made to OFT and Financial Ombudsman Service.

If the agreement is cancelable, there will be a cooling off period of 14 days from the day when the customer signs the agreement. Otherwise, it should be done in five days after the customer receives a copy of the notice of cancellation rights or the second copy of agreement. Another significant change of the Consumer Credit Act 2006 is that it brings small one-man companies as well as the partnerships of up to three persons under the Act of 1974.

Now, let us consider the two establishments that are given the rights to review the Act and solve the disputes. The Financial Ombudsman Service was established in 2001 because of Financial Services and Markets Act 2000. The purpose was to settle disputes between consumers and financial services such as insurance companies, banks, building societies, investment firms, finance companies and even financial advisers. However, the customers can now appeal to this body if they are not satisfied with the effort by the dispute resolution service of the lender. On the other hand, the OFT is given the authority to review the credit licenses and impose civil penalties if there is a breach.

However, if you are living under the growing stress of debt, you should contact an able and sympathetic lawyer who will understand your predicaments and bring you out of it.About the Author: The author of this article knows all about <a rel="nofollow" href="http://www.realclaims.co.uk">Consumer Credit Act Claim Solicitors</a> and has written many articles on <a rel="nofollow" href="http://www.realclaims.co.uk">Wipe your Debt</a>. And the author has an excellent knowledge in Miss Sold and has been in finance sector for years. Article Source: <a href='http://www.articleseen.com/Article_Consumer-Credit-Act-Claim-Solicitors-Know-Tips-From-Experts_11256.aspx'> http://www.articleseen.com/Article_Consumer Credit Act Claim Solicitors: Know Tips From Experts_11256.aspx</a>

Article Source : http://www.articleseen.com/Article_Consumer Credit Act Claim Solicitors: Know Tips From Experts_11256.aspx

Author Resource :
The author of this article knows all about Consumer Credit Act Claim Solicitors and has written many articles on Wipe your Debt. And the author has an excellent knowledge in Miss Sold and has been in finance sector for years.

Keywords : Consumer Credit Act Claim Solicitors, Bad Debt, Wipe your Debt, Unenforceable Loans, PPI, Miss Sold,

Category : Finance : Finance

Print this Article Send to Friend