REGULATED CONSUMER CREDIT AGREEMENTS

Virtually all consumers protection in credit transaction depends on the credit transaction being regarded as a regulated agreement under the Consumer Credit Act 1974. So it is vital to determine before considering what remedies or options may be available to a consumer whether the transaction is a regulated transaction.

• Agreements caught by the Consumer Credit Act 1974
• Control of the credit industry
• The consumer’s best course of action when unable to pay
• Necessary formalities required to effect a credit transaction under the Consumer Credit Act 1974
• Requests for disclosure of the whereabouts of goods

• Getting out of a regulated agreement

There are five ways of getting out of a regulated agreement:

• Withdrawal
• Rescission and Repudiation
• Cancellation
• Termination
• Early settlement

There are differing financial consequences for the consumer flowing the different methods of ending the agreement.

•  The consumer’s redress for defective goods hired or bought on credit