Consumer Credit Act 2006

On 29 June 2006 the Office of Fair Trading (OFT) published guidance on how provisions of the Consumer Credit Act 2006 (the Act) may be used to protect consumers. The provisions relating to unfair relationships between borrowers and lenders came into force in July 2007.

 

This new Act updates and augments the 1974 Consumer Credit Act. It aims to create a fairer, clearer and more competitive consumer credit market and to improve protections for consumers.

 

The Act enables borrowers to challenge credit agreements in court on the grounds that the relationship between the parties is unfair  



 

This new 'unfair relationships' test replaces the previous concept of extortionate credit bargains.

 

How do I know if I have a claim under the new or old test?

Credit Angel Review works with specialist Solicitors and Auditors to help answer this question and pursue a claim for you. Using sophisticated software created by experts in this field we are usually able to let you know if we will pursue a case within 24 hours of the details being submitted to us.

 

Are there Alternatives?

There are ombudsmen schemes such as the Financial Ombudsman Service and other official means that can be used directly as a means of obtaining redress.