About the OFT
Consumer Credit Act
The Consumer Credit Act 1974 requires most businesses that lend money to consumers or offer goods or services on credit or engage in certain ancillary credit activities to be licensed by the OFT. Trading without a licence in such cases is a criminal offence and can result in a fine and/or imprisonment.
For information on consumer credit licensing, including application forms and relevant guidance, go to the Licensing area of the site.
The Act also regulates the way in which consumer credit licensees carry on business. For example, there are rules on advertising, pre-contract disclosure, credit agreements and post-contractual information. In addition, the Act confers certain rights on consumers, including in relation to withdrawal from a credit agreement, early settlement, and section 75 (joint and several liability).
A brief summary of the key provisions, together with reference to relevant legislation and guidance, is set out in the pages below.
- Pre-contract information
- Credit and hire agreements
- Post-contract information
- Early settlement
- Exempt agreements
- Brokerage fees
- Equal liability
- Credit advertising
- Unenforceable credit agreements (information requests under section 77/78/79)
- Information sheets
- Unfair relationships
For general enquiries and guidance on the work of OFT, please phone us on 08457 22 44 99 or email enquiries@oft.gsi.gov.uk.
Please note the OFT is unable to provide tailored advice to individuals. To find out your rights under the Act or other legislation you should obtain independent advice.
A summary of the changes to the Act arising from implementation of the Consumer Credit Directive can be found in the BIS guidance on the implementing regulations (pdf).
In this section
- Changes introduced by CCA06
- Pre-contract information
- Credit and hire agreements
- Post-contract information
- Early settlement
- Exempt agreements
- Brokerage fees
- Equal liability
- Debt collection practices
- Credit advertising
- Irresponsible lending
- Charging orders
- Second charge lending
- Bankruptcy Annulment and Consumer Credit
- Mental capacity guidance for creditors
- Unenforceable credit agreements
- Debt management
Back to: Relevant legislation
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