Consumer Credit Act

Latest news: The OFT has issued a General Notice (pdf 59 kb) specifying descriptions of business.

The OFT has issued a complaint form and guidance for advisers who would like to complain about debt collection practices.

The Consumer Credit Act 1974 requires most businesses that offer goods or services on credit or lend money to consumers to be licensed by the OFT. Trading without a licensing arrangement is a criminal offence and can result in a fine and/or imprisonment.

The Act also requires certain credit and hire arrangements to be set out in a particular way and to contain certain information.

For information on consumer credit licensing agreements, including application forms, go to the Consumer credit licences area of the site.

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