Consumer Credit Act
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.
The OFT is currently undertaking a number of projects and investigations in the areas of Irresponsible Lending, Second Charge Lending and Charging Orders. Further information on enforcement action in the Consumer Credit area can be found on the Newsroom page.
The OFT has a complaint form for advisers who would like to complain about debt collection practices.
View a list of the currently applicable General Notices for consumer credit.
In this section...
- Consumer Credit Act 2006
- Pre-contract information
- Credit and hire agreements
- Post-contract information
- Credit charges and APR
- Early settlement
- Exempt agreements
- Brokerage fees
- Equal liability
- Debt collection practices
- Debt management practices
- Non-status lending
- Publications
- Credit advertising
- Irresponsible lending
- Charging orders
- Second charge lending
Back to: Legal powers
- OFT telephone enquiries:08457 22 44 99
- Consumer Direct telephone enquiries:08454 04 05 06