Brokerage fees
The Consumer Credit Act limits a credit broker's charges to £5 if, following an introduction to a lender, an agreement is not signed within six months. If more than that has already been paid, brokers must refund the excess on request.
This section of the Act ensures that brokers are only entitled to a nominal fee if they are unable to obtain credit or hire facilities at a price the consumer is prepared to pay.
Download our guidance note Right to recover brokerage fees (pdf file 41 kb).
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
- Equal liability
- Debt collection practices
- Debt management practices
- Non-status lending
- Publications
- Credit advertising
- Irresponsible lending
Back to: Consumer Credit Act
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