Consumer credit is a challenging area of the law which, in almost all instances, requires expert legal guidance, particularly when it relates to banking litigation and other contentious issues.
Oratto's specialist banking litigation lawyers offer the confidence and clarity that comes with experience, expertise, and reliable and practical advice, ensuring that your business can operate at maximum capacity.
Whether you require help relating to regulatory changes, consumer credit legislation, industry best practice or some form of dispute, we can help you meet your objectives with only the minimum of inconvenience.
The expertise of our banking litigation lawyers in these matters includes, but is not limited to, the following:
- Conditional sale
- Hire purchase agreements
- Credit sale agreements
- Credit cards
The Consumer Credit Act 1974
The Consumer Credit Act 1974 (amended by the Consumer Credit Act 2006) makes plain how consumer credit and consumer hire agreements should be marketed and managed. It is enforced by local trading standards departments as well as the Office of Fair Trading (OFT).
However, the Act only applies to agreements between traders and individuals, sole traders, partnerships and unincorporated associations – however, the Act has no power over agreements made between traders and corporate bodies – for example limited companies. Furthermore, the Act only applies in cases of credit agreements worth between £100 and £30,000.
The Act stipulates a number of important rules, including the following:
- The method of calculating the Annual Percentage Rate (APR) of the Total Charge for Credit
- The procedures to be taken in relation to default, termination, or early settlement
- The rules regarding the issuing of consumer credit licences from the OFT
Protect your interests with Oratto
Having the advice and representation of a banking litigation lawyer who understands all your commercial and legal interests can be invaluable to your organisation, particularly in the highly pressured world of consumer credit issues, regulation and compliance.
Oratto can connect you with a specialist who has all the credentials and experience you require to meet your objectives.
Get in touch with us today and discover the benefits of Consumer Credit Act advice from Oratto.