Understanding consumer credit law

Consumer credit law is enshrined in the Consumer Credit Act 2006. The Act gives details of how a supplier of consumer credit, such as a shop or store, must treat your application and any credit agreement you sign.

Some cases under consumer credit law are based on a lack of detailed information when the credit agreement was signed. Note that not all disputes are the same and are taken on a per case basis even if the credit agreement that was signed is identical.

You could find that under consumer credit law you become in dispute with the credit provider because you believe their general business practices are unfair, or that their terms and conditions break your consumer rights.

In either case, you could take your case to the Office of Fair Trading if you have not been able to resolve your dispute after direct contact with the company.

As this area of law involves financial transactions, the Financial Services Authority (FSA) could also become involved in your case.

Solicitors and credit law

The services of a solicitor are always advisable as consumer credit law can be complex and open to interpretation. To ensure your rights are protected, a solicitor should always act on your behalf.

These disputes can take many forms and involve a number of agencies. You should never attempt to handle a consumer credit law case yourself.

In many cases disputes will require a court to make a judgement. In these cases having proper legal representation is always advisable.

And in some cases, if the supplier is found to be negligent it may be possible for you to claim compensation from them. In these cases it is vitally important to have proper legal support.

Many of the no-win, no-fee solicitors that advertise their services do not have a detailed knowledge of consumer credit law. Always check the credentials of any solicitor before you ask them to act on your behalf.

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