Blackstone's Guide to the Consumer Credit Act 2006

Blackstone's Guide to the Consumer Credit Act 2006

Paperback Blackstone's Guide

By (author) Richard Mawrey, By (author) Toby Riley-Smith

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  • Publisher: Oxford University Press
  • Format: Paperback | 320 pages
  • Dimensions: 156mm x 230mm x 18mm | 458g
  • Publication date: 5 October 2006
  • Publication City/Country: Oxford
  • ISBN 10: 0199205264
  • ISBN 13: 9780199205264

Product description

The Blackstone's Guides Series delivers concise and accessible books covering the latest legislation changes and amendments. Published within weeks of an Act, they offer expert commentary by leading names on the effects, extent and scope of the legislation, plus a full copy of the Act itself. They offer a cost-effective solution to key information needs and are the perfect companion for any practitioner needing to get up to speed with the latest changes. The Department of Trade and Industry has been conducting a major revision of consumer credit law over the past few years. Its proposals on substantial changes to existing law were contained in its White Paper published in December 2003: Fair, Clear and Competitive - The Consumer Credit Market in the 21st Century. Since then, this programme has been implemented by a series of new statutory instruments and a major new Consumer Credit Act which runs to 70 sections and revolutionises the present law and practice of consumer credit. The new Act principally amends the Consumer Credit Act 1974, which is the statute governing the licensing of, and other controls on, traders concerned with the provision of credit or the supply of goods on hire or hire-purchase to individuals. Significant changes brought in by the new Act include the following; * The re-definition of "consumers" whose agreements are to be regulated by the Act and financial ceilings on consumer credit and hire agreements removed * The consequences of trading without a license are to be made more severe and the whole process of licensing to be modernised * Consumer credit is to be brought within the remit of the Financial Ombudsman This Guide covers all of these new provisions, together with the growing importance of the internet and electronic technology to this area of the law, whilst also placing the new Act in the context of what has gone before. The commentary in the Guide is structured in a clear and logical way, thus enabling readers to quickly access the information they require.

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Author information

Toby Riley-Smith (called 1995) is based at Henderson Chambers and specialises in the inter-related fields of commercial and consumer law and product liability fields. He advises consumers and finance houses on non-contentious and contentious aspects of the 1974 Act, and is a contributing editor to both Goode's Consumer Credit Law and Practice, one of the most authoritative texts on the subject, and Halsbury's Laws - Practice and Procedure.

Table of contents

1. Introduction ; The Consumer Credit Act 1974 and its History ; The Move Towards Change ; The Consumer Credit Act 2006 ; 2. Scope of the Act ; General Scope of the Act ; Definition of 'Individual' ; Removal of Financial Limits and New Exemptions from Regulation ; Changes to the Terminology of the Consumer Credit Act 1974 ; Reform of the Licensing System ; Civil Penalties and Reform of the Appeals Procedures ; Creation of the Ombudsman Scheme ; Statements ; New Provisions for Default and Termination ; Unfair Relationships ; Miscellaneous Changes ; Changes in Consumer Credit Regulations ; 3. Licencing of Credit Businesses ; The Existing System of Licensing under the Consumer Credit Act 1974 ; Scope of Businesses Covered by the Consumer Credit Act 2006 ; Consequences of Trading without a Licence ; Applying for a Licemce: the 'Fitness Test' ; Variation of Licences ; 'Indefinite' Licences ; Poers of the Office of Fair Trading ; Information ; Penalties ; The Consumer Credit Appeals Tribunal ; 4. Financial Ombudsman ; Introduction ; The Financial Ombudsman Service ; The New Consumer Credit Jurisdiction and Rules ; Practice and Procedure of a Complaint to the Financial Ombudsman Service ; Funding of the Ombudsman Scheme ; Various Consequential Amendments Relating to the Ombudsman Scheme ; The Implications of the Consumer Credit Scheme ; 5. Statements ; Introduction ; Pre-contractual Information ; Post-contractual Information ; Conclusion ; 6. Agreements ; Introduction ; The Structure of Regulation ; Amended Form and Content of Consumer Credit Agreements ; Amended Form and Content of Consumer Hire Agreements ; Amended Form and Content of Modifying Agreements ; 7. Default and Enforcement ; The Existing Default and Enforcement Provisions ; Default Notices ; 'Default Sums' ; Notice of Default Sums ; Interest on Default Sums ; Notice of Sums in Arrears: Fixed-sum Credit Agreements ; Notice of Sums in Arrears: Running-account Credit Agreements ; Failure to Give Notice of Sums in Arrears ; Information Sheets ; Enforceability of Regulated Agreements ; Time Orders ; Interest Payable on Judgement Debts ; 8. Early Settlement ; Former Rules on Early Settlement ; Entitlement to Rebate ; Items Included in Calculation ; Changes to the Basis of Calculation ; Settlement Date and Deferral ; Savings ; 9. Unfair Relationships ; Introduction ; The Current Scheme of Extortionate Credit Bargains ; The New Scheme of Unfair Relationships ; The Court's Approach in Future ; 10. Advertisements ; The Previous Rules and the Need for Change ; The 2004 Regulations - Scope and General ; Content of Advertisements - Credit Agreements ; Content of Advertisements - Hire Agreements ; Calendar or Seasonal Periods ; Security ; The APR ; What Not to Say ; 11. Electronic Communications ; Scope of this Chapter ; Electronic Signatures ; Distance Marketing ; Changes to the Consumer Credit Act 1974 ; Changes to the Regulations ; APPENDICES ; Appendix 1: Consumer Credit Act 2006 ; Appendix 2: The Consumer Credit (Advertisements) Regulations 2004 ; Appendix 3: The Consumer Credit (Agreements) (Amendment) Regulations 2004 ; Appendix 4: The Consumer Credit (Disclosure of Information) Regulations 2004 ; Appendix 5: The Consumer Credit (Early Settlement) Regulations 2004 ; Appendix 6: The Consumer Credit Act 1974 (Electronic Communications) Order 2004 ; Appendix 7: The Consumer Credit (Enforcement, Default and Termination Notices) (Amendment) Regulations 2004 ; Appendix 8: The Financial Services (Distance Marketing) Regulations 2004 ; Appendix 9: The Consumer Credit Act 2006 - DTI's Timetable for Implementation (May 2006)