2) CONSUMER ACTS
Consumer Credit Act 1974 (CCA 1974)
This Act regulates the formation terms and enforcements of Credit and Hire Agreements.The Act gives the consumers rights and places restraints upon the enforcement of an agreement against a consumer. It sets up a license where all organisations involved in any form of consumer credit business must be licensed. It states that the true cost of the credit and the annual rate of interest must be shown on the contract.
Conditional Sale Agreement
This is a sale of goods subject to a condition that states the goods cannot change ownership until the gods have been paid for. The financier has legalties to the goods until the last instalment is paid.
Unfair Terms in Consumer Contracts Regulations 1999
This provides that any item in standard consumer contract that are unfair – ie which cause a significant inbalance in the parties rights and obligations to the detriment to the consumer are void.
Unfair Contract Terms Act 1977
This Act determines whether or not a consumer has signed an unfair or unerous contract.
Consumer Credit Act 1974 Extortionate Credit Bargains Provisions Act
The Act states that a bargain is extortionate if it requires the debtor to make payments which are grossly extortionate. This takes into account the interest rates at the start of the transaction.
Sales of Goods Act 1979
This Act affects sales of goods, eg to consumers, where goods must be fit for the purpose they were sold.
Part 1 Supply of Goods Act
This Act covers Hired Goods
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FIGHTING DEBT
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GLOSSARY
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GLOSSARY
Understanding what some of the language and abbreviations used can be confusing. Although most sites I have visited for help do seem to be the same in abbrieviations used so I have compiled a list so that at least you know what they are refering to. Also included are details of the different Consumer Acts, and other common words used.