Blackstone's Guide to the Consumer Credit Act 2006

A major new Consumer Credit Act which runs to 70 sections and revolutionises the present law and practice of consumer credit has been implemented. 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

Blackstone's Guide to the Consumer Credit Act 2006 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.