What is a Regulated Credit Agreement?
If you have a loan, or you have purchased goods on credit, there is a good chance that you have signed a Consumer Credit Agreement regulated by the Consumer Credit Act 1974. Generally, these agreements are under £25,000 however, with changes to the act you may have an agreement that falls under the Act.The content of the agreement has to conform to regulations in accordance with the Consumer Credit Act 1974 and should be signed and dated by both you and the lender for it to have been properly executed.
If you have a loan, or you have purchased goods on credit, to the value of 25,000 or less, then your lender should have provided you with Regulated Credit Agreement. The content of the agreement has to conform to Regulations in accordance with the Consumer Credit Act 1974 and should be signed and dated by both you and the lender for it to have been properly executed.
