Other documents Flashcards
1
Q
Credit Contracts and Consumer Finance Act 2003
A
protects consumers when they’re borrowing money. It helps ensures consumers can make informed choices, know what they’re agreeing to and can keep track of their debts.
2
Q
what borrowers need to know
A
before choosing a loan - shop around, make sure right for you, lender must provide key info
after securing loan - act quickly, staying informed, what to do if you struggle with repayments, what to do if problem with loan
3
Q
changes in consumer credit law
A
- lender responsibility principles supported by guidance in a responsible lending code
- new rules about repossession of consumer goods
- amendments to some of rules about disclosure
