Consumer_Credit_Act_1974

Consumer_Credit_Act_1974 - The Consumer Credit Act is a...

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The Consumer Credit Act is a huge piece of legislation. Understanding it is not an easy task, made harder still by all the amendments and reforms which have taken place in recent years. Nevertheless, these changes have been designed to benefit consumers by providing further clarification and additional rights. In this section, we will look at the basics of the Act, types of credit agreements, consumer rights, creditors’ obligations and what to expect in situations of default or arrears. The first step is to ask yourself a few basic questions: What type of credit agreement do you have? How was the contract made? 1. Types of credit agreements The Consumer Credit Act will regulate the majority of credit agreements. There are exceptions, such as mortgages, loans secured on property, short term agreements and charge cards. In addition to credit and store cards, personal loans and overdrafts, a credit agreement will govern the following types of contracts: Finance options for the purchase of goods and services (credit sale agreements)
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This note was uploaded on 08/02/2010 for the course MNGMT 2343 taught by Professor Zccx during the Spring '99 term at 東京国際大学.

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Consumer_Credit_Act_1974 - The Consumer Credit Act is a...

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