A question re Consumer Credit Agreements

petermb_2

Can any one of you knowledgable brokers tell me exactly when the limit on CCA loans was raised from £15,000 to £25,000 ?

I thought it was around 1993 but I could do with a definitive answer.

thanks in advance
Peter

Phoenix79_2

May 1st 1998

The Consumer Credit (Increase of Monetary Limits) (Amendment) Order 1998

Made 31st March 1998
Coming into force 1st May 1998

Whereas a draft of this Order has been laid before Parliament and approved by each House of Parliament pursuant to section 181(2) of the Consumer Credit Act 1974[1] (hereinafter referred to as "the Act"):

Now, therefore, the Secretary of State, in exercise of the powers conferred on her by section 181(1) of the Act, and of all other powers enabling her in that behalf, hereby makes the following Order: -

1. This Order may be cited as the Consumer Credit (Increase of Monetary Limits) (Amendment) Order 1998 and shall come into force on 1st May 1998.

2. The Consumer Credit (Increase of Monetary Limits) Order 1983[2] is hereby amended in its Schedule, in Part II, in column "(4)", by substituting, for the limit of "£15,000" where it appears in the first three entries in that column, (relating to sections 8(2), 15(1)(c) and 43(3)(a) of the Act respectively), the limit of "£25,000".

http://www.opsi.gov.uk/si/si1998/19980996.htm

petermb_2

Thank you!