Maximum amount for Consumer Credit Regs

rs65

Hi

There was a limit of £25k for finance to be regulated under Consumer Credit laws and regs.

Am I right in saying that this was removed?

I am particularly thinking of voluntary termination rights (after 50% has been paid) when the total amount payable is around £30k.

Tixy

Yes the limit was removed for new agreements from April 08, so after that date an agreement for more than that amount could be regulated by the CCA.

This link confirms http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/exempt/
and there is a further link on that page as to when agreements would be exempt from the CCA.

rs65

Thanks Tixy, much appreciated.

somethingcorporate

I assume you are talking about HP?

mo786uk

agreements can still be regulated 'voluntarily'.

So if they gave you consumer credit regulated paperwork then those terms should still apply - just contractually - not statutorily.