Consumer Credit Act 1974 and Section 75

DullGreyGuy

Alan_R_786 said:

Thanks for replies.  I would be going to the finance company for the Personal Loan Amount only - £25,000.  Would that make a difference?

Was it a personal loan or some other form of finance?

For S75 to apply the money has to be paid by the finance company to the supplier, a personal loan wont ever get S75 protection because they pay the money to you and you then spend cash wherever. 

If its tied finance then S75A can apply as it has a higher limit of £60,260 per item but again if its a personal loan not vehicle finance then no protection. 

born_again

Did thin S75a, but that requires a " linked credit agreement"

(5)In this section “linked credit agreement” means a regulated consumer credit agreement which serves exclusively to finance an agreement for the supply of specific goods or the provision of a specific service and where—

(a)the creditor uses the services of the supplier in connection with the preparation or making of the credit agreement, or

(b)the specific goods or provision of a specific service are explicitly specified in the credit agreement.

https://www.legislation.gov.uk/ukpga/1974/39/section/75A

Given the mention of personal loan. Like above I take it that it will not come into play.

Alan_R_786

Thanks all.