The Consumer Credit Act (1974)
This is the law that governs personal loans and other credit
agreements. Among many other requirements, it demands that :
- full written details of the true interest rate (i.e. annual percentage rate) be quoted
- a 'cooling-off' period be allowed during which borrowers may change their minds and cancel agreements
- all agreements be in writing.
The government department that oversees the loans and
credit industry is :
The Office of Fair Trading
Fleetbank House
2-6 Salisbury Square
London
EC4Y 8JX
Telephone : 020 7211 8000
Fax : 020 7211 8798
www.oft.gov.uk
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