Consumer-Credit Agreement

English Legal System: Consumer-Credit Agreement

In the context of the English law, A Dictionary of Law provides the following legal concept of Consumer-Credit Agreement : A *personal-credit agreement in which an individual (the debtor) is provided with credit not exceeding £25,000. Unless exempted, consumer-credit agreements are regulated by the Consumer Credit Act 1974, which contains provisions regarding the seeking of business, entry into agreements, matters arising during the currency of agreements, default and termination, security, and judicial control. A loan to an individual businessman for business purposes can be a consumer-credit agreement.