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Following publication in 2003 of a White Paper - "Fair, Clear and Competitive - The Consumer Credit Market in the 21st Century",
a fundemental review of the Consumer Credit Act is well under way and some changes have already been initiated. A Consumer
Credit Bill was introduced into parliament in May 2005 and received Royal Assent in March 2006.
The Department is now working on implementation of the Consumer Credit Act 2006.
The current Consumer Credit Act 1974 regulates consumer credit and consumer hire agreements for amounts up to £25,000. The
Act implements the European Directive on Consumer Credit, and this Directive is also under review.
Over-indebtedness
The term over-indebtedness is used to describe debt which has become a major burden for the borrower.
The Government is commited to reducing the social exclusion, financial exclusion and poverty that problem debt can cause and
which can contribute to over-indebtedness.
Use to menu on the left or the links on the right to findpages dealing with other aspects of consumer credit.
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Better Business Framework
Reports & Publications
Confident Consumers - A Fair Deal creating Prosperity & Success for All
(1115Kb)
