Credit contracts: Hire purchase, loans and other credit Your rights and obligations when you borrow money The legislation that covers credit contracts Credit Contracts and Consumer Finance Act 2003, ss 6, 7 The Credit Contracts and Consumer Finance Act 2003 (the CCCF…
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Credit contracts: Hire purchase, loans and other credit Key terms and concepts What is “credit”? Credit Contracts and Consumer Finance Act 2003, ss 5, 6 A “credit” contract is an agreement you make to borrow money, or an agreement that gives you…
Credit contracts: Hire purchase, loans and other credit High-cost consumer credit contracts What is a high-cost consumer credit contract? Credit Contracts and Consumer Finance Act 2003, s 45C A high-cost consumer credit contract is a contract that has an interest rate of…
Lenders: Their responsibilities to you Responsible lending requirements Transfer of regulatory responsibility to the Financial Markets Authority Credit Contracts and Consumer Finance Amendment Act 2026 On 1 July 2026, regulatory responsibility for Credit Contracts and Consumer Finance Act was transferred from the…
Lenders: Their responsibilities to you The information you must be given “Initial disclosure”: Information you must be given in advance Credit Contracts and Consumer Finance Act 2003, ss 17, 32–35, Schedule 1 The lender must give you the following key information before…
Your rights and obligations: When you can cancel a credit contract Overview Different rights to cancel at different times Credit Contracts and Consumer Finance Act 2003, ss 27–31, 35 You have various rights to cancel a consumer credit contract. The extent of…
Your rights and obligations: When you can cancel a credit contract Interest and fees What interest can I be charged under a consumer credit contract? Credit Contracts and Consumer Finance Act 2003, ss 36–40 The interest rate and the method for calculating…
Your rights and obligations: When you can cancel a credit contract Credit-related insurance Do I have to take out credit-related insurance? Credit Contracts and Consumer Finance Act 2003, ss 69, 70, 94(1)(cb) Lenders can’t unreasonably require you to sign up for: credit-related…
Guarantors Overview What is a guarantor? Contract and Commercial Act 2017, s 102 A guarantor is a person who agrees to be responsible for the debt of another person. Being a guarantor is a serious obligation. If the borrower fails to meet…
Guarantors Your rights as a guarantor What information should I be given as a guarantor? Credit Contracts and Consumer Finance Act 2003, ss 24, 25, 26 If you agree to be a guarantor for a borrower, the lender must give you the…
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