Know your rights

Lancashire Life - - Family -

An­thony Higham, lit­i­ga­tion spe­cial­ist at Butcher & Bar­low’s Bury of­fice, pro­vides a sum­mary of

your rights when buy­ing through credit

Bri­tons will spend, on av­er­age, over £450 each on presents at Christ­mas, and of­ten on credit. The Con­sumer Credit Act cov­ers most com­mer­cial lend­ing in the UK, set­ting out what lenders must do when they lend money and your rights when bor­row­ing.

What does the Con­sumer Credit Act Cover?

Most house­hold bor­row­ing in­clud­ing credit cards, store fi­nance, cat­a­logues and pay­day loans.

What should I be told be­fore en­ter­ing into a credit agree­ment?

The amount of credit and/ or credit limit, the du­ra­tion of the agree­ment, the in­ter­est charges and the APR, the to­tal amount re­payable and when your pay­ments are due. Both you and the len­der should sign the agree­ment and you must be given a copy of the agree­ment on the date it was signed or within seven days.

I do not want the credit any­more, what can I do?

You have 14 days from when you signed the agree­ment to can­cel a credit agree­ment

If I can­cel the credit, what hap­pens to the goods?

If you have re­ceived any goods then you will need to re­turn them or find an al­ter­na­tive way to pay for them. If you have bor­rowed money you will have to re­pay it along with any in­ter­est which has been charged up to the point of can­cel­la­tion.

I pay for most things on credit card, is there any other ad­di­tional pro­tec­tion?

Yes, pro­vided the amount pur­chased on the credit card is between £100 and £30,000. If you have a claim for breach of con­tract or mis­rep­re­sen­ta­tion (i.e. where the goods are not as de­scribed or are not de­liv­ered) against a com­pany, you can ask your credit card provider to re­im­burse you the amount paid. This ap­plies to goods bought on­line, from abroad, over tele­phone or by mail or­der.

How­ever strong your le­gal pro­tec­tion, if the credit provider has not or will not obey the rules, you should seek le­gal ad­vice on how best to re­solve your dis­pute.

LEFT: An­thony Higham

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.