Refusal of Credit CCA 1995

Under the the Consumer Credit Act 1995 where a credit provider refuses to provide credit to a consumer, the consumer is entitled to ask the credit provider to disclose to him/her, the name and address of any persons from whom they sought information concerning the financial standing of the consumer who gave information which influenced the refusal.

This information must be requested within 28 days of the refusal. When the consumer receives the information and reviews same, if he/she considers this information to be incorrect, can then request the credit provider to remove or amend the incorrect information within 28 days. Likewise, the credit provider after receiving such a request can , within 28 days of receipt of the notice, decide to remove, amend or take no action, as it sees fit.

If a consumer’s application for credit is rejected by a credit provider based on a search on a database, the credit provider must inform the consumer immediately of the results of the search and the details of the database consulted.

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What is Consumer Credit?

Consumer Credit

The term consumer credit  refers to different forms of credit agreements available to consumers which are provided by credit institutions, credit unions and retail credit firms.

These types of credit are:

a:    Personal Loan, typical period of loan is 1-5 years. Longer terms are also available.

b:    Hire Purchase, this where a consumer agrees to hire a product / goods from a finance company. At the end of the agreed    period the consumer has the option to purchase the product / goods from the finance company provided that all the    payments have    been made over the agreed period. However, the consumer is not obliged to buy the products / goods.

c:    Credit Sale Agreement, is when a consumer purchases a product / goods from a retailer with the aid of a loan provided by a    finance company (the retailer acts as a credit intermediary in this case). The consumer owns the goods from day one and    they    cannot be repossessed if the consumer defaults on the loan repayments.

d:    Conditional Sale Agreements, this is similar to a hire …

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All animals are created equal, but some are more 'equal' than others

The title of todays post is of course from George Orwell’s book ‘Animal Farm’ and in it the Pigs used this rationale to place themselves above the rest of society, the Pigs wanted one set of rules for themselves and another set for everybody else. And in the end the Pigs reigned supreme, the behavior of the Pigs was amiable in the early days, but it wasn’t long before there true colours came out.

Finance of course is a separate matter but I think that George Orwell struck on a common chord in his view of Socialism because when we see any sector of business society start to treat others less ‘equally’ it is reminiscent of how the Pigs fared, and the fact that although in the short term the Pigs might have the upper hand, that ultimately they end up on the table as pork chops.

I have the misfortune of seeing imbalance starting to creep into brokerage, in the UK it has started already, Halifax, Nationwide, and Cheltenham & …

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All animals are created equal, but some are more ‘equal’ than others

The title of todays post is of course from George Orwell’s book ‘Animal Farm’ and in it the Pigs used this rationale to place themselves above the rest of society, the Pigs wanted one set of rules for themselves and another set for everybody else. And in the end the Pigs reigned supreme, the behavior of the Pigs was amiable in the early days, but it wasn’t long before there true colours came out.

Finance of course is a separate matter but I think that George Orwell struck on a common chord in his view of Socialism because when we see any sector of business society start to treat others less ‘equally’ it is reminiscent of how the Pigs fared, and the fact that although in the short term the Pigs might have the upper hand, that ultimately they end up on the table as pork chops.

I have the misfortune of seeing imbalance starting to creep into brokerage, in the UK it has started already, Halifax, Nationwide, and Cheltenham & …

Read More