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- WHAT SHOULD A LANDLORD’S SOLICITOR DO?
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Consumer Credit Act 1974 Litigation
The Consumer Credits Act 1974 is a complicated piece of legislation that requires experience and expertise to ensure both lenders and consumers abide by the duties and restrictions it imposes.
What Does The Act Cover?
The Consumer Credit Act 1974 regulates credit and hire purchase agreements between a commercial lender and a consumer. This includes banks and other financial institutions. It details the rights and duties of bot
h lenders and borrowers, including:
- The requirement for hire and credit documents to be documented in a prescribed format
- The process for proper execution of the documents
- The lenders liability for any misrepresentation of the goods
- The notifications which must be sent before recovery of the goods can take place if the borrower defaults
There are many legal loopholes within the legislation; our experienced commercial specialists can assist you in identifying them and using them to
your advantage, whether you are a lender or a borrower. Basically, if an agreement does not meet the criteria set down in the Act, then it may be unenforceable so both lenders and borrowers need adequate protection.
The Enforceability of Agreements
If it is found that the agreement between the lender and the borrower is unenforceable due to a fundamental contractual flaw such as the agreement having been incorrectly drafted, formatted or executed, a lender can apply to the Court to have the agreement enforced and a borrower can resist such a claim on the grounds that it is unenforceable. At Saracens Solicitors, we can assist you and offer expert advice to protect your commercial interests.
If you are a borrower or a lender and require legal representation in a matter pertaining to the Consumer Credit Act 1974 then phone our office on 020 3588 3500 or request a call back. You will be put through directly to someone who can advise you.