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Consumer credit podcast

The Consumer Credit Act 2006 has been one of the biggest overhauls of Consumer Legislation since 1974. Over the last two years the Act has been coming into force in piecemeal. So far we have seen:

On 1 October 2008 we will see the introduction of post contract information and default protection notices. Lenders will be expected to produce fixed sum credit agreement annual statements, arrears notices, default sums notices and post judgment interest notices. For running account credit agreements there are amendments to the current statements and there are also extra warning statements inserted into the statutory default notice.

Lenders have had to adapt their in house systems so they can produce the statements at the correct trigger points, with all the required information in order to ensure they are compliant with the regulations. The statements apply to new and existing agreements so availability of the agreement information on lenders systems is key. It is estimated that the adaption of lenders in house computer systems are costing lenders in the region of £500 million across the board. Are you ready?

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Roger Dobson

Associate
T: 03700 86 5664
I: +44 (0)161 954 5664
E: roger.dobson@shoosmiths.co.uk