Test cases to clarify Consumer Credit Act

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A number of test cases are to be held this month, clearing up a variety of issues with the Consumer Credit Act CCA.

The BBC reports how five days have been set aside at the High Court in Manchester to hear cases which could set new legal precedents for the industry.

Should the court rule that lenders have failed to comply with the CCA, millions of pounds worth of debts could potentially be eradicated.

According to the act, debts may not be enforced if the credit firm has failed to adhere to the terms of the original consumer agreement.

Barrister Oliver Mishcon told the news provider: "Once you have established the agreement is defective, in at least one of a number of specific ways, the court has no discretion to grant an enforcement order in favour of the creditor."

David Black of Defaqto told the Times recently that consumers seeking the best credit card offers should ensure they have an unblemished credit history.

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Tags: consumer credit act , legal precedents , bbc reports , best credit card offers , mishcon , according to the act , credit card offers , test cases , creditor , credit history , favour , debts , discretion , lenders , bbc , consumers ,

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2009-11-24 12:47:48 © Moneyextra.com