The Consumer Credit Act Has Given OFT New Powers To Fine Debt Collectors

Rogue debt collectors face tough new rules in a Government bid to improve consumer protection in this contentious area. This is because of changes to the Consumer Credit Act 2006 (CCA) which have recently come into effect.

Chief among the new powers given to the Office of Fair Trading (OFT) is the ability to fine debt collectors up to £50,000 for infractions and to impose limitations on the licences under which they operate.

Another major change is the removal of the limit of £25,000 above which the CCA did not previously apply. This means that even large loans (including those currently in existence) are now governed by its provisions.

The OFT has also imposed more stringent criteria for the granting of a licence to operate as a debt collector.

In October, further changes to the CCA will require lenders to provide borrowers with additional information, including annual statements.

Partner Note

See ://www.berr.gov.uk/consumers/consumer-finance/credit-act-2006/index.html

Pinder Reaux & Associates

 

Business Services News


Read Next

Testimonials


What people say

"We shall, no doubt, be engaging you again soon"

"The matter was concluded very successfully and I’d like to thank John and Wilson again for their helpful and highly professional work earlier this year."

Alex Bailey, Trichromic LLP'

"Great Source of Support"

"You have essentially achieved what we had set out to do. Thank you for all of your assistance in this matter. Throughout this ordeal, you have been a great source of support."

Mary Anne Poutanen, Canada

"I could not have chosen a better firm to represent me."

"You provided the key essentials (and more) for client satisfaction. I am extremely pleased with the services provided by your company and the legal team provided for me. To also turnaround my situation making it a positive outcome, I could not have chosen a better firm to represent me."

Marvyn Smith, London

"I would recomend this service to anyone who has a legal matter"

"I'm so glad I had this advice before my CMD. I was very much prepared and think my company (whom I'm taking to a tribunal) were shocked at my knowledge. I would recommend this service to anyone who has a legal matter."

Jacqueline Stevenson, Bristol

"Can’t wait for another session!"

"John Spyrou kindly offered to provide our publishing firm with an update on libel and defamation law. Those who attended - a mix of veteran editors and those new to the world of journalism - all said how practical and useful they found the training – and now can’t wait for another session!"

Paul Snell, Redactive Media Group

"Highly recommended"

"Alana & Pinder Reaux’s level of service has been exceptionally high. Always keen to help out with the work in an efficient manner. Highly recommended."

Trading Point of Financial Instruments UK Ltd

"Fast and Reliable"

"Fast and reliable notary service for notarisation/legalisation of College reports for foreign office and embassies."

Student Services Department, CATS College London

"One step ahead of the opposition"

"'John Spyrou has the ability to pre-empty arguments and see issues before they arise, thereby allowing him to be one step ahead of the opposition’"

Christopher Bovey, Angelbird Technologies GmbH