Credit terminology - what does it mean?
(for England, Wales and Northern Ireland)
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Consumer credit and consumer hire agreements are complicated legal documents. They are contracts containing a lot of information usually in 'small print' that contains your rights and obligations under the agreement. Always read the small print and ask questions if you do not understand any of the terms before signing any agreement. Once you sign the contract, you may find it difficult to withdraw or cancel. There are specific terms (that are explained here) in relation to the type of agreement you are signing, the type of credit available, and information about defaults.
If you are uncertain about your obligations it is highly recommended that you seek advice before signing any agreement.
In the guide
Cancellable agreements
Conditional sale agreements
Credit information services
Creditor and debtor
Credit reference agencies
Credit sale agreement
Credit token agreements
Debt adjusting
Debt administration
Default
Equal liability
Executed/unexecuted agreements
Hire agreements
Hire purchase agreements
Interest and APR
Pawn
Restricted use credit
Secured credit
Time order
Unrestricted use credit
Unsecured credit
