your rights when buying on credit

(for all nations)

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Anyone who offers you credit must be licensed by the Office of Fair Trading. Most credit agreements are covered by the Consumer Credit Act 1974 (as amended). When you purchase goods or services on a regulated credit agreement, special rules apply.

Any contract involving credit must be in writing, and must contain certain information. It must show the amount you are borrowing, the length of the agreement, the amount and frequency of payments, details of your cancellation rights (if applicable) and other forms of protection/remedies available. It must also give the total charge for credit and the annual percentage rate (APR).

There can be major consequences of failing to meet payments under a credit agreement. If goods are faulty, the responsibility depends on the type of agreement. Cancellation rights depend on where the agreement has been signed.