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As things stand, an agreement is regulated by the 1974 Act if (a) the debtor is an individual, and (b) the amount of credit is not more than L25,000. The Bill proposes that the debtor must still be an "individual", but changes the definition of that word. The 1974 Act specifically says that the term includes a partnership or other unincorporated body of persons, so any business partnership, some might think oddly, benefits from protection designed for the consumer. The Office of Fair Trading (OFT) will prepare explanatory sheets for customers. They will set out information such as the possible legal consequences of the customer's situation, debt management options and contact details of advice providers. The jurisdiction of the Financial Services Ombudsman Scheme is to be extended to co...
...Subpart D: Consumer Credit Protection Act Restrictions. 581.402 - Max...
...Subpart D: Consumer Credit Protection Act Restrictions. 582.402 - Max...
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