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"Guidance on unenforceable agreements" by OFT

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Hi:

 

 

Just found this on my searches

 

1. Guidance on unenforceable agreements - The Office of Fair Trading

"Guidance on unenforceable agreements"

 

 

 

Guidance on unenforceable agreements

 

Start date: 27 January 2010

End date: 21 April 2010

 

The OFT is conducting a consultation on draft guidance on a creditor's duty to give information to debtors and the consequences of non-compliance on a creditor's ability to enforce.

 

 

This consultation is focused on sections 77/78/79 of the Consumer Credit Act 1974 which cover a creditor's duty to give information to debtors under fixed-term, running account, and hire agreements. It clarifies the latest OFT and court understanding of these sections following a recent High Court judgment on the matters, and sets out the OFT's views of relevant practices which would be considered to be unfair under section 25 of the Consumer Credit Act 1974 - the 'fitness test'.

 

 

The OFT's decision to issue guidance at this time has primarily resulted from our concerns that debtors are being misled as to the meaning and impact of sections 77 to 79 and that some creditors appear not to understand the nature and extent of their obligations under these sections.

 

 

This consultation is aimed at those with an interest in the relevant stages of the lending process as conducted by consumer credit businesses. This includes creditors and debt collection companies, as well as claims management companies and consumer advisors. It also includes large and small businesses, trade associations, professional bodies, regulators, enforcement agencies, consumer organisations and borrower groups.

 

 

Download OFT consultation on draft guidance on unenforceable agreements for consumers and industry (pdf 526kb).

See press release 05/10 (27 January 2010).

 

 

Consumer Credit Directive

The Consumer Credit Act and regulations are changing as a result of implementation of the Consumer Credit Directive (CCD). Regulations were laid on 30 March 2010 and are due to come into force on 1 February 2011. It will however be open to firms to comply before then if they choose. Details can be found on the Department for Business, Innovation and Skills (BIS) website.

Relevant OFT guidance will be updated in due course in the light of the CCD changes.

 

 

 

2. http://www.oft.gov.uk/shared_oft/consultations/OFT1175con.pdf

 

"Guidance on sections

77/78/79 of the Consumer

Credit Act 1974

 

3. OFT consults on unenforceable credit agreements guidance - The Office of Fair Trading

"OFT consults on unenforceable credit agreements guidance"

 

 

 

4. Debt Management Compliance Review 2009 - The Office of Fair Trading

 

Debt Management Compliance Review 2009

 

The OFT announced on 3 November 2009 that it is undertaking a formal compliance review of the Debt Management Guidance.

Consumer Credit Directive

The Consumer Credit Act and regulations are changing as a result of implementation of the Consumer Credit Directive (CCD). Regulations were laid on 30 March 2010 and are due to come into force on 1 February 2011. It will however be open to firms to comply before then if they choose. Details can be found on the Department for Business, Innovation and Skills (BIS) website.

Relevant OFT guidance will be updated in due course in the light of the CCD changes.

 

 

 

 

 

 

 

 

5. EC Consumer Credit Directive | Policies | BIS

 

 

EC Consumer Credit Directive

 

 

The Consumer Credit Directive (CCD) was adopted by the European Council in May 2008, and legislation implementing its provisions will come into force on 1 February 2011 (although lenders can start complying earlier).

New legislation implementing the Consumer Credit Directive has been put in place (Statutory Instruments 1010-1014/2010):

 

You can also find more information about the key elements of the new regulations on our Consumer Credit Draft Regulations page.

For further information, please email consumer.credit@bis.gsi.gov.uk

 

 

6. Debt collection practices - The Office of Fair Trading

 

Debt collection practices

 

The OFT has issued guidance for debt collectors on how to deal fairly with debtors. It is aimed at all consumer credit licence holders and applicants, and applies to collection of debt once an account is in default.

Download

Debt collection guidance (pdf 117 kb).

Consumer Credit Directive

The Consumer Credit Act and regulations are changing as a result of implementation of the Consumer Credit Directive (CCD). Regulations were laid on 30 March 2010 and are due to come into force on 1 February 2011. It will however be open to firms to comply before then if they choose. Details can be found on the Department for Business, Innovation and Skills (BIS) website.

Relevant OFT guidance will be updated in due course in the light of the CCD changes.

Content on this page ...

 

 

 

 

 

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Debt collection complaints

 

If you are an adviser or third party organisation and you would like to complain to the OFT about the debt collection practices of creditors and/or their debt collection units, as well as external debt collection agencies, please download and complete the complaint form (Word 123 kb) and return it to the OFT at the following address:

Enquiries Centre

Office of Fair Trading

FREEPOST

London

EC4B 4AH

Email: enquiries@oft.gsi.gov.uk

 

The OFT complaints evidence checklist (pdf 90 kb) may be helpful when dealing with complaints against traders collecting consumer credit debts. It can be used alongside the OFT's debt collection guidance and the complaint form.

Back to top

Review of debt collection guidance

 

The OFT published on 11 December 2006 the findings of a review into how guidance to debt collectors has changed behaviour within the sector and raised awareness. The OFT's guidance on debt collection, issued in July 2003, sets out minimum standards for debt collection by those holding consumer credit licences.

The OFT found that:

 

  • the guidance is a success in terms of content


  • awareness has increased among collectors of debts, individual debtors and consumer advisers


  • there have been positive changes in industry behaviour, and


  • there is more to be done in improving levels of compliance.


 

 

 

Any feedback about all of these would be helpful !!!. thanks

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It's been posted before on these forums, so the Site Team are aware.

 

They've add the bit below on some of their pages.

 

'The information on the pages listed below is outline only. Any legal views expressed in these pages or in any OFT guidance mentioned are those of the OFT. Only a court of law can give a definitive legal view on the meaning of the provisions of the Act or any legislation related to it. To find out your rights under the Act or other legislation you should obtain legal advice.'

 

The OFT are the same muppets who check that lenders Consumer Credit Agreements are legal before the lender uses them to supply credit.

Edited by rebel11

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