New credit agreement still under CCA 1974

[krysus]

My partner's mum has just taken out a credit agreement for a laptop, and the agreement clearly states that it is regulated under CCA 1974.

 

As the new CCA regulations have come into force recently (superceding CCA 1974?), what, if any, implications does this have?

 

I would've thought all new credit agreements would now have to be under the new regulations.

 

Ta.

[krysus]

Bump - anybody??

[groovycaz]

My partner's mum has just taken out a credit agreement for a laptop, and the agreement clearly states that it is regulated under CCA 1974.

 

As the new CCA regulations have come into force recently (superceding CCA 1974?), what, if any, implications does this have?

 

I would've thought all new credit agreements would now have to be under the new regulations.

 

Ta.

 

Hi Krysus,

I was just thinking the same thing, ive just entered into a new credit card agreement and it also states its regulated under the CCA 1974, i also believe that it should have changed, il ask the question and post the answer...GC

[gizmo111]

My understanding is that the CCA 1974 is still the main act and the 2006 act just replaces and updaes some of the terms.

[krysus]

My understanding is that the CCA 1974 is still the main act and the 2006 act just replaces and updaes some of the terms.

 

On that basis then, i presume a creditor providing an new agreement under CCA '74 can't benefit/enforce from the 2006 changes.

 

Under what circumstances is 1974 vs 2006 beneficial to the consumer?

[gizmo111]

On that basis then, i presume a creditor providing an new agreement under CCA '74 can't benefit/enforce from the 2006 changes.

 

?

 

Yes they can the 74 act is the main body the 06 act amends some of th 74 clauses

 

Under what circumstances is 1974 vs 2006 beneficial to the consumer

 

Main

 

74 no agreement held by creditor is total defence to enforcement

06 no agreeemnt debt can still be enforced if court decides agreeemnt is valid.

[krysus]

Yes they can the 74 act is the main body the 06 act amends some of th 74 clauses

 

Surely, if an agreement states CCA 1974, none of the 2006 changes apply to that agreement.

[gizmo111]

Surely, if an agreement states CCA 1974, none of the 2006 changes apply to that agreement.

 

06 legislation is basically just updates to 74 legislation not a completly new CCA, so bits will apply.