Consumer Credit Act

The government has announced changes to the Consumer Credit Act (National Consumer Credit Protection Act 2009) to ease some of the onerous restrictions on lenders and to increase lending.
Attached is the government fact sheet – Borrowers will be made more accountable for providing accurate information to inform lending decisions, replacing the current practice of ‘lender beware’ with a ‘borrower responsibility’ principle.
There are also some changes to high cost forms of borrowing that are protected in relation to small amount Credit Contracts and consumer leases to protect consumers.
The changes are to be implemented from 1 April 2021.

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