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Your credit contract

What information the creditor has to give you and how to understand it.

When you sign up to a loan or a credit sale (hire purchase) you get a copy of the important information. The creditor legally has to give you this information and you can ask for another copy.

Find out more about what the creditor must tell you.

The information must explain what all the fees and charges are.

Find out what kinds of fees and charges the creditor is allowed to charge you.

The information must tell you what interest you will be charged.

Find out how they must explain the interest.

The creditor might have asked for security on your loan. These are items that the creditor can take if you don't pay the money back. These must be included in the contract, otherwise they can't take them.

Find out more about what can be used as security.

The creditor might ask for you to pay for insurance.

Find out if you have to pay the insurance.

If you’re under 18 years old you can apply to borrow money or buy goods on credit as long as you meet the creditor’s conditions, which may include providing a co-borrower or guarantor. Most contracts are not enforceable against minors.

Find out more about your rights and options as a minor.

Last updated 24 May 2010
[Internal link] Consumer law changes - Changes in consumer rights.

Consumer laws changed in 2014 and credit laws changed in 2015.

See Changes in consumer rights and Changes in credit laws for more information.




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