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.
The information must explain what all the fees and charges are.
The information must tell you what interest you will be charged.
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.
The creditor might ask for you to pay for 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.