Consumer Protection
In the past consumers have never really had a lot of protection from lenders and have had to abide by whatever agreements they have signed, this all changed with the amendment of the Consumer Credit Act of 1974, which was amended in 2006.
The amendments in 2006 have made it much easier to claim against credit/loan agreements that do not comply with all the prescribed terms of the 1974 Consumer Credit Act.
As consumer borrowings increased to such a high level in the UK so did the number of complaints about unfair credit agreements and malpractice, this forced the authorities to take action to try to balance the scales and stop the finance companies taking unfair advantage of consumers.
