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Consumer Credit Act 1974 The Consumer Credit Act is an extremely complex and lengthy document, however, it does not imply terms into a contract. The Act covers virtually all types of credit and hire agreements involving goods or services. The Act protects debtors in two ways either directly by conferring rights on individual debtors or indirectly, by making regulations which have general application to businesses that provide credit. The Act was passed in response to the Crowther Committee Report, 1971. Before this the law was found in several statutes, was very technical and unsuitable for use by the modern commercial world. Fully implemented in 1985 The Act is in twelve parts but only provides a framework the details are left to be filled in by Regulations and Orders made under the Act. The regulation of individual agreements is achieved by insisting that all the formalities are complied with when the parties enter into...

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