ABSTRACT
The agreements in Boxes 2-6 are exempted by s 74 of the Consumer Credit Act 1974 from having to comply with the documentation requirements.
Flow chart to determine whether the documentation provisions of the Consumer Credit Act 1974 apply to the agreement
THE DOCUMENTATION REQUIREMENTS
Content of the written agreement The Consumer Credit (Agreements) Regulations 1983 made under ss 60-61 of the Consumer Credit Act 1974 require the agreement to include (inter alia):
the amount of credit or the credit limit;
the amounts and timings of payments;
the total charge for credit;
the APR (annual percentage rate of the total charge for credit);
details of any security provided by the debtor or hirer; and
information on legal protections for the consumer as to rights of cancellation, termination, repossession of goods, etc.
