ABSTRACT
Credit is the lifeblood of business. Most supplies of goods and services between businesses take place on credit, typically 30 days. In addition, some businesses ‘factor’ their debts: that is, they have their trade debts collected by specialists, called factors, in which there is often an element of credit in that the factor will advance to the customer a proportion of ‘approved’ debts before the factor has collected them. Businesses regularly borrow money, often from banks and often ‘charging’ the assets of the business as security. Because the credit elements of business are dealt with to some extent elsewhere, for example, the power of a company to create a charge over its business is dealt with in Chapter 31, p 656, it is proposed to deal in this chapter solely with a particular type of credit: consumer credit.
