ABSTRACT
A licence is required whether or not the person seeking credit, or to hire goods, requires more than the £25,000 limit relating to the definition of a consumer credit agreement mentioned in more detail in para 9.5 below. Note that an otherwise sound consumer credit agreement made as a result of the introduction by an unlicensed credit broker may be unenforceable by the creditor or owner. Individuals may not canvass the services of a credit broker off trade premises. Credit brokers may not charge more than £3 for their fees where no credit agreement ensues within six months after the introduction by the broker. They cannot try and avoid the restrictions by restricting their agencies to foreign providers of finance for regulated agreements. D – debt counselling and debt adjusting
Debt counsellors for this purpose are those who give advice in relation to liquidating debts due under a regulated consumer credit or hire agreement. Debt adjusters: (a) negotiate on behalf of creditors or hirers terms for the discharge of
their debts under such agreements; (b) take over such obligations for a fee; or
(c) carry out similar activities in relation to the liquidation of debts under those agreements.
