1. Introduction

Credit debt, such as loans, credit cards and hire purchase, is regulated by the Consumer Credit Act 1974. In addition, the Financial Services and Markets Act 2000 regulates many credit-related activities. It is, therefore, essential for a debt adviser to be familiar with this legislation.

Both Acts provide protection by:

•authorising traders (see below);
•regulating credit agreements (see here);
•providing sanctions for non-compliance (see here–here);
•exercising judicial control – eg, time orders and unfair relationships (see Chapters 6, 8 and 13).