Consumer Credit Act?
 

I have a loan from a few years back taken on the basis of the Consumer Credit Act 1974 - it states this on the Loan Agreement. I've just asked for a settlement figure which they have calculated using the Consumer Credit Act 2004 albeit I understand there is a newer one that came in during 2006 ...

I'm confused :confused: should they calculate the settlement figure using the 1974, 2004 or 2006 Act? Is one better than the other?

Cheers, TX.

I'd imagine it should be based on the 1974 act unless the specific clauses were repealed by future acts. I guess it depends upon which clause in 1974 is relevant to your situation, and if it relates to the early settlement of loans the it's probably s97(1)

There is no CCA 2004, but you could be referring to Consumer Credit (Early Settlement) Regulations 2004. This is probably the relevant legislation in combination with s97(1) of the CCA 1974.

Your best bet would be to look here - http://www.legislation.gov.uk/uksi/2004/1483/made

Jamie is correct and it it a good thing for consumers.

Have you requested a written settlement quotation? They have 7 working days to send you one.