Consumer Credit Act 2006 - Assignment Example

“The Bankruptcy Abuse Prevention and Consumer Protection act of 2005 [BAPCPA] require the application of a ‘means test' to determine whether individual consumer debtors qualify for relief under chapter 7.... Prior to 2005, people with jobs who just overextended themselves could file Chapter 7 bankruptcy and be free of credit card or other debt such as medical bills, without relinquishing much of their property as long as they continued to make payments on the property on which they still owed money....

The essay "New Card act Within Credit Card Laws" focuses on the critical analysis of the major issues concerning the new card act within credit card laws in the USA.... For that reason, a person having a low score will be underprivileged according to the new act (Schultz, 2010).... nbsp;According to Schultz (2010), a credit score is the financial worthiness of an individual in numeric values.... he difference in the score determines an individual's access to credit from financial institutions....

The consumer credit act 1974 and subsequent amendments lay down certain well defined requirements for a consumer's protection.... Various consumer credit Acts provide number of rights to the consumers to settle the agreement at any time by giving notice in writing and paying off the amounts owed under the Agreement.... A person entering consumer credit or consumer hire agreement should carefully go through the agreement forms and content of document accompanying the agreement....

The Identity Theft act defines identity theft.... nbsp; Because the Identity Theft act of 1998 was deemed an inadequate deterrent, Congress passed the Identity Theft Penalty Enhancement act in 2004 in order to increase sentences for violators of the 1998 act (18 U.... The Identity Theft act defines identity theft as occurring whenever a person "knowingly and without lawful authority produces an identification document or a false identification document" (18 U....

consumer credit act 1974 is the law regulating the credit agreements between the debtor and creditor.... iability of Creditors in Consumer Credit Agreement: Section 75 of the consumer credit act 1974 provides that the creditor is liable for the default of the supplier and the debtor has a claim against the creditor similar to that of his claim against the supplier in the Consumer Credit Agreements such as hire-purchase, credit sale and conditional sales.... Therefore the Section 75(1) and Section 56 of the consumer credit act gives the protection to the consumers against the creditor such as the credit card issuing bank for any breach of contract of sale including implied conditions such as fitness and satisfactory quality as explained in the sale of goods act....

According to the latest amendments, included into the Consumer Credit Act 2006, all agreements higher than £25,000 are now subject to the regulation by this act and thus the Act statements can be used in Dove's attempt to protect its rights.... - the clause 17 may be subjected by Dove Ltd under the statements and regulations of the Unfair Contract Terms Act as the agreement terms, which break the consumer rights of Dove Ltd and thus demand too high arrears sums and installments in case he decides to terminate the agreement with Chicken Credit Ltd; - even in case the actions of Chicken Credit Ltd were partially right, they had to keep to the term of 14 days before repossessing the goods, according to the Consumer Credit Act 2006....

In the paper “The Equitable Doctrine by Lord Mersey” the author analyzes the equitable doctrine prohibiting the imposition of a clog on the mortgagor's right to redeem.... This landmark judgment has raised stout defenders and protagonists ever since it was proclaimed.... hellip; The author states that there always has been, and always will be a need by someone to borrow and a lender is always at hand to do the needful....

One of the notable provisions of the consumer credit act of 1974 which has often been questioned is Section 127(3) which allows for certain agreements t be completed nullified if they are considered extortionate.... This is one of the radical reform measures being undertaken through the new consumer credit act of 2006, which does away with these provisions and introduces some fresh measures for the protection of lenders, such as allowing a wider range of small businesses to also enjoy the protection afforded to individuals....