Consumer Credit Act| Brown Shipley

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UNDER THE TERMS OF THE CONSUMER CREDIT ACT 1974, FOR CREDIT FACILITIES YOU SHOULD BE AWARE OF THE FOLLOWING:

The Consumer Credit Act 1974 (“CCA”) is a key piece of legislation in the UK that regulates consumer credit and provides protections for personal borrowers. Certain exemptions exist, for credit agreements entered into with high net worth individuals and/or for business purposes.

In relation to the CCA, Brown Shipley & Co. Limited (the Bank) is authorised by the Financial Conduct Authority to:
- enter into regulated credit agreements as lender;
- advise consumers on regulated credit agreements used to acquire land; and
- exercise lender's rights and duties under a regulated credit agreement.

The Bank offers personal loans to customers aged 18 and above, typically for a fixed term of up to 5 years and agreed either on a ‘repayment’ basis (where the loan is paid back in instalments) or an ‘interest-only’ basis (where you only pay interest as it falls due and the principal sum borrowed is paid back in one amount at the end of the term). The Bank also offers flexible overdraft facilities, where you only borrow what you need at the time and you are only charged interest when you use it. Overdrafts are normally repayable on demand.

The Bank is a responsible lender and will conduct a reasonable assessment of affordability based on your income, expenses and overall financial standing. The terms on which lending may be granted (including the Annual Percentage Rate) will vary depending on your individual circumstances. Security may be required. Written quotations are available upon request.

You will have statutory rights of cancellation and withdrawal. If you are experiencing financial difficulty, the Bank will treat you fairly and provide you with support.