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            Frequently asked questions

            Consumer Credit Act of 1974 amended in 2006, Financial Services and Markets Act 2000, and regulations executing European Union Consumer Credit Law govern the consumer credit in the United Kingdom. The legislation covers different aspects ranging from credit agreements to procedures related to default and early settlement, yearly percentage rates of interest, and credit card purchases.

            The consumer credit legal jobs are regulatory lawyers- consumer credit, consumer credit lawyers, and legal accounts credit control. The eligibility criteria for consumer credit lawyers are having a law degree and extensive knowledge and experience of consumer credit or financial services. Employers prefer candidates with industry insight, especially understanding the regulations pertaining to consumer finance agreements.

            The average per hour and yearly salary for consumer credit lawyer jobs vary depending on the employer, whether the position is full or part-time, and other factors. Overall, the lawyers working in the consumer credit make good money and are offered competitive salary packages with benefits like a pension scheme, healthcare, learning and development opportunities, flexible working hours, and more.

            You can build a brilliant career working in consumer credit law if you have an interest and ambition to excel in this practice area. Gaining experience and learning about the latest regulations and issues impacting consumer credit will improve your litigation and other skills making the job more promising and rewarding.

            Currently, there are plenty of consumer credit legal jobs for lawyers in the UK. As long as the financial institutions and individuals need legal assistance regarding the credit agreements, procedures, and settling disputes, these lawyers will be in demand. Make your job application worth noticing by building a professional profile on Simply Law Jobs!

            Description

            What is Consumer Credit Law?

            Consumer credit law covers the important matters related to commercial lending, it provides guidance on the legal aspects of credit agreements and financial services. In the United Kingdom, the consumer credit law is an amalgamation of the Consumer Credit Act of 1974 that was amended in 2006, the Financial Services and Markets Act 2000, and the European Union’s consumer credit law regulations. The legislation deals with the areas like the details consumers should be provided with before signing a credit agreement, the contents of the agreement, credit advertising, processes regarding the early settlement, default, and other events and method of calculating annual interest rate percentage. 

            Consumer Credit Law Jobs’ Responsibilities

            Consumer credit lawyer jobs involve identifying the consumer credit regulation issues and advising the clients on how to go about dealing with them. They handle the claims brought under section 75 of the Consumer Credit Act. They provide legal assistance on regulated lending issues involving multiple financial products. The regulatory lawyers offer advice on the interpretation and impact of the regulations affecting the UK companies. They prepare and review consumer contracts, consumer finance agreements, and other documents. They provide timely and accurate advice on strategic development. They update the clients on the most recent regulations and legislation. Legal cashiers collect payment of outstanding invoices and maintain the financial records. 

            Skills Required to Build Consumer Credit Law Careers 

            Detailed and updated knowledge of consumer credit and financial services is important for pursuing a career in consumer credit law. Attention to detail and a proactive approach to solving issues with commercial and well-thought-out solutions are needed for the lawyers aspiring to work in consumer credit. The ability to deal and communicate with colleagues and clients on all levels is essential for the job. Stellar document drafting skills are required for preparing and modifying different contracts. Team players with a collaborative approach will better fit in. Searching for a lawyer or solicitor position in a particular practice area? Sign into Simply Law Jobs for getting alerts matching your PQE!