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!
