Right to Cancel

• Consumers who signed a credit agreement at a location other than a creditor's place of business, such as a home, with a broker or made an agreement over the telephone have the right to cancel the agreement within 14 days without providing a reason. The Department for Business Innovation & Skills, BIS, states the 14-day period allows a borrower to consider her decision about the credit agreement and cancel if she feels like it was not an appropriate choice for her. Upon cancellation, the borrower must repay the loan amount and any interest accrued. The borrower can provide a cancellation notice in writing via fax, email or postal mail or provided verbally, but the notice must be per the standards outlined in the agreement regarding withdrawals. According to the BIS, under the CCA, a borrower does not have to adhere to a particular writing format or wording when withdrawing from a loan.
  
  

Section 75

• Section 75 of the CCA states a credit card company bears the burden of refunding a customer for the full amount of a faulty good or service if the provider goes bankrupt or disappears. Section 75 also applies to breaches in contract. However, a customer can only receive reimbursement for goods or services that cost between $41.72 and $139.06. The CCA extends this provision to cover transactions customers make with foreign companies or overseas, including products delivered to the UK, via Internet, telephone or mail order services. Under the CCA, consumers can seek legal assistance if a credit card company does not honor a claim.
  
  

Accessing Credit Agreement

• Sections 77 through 79 of the CCA state that consumers have the right to receive a copy of a credit agreement from his creditor free of charge. The statement should include information relating to fixed loan amounts, a running total of debts, the outstanding and total amount due. Upon receiving the request for a credit agreement, a creditor has 12 working days to provide the information. Under the CCA, if a creditor takes longer than 12 business days to provide the requested documents, the debt is not enforceable until the borrower receives a copy of the agreement. Moreover, a creditor can face criminal charges if it takes them longer than one month to provide a requested credit agreement.
  
  

Credit Reports

• The BIS reports that sections 157 through 159 of the CCA states that if a lender rejects a customer's credit application, the lender must provide him with information regarding the credit reference agency used to access the customer's credit information upon request. A customer has to request this information in writing within 28 days of the rejection, and the lender has seven days to respond.