Q&As

Are HP agreements (as opposed to straight hire agreements) exempt from the provisions of the Consumer Credit Act (as amended)?

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Published on LexisPSL on 29/09/2014

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Are HP agreements (as opposed to straight hire agreements) exempt from the provisions of the Consumer Credit Act (as amended)?

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Some hire purchase agreements are unregulated (eg not regulated by the Consumer Credit Act 1974 (as amended) (CCA 1974)). This is the case for any agreements where none of the hirers is an individual, as defined in CCA 1974 s 189(1). You should bear in mind that the definition of individual is quite specialised, eg individual includes (a) a partnership consisting of two or three persons not all of whom are bodies corporate; and (b) an unincor

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