Q&As

Are there any restrictions on terminating an open ended consumer credit agreement that does not contain any express right of termination?

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Published on: 01 October 2015
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Terminating open ended consumer credit agreements

Unfortunately there is no definitive answer as there does not appear to be any specific wording within the Consumer Credit Directive (CCD) or Consumer Credit Act 1974 (CCA 1974) which specifically deals with open-ended credit agreements (of unspecified duration) that do not contain express termination clauses.

However,

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United Kingdom
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Key definition:
Consumer definition
What does Consumer mean?

A consumer is a person acting outside the context of a trade, business or profession, but the definition takes different meanings depending on the context in which it is used. Therefore it is important to check the relevant law or regulation such as the Consumer Rights Act 2015 (CRA 2015), the Unfair Contract Terms Act 1977, the Sale of Goods Act 1979.

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