Consumer Credit Act 1995

Nature of “ finance arranged” to be explained to consumer.

148

148.Where a consumer negotiates with a seller in respect of the acquisition of goods and the seller, being a credit intermediary, offers, or is requested by the consumer, to arrange a financial accommodation for the consumer in respect of the acquisition of the goods, the seller shall, as soon as may be reasonable, before any agreement, in relation to the goods under negotiation resulting from the offer or request, is entered into, disclose in writing to the consumer—

( a) the nature of the financial accommodation,

( b) the amount, number and frequency of payments and the total amount that the consumer would have to pay under an agreement, and, where applicable, the APR,

( c) who has the property in the goods during the agreement,

( d) the name of any undertaking for which the seller acts as a credit intermediary, and

( e) that the seller receives a commission, payment or consideration of any kind from an undertaking for arranging any such financial accommodation between the consumer and the undertaking.