Credit Legislation

[pe'rigin]

Credit Legislation



An interesting law ruling was overturned by the European Law Lords yesterday, which might interest people who buy on line and never receive their goods.

They ruled that the Credit Banks are now liable to reimburse the purchaser if these goods fail to turn-up.

Before the Banks hid behind the old adage of ‘Buyer beware’. Looks certain they will appeal, but it’s good and bad news, good because we have some protection, bad because the Banks will raise their charges to cover the costs.

[Stranger]

Very interesting.
Is this the appeal that relates to section 75 of the consumer credit act 1974 that covers using your credit card abroad?
If it is, as I understand it the banks won first time round then the office of fair trading appealed and won,then the banks appealed.
Lets hope the poor old consumer gets the upper hand this time.

[pe'rigin]

S,

Pretty certain it is, covering credit card use not only aboard but here. It might help those people who have purchased on Ebay never to see sight nor sound of the intended goods.

[Stranger]

Good news for me then as I am in the process of trying to get back a substantial amount after getting conned over a timeshare scam in Portugal last Feb.
A word of warning to anyone with a timeshare.If you are approached by a tout offering to buy your time share and offering a cashback deal avoid it like the plague as most of them are not worth the paper they are printed on.