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Alex J.
Alex J., Solicitor
Category: Law
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Experience:  Solicitors 2 years plus PQE
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must an offer of finance state clearly that it is outside of

Resolved Question:

must an offer of finance state clearly that it is outside of the cca 1974 in order that it is not covered by said act
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

You cannot contract out of the Consumer Credit Act 1974. It is there for the protection of consumers. There are some scenarios where the CCA might not necessarily apply for example:
- transactions involving finance secured by land;
- transactions over £25k in the course of business;
- loans to a limited company;
- Pure Business to Business finance where the borrower is not a sole trade, small partnership etc.
- low interest agreements.

Alternatively there are exemptions that are subject to a light touch for example:
- A person that has a High Net Worth (non cash assets over £500k). They would have to specifically contract out;
- Agreements on non commercial terms.

Do you have any further context you can provide to me?

Kind regards

AJ
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