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Consumer Credit Agreements are essential documents used when providing regulated credit to individual consumers in England and Wales. These agreements must strictly comply with the Consumer Credit Act 1974 and FCA regulations, requiring specific mandatory content and format. A Consumer Credit Agreement includes crucial information such as the credit amount, APR, repayment schedule, and both parties' rights and obligations. It's particularly important as it provides consumer protection and ensures transparency in credit transactions, while giving legal certainty to both lender and borrower.
