Extortionate credit in the UK

Authors: Professor Elaine Kempson, Claire Whyley
Funded by: Department of Trade and Industry
Published by: Department of Trade and Industry
Publication date: June 1999

The Consumer Credit Act states that a credit bargain is extortionate if it requires the debtor or a relative to make payments which are grossly exorbitant; or it otherwise contravenes the ordinary principles of fair trading. Comprising a review of existing data and literature on extortionate credit, supplemented by interviews with key stakeholders in this area, this research provides information relating to:

Possible regulatory and legislative changes were recommended, along with other measures to address the problem of extortionate credit.

Extortionate credit in the UK: A report to the DTI (PDF, 194kB)

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