What is the European Consumer Credit Directive?






















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What is the European Consumer Credit Directive?

The European Consumer Credit Directive (ECCD) – which may also be referred to as the Consumer Credit Directive (CCD) – was brought in across Europe to establish common consumer credit practices. From a UK perspective, the Consumer Credit Act was amended as a result of the Directive. 

Effective from the 1st February 2011, the ECCD will apply to the following:

• Customers who purchase vehicles through Hire Purchase and Agility, who are either
• Private Individuals borrowing up to and including £60,260, or
• Small Businesses (Sole Traders and Partnerships of 3 or less) borrowing up to and including £25,000 where a business user exemption has been signed. 

For finance agreements above this limit and regulated leases, the existing Consumer Credit Act arrangements continue to apply unchanged.

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