Consumer credit contracts - loans 

Loans are a form of consumer credit contract, covered by the Credit Contracts and Consumer Finance Act (CCCFA). For general information about credit contracts visit our Consumer credit contracts - general information page.


What is a 'secured' loan?

A secured loan is an agreement between you and the lender that they can take specific items of your property if you do not repay the loan (this is called 'security'). When certain items can be claimed this way it's called having "security interest" on them. You can find out more about what can be claimed as security interest (and what can't) on our general information page.

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Can I be forced to pay for admin fees on my loan when the finance company accidentally omitted them in the first place?

If the administration fees were specified in the disclosure statement of your credit contract, it is likely you will have to pay them.

If they were not specified, the finance company can change the credit contract to include them – but only if you both agree to the changes (see the Consumer credit contracts - general information page).

Otherwise, you should not have to pay. If a finance company pursues you for fees which were not included in the disclosure statement, you can approach your local Citizens Advice Bureau or Community Law Centre or a lawyer for advice. You can also make a formal complaint (see our page on complaints about financial services).     

For more information visit our Consumer credit contracts - general information page.