Loans

Generally, you will not be offered credit cards, overdrafts, personal loans, etc under the age of 18. If you are, you may find that the lender will request the names and addresses of one or two guarantors before you sign. Guarantors are people who agree to take on your payments if you are unable to continue paying. It is important that you and the guarantors read the agreement, small print, interest & repayment rates carefully.

Before accepting credit consider:

• Have you budgeted and can you afford the payments? Do you need it?

• Do not sign if you are unsure or do not understand. If you sign on trade premises you have no right to cancel once the document is signed by the Credit Company. If you sign at home you have approximately 7 days to cancel, if goods over £35.

• ALWAYS SHOP AROUND FOR CREDIT and work out how much you will pay altogether. Keep a copy of the agreement safe and be sure of how many payments you have to make. www.consumerdirect.gov.uk