Consumer Credit

Businesses offering credit or those acting as credit brokers, pawnbrokers, debt counselors or collectors must be licensed. The licenses are issued by the Office of Fair Trading who has to determine whether the applicants are fit to hold the license.

The Isle of Wight Trading Standards Service work in conjunction with the Office of Fair Trading with regard to credit licenses, carrying out checks to ensure that holders are acting within the specified guidelines.

We monitor credit adverts to ensure compliance with the Regulations, and during inspections we check credit application forms. We also deal with complaints and check credit agreements and ensure that early settlement figures are calculated correctly. We try to ensure that credit is not extortionate and take action against loan sharks.