I just had an idea for a business type thing (absolutely no experience of this atall, which would involve setting up a credit agreement. Where would I stand on this? Can anyone set up credit agreements? Would I need another company etc involved to set these up, and is this why my idea dosen't seem to be done already?
I would think you could set it up yourself - a sort of contract between the purchaser and the seller
The other sort of credit agreement eg when buying cars, is when a third party pays the seller, and the buyer pays the third party over a period of time
No, just anyone can't set up a credit agreement business Flossam. If you were to set up a business and extend credit terms, so, say, send someone a bill and give them 30 days to pay it then that's business and while there are certain rules covering it, you could do it, it's how a normal business operates. But if you are talking about giving people credit terms in the form of a loan or something then I'd imagine it would be covered by the consumer credit act and no, you couldn't just set up and do it. Don't know if that helps though!