Credit agreements.

[Flossam]

I just had an idea for a business type thing (absolutely no experience of this at all, 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?

What do you mean by credit agreement Flossam?

Sorry, I mean someone puchasing off of me an item, and then repaying the money weekly/monthly etc. I really am completely clueless so this may well turn out to be a useless idea!

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

um I think (think .. do not know) that there are regulations in place regarding credit agreements ... aren't there? ie who can run them? ..also interest rates are a bugger to work out

why don't you call CAB and ask?

I think you have to register with the Data Protection something or other

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!