Continuing with the major shake-up of consumer credit law, the DTI has announced that customers will be able to confirm credit agreements online from 31 December 2004.

Currently consumers can apply for credit online but before the contract is complete the customer must sign a hard copy of the agreement. From the end of December consumers will be able to complete the transaction electronically.

Those entering into credit agreements online will have a 14-day ‘cooling off’ period during which they can cancel the contract.

source: Cook and Partners accountants