Q&As

Can a lender sue if it does not have the original or complete credit agreement?

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Published on LexisPSL on 29/08/2014

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Can a lender sue if it does not have the original or complete credit agreement?
  • What is a copy?
  • What are the consequences if the lender is unable to produce a copy?
  • What amounts to enforcement of a credit agreement?
  • Are there any exceptions to the lender's obligation to provide a copy?

Can a lender sue if it does not have the original or complete credit agreement?

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

What is a copy?

The Consumer Credit (Cancellation Notices and Copies of Documents) Regulations, SI 1983/1557, reg 3 states that a copy must be a 'true copy'.

The case of Carey v HSBC Bank stated that a true copy need not be a photocopy or other form of literal copy of the executed agreement. It could instead be a 'reconstituted version' of the executed agreement which could be produced from sources

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