Drafting and varying consumer credit agreements
Produced in partnership with Reanne MacKenzie of Henderson Chambers
Drafting and varying consumer credit agreements

The following Financial Services practice note produced in partnership with Reanne MacKenzie of Henderson Chambers provides comprehensive and up to date legal information covering:

  • Drafting and varying consumer credit agreements
  • Light touch
  • Agreements before and after 1 February 2011
  • Agreements secured on land
  • Proper execution
  • Consumer Credit (Agreements) Regulations 2010, SI 2010/1014
  • Consumer Credit (Agreements) Regulations 1983, SI 1983/1553
  • Unexecuted and executed agreements
  • Cancellable agreements
  • Multiple agreements
  • More...

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.

A consumer credit agreement is an agreement between an individual (the debtor) and any other person (the creditor) by which the creditor provides the debtor with credit of any amount. The financial limit of £25,000 has been removed since 6 April 2008.

In the context of consumer credit (or consumer hire), a regulated agreement is a consumer credit agreement or consumer hire agreement that is not an exempt agreement as per section 8 of the Consumer Credit Act 1974 (CCA 1974), or, in the case of consumer hire, CCA 1974, s 15.

Light touch

Some categories of agreement are for the most part exempt from the regulations made under the CCA 1974, Part V in relation to:

  1. cancellation rights, and

  2. form and content requirements

The types of agreement are:

  1. non-commercial agreements

  2. current account overdrafts

  3. agreements to finance payments on death

  4. small debtor-creditor-supplier agreements for restricted-use credit

It is also possible to apply to the Financial Conduct Authority

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