Reconstituting credit agreements
Produced in partnership with Reanne MacKenzie, Barrister of Henderson Chambers
Reconstituting credit agreements

The following Financial Services guidance note Produced in partnership with Reanne MacKenzie, Barrister of Henderson Chambers provides comprehensive and up to date legal information covering:

  • Reconstituting credit agreements
  • Overview
  • Statutory right to a copy of the executed agreement
  • Reconstituting credit agreements
  • Evidence in proceedings

Overview

Under the Consumer Credit Act 1974 (CCA 1974), a debtor under a regulated credit agreement is generally entitled to receive a copy of the executed agreement into which they entered.

Further, in litigation a creditor may be required to disclose a copy of the executed credit agreement as proof that as a matter of common law a contract existed, or as to proof of the terms of the agreement, or as proof that various statutory requirements (eg concerning warnings and notices) were given.

In both scenarios the question arises as to what constitutes a copy of the executed credit agreement within the meaning of the CCA 1974 and as a general matter of evidence.

Statutory right to a copy of the executed agreement

The starting points are sections 77(1) (concerning fixed-sum credit agreements) and 78(1) (concerning running account credit agreements) of CCA 1974. (For present purposes the provisions are materially the same although there are differences in terms of the nature of the information that must be given).

Who may apply, when and how?

Under either section (which are materially similar in terms of the nature of the 'copy' required) a debtor under a regulated credit agreement may request a copy of the executed agreement.

However, these sections do not apply to non-commercial agreements. They do not apply to agreements