The Personal Credit Agreement is essential for any regulated consumer lending transaction in England and Wales. It serves as the primary contractual document between lenders and individual borrowers, ensuring compliance with the Consumer Credit Act 1974 and FCA requirements. This agreement is used when providing personal loans, credit facilities, or other forms of consumer credit, and must include mandatory information about interest rates, charges, repayment terms, and borrower rights. The document provides protection for both parties while ensuring transparency and fairness in consumer lending transactions.
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1. Parties: Identification of lender and borrower with full details
2. Background: Context of the loan and purpose
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of credit amount and intended use
5. Interest Rate and Charges: Details of interest calculation and additional fees
6. Repayment Terms: Schedule and method of repayment
7. Default Provisions: Consequences of payment default
8. Termination: Conditions for ending the agreement
1. Security: Details of any collateral, when secured lending is involved
2. Insurance Requirements: Mandatory insurance provisions, if required
3. Early Repayment: Terms for early settlement, if permitted
4. Draw Down Conditions: For facilities with multiple drawdowns
1. Repayment Schedule: Detailed payment dates and amounts
2. Pre-Contract Information: Standard European Consumer Credit Information (SECCI)
3. Direct Debit Mandate: If repayment is by direct debit
4. Security Details: Description of any security provided (if applicable)
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Application
Borrower
Business Day
Charges
Commencement Date
Credit Limit
Default
Default Interest Rate
Direct Debit
Early Repayment
Event of Default
Fixed Interest Rate
Guarantee
Guarantor
Interest Period
Interest Rate
Late Payment Fee
Lender
Loan
Loan Amount
Monthly Payment Date
Outstanding Balance
Parties
Payment Schedule
Personal Information
Prepayment
Principal
Regulated Agreement
Repayment Date
Repayment Schedule
Security
Statement
Term
Total Amount Payable
Variable Interest Rate
Working Day
Annual Percentage Rate (APR)
Application
Borrower
Business Day
Charges
Commencement Date
Credit Limit
Default
Default Interest Rate
Direct Debit
Early Repayment
Event of Default
Fixed Interest Rate
Guarantee
Guarantor
Interest Period
Interest Rate
Late Payment Fee
Lender
Loan
Loan Amount
Monthly Payment Date
Outstanding Balance
Parties
Payment Schedule
Personal Information
Prepayment
Principal
Regulated Agreement
Repayment Date
Repayment Schedule
Security
Statement
Term
Total Amount Payable
Variable Interest Rate
Working Day
Clauses
Purpose of Loan
Amount and Drawdown
Interest Rate
Fees and Charges
Repayment Terms
Payment Method
Security
Representations and Warranties
Borrower Covenants
Events of Default
Consequences of Default
Early Repayment
Set-off Rights
Statements and Notices
Data Protection
Assignment and Transfer
Amendment and Variation
Severability
Governing Law
Jurisdiction
Force Majeure
Indemnification
Termination
Entire Agreement
Third Party Rights
Complaint Handling
Cooling-off Period
Right of Withdrawal
Amount and Drawdown
Interest Rate
Fees and Charges
Repayment Terms
Payment Method
Security
Representations and Warranties
Borrower Covenants
Events of Default
Consequences of Default
Early Repayment
Set-off Rights
Statements and Notices
Data Protection
Assignment and Transfer
Amendment and Variation
Severability
Governing Law
Jurisdiction
Force Majeure
Indemnification
Termination
Entire Agreement
Third Party Rights
Complaint Handling
Cooling-off Period
Right of Withdrawal
Relevant Industries
Relevant Teams
Relevant Roles
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