Consumer Credit Act 1974: Primary legislation governing consumer credit agreements in England and Wales. Includes requirements for formal debt discharge and consumer protection provisions. Key for regulated consumer credit agreements and their proper termination.
Financial Services and Markets Act 2000: Establishes the regulatory framework for financial institutions and sets requirements for regulated lenders. Essential for ensuring compliance with financial services regulations when issuing paid-in-full letters.
Limitation Act 1980: Defines statutory time limits for debt claims. Relevant for confirming that no further claims can be made and establishing the finality of debt settlement.
Data Protection Act 2018 and UK GDPR: Governs the handling of personal data and record-keeping requirements. Critical for ensuring proper management of borrower information in paid-in-full documentation.
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001: Specifies regulated lending activities and their requirements. Important for ensuring compliance when issuing formal debt satisfaction documentation.
FCA Regulations (CONC): Consumer Credit Sourcebook rules established by the Financial Conduct Authority, including requirements for fair treatment of borrowers and proper debt discharge procedures.
Banking Act 2009: General banking regulations affecting debt discharge and satisfaction letters, particularly relevant for institutional lenders.
Bills of Exchange Act 1882: Governs negotiable instruments and their discharge. Relevant if the original debt involved any negotiable instruments that need to be formally discharged.
