The Voluntary Credit Agreement serves as a fundamental instrument in credit relationships under English and Welsh law. It is used when parties wish to enter into a consensual lending arrangement, whether for personal or business purposes. The agreement must comply with the Consumer Credit Act 1974 and FCA regulations, particularly regarding responsible lending practices and consumer protection. This document typically includes detailed terms about credit limits, interest calculations, repayment schedules, and default provisions. The Voluntary Credit Agreement is distinct from mandatory or court-ordered credit arrangements and represents a mutually agreed financial relationship between the parties.
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1. Parties: Identifies the credit provider and borrower
2. Background: Context of the credit agreement and purpose
3. Definitions: Key terms used throughout the agreement
4. Credit Amount and Terms: Principal amount, interest rate, and repayment terms
5. Repayment Provisions: Schedule and method of repayments
6. Interest Calculations: How interest is calculated and applied
7. Borrower's Obligations: Key responsibilities and commitments of the borrower
8. Default Provisions: Consequences of missed payments or breach
9. Termination: How the agreement can be terminated
1. Security: Details of any security provided - used when the credit is secured against assets
2. Guarantor Provisions: Terms applying to guarantors - used when a guarantor is involved in the agreement
3. Early Repayment: Terms for early repayment - used when early repayment is permitted
4. Insurance Requirements: Required insurance coverage - used when insurance is mandatory for the credit agreement
1. Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Interest Rate Schedule: Details of interest rate calculations and variations
3. Security Details: Description of any security provided - for secured credit agreements
4. Pre-Contract Information: Standard European Consumer Credit Information (SECCI) - required for regulated consumer credit
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