Consumer Credit Act 1974: Primary legislation governing consumer credit agreements and debt arrangements involving consumers. Essential for structuring installment payments if the debt involves a consumer debtor.
Limitation Act 1980: Sets statutory time limits for bringing claims to recover debts. Important for validating the enforceability of the original debt and new payment arrangement.
Contracts (Rights of Third Parties) Act 1999: Governs how third parties may enforce terms of a contract. Relevant if the debt has been assigned or if guarantors are involved.
Consumer Rights Act 2015: Provides framework for consumer rights and unfair terms. Applicable if the original debt arose from a consumer transaction.
Financial Conduct Authority Regulations: Regulatory requirements for regulated entities handling debt collection and payment arrangements. Includes specific rules about treating customers fairly.
Consumer Credit sourcebook (CONC): FCA handbook containing detailed rules and guidance for consumer credit activities, including debt collection and payment arrangements.
Financial Services and Markets Act 2000: Establishes regulatory framework for financial services in the UK, including debt-related activities.
Late Payment of Commercial Debts (Interest) Act 1998: Governs interest charges on late payments in commercial transactions. Relevant if the debt is between businesses.
GDPR and Data Protection Act 2018: Regulates the handling of personal information in debt agreements, including storage and processing of debtor details.
Unfair Contract Terms Act 1977: Controls unfair terms in contracts, particularly regarding limitation of liability and reasonableness of terms.
Unfair Terms in Consumer Contracts Regulations 1999: Protects consumers against unfair standard terms in contracts, ensuring balance between creditor and debtor rights.
