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Running Account Credit Agreement

Running Account Credit Agreement Template for England and Wales

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Key Requirements PROMPT example:

Running Account Credit Agreement

"I need a Running Account Credit Agreement for a new store card program launching in March 2025, with a credit limit of £2,000 and including provisions for both online and in-store purchases with promotional interest rates."

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Document background
Running Account Credit Agreements are fundamental instruments in the UK financial services sector, governed by English and Welsh law. These agreements are used when establishing ongoing credit facilities where borrowers can repeatedly draw down funds up to a predetermined limit, make repayments, and redraw funds. The agreement must comply with strict regulatory requirements under the Consumer Credit Act 1974, Financial Services and Markets Act 2000, and FCA guidelines. It typically includes detailed provisions on credit limits, interest calculations, payment terms, and default procedures.
Suggested Sections

1. Parties: Identification of creditor and debtor including full legal names, addresses and registration details

2. Background: Context of the agreement including purpose and nature of the running account credit facility

3. Definitions: Defined terms used throughout the agreement including Credit Limit, Interest Rate, Payment Due Date

4. Credit Limit: Maximum amount of credit available and conditions for credit limit changes

5. Interest Rate and Charges: Details of applicable interest rates, method of calculation, and all associated fees and charges

6. Repayment Terms: Minimum payment requirements, payment methods, and payment allocation methodology

7. Statement Provisions: Requirements for monthly statements, delivery method, and content requirements

8. Default Provisions: Events of default, consequences, and enforcement procedures

9. Termination: Circumstances and process for ending the agreement, including notice requirements

10. Data Protection: Provisions regarding the processing of personal data in compliance with UK GDPR

Optional Sections

1. Promotional Rates: Special interest rates for specific periods or transactions, including conditions and duration

2. Additional Cardholders: Terms and conditions for supplementary cards and liability of additional cardholders

3. Rewards Program: Details of any rewards, cashback, or loyalty scheme attached to the credit facility

4. Insurance Benefits: Optional insurance products or benefits associated with the credit facility

Suggested Schedules

1. Schedule 1 - Schedule of Charges: Detailed breakdown of all fees, charges, and interest rates applicable to the agreement

2. Schedule 2 - APR Examples: Representative examples of APR calculations and typical payment scenarios

3. Schedule 3 - Data Processing Schedule: Detailed information about personal data processing, sharing, and protection measures

4. Schedule 4 - Statement Format: Template and explanation of monthly statement format and content

5. Schedule 5 - Standard European Consumer Credit Information: Pre-contract credit information in the standard European format as required by regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Credit Facility
Credit Limit
Drawing and Repayment
Interest and Charges
Statements and Notifications
Payment Terms
Default and Enforcement
Security
Variation of Terms
Termination
Representations and Warranties
Data Protection
Notices
Assignment and Transfer
Additional Cardholders
Lost and Stolen Cards
Liability
Set-off
Regulatory Compliance
Dispute Resolution
Governing Law
Entire Agreement
Severability
Force Majeure
Anti-Money Laundering
Sanctions Compliance
Confidentiality
Records and Information
Amendments
Cancellation Rights
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Consumer Credit Act 1974: Primary legislation governing consumer credit agreements in the UK, setting out the framework for credit regulation, licensing, and consumer protections

Financial Services and Markets Act 2000: Primary legislation establishing the regulatory framework for financial services in the UK, including credit-related activities

Consumer Rights Act 2015: Primary legislation providing core consumer rights and protections, including unfair terms in consumer contracts

Data Protection Act 2018: Primary legislation implementing UK GDPR requirements for handling personal data in credit agreements

Consumer Credit (Disclosure of Information) Regulations 2010: Secondary legislation specifying what information must be disclosed to consumers before and during a credit agreement

Consumer Credit (Agreements) Regulations 2010: Secondary legislation detailing the form and content requirements for consumer credit agreements

Financial Services and Markets Act 2000 (Regulated Activities) Order 2001: Secondary legislation defining which credit activities require FCA authorization

FCA Consumer Credit Sourcebook (CONC): Regulatory handbook containing detailed rules and guidance for consumer credit firms

FCA Principles for Businesses: Fundamental obligations for regulated firms, including treating customers fairly and maintaining adequate resources

FCA Treating Customers Fairly (TCF): Regulatory principles ensuring fair treatment of customers throughout the product lifecycle

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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