Introduction

MoneyNerd has created this free letter template for anyone who wants to ask their creditor for a copy of their credit agreement. You’re perfectly entitled to do so under the Consumer Credit Act, but remember to include a £1 payment within the letter. We have a letter template for single account holders, as well as an adapted template for partnerships. 

Once you have downloaded the right letter template for your situation, you’ll only need to add some personal details. It takes two minutes – and takes the stress out of asking creditors for information about your credit agreement. 

Downloadable Resource

The download links below take you to a Google document template where you can make a copy or save in any document format you like. Note, you may have to login to your Google account.

Download – Single (for one person)
Download – Joint (for couples)

Am I allowed to ask for my credit agreement?

You are allowed to ask for your credit agreement because of the Consumer Credit Act. You only have this right if you still owe the creditor money. So, if you are part-way through paying back your creditor, you are legally allowed to ask and receive your credit agreement. However, if you have finished paying back your credit, you may not have the right to access your credit agreement anymore. 

What is the Consumer Credit Act?

In a nutshell, the Consumer Credit Act is a piece of legislation that governs how credit agreements are advertised and managed. It was brought into law in 1974 but has since been amended in 2006. The Consumer Credit Act provides protection and assurances for people who take out credit. 

You can request a copy of your credit agreement with any company under sections 77, 78 and 79 of the Consumer Credit Act. 

How much does it cost to use the Consumer Credit Act?

If you request your credit agreement from a lender using this legislation, you will need to pay a fee of £1. You should include £1 within your letter to request access or your creditor could write back to ask for it or deny your request. It’s best to include the £1 fee in your request to prevent delays. 

Note, if you use the Consumer Credit Act to ask for a statement of your account, you will not need to pay the £1 fee as stated in section 77b. 

What information will I get back?

Once you have sent your request for your credit agreement and paid the £1 fee, you should receive a true copy of the agreement in good time. The copy of the agreement must include all terms and conditions that were in the original agreement when you signed it, and it must also state any changes to these terms (if applicable). The copy should be clear to read without difficulty.

The copy does not have to include your signature or date of signature. 

My creditor didn’t reply to my request for information

Your creditor should provide a copy of the credit agreement within 12 days. During this time they cannot take you to court for the debt. If they do not respond to your request, they can not take legal action against your debt until they respond.

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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