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Credit Waiver for the United Kingdom

Credit Waiver Template for England and Wales

A Credit Waiver is a legal document governed by English and Welsh law that formally waives or modifies specific terms, conditions, or obligations under an existing credit agreement. It serves as a binding amendment to the original credit arrangement, clearly outlining which provisions are being waived, the duration of the waiver, and any conditions attached to it. The document must comply with UK financial services regulations and consumer protection legislation where applicable.

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What is a Credit Waiver?

A Credit Waiver is utilized when parties to a credit agreement need to temporarily or permanently modify certain terms or obligations of the original agreement. This document is particularly relevant in situations where borrowers face temporary difficulties meeting their obligations or when circumstances require flexibility in the original credit terms. The Credit Waiver, governed by English and Welsh law, must carefully balance the interests of all parties while ensuring compliance with financial regulations, including FCA requirements and consumer protection legislation. It typically includes specific details about the provisions being waived, the duration of the waiver, any conditions attached, and confirmation of obligations that remain in force.

What sections should be included in a Credit Waiver?

1. Parties: Identification of creditor and debtor

2. Background: Details of original credit agreement and circumstances leading to waiver

3. Definitions: Key terms used in the waiver document

4. Waiver Details: Specific terms being waived and extent of waiver

5. Duration: Period for which waiver applies

6. Remaining Obligations: Confirmation of obligations that continue to apply

What sections are optional to include in a Credit Waiver?

1. Conditions Precedent: Conditions that must be met before waiver becomes effective - use when waiver is conditional on certain events or actions

2. Fees: Any fees associated with the waiver - use when waiver involves payment of fees

3. Security Confirmation: Confirmation that existing security remains in place - use when original agreement includes security arrangements

What schedules should be included in a Credit Waiver?

1. Original Credit Agreement: Copy or details of the agreement being waived

2. Amended Payment Schedule: If waiver affects payment terms, new schedule of payments

3. Conditions Precedent Documents: List of documents required to satisfy conditions precedent

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

Jurisdiction

England and Wales

Publisher

Genie AI

Document Type

Waiver

Cost

Free to use
Relevant legal definitions






























Clauses
























Industries

Consumer Credit Act 1974: Primary legislation governing consumer credit agreements in England and Wales. Essential for credit waivers involving consumer credit arrangements.

Financial Services and Markets Act 2000: Core legislation regulating financial services in the UK, providing the framework for financial regulation and supervision.

Unfair Contract Terms Act 1977: Legislation controlling unfair terms in contracts, particularly important for ensuring the waiver terms are fair and enforceable.

Consumer Rights Act 2015: Key legislation protecting consumer rights in the UK, relevant when the credit waiver involves consumer relationships.

FCA Handbook - CONC: Consumer Credit sourcebook providing detailed regulations for consumer credit activities and related considerations.

FCA Handbook - BCOBS: Banking Conduct of Business Sourcebook outlining requirements for banking and lending activities.

UK Credit Regulations 2010: Specific regulations governing credit arrangements and related activities in the UK.

Consumer Protection from Unfair Trading Regulations 2008: Regulations protecting consumers from unfair commercial practices, including in credit arrangements.

Money Laundering Regulations 2017: Regulations concerning anti-money laundering requirements that may impact credit relationships and waivers.

Data Protection Act 2018: Legislation governing the handling of personal data, relevant when processing individual's information in credit arrangements.

UK GDPR: Post-Brexit data protection regulation implementing GDPR principles in UK law.

Financial Services (Banking Reform) Act 2013: Legislation reforming the banking sector, including provisions affecting credit relationships.

Rome I Regulation (as retained in UK law): Rules determining applicable law in contractual obligations with international elements.

Private International Law (Miscellaneous Provisions) Act 1995: Legislation governing aspects of international private law relevant to cross-border credit arrangements.

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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