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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.

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