Paragraph 5A Debt adjustingF1

United Kingdom

(1)

The following activities are, when carried on in relation to debts due under a relevant credit agreement, controlled activities—

(a)

negotiating with the lender, on behalf of the borrower, terms for the discharge of a debt;

(b)

taking over, in return for payments by the borrower, that person’s obligation to discharge a debt;

(c)

any similar activity concerned with the liquidation of a debt.

(2)

The following activities are, when carried on in relation to debts due under a consumer hire agreement, controlled activities—

(a)

negotiating with the owner, on behalf of the hirer, terms for the discharge of a debt;

(b)

taking over, in return for payments by the hirer, that person’s obligation to discharge a debt;

(c)

any similar activity concerned with the liquidation of a debt.

Annotations

F1: Sch. 1 paras. 5A, 5B inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 17(6)(b)