Article 39D Debt adjustingF1

(1)

When carried on in relation to debts due under a credit agreement—

(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, or

(c)

any similar activity concerned with the liquidation of a debt,

is a specified kind of activity.

(2)

When carried on in relation to debts due under a consumer hire agreement—

(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, or

(c)

any similar activity concerned with the liquidation of a debt,

is a specified kind of activity.

Annotations

F1: Pt. II Ch. 7B 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), art. 1(2)(6), 5