Consumer Credit Statement of Account Request Letter

What is a Consumer Credit Statement of Account Request Letter?

A Consumer Credit Statement of Account Request Letter is a formal letter written to a lender asking for the consumer's statement of account in relation to any consumer credit agreement (or loan agreement) between the parties.

An example of where this letter can be used is when a credit card holder contacts their bank to get the statement account on their credit card.

 

Is it mandatory to have a Consumer Credit Statement of Account Request Letter?

No, it is not mandatory to have a Consumer Credit Statement of Account Request Letter. However, the consumer (also known as the borrower) can choose to use such a letter as a way of formally exercising their right to access their statement of account. The letter can also be important if the consumer wishes to verify the details of their account for their records.

 

What is a Consumer Credit?

A Consumer Credit is a loan or credit given to an individual (i.e. a consumer) to be used for personal purposes. This means that the loan must not be used for business or commercial purposes. As such, a loan agreement given to an individual for personal use can also be referred to as a consumer credit agreement. Examples of consumer credit agreement include a credit card from a bank, car finance agreement, store credit agreement, buy now pay later agreement, etc.

 

What are the prerequisites of a Consumer Credit Statement of Account Request Letter?

Before using a Consumer Credit Statement of Account Request Letter, there should already be a loan agreement in place under which the consumer has been given a loan.

 

Who can use a Consumer Credit Statement of Account Request Letter?

A Consumer Credit Statement of Account Request Letter can be used by a private individual who is a borrower in a loan agreement.

This means it cannot be used by a business or borrower that is a party to a commercial loan.

 

What can be the duration of a Consumer Credit Statement of Account Request Letter?

A Consumer Credit Statement of Account Request Letter can be sent at any time during the loan agreement. This enables the consumer/ borrower to properly manage their debt and make future plans about it.

 

What has to be done once a Consumer Credit Statement of Account Request Letter is ready?

Once this document is completed, it should be signed and then posted or emailed to the lender. The lender should write back with the requested statement.

 

Is it necessary to have a witness for a Consumer Credit Statement of Account Request Letter?

No, it is not necessary to have a witness for a Consumer Credit Statement of Account Request Letter. This is because it is not an agreement but just a formal letter addressed to the lender.

 

Does the lender have to acknowledge a Consumer Credit Statement of Account Request Letter?

Yes, the lender has to acknowledge a Consumer Credit Statement of Account Request Letter within 12 working days, otherwise, it will be breaking the law contained in Section 77 of the Consumer Credit Act 1974 and cannot require any further payment from the borrower until they have provided the requested information.

 

What must a Consumer Credit Statement of Account Request Letter contain?

The Consumer Credit Statement of Account Request Letter should contain:

• The details of the borrower;
• The details of the lender;
• The reference number or account number of the statement of account; and
• The details of the loan/credit agreement in question.

 

Which laws are applicable to a Consumer Credit Statement of Account Request Letter?

Consumer Credit Act 1974

 

Help from a lawyer

You can choose to consult a lawyer if you need help.

The lawyer can answer your questions or help you through the process. You will be offered this option when you complete the document.

 

How to modify the template?

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.