Individual Voluntary Credit Agreement

Individual Voluntary Credit Agreement Template for Ireland

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5

4.8 / 5

Let's create your Individual Voluntary Credit Agreement

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

"I need an Individual Voluntary Credit Agreement for a €50,000 personal loan with a 5-year term, to be drawn down by March 2025, with monthly repayments and the option for early repayment without penalties."

Document background

The Individual Voluntary Credit Agreement is a crucial document used in Irish lending practices when establishing formal credit arrangements between financial institutions and individual borrowers. This agreement is designed to comply with Irish consumer protection laws, particularly the Consumer Credit Act 1995 and related EU regulations. It is typically used when individuals seek personal loans, lines of credit, or other financing arrangements on a voluntary basis. The document encompasses all essential elements required by Irish law, including clear disclosure of credit terms, APR calculations, repayment schedules, and borrower rights. The agreement serves as both a legal safeguard and a detailed record of the credit arrangement, ensuring transparency and protection for all parties involved while meeting regulatory requirements for consumer credit in Ireland.

Suggested Sections

1. Parties: Identification of the credit provider and the individual borrower with full legal names and addresses

2. Background: Context of the credit agreement and brief description of the purpose of the credit

3. Definitions: Definitions of key terms used throughout the agreement

4. Credit Amount and Terms: Specification of the credit amount, interest rate, APR, and duration of the agreement

5. Repayment Terms: Details of repayment schedule, payment methods, and frequency

6. Interest Calculation: Method of calculating interest, including compound interest if applicable

7. Borrower's Representations: Borrower's confirmations regarding their financial situation and ability to repay

8. Borrower's Obligations: Key obligations of the borrower including payment, information provision, and compliance requirements

9. Lender's Rights: Rights of the lender including inspection of records and enforcement

10. Events of Default: Circumstances constituting default and consequences

11. Early Repayment: Terms and conditions for early repayment of the credit

12. Data Protection: Provisions regarding handling of personal data in compliance with GDPR

13. Notices: Process for giving notices between parties

14. Governing Law: Confirmation of Irish law as governing law and jurisdiction

Optional Sections

1. Security: Required if the credit is secured against any assets

2. Insurance Requirements: Include if specific insurance is required as part of the credit agreement

3. Guarantor Provisions: Required if a guarantor is party to the agreement

4. Special Drawing Conditions: Include if credit is to be drawn down in installments or subject to conditions

5. Assignment and Transfer: Include if transfer of rights under the agreement is to be permitted

6. Co-borrower Provisions: Required if there are multiple borrowers

7. Variable Rate Provisions: Include for variable rate credit agreements

Suggested Schedules

1. Schedule 1 - Credit Terms Summary: Mandatory summary of key financial terms as required by Consumer Credit Act 1995

2. Schedule 2 - Repayment Schedule: Detailed breakdown of repayment amounts and dates

3. Schedule 3 - Standard European Consumer Credit Information: Standard information form required by EU regulations

4. Schedule 4 - Direct Debit Mandate: Form for setting up automatic payments if applicable

5. Appendix A - Information Notice: Statutory information notice required under Irish consumer credit law

6. Appendix B - Cooling-off Notice: Mandatory notice regarding right to withdraw from the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Banking

Consumer Finance

Retail Banking

Credit Unions

Consumer Lending

Personal Finance

Debt Management

Relevant Teams

Legal

Compliance

Risk Management

Credit Operations

Retail Banking

Consumer Lending

Documentation

Regulatory Affairs

Customer Service

Product Development

Relevant Roles

Credit Manager

Loan Officer

Compliance Officer

Legal Counsel

Consumer Credit Advisor

Risk Manager

Financial Services Manager

Credit Risk Analyst

Consumer Protection Officer

Retail Banking Manager

Documentation Specialist

Regulatory Affairs Manager

Find the exact document you need