Status: You are viewing the version of the handbook as on 2012-12-13.

running-account credit

    14(in accordance with section 10(1)(a) of the Consumer Credit Act 1974) a facility under a contract by which the customer is enabled to receive from time to time (whether in his own person, or by another person) from the firm or a third party cash, goods and services (or any of them) to an amount or value such that, taking into account payments made by or to the credit of the customer, the credit limit (if any) is not at any time exceeded.