Individual Voluntary Credit Agreement

Individual Voluntary Credit Agreement Template for Belgium

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Key Requirements PROMPT example:

"I need a standard Individual Voluntary Credit Agreement for a €25,000 personal loan with a 5-year fixed term at 3.5% APR, to be used by our Belgian retail bank for consumer lending starting March 2025."

Document background

The Individual Voluntary Credit Agreement is designed for use in Belgium when a licensed credit provider extends credit to an individual consumer. This document is essential for ensuring compliance with Belgian financial regulations, particularly Book VII of the Belgian Code of Economic Law and EU consumer credit directives. It includes mandatory provisions for consumer protection, standardized information requirements, and clear terms regarding credit amount, interest rates, fees, and repayment schedules. The agreement is particularly important in the context of Belgian consumer lending, where strict regulatory requirements govern the format and content of credit agreements. It incorporates all necessary elements for FSMA (Financial Services and Markets Authority) compliance and includes mandatory cooling-off periods and withdrawal rights as required under Belgian law.

Suggested Sections

1. Parties: Identification of the credit provider and the borrower, including full legal names, addresses, and registration details

2. Background: Context of the credit agreement and purpose of the loan

3. Definitions: Definitions of key terms used throughout the agreement, including technical financial terms

4. Credit Amount and Purpose: Specification of the credit amount, purpose of the credit, and any conditions for drawdown

5. Interest Rate and APR: Details of the applicable interest rate, Annual Percentage Rate (APR), and calculation method

6. Repayment Terms: Repayment schedule, payment amounts, frequency, and total number of payments

7. Fees and Charges: Complete breakdown of all fees, charges, and costs associated with the credit

8. Rights of Withdrawal: Consumer's right to withdraw from the agreement within 14 days as per EU regulations

9. Early Repayment: Terms and conditions for early repayment and any associated fees

10. Default and Consequences: Conditions constituting default and consequences thereof

11. Data Protection: GDPR compliance provisions and data processing terms

12. Governing Law and Jurisdiction: Confirmation of Belgian law governance and jurisdiction

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Required when the credit is secured against assets or requires guarantors

2. Insurance Requirements: Included when specific insurance policies are required as part of the credit agreement

3. Special Drawdown Conditions: Used when the credit has specific conditions or stages for drawdown

4. Variable Rate Provisions: Required when the interest rate is variable rather than fixed

5. Co-borrower Provisions: Included when there are multiple borrowers

6. Specific Purpose Restrictions: Used when the credit must be used for specific purposes only

7. Payment Protection: Optional provisions for payment protection insurance or similar schemes

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed amortization table showing all payments, interest, and principal amounts

2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges

3. Schedule 3 - Standard European Consumer Credit Information: Standardized information sheet as required by EU regulations

4. Schedule 4 - Direct Debit Authorization: Payment authorization forms and banking details

5. Appendix A - Terms and Conditions: Detailed standard terms and conditions referenced in the main agreement

6. Appendix B - Privacy Notice: Detailed privacy policy and data processing information

7. Appendix C - Withdrawal Form: Standard form for exercising the right of withdrawal

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

Banking

Financial Services

Consumer Finance

Retail Banking

Consumer Credit

Personal Finance

Credit Intermediation

Relevant Teams

Legal

Compliance

Credit Risk

Retail Banking

Consumer Lending

Documentation

Operations

Credit Administration

Customer Service

Risk Management

Relevant Roles

Credit Manager

Loan Officer

Compliance Officer

Legal Counsel

Consumer Credit Specialist

Risk Manager

Credit Analyst

Retail Banking Manager

Consumer Protection Officer

Documentation Specialist

Credit Administration Manager

Banking Operations Manager

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