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running-account credit

(under the Consumer Credit Act 1974) A facility under a *personal-credit agreement that enables a debtor to receive periodically from the creditor or a third party cash, goods or services to an amount or value that does not exceed the *credit limit (if any), taking into account payments made by or to the credit of the debtor. Examples are bank overdrafts and credit cards. The credit provided will be taken not to exceed 15,000 and the agreement will be a consumer-credit agreement if the credit limit does not exceed 15,000. The Act specifies three situations in which running-account credit will not exceed 15,000 in cases in which there is no credit limit or, if there is, it exceeds 15,000.

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