The prescribed terms
A properly executed agreement should contain all the prescribed terms. The prescribed terms are set out in Schedule 6 of the Consumer Credit (Agreements) Regulations 1983.
The regulations state that the agreement must contain:
A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following:
(a) number of repayments;
(b) amount of repayments;
(c) frequency and timing of repayments;
(d) dates of repayments;
(e) the manner in which any of the above may be determined, or in any other way, and any power of the creditor to vary what is payable.