SCHEDULE 1 

PART IControlled Activities

F1Debt adjusting

5A.

(1)

The following activities are, when carried on in relation to debts due under a relevant credit agreement, controlled activities—

(a)

negotiating with the lender, on behalf of the borrower, terms for the discharge of a debt;

(b)

taking over, in return for payments by the borrower, that person’s obligation to discharge a debt;

(c)

any similar activity concerned with the liquidation of a debt.

(2)

The following activities are, when carried on in relation to debts due under a consumer hire agreement, controlled activities—

(a)

negotiating with the owner, on behalf of the hirer, terms for the discharge of a debt;

(b)

taking over, in return for payments by the hirer, that person’s obligation to discharge a debt;

(c)

any similar activity concerned with the liquidation of a debt.