{
  "url": "https://openlegislation.uk/consumer-credit-agreements-regulations-1983/schedule-7/paragraph-1",
  "json_url": "https://openlegislation.uk/consumer-credit-agreements-regulations-1983/schedule-7/paragraph-1.json",
  "legislation": "uksi/1983/1553",
  "legislation_title": "The Consumer Credit (Agreements) Regulations 1983",
  "legislation_url": "https://openlegislation.uk/consumer-credit-agreements-regulations-1983",
  "path": "schedule/7/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": "Assumptions about running-account credit",
  "text": "In the case of an agreement for running-account credit, the following assumptions shall have effect for the purpose of calculating the APR in place of the assumptions in ... the total charge for credit rules that might otherwise apply—\n(1) in any case where there will be a credit limit but that limit is not known at the date of making the agreement the amount of the credit to be provided shall be taken to be £1,500 or, in a case where the credit limit will be less than £1,500, an amount equal to that limit;\n(2) it shall be assumed that the credit is provided for a period of one year beginning with the relevant date;\n(3) it shall be assumed that the credit is provided in full on the relevant date;\n(4) where the rate of interest will change at a time provided in the agreement within a period of three years beginning with the date of the making of the agreement, the rate shall be taken to be the highest rate at any time obtaining under the agreement in that period;\n(5) where the agreement provides credit to finance the purchase of goods, services, land or other things and also provides one or more of—\n(a) cash loans;\n(b) credit to refinance existing indebtedness of the debtor's, whether to the creditor or another person; and\n(c) credit for any other purpose,\nand either or both different rates of interest and different charges are payable in relation to the credit provided for all or some of these purposes, it shall be assumed that the rate of interest and charges payable in relation to the whole of the credit are those applicable to the provision of credit for the purchase of goods, services, land or other things;\n(6) it shall be assumed that the credit is repaid—\n(a) in twelve equal instalments, and\n(b) at monthly intervals, beginning one month after the relevant date.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 7 paras. 1, 1A substituted for Sch. 7 para. 1 (31.5.2005) by The Consumer Credit (Agreements) (Amendment) Regulations 2004 (S.I. 2004/1482), regs. 1, 15 (with reg. 18)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 7 para. 1 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(6)(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Regulations substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1983/1553/schedule/7/paragraph/1",
    "retrieved_at": "2026-10-29T17:56:20.044614+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}