Paragraph 3 Tolerance where interval between relevant date and first repayment is greater than interval between repaymentsI1

United Kingdom

In the case of an agreement under which:—

(a)

three or more repayments are to be made at equal intervals; and

(b)

the interval between the relevant date and the first repayment is greater than the interval between the repayments,

there may be included in the document a rate found under F1...the F2total charge for credit rules as if the interval between the relevant date and the first repayment were shortened so as to be equal to the interval between the repayments.

Annotations

Textual amendments

F1: Words in Sch. 7 para. 3 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)(b)
F2: 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)

Commencement

I1: Sch. 7 para. 3 in force at 19.5.1985, see reg. 1(1)