{
  "url": "https://openlegislation.uk/consumer-credit-early-settlement-regulations-2004/regulation-2",
  "json_url": "https://openlegislation.uk/consumer-credit-early-settlement-regulations-2004/regulation-2.json",
  "legislation": "uksi/2004/1483",
  "legislation_title": "The Consumer Credit (Early Settlement) Regulations 2004",
  "legislation_url": "https://openlegislation.uk/consumer-credit-early-settlement-regulations-2004",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Entitlement to rebate",
  "text": "(1) Where early settlement takes place the creditor shall, subject to the following provisions of this regulation, allow to the debtor under a regulated consumer credit agreement a rebate at least equal to that calculated in accordance with the following provisions of these Regulations.\n(1A) Early settlement takes place under paragraph (1) where—\n(a) the indebtedness of the debtor is discharged or becomes payable before the time fixed by the agreement—\n(i) under section 94(1) of the Act,\n(ii) on refinancing,\n(iii) on breach of the agreement, or\n(iv) for any other reason,\n(b) the indebtedness of the debtor is discharged in part under section 94(3) of the Act, or\n(c) any sum becomes payable by the debtor before the time fixed by the agreement.\n(2) Paragraph (1) does not apply in the case of agreements of the following descriptions—\n(a) agreements under which no payments of items included in the total charge for credit are required to be made in respect of the period of time commencing on the settlement date;\n(b) agreements for running-account credit;\n(c) land mortgages under which no instalment repayments secured by the mortgage on the debtor’s home, and no payment of interest on the credit (other than interest charged when all or part of the credit is repaid voluntarily by the debtor), are due or capable of becoming due while the debtor continues to occupy the mortgaged land as his main residence.\n(3) Paragraph (1) does not apply where a hire-purchase or conditional sale agreement is terminated by the debtor under section 99 of the Act.\n(4) Where a sum less than the total remaining indebtedness of the debtor is required to be paid before the time fixed by the agreement, no consequential payment of any subsequent instalment required to be paid under the agreement, or under a modifying agreement not relating to the provision of additional credit or an increase in the total charge for credit, shall entitle the debtor to a rebate.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 2(1) substituted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 79(a), 99(1) (with regs. 100, 101)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Reg. 2(1A) inserted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 79(b), 99(1) (with regs. 100, 101)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 2 in force at 31.5.2005, see reg. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/1483/regulation/2",
    "retrieved_at": "2026-10-29T05:24:19.756410+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."
}