{
  "url": "https://openlegislation.uk/consumer-credit-early-settlement-regulations-2004/regulation-4",
  "json_url": "https://openlegislation.uk/consumer-credit-early-settlement-regulations-2004/regulation-4.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/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Calculation of the amount of rebate",
  "text": "(A1) This regulation provides for the calculation of the amount of the rebate where early settlement takes place as provided in regulation 2(1A)(a) or (c) and the debtor pays the amount or sum by the time specified in regulation 5(1).\n(1) The amount of the rebate is the difference between the total amount of the repayments of credit that would fall due for payment after the settlement date if early settlement did not take place and the amount given by the following formula—\n∑i=1mAi(1+r)aiminus∑j=1nBj(1+r)bjwhere:\nAithe amount of the ith advance of credit,\nBjthe amount of the jth repayment of credit,\nrthe periodic rate equivalent of the APR/100,\nmthe number of advances of credit made before the settlement date,\nnthe number of repayments of credit made before the settlement date,\naithe time between the ith advance of credit and the settlement date, expressed in periods,\nbjthe time between the jth repayment of credit and the settlement date, expressed in periods, and\nΣ represents the sum of all the terms indicated.\n(2) In calculating the rebate, where the creditor so elects, any repayment of credit not made at a time or a rate ... provided for in the agreement (other than one made under section 94(3) of the Act) shall be taken to have been made at the time or rate provided for.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 4(A1) inserted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 81(a), 99(1) (with regs. 100, 101)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in reg. 4(2) inserted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 81(b)(i), 99(1) (with regs. 100, 101)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 4(2) omitted (1.2.2011) by virtue of The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 81(b)(ii), 99(1) (with regs. 100, 101)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 4(2) inserted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 81(b)(iii), 99(1) (with regs. 100, 101)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Reg. 4(3) omitted (1.2.2011) by virtue of The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 81(c), 99(1) (with regs. 100, 101)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 4 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/4",
    "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."
}