Explanatory note

These Regulations prescribe the manner in which notice is to be given to the debtor or hirer of the variation of a consumer credit or consumer hire agreement by the creditor or owner under a power contained in the agreement before such variation can take effect. Notice of any variation in a regulated agreement must generally be given by serving a notice setting out the variation on the debtor or hirer seven days before the variation takes effect (Regulation 2). However, notice of a variation in the rate of interest payable under certain consumer credit agreements may be given by publishing a notice setting out the variation in at least three national daily newspapers (or, if this is not reasonably practicable, in the Gazette) and, if reasonably practicable, by displaying such a notice in the premises where the agreements to be varied are maintained (Regulation 3).