# The Consumer Credit (Notice of Variation of Agreements) Regulations 1977, Note: 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).

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Source: https://www.legislation.gov.uk/uksi/1977/328/note (the official version)
Page: https://openlegislation.uk/consumer-credit-notice-of-variation-of-agreements-regulations-1977/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.