Explanatory note

These Regulations prescribe the form of a request for repayment of credit following the cancellation of a consumer credit agreement regulated by the Consumer Credit Act 1974 (or, by virtue of section 57 of the Act, following the withdrawal of a party from a prospective agreement regulated by the Act). Under section 71(3) of the Act it has to be in writing and signed by or on behalf of the creditor.

The request has to be made where credit has been provided repayable by instalments and the whole of the credit has not been repaid on or before the date on which the first instalment is due. It has to state the timing and amounts of the remaining instalments, recalculated under section 71(3) of the Act by the creditor as nearly as may be in accordance with the agreement and without extending the repayment period, but taking account only of principal and interest.