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The Consumer Credit (Settlement Information) Regulations 1983

S.I. 1983/1564 · Made 24 October 1983 · Extends to United Kingdom

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CONSUMER CREDIT

Made 24th October 1983

Laid before Parliament 3rd November 1983

Coming into Operation 19th May 1985

The Secretary of State, in exercise of the powers conferred on him by sections 97(1), 182(2) and 189(1) of the Consumer Credit Act 1974 and of all other powers enabling him in that behalf, hereby makes the following Regulations:—

Contents

  1. 1Citation, commencement and interpretation
  2. 2Form of statement
  3. 3Settlement date
  4. 4Prescribed period
  5. Signature
  6. Schedule: INFORMATION TO BE CONTAINED IN A STATEMENT GIVEN BY A CREDITOR OF THE AMOUNT OF THE PAYMENT REQUIRED TO DISCHARGE THE DEBTOR'S INDEBTEDNESS UNDER A REGULATED CONSUMER CREDIT AGREEMENT TOGETHER WITH PARTICULARS SHOWING HOW THE AMOUNT IS ARRIVED AT
  7. 1Details of agreement
  8. 2Parties to agreement
  9. 3Amount of payment without taking into account any rebate on early settlement
  10. 3ACompensatory amount
  11. 4Amount of any rebate on early settlement
  12. 5Amount of payment less any rebate on early settlement plus any compensation
  13. 6Settlement date
  14. 7Statement of method of calculation of any rebate
  15. Explanatory note

1Citation, commencement and interpretationI1

(1)

These Regulations may be cited as the Consumer Credit (Settlement Information) Regulations 1983 and shall come into operation on 19th May 1985.

(2)

In these Regulations—

  • “the Act” means the Consumer Credit Act 1974;

  • “settlement date” for the purposes of the Schedule to these Regulations has the meaning given by Regulation 3 below,

and other expressions used in these Regulations have the same meanings as in the Consumer Credit (Rebate on Early Settlement) Regulations 1983.

2Form of statementI1

(1)

Subject to paragraph (2) below, any statement to be given by a creditor under a regulated consumer credit agreement to a debtor under section 97 of the Act (which relates to the duty to give information to the debtor on his F1... request of the amount of the settlement payment required to discharge the debtor's indebtedness under the agreement together with particulars showing how the amount is arrived at) shall be in writing and contain the information and particulars set out in the Schedule to these Regulations.

(2)

Where a creditor under a regulated agreement for running-account credit receives a ... request from the debtor for a statement under section 97 of the Act and gives to the debtor a statement under section 78(4) within one month after he has received the request, showing according to the information to which it is practicable for him to refer the state of the account at that time, any statement to be given under paragraph (1) above may, instead of containing the information and particulars set out in the Schedule to these Regulations, state that the amount of the payment required to discharge the debtor's indebtedness under the agreement is the amount shown in the statement given under section 78(4) of the balance at the end of the period to which that statement relates.

3Settlement dateI1

F1(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)

F2... The settlement date shall be taken to be the date of the expiration of a period of 28 days after the day on which the creditor has received a request F3... for a statement from the debtor, unless a later date is requested by the debtor.

F4(3)

A request under paragraph (2) need not be in writing unless the agreement is secured on land.

4Prescribed periodI1

The period of F17 working days is hereby prescribed for the purposes of section 97(1) of the Act (the period within which the creditor must give the statement to the debtor).

Signature

Alexander Fletcher

Parliamentary Under-Secretary of State

Department of Trade and Industry

24th October 1983

1Details of agreementI1

A description of the agreement sufficient to identify it.

2Parties to agreementI1

(1)

The name F1, postal address and, where appropriate, any other address of the creditor.

(2)

The name , postal address and, where appropriate, any other address of the debtor.

3Amount of payment without taking into account any rebate on early settlementI1

The total amount payable by the debtor required to discharge his indebtedness under the agreement before deducting the amount of any rebate on early settlement.

3ACompensatory amountF1

Where the creditor claims an amount under section 95A(2) F2or 95B(2) of the Act, that amount and the method used to determine it.

4Amount of any rebate on early settlementI1

(1)

Where the debtor will be entitled to a rebate on early settlement under the agreement or by virtue of section 95 of the Act, if early settlement takes place not later than the settlement date, the amount of the rebate on early settlement to which the debtor will be entitled—

(a)

under the agreement, or

(b)

by virtue of section 95 of the Act,

whichever is the higher, calculated on the assumption that early settlement takes place on the settlement date.

(2)

Where the debtor will not be entitled to any rebate on early settlement under the agreement or by virtue of section 95 of the Act, if early settlement takes place not later than the settlement date, a statement to this effect.

5Amount of payment less any rebate on early settlement plus any compensationF1I1

The total amount payable by the debtor required to discharge his indebtedness under the agreement after taking into account the amount of any rebate on early settlement and the compensatory amount, namely the amount resulting from the deduction of the amount shown in paragraph 4 from the amount shown in paragraph 3 and the addition of the amount shown in paragraph 3A.

6Settlement dateI1

The settlement date and a statement that it has been calculated in accordance with Regulation 3 of these Regulations.

7Statement of method of calculation of any rebateI1

Where the debtor will be entitled to a rebate on early settlement by virtue of section 95 of the Act, if early settlement takes place not later than the settlement date, a statement indicating—

(a)

that the amount of the rebate has been calculated having regard to F1the Consumer Credit (Early Settlement) Regulations 2004;

F2(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Explanatory note

These Regulations prescribe the form of the statement which has to be given under section 97(1) of the Consumer Credit Act 1974 by a creditor under an agreement regulated by the Act of the amount of the settlement payment required to discharge the debtor's indebtedness under the agreement, together with particulars showing how the amount is arrived at.

The Regulations also prescribe the period of 12 working days within which the creditor must give the statement to the debtor after receiving a written request to that effect from the debtor.

By virtue of paragraph 35 of Schedule 3 to the Act, section 97 applies to existing agreements where the agreement would have been a regulated agreement if made on the date of coming into operation of that section.