- Latest available (Revised)
- Original (As made)
The Consumer Credit (Early Settlement) Regulations 2004
You are here:
- UK Statutory Instruments
- 2004 No. 1483
- Regulation 4A
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
More Resources
Changes to legislation:
There are currently no known outstanding effects for The Consumer Credit (Early Settlement) Regulations 2004, Section 4A.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
[F1Calculation of the amount of rebate (indebtedness discharged in part)U.K.
4A.—(1) This regulation provides for the calculation of the amount of the rebate where early settlement takes place as provided in regulation 2(1A)(b) and the debtor pays the amount by the time specified in regulation 5(2).
(2) The amount of the rebate is the amount given by the following formula—
where:
F
=
the total amount of repayments of credit that would fall due for payment after the settlement date if early settlement did not take place,
K
=
the total amount of repayments of credit that will fall due for payment after the settlement date if early settlement takes place; in calculating K—
(i)
the amount of the credit outstanding from the debtor and the amount of the accrued charges remaining unpaid by the debtor under the agreement on the settlement date if early settlement takes place are to be determined in accordance with the formula given in regulation 4(1), and
(ii)
the amount paid by the debtor to the creditor where early settlement takes place shall be treated as though it were reduced by the amount (if any) which the creditor may claim under section 95A(2) [F2or 95B(2)] of the Act,
P
=
the amount paid by the debtor to the creditor where early settlement takes place.
(3) 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.]
Textual Amendments
F1Reg. 4A inserted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 82, 99(1) (with regs. 100, 101)
F2Words in reg. 4A(2) inserted (E.W.S.) (28.1.2013) by The Consumer Credit (Green Deal) Regulations 2012 (S.I. 2012/2798), reg. 1(b), Sch. para. 3(3)
Options/Help
Print Options
PrintThe Whole Instrument
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.