Part VI Matters Arising During Currency of Credit or Hire Agreements
F2Sums in arrears and default sums
Annotations:
Amendments (Textual)
C186FF1Interest on default sums
1
This section applies where a default sum becomes payable under a regulated agreement by the debtor or hirer.
2
The debtor or hirer shall only be liable to pay interest in connection with the default sum if the interest is simple interest.
S. 86B and preceding cross-heading inserted (16.6.2006 for certain purposes and otherwise 1.10.2008) by Consumer Credit Act 2006 (c. 14), ss. {9}, 71(2) (with Sch. 3 para. 6); S.I. 2006/1508, art. 3(1), Sch. 1; S.I. 2007/3300, art. 3(3), Sch. 3