Consumer Credit Act 1974

[F1 97A Duty to give information on partial repayment E+W+S+N.I.

(1) Where a debtor under a regulated consumer credit agreement—

(a) makes a payment by virtue of which part of his indebtedness is discharged under section 94, and

(b) at the same time or subsequently requests the creditor to give him a statement concerning the effect of the payment on the debtor's indebtedness,

the creditor must give the statement to the debtor before the end of the period of seven working days beginning with the day following that on which the creditor receives the request.

(2) The statement shall be in writing and shall contain the following particulars—

(a) a description of the agreement sufficient to identify it,

(b) the name, postal address and, where appropriate, any other address of the creditor and the debtor,

(c) where the creditor is claiming an amount under section 95A(2), that amount and the method used to determine it,

(d) the amount of any rebate to which the debtor is entitled—

(i) under the agreement, or

(ii) by virtue of section 95 where that is higher,

(e) where the amount of the rebate mentioned in paragraph (d)(ii) is given, a statement indicating that this amount has been calculated having regard to the Consumer Credit (Early Settlement) Regulations 2004,

(f) where the debtor is not entitled to any rebate, a statement to this effect,

(g) any change to—

(i) the number, timing or amount of repayments to be made under the agreement, or

(ii) the duration of the agreement,

which results from the partial discharge of the indebtedness of the debtor, and

(h) the amount of the debtor's indebtedness remaining under the agreement at the date the creditor gives the statement.]

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1 S. 97A inserted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 34, 99(1) (with regs. 100, 101)