The Consumer Credit (Notice of Variation of Agreements) Regulations 1977

EXPLANATORY NOTE

These Regulations prescribe the manner in which notice is to be given to the debtor or hirer of the variation of a consumer credit or consumer hire agreement by the creditor or owner under a power contained in the agreement before such variation can take effect. Notice of any variation in a regulated agreement must generally be given by serving a notice setting out the variation on the debtor or hirer seven days before the variation takes effect (Regulation 2). However, notice of a variation in the rate of interest payable under certain consumer credit agreements may be given by publishing a notice setting out the variation in at least three national daily newspapers (or, if this is not reasonably practicable, in the Gazette) and, if reasonably practicable, by displaying such a notice in the premises where the agreements to be varied are maintained (Regulation 3).