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The Consumer Credit (Settlement Information) Regulations 1983

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Citation, commencement and interpretation

1.—(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.

Form of statement

2.—(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 written 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 written 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.

Settlement date

3.—(1) Where the agreement provides for the credit to be repaid by instalments to be made only at monthly or shorter intervals, the settlement date shall be taken to be the date of the instalment due under the agreement immediately following the expiration of a period of 28 days after the day on which the creditor has received a request in writing for a statement from the debtor, unless a later date is requested by the debtor.

(2) Where paragraph (1) does not apply, 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 in writing for a statement from the debtor, unless a later date is requested by the debtor.

Prescribed period

4.  The period of 12 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).

Alexander Fletcher

Parliamentary Under-Secretary of State

Department of Trade and Industry

24th October 1983

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