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Regulation 2(1)

SCHEDULE 2INFORMATION TO BE CONTAINED IN QUOTATIONS RELATING TO THE BAILMENT OF GOODS

Name and address

1.  The name and a postal address of the person giving the quotation, and where that person gives the quotation as a credit-broker the name of any other trader to whom the quotation relates.

Nature of transaction

2.  A statement indicating that the transaction to which the quotation relates is the bailment of goods.

Security

3.  A statement that any security is or may be required, and where the security comprises or may comprise a mortgage or charge on the hirer’s home a statement in the following form:

“YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A HIRE AGREEMENT SECURED BY A MORTGAGE OR OTHER SECURITY ON YOUR HOME.”.

Insurance

4.  A statement of any contract of insurance required, not being a contract of insurance against the risk of loss or damage to the goods or any risk relating to the use of the goods.

Deposit of money in an account

5.  A statement of any requirement to place on deposit any sum of money in any account with any person.

Credit-broker’s fee

6.  In the case of a quotation relating to a business comprising credit brokerage, the amount of any fee payable by the hirer or an associate of his to a credit-broker or a statement of the method of its calculation.

Nature of security not affecting hirer’s home

7.  The nature of any security required where this does not comprise a mortgage or charge on the hirer’s home.

Frequency, number and amount of advance payments

8.  A statement of the frequency and number of any advance payments required and of the amount or minimum amount expressed as a sum of money or as a percentage or a statement indicating the manner in which the amount will be determined.

Duration of hire

9.  In a case where goods are to be bailed under an agreement for a fixed period or a minimum period, a statement indicating that this is the case and the duration of that period.

Frequency and amount of hire payments

10.  The frequency and amount of each hire payment stating if it be the case that it is a minimum amount and, in the case where the amount of any hire payment will or may be varied, a statement indicating that the amount will or may be varied and the circumstances in which it would happen:

Provided that the quotation shall not include in relation to any hire payment the expression “weekly equivalent” or any expression to the like effect or any expression of any other periodical equivalent unless weekly payments or the other periodical payments are provided for under the hire agreement.

Other payments and charges

11.—(1) Subject to sub-paragraphs (2) and (3) below, a statement indicating the description and amount of any payments and charges other than advance payments and hire payments which may be payable under the transaction to which the quotation relates.

(2) Where the liability of the hirer to make any payment cannot be ascertained at the date the quotation is given, a statement indicating the description of the payment in question and the circumstances in which the liability to make it will arise.

(3) Sub-paragraphs (1) and (2) above do not apply to any charge payable under the transaction to the owner or any other person on his behalf upon failure by the hirer or a relative of his to do or to refrain from doing anything which he is required to do or to refrain from doing, as the case may be.

Variable payments and charges

12.—(1) Where any payment or charge referred to in paragraph 10 or 11 above may be varied under the hire agreement and the amount of any such payment or charge following any variation cannot be ascertained at the time the quotation is given, a statement indicating the circumstances in which the payment or charge may be varied, and where that information is ascertained at the date the quotation is given, the time at which any such variation may occur.

(2) This paragraph does not apply to a variation under the agreement which takes account only of a change in value added tax (including a change to or from no tax being charged).

Warning

13.  A statement in the following form:

“BE SURE YOU CAN AFFORD THE PAYMENTS BEFORE ENTERING INTO A HIRE AGREEMENT.”.