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The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007

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Regulation 34(a)(ii)

PART 3FORM OF WORDING TO BE INCLUDED IN FIRST REQUIRED NOTICE

“Interest payable after a judgment

This notice is being given to you because a court judgment has been obtained against you in relation to the agreement. Under the agreement we are allowed to continue to charge you interest on all the sums which the judgment states you owe us.

This notice is to advise you that we intend to charge interest. The rate of interest payable will be ……… [NOTE 1] (variable) [NOTE 2].

Interest will be charged from the day you were given this notice (i.e. when the notice is deemed to have been delivered to you in the ordinary course of post) onwards.

This means that even if you pay off the whole amount of the judgment, you may still have a further sum to pay.

For so long as we intend to charge interest on the monies which the judgment states you owe us, you will be given a notice about this at least every six months. This will also include information about the amount of interest that has been charged since the previous notice was given.

If you are not given such a notice within 6 months starting with the day after the previous notice was given to you then we will not be able to charge further interest until you are given such a notice.”

NOTE 1: Insert interest rate or rates. Where the rate is variable insert the rate applicable at the date of the notice.

NOTE 2: Delete where the rate or rates are fixed.

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