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The Consumer Credit (EU Directive) Regulations 2010

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26.  After section 77A (statements to be provided in relation to fixed-sum agreements)(1), insert—

Fixed-sum credit agreement: statement of account to be provided on request

77B.(1) This section applies to a regulated consumer credit agreement—

(a)which is for fixed-sum credit,

(b)which is of fixed duration,

(c)where the credit is repayable in instalments by the debtor, and

(d)which is not an excluded agreement.

(2) Upon a request from the debtor, the creditor must as soon as reasonably practicable give to the debtor a statement in writing which complies with subsections (3) to (5).

(3) The statement must include a table showing the details of each instalment owing under the agreement as at the date of the request.

(4) Details to be provided under subsection (3) must include—

(a)the date on which the instalment is due,

(b)the amount of the instalment,

(c)any conditions relating to payment of the instalment, and

(d)a breakdown of the instalment showing how much of it is made up of capital repayment, interest payment and other charges.

(5) Where the rate of interest is variable or the charges under the agreement may be varied, the statement must also indicate clearly and concisely that the information in the table is valid only until the rate of interest or charges are varied.

(6) The debtor may make a request under subsection (2) at any time that the agreement is in force unless a previous request has been made less than a month before and has been complied with.

(7) The debtor shall have no liability to pay any sum in connection with the preparation or the giving of a statement under this section.

(8) A breach of the duty imposed by this section is actionable as a breach of statutory duty.

(9) For the purposes of this section, an agreement is an excluded agreement if it is—

(a)an agreement secured on land,

(b)an agreement under which a person takes an article in pawn,

(c)an agreement under which the creditor provides the debtor with credit which exceeds £60, 260, or

(d)an agreement entered into by the debtor wholly or predominantly for the purpose of a business carried on, or intended to be carried on, by him.

(10) Subsections (2) to (5) of section 16B (declaration by the debtor as to the purposes of the agreement) apply for the purposes of subsection (9)(d)..

(1)

Section 77A was inserted by the Consumer Credit Act 2006 (c.14), section 6.

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