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The Consumer Credit (EU Directive) Regulations 2010

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Consumer Credit (Settlement Information) Regulations 1983

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62.  In the Schedule (information to be contained in a statement given by a creditor of the amount of the payment required to discharge the debtor’s indebtedness under a regulated consumer credit agreement together with particulars showing how the amount is arrived at)—

(a)after paragraph 3 insert—

Compensatory amount

3A.  Where the creditor claims an amount under section 95A(2) of the Act, that amount and the method used to determine it.;

(b)for paragraph 5 substitute—

Amount of payment less any rebate on early settlement plus any compensation

5.  The total amount payable by the debtor required to discharge his indebtedness under the agreement after taking into account the amount of any rebate on early settlement and the compensatory amount, namely the amount resulting from the deduction of the amount shown in paragraph 4 from the amount shown in paragraph 3 and the addition of the amount shown in paragraph 3A.;

(c)omit sub-paragraphs 7(b) and (c).

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