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The Consumer Credit (Disclosure of Information) Regulations 2010

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This is the original version (as it was originally made).

Regulation 1(2)

SCHEDULE 2PROVISIONS RELATING TO CALCULATION AND DISCLOSURE OF THE TOTAL CHARGE FOR CREDIT AND APR

This schedule has no associated Explanatory Memorandum

1.    Assumptions about running-account credit

(a)In the case of an agreement for running-account credit, the assumption in paragraph (b) shall have effect for the purpose of calculating the total charge for credit and any APR in place of any assumptions in regulation 6(o) of the Consumer Credit (Total Charge for Credit) Regulations 2010 that might otherwise apply—

(b)in a case where the credit limit applicable to the credit is not known at the time the pre-contract credit information is disclosed but it is known that it will be subject to a maximum limit of less than £1,200, the credit limit shall be assumed to be an amount equal to that maximum limit.

2.    Permissible tolerances in disclosure of an APR

For the purposes of these Regulations, it shall be sufficient compliance with the requirement to show an APR if there is included in the pre-contract credit information—

(a)a rate which exceeds the APR by not more than one,

(b)a rate which falls short of the APR by not more than 0.1, or

(c)in a case to which paragraph 3 or 4 of this Schedule applies, a rate determined in accordance with those paragraphs or whichever of them applies to that case.

3.    Tolerance where repayments are nearly equal

In the case of an agreement under which all repayments but one are equal and that one repayment does not differ from any other repayment by more whole pence than there are repayments of credit, there may be included in the pre-contract credit information a rate found under regulation 5 of the Consumer Credit (Total Charge for Credit) Regulations 2010 as if that one repayment were equal to the other repayments to be made under the agreement.

4.    Tolerance where interval between relevant date and first repayment is greater than interval between repayments

In the case of an agreement under which—

(a)three or more repayments are to be made at equal intervals, and

(b)the interval between the relevant date and the first repayment is greater than the interval between the repayments,

there may be included in the pre-contract credit information a rate found under regulation 5 of the Consumer Credit (Total Charge for Credit) Regulations 2010 as if the interval between the relevant date and the first repayment were shortened so as to be equal to the interval between repayments.

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