The Consumer Credit (Total Charge for Credit) Regulations 2010 (revoked)

This adran has no associated Memorandwm Esboniadol

3.  For the purposes of paragraph 2—U.K.

(a)the amounts paid by both parties at different times shall not necessarily be equal and shall not necessarily be paid at equal intervals;

(b)the starting date shall be that of the first drawdown;

(c)intervals between dates used in the calculations shall be expressed in years or in fractions of a year;

(d)a year is assumed to have 365 days (366 days for leap years), 52 weeks or 12 equal months;

(e)an equal month is assumed to have 30.41666 days (365/12) regardless of whether or not it is a leap year;

(f)the result of the calculation shall be expressed with an accuracy of at least one decimal place; if the figure at the following decimal place is greater than or equal to 5, the figure at that particular decimal place shall be increased by one;

(g)the equation can be rewritten as set out in sub-paragraph (h) using a single sum and the concept of flows (Ak), which will be positive or negative, either paid or received during periods [F1l to k], expressed in years;

(h)the equation referred to in sub-paragraph (g) is—

S being the present balance of flows; if the aim is to maintain the equivalence of flows, the value will be zero.

Textual Amendments