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The Consumer Credit (Early Settlement) Regulations 2004

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  1. Introductory Text

  2. 1.Citation, commencement and interpretation

  3. 2.Entitlement to rebate

  4. 3.Items included in the calculation of rebate

  5. 4.Calculation of the amount of rebate

  6. 4A.Calculation of the amount of rebate (indebtedness discharged in part)

  7. 5.Settlement date

  8. 6.Deferment of settlement date

  9. 7.Variation of rates and amounts

  10. 8.Revocation of Regulations

  11. 9.Amendment of Regulations

  12. 10.Savings

  13. Signature

    1. SCHEDULE

      EXAMPLES ILLUSTRATING USE OF FORMULA FOR CALCULATING REBATE

      1. Example 1—medium term, medium value loan

      2. The creditor receives notice from the debtor requesting early settlement...

      3. Assuming that no charges are excluded from the calculation of...

      4. The creditor opts to calculate the rebate using periods of...

      5. Then the loan outstanding immediately after payment of the12th instalment...

      6. If regulation 5(a) applies (making the settlement date 28 days...

      7. If the creditor elects to defer the settlement date by...

      8. For the calculation using the formula in regulation 4(1)— n...

      9. Then the loan outstanding to be repaid immediately after payment...

      10. The formula gives an amount outstanding after payment of the...

      11. The debtor will also have to pay the instalment due...

      12. Hence the total amount to be paid at the settlement...

      13. For this example, the rebate would be £776.90; this is...

      14. N.B. If the period between the 13th and 14th instalments...

      15. Example 2—longer term, high value loan

      16. Thus total amount repayable = £139.51 x 180 = £25,111.80....

      17. The creditor receives notice from the borrower requesting early settlement...

      18. Assuming that no charges are excluded from the calculation of...

      19. The creditor opts to calculate the rebate using periods of...

      20. Then the loan outstanding to be repaid immediately after payment...

      21. The amount outstanding at the settlement date is then— £8,225.12...

      22. Hence the total amount to be paid at the settlement...

      23. N.B. If the period between the 72nd and 73rd instalments...

      24. For this example, the rebate is £6,606.95; this is calculated...

  15. Explanatory Note

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