(1)In this Act ‘default sum’ means, in relation to the debtor or hirer under a regulated agreement, a sum (other than a sum of interest) which is payable by him under the agreement in connection with a breach of the agreement by him.
(2)But a sum is not a default sum in relation to the debtor or hirer simply because, as a consequence of his breach of the agreement, he is required to pay it earlier than he would otherwise have had to.]
Textual Amendments
F1S. 187A inserted (16.6.2006) by Consumer Credit Act 2006 (c. 14), ss. {18(1)}, 71(2); S.I. 2006/1508, art. 3(1), Sch. 1