The debtor under a regulated consumer credit agreement shall not be obliged to pay interest on sums which, in breach of the agreement, are unpaid by him at a rate—
(a)where the total charge for credit includes an item in respect of interest, exceeding the rate of that interest, or
(b)in any other case, exceeding what would be the rate of the total charge for credit if any items included in the total charge for credit by virtue of [F1rules made by the FCA under paragraph (2)(d) of article 60M of the Regulated Activities Order] were disregarded.
Textual Amendments
F1Words in s. 93(b) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 20(33)
Modifications etc. (not altering text)
C1S. 93 excluded (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 12(7) (with art. 1(3))
C2S. 93 applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 29(11)(a) (with Pt. 4)