77AStatements to be provided in relation to fixed-sum credit agreements

1

The creditor under a regulated agreement for fixed-sum credit—

a

shall, within the period of one year beginning with the day after the day on which the agreement is made, give the debtor a statement under this section; and

b

after the giving of that statement, shall give the debtor further statements under this section at intervals of not more than one year.

2

Regulations may make provision about the form and content of statements under this section.

3

The debtor shall have no liability to pay any sum in connection with the preparation or the giving to him of a statement under this section.

4

The creditor is not required to give the debtor any statement under this section once the following conditions are satisfied—

a

that there is no sum payable under the agreement by the debtor; and

b

that there is no sum which will or may become so payable.

5

Subsection (6) applies if at a time before the conditions mentioned in subsection (4) are satisfied the creditor fails to give the debtor—

a

a statement under this section within the period mentioned in subsection (1)(a); or

b

such a statement within the period of one year beginning with the day after the day on which such a statement was last given to him.

6

Where this subsection applies in relation to a failure to give a statement under this section to the debtor—

a

the creditor shall not be entitled to enforce the agreement during the period of non-compliance;

b

the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and

c

the debtor shall have no liability to pay any default sum which (apart from this paragraph)—

i

would have become payable during the period of non-compliance; or

ii

would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

7

In this section ‘the period of non-compliance’ means, in relation to a failure to give a statement under this section to the debtor, the period which—

a

begins immediately after the end of the period mentioned in paragraph (a) or (as the case may be) paragraph (b) of subsection (5); and

b

ends at the end of the day on which the statement is given to the debtor or on which the conditions mentioned in subsection (4) are satisfied, whichever is earlier.

8

This section does not apply in relation to a non-commercial agreement or to a small agreement.