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12.—(1) In the case of an advertisement relating to an agreement for running-account credit, a statement of the frequency of the repayments of credit under the advertised transaction and of the amount of each repayment stating whether it is a fixed or minimum amount, or a statement indicating the manner in which the amount will be determined.
(2) In the case of other credit advertisements, a statement of the frequency, number and amount of repayments of credit.
(3) In the case of an advertisement relating to an agreement under which interest on the credit to be provided is of a type to which sections 369 to 376 of the Income and Corporation Taxes Act 1988(1) apply (which make provision for the deduction of income tax at the basic rate from certain loan interest):—
(a)a further statement indicating whether the amount of any repayment of credit mentioned in the advertisement is calculated before or after the deduction of tax; and
(b)where such an advertisement indicates the amounts of repayments both before and after deduction of tax, and in one or other such case not all the repayments would be equal for the purposes of sub-paragraph (1) above, a statement indicating the lowest and the highest amounts and the exact year or other period in respect of which each such amount is to be paid, unless such information is included in the statement required under sub-paragraph (1) above.
(4) The advertisement shall not include in relation to any repayment under this paragraph the expression “weekly equivalent” or any expression to the like effect or any expression of any other periodical equivalent, unless weekly payments or the other periodical payments are provided for under the agreement.
(5) The amount of any repayment under this paragraph may be expressed as a sum of money or as a specified proportion of a specified amount (including the amount outstanding from time to time).
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