The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007

Content of notices of sums in arrears under running-account credit agreements

26.—(1) Subject to paragraphs (2) and (3), where the total amount which the debtor has failed to pay in relation to the last two payments due under the agreement prior to the date on which the creditor came under a duty to give the debtor a regulation 24 notice is not more than £2, the notice—

(a) need not include any of the information or statements referred to in regulation 24;

(b) but in that event shall contain a statement in the following form—

“You have failed to make two minimum payments

Failing to make minimum payments can mean that you have broken the terms of this credit agreement. This could result in your having to pay additional costs. A copy of the Office of Fair Trading Arrears information sheet is enclosed, which contains more information about what to do when you get behind with your payments.”.

(2) Paragraph (1) shall not apply where at the date on which the duty to give notice arose a default sum or other charge has become payable as a result of the debtor’s failure to pay sums as set out in paragraph (1).

(3) Where a regulation 24 notice is incorporated into a statement which the creditor is required to give the debtor under section 78(4) of the 1974 Act, the statement shall not contain the wording specified in paragraph 2 of Schedule 2.