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

SCHEDULE 1

Regulation 4(a)

PART 1 INFORMATION TO BE INCLUDED IN STATEMENTS RELATING TO FIXED-SUM CREDIT AGREEMENTS

1.  The period to which the statement relates.

2.—(1) The name, telephone number or numbers, postal address and, where appropriate, any other address of the creditor.

(2) Where the creditor and the debtor have entered into an arrangement under which the creditor has given the debtor details of a particular employee or category of employee of the creditor whom the debtor is entitled to contact in relation to all his dealings with the creditor, the creditor may, instead of including the telephone number or numbers referred to in sub-paragraph (1), refer to that arrangement.

3.  Information specific to the agreement—

(a) a description of the agreement sufficient to identify it;

(b) the amount of credit provided and, where applicable, to be provided under the agreement (shown as one figure);

(c) (i) any rate or rates of interest applicable on a per annum basis which applied during the period to which the statement relates and—

(aa) the periods during which each rate applied; and

(bb) if applicable, the element of the credit to which each rate applied; or

(ii) where the rate or rates of interest are not applicable on a per annum basis, the rate or rates of interest on the credit provided under the agreement, in each case quoted on a per annum basis and a statement explaining how and when interest charges are calculated and applied under the agreement;

(d) (i) the date on which the agreement became an executed agreement; or

(ii) the date of first movement on the account;

(e) (i) the duration; or

(ii) the minimum duration,

of the agreement as provided in the agreement;

(f) any opening balance under the agreement at the beginning of the period to which the statement relates;

(g) the amount and date of any payment made into the account by, or to the credit of, the debtor during the period to which the statement relates;

(h) the amount and date of any interest or other charges payable by the debtor which became due during the period to which the statement relates, whether or not the interest or other charges relate only to that period;

(i) the amount and date of any movement in the account during the period to which the statement relates which is not required to be included in the statement under sub-paragraphs (g) and (h); and

(j) the balance under the agreement at the end of the period to which the statement relates.

Regulation 4(b)

PART 2 FORMS OF WORDING TO BE INCLUDED IN STATEMENTS RELATING TO FIXED-SUM CREDIT AGREEMENTS

4.  Each of the following forms of wording shall be contained in a statement under this Part:

“Settling your credit agreement early

You can settle this agreement at any time by giving us notice in writing and paying off the amount you owe. If you wish to settle early you should contact us for a final settlement figure.”;

“Dispute resolution

If you have a problem with your agreement, please try to resolve it with us in the first instance. If you are not happy with the way in which we handled your complaint or the result, you may be able to complain to the Financial Ombudsman Service. If you do not take up your problem with us first you will not be entitled to complain to the Ombudsman. We can provide details of how to contact the Ombudsman.”;

“Paying less than the agreed sum:

If you pay less than your agreed payment in most cases it is likely to take you longer and may cost you more to pay off the debt under the agreement.

If you have difficulties making payments under your credit agreement please contact us if you have not already done so to discuss terms for the rest of the agreement. You may also want to seek advice on what to do from an independent free advice agency such as the Citizens Advice Bureau.”.

Regulation 4(c)

PART 3 FORMS OF WORDING TO BE INCLUDED IN FIXED-SUM CREDIT STATEMENTS RELATING TO HIRE-PURCHASE OR CONDITIONAL SALE AGREEMENTS

5.  The following forms of wording shall be included, as appropriate, in a statement under this Part:

“Termination: Your rights

You also have the right to end this agreement early in accordance with section 99 of the Consumer Credit Act 1974. You will not have to pay all the sums due under the agreement but you will not be entitled to retain the goods if you do this. Details were set out in your credit agreement. If you wish to terminate the agreement you should contact us for further information including any amount payable on termination.”.

“If you wish we can provide you with separate settlement figures for your [hire purchase] [conditional sale] [NOTE 1] agreement and for your insurance finance agreement. Please contact us in writing to obtain this.”.

NOTE 1: Delete as applicable.

Regulation 14

SCHEDULE 2 FORMS OF WORDING AND INFORMATION TO BE INCLUDED IN STATEMENTS RELATING TO RUNNING-ACCOUNT CREDIT AGREEMENTS

1.  The following form of wording shall be contained in a statement under this Part—

“Minimum payments

If you make only the minimum payment each month, it will take you longer and cost you more to clear your balance.”.

2.  If at the end of the period to which the statement relates, the debtor has paid less than the minimum payment required to be paid by him in accordance with the agreement, the statement shall contain the following form of wording—

“You have failed to make a minimum payment

Failing to make your minimum payment can mean that you have broken the terms of this credit agreement and could result in us taking legal action against you. It could lead to your having to pay additional costs and make it more difficult for you to obtain credit in future.”.

3.  The following information shall be contained in the statement—

A statement of the order or proportions in which any amount paid by the debtor which is not sufficient to discharge the total debt then due under the agreement will be applied or appropriated by the creditor towards the discharge of the sums due in respect of:

(a) the amounts of credit provided for different purposes; or

(b) different parts of the agreement.

4.  The following forms of wording shall be contained in the statement—

“If you do not pay off the full amount outstanding, we will allocate your payment to the outstanding balance in a specific order, which is set out [NOTE 1]. The way in which payments are allocated can make a significant difference to the amount of interest you will pay until the balance is cleared completely.”;

NOTE 1: state where in relation to this form of wording this information is located on the statement;

“Dispute resolution

If you have a problem with your agreement, please try to resolve it with us in the first instance. If you are not happy with the way in which we handled your complaint or the result, you may be able to complain to the Financial Ombudsman Service. If you do not take up your problem with us first you will not be entitled to complain to the Ombudsman. We can provide details of how to contact the Ombudsman.”.

SCHEDULE 3

Regulation 19(1)(c), (d)

PART 1 INFORMATION AND STATEMENTS TO BE INCLUDED IN NOTICES OF SUMS IN ARREARS UNDER FIXED-SUM CREDIT AGREEMENTS ETC.

1.  The date of the notice.

2.—(1) The name, telephone number or numbers, the postal address, and, where appropriate, any other address of the creditor or owner.

(2) Where the creditor and the debtor or the owner and the hirer have entered into an arrangement under which the debtor or the hirer has been given details of a particular employee or category of employee of the creditor or owner whom the debtor or hirer is entitled to contact in relation to all his dealings with the creditor or owner, the creditor or owner may, instead of including the telephone number or numbers referred to in sub-paragraph (1), refer to that arrangement.

3.  Information specific to the agreement:

(a) a description of the agreement sufficient to identify it; and

(b) the opening balance under the agreement at the date on which the duty to give the notice arose.

4.—(1) Where default sums or interest (other than any set out in the notice) may be payable in connection with the amounts set out in the notice, a statement in the following form—

“Default sums and interest

You may have to pay default sums and interest in relation to the missed or partly made payments referred to in this notice. Please contact us if you would like further details. This notice does not take account of any payments received after the date of the notice.”.

(2) In any other case, a statement in the following form—

“Default sums and interest

You will not incur any default sums or extra interest in relation to the missed or partly made payments referred to in this notice. This notice does not take account of any payments received after the date of the notice.”.

5.  A statement in the following form:

“Notices

For so long as you continue to be behind with your payments by any amount, you will be sent notices about this at least every six months. We are not required to send you notices more frequently than this, even if you get further behind with your payments in between notices.”.

Regulation 19(2)(a)

PART 2 INFORMATION TO BE INCLUDED IN FIRST REQUIRED NOTICES OF SUMS IN ARREARS UNDER FIXED-SUM CREDIT AGREEMENTS ETC.

6.  The amount of the shortfall under the agreement which gave rise to the duty to give the notice.

Regulation 19(3)

PART 3 INFORMATION AND STATEMENT TO BE INCLUDED IN ALL NOTICES OF SUMS IN ARREARS UNDER FIXED-SUM CREDIT AGREEMENTS ETC. EXCEPT FIRST REQUIRED NOTICES

7.  That part of the opening balance referred to in paragraph 3(b) of this Schedule which comprises any sum which the debtor or hirer has failed to pay in full when it became due under the agreement, whether or not such sums have been included in a previous notice.

8.  The amount and date of any payment made into the account by, or to the credit of, the debtor or hirer during the period to which the notice relates.

9.  The amount and date of any interest or other charges payable by the debtor or hirer which became due during the period to which the notice relates, whether or not the interest or other charges relate only to that period.

10.  The amount and date of any movement in the account during the period to which the notice relates which is not required to be included in the notice under paragraphs 8.

11.  The balance under the agreement at the end of the period to which the notice relates.

12.  That part of the balance referred to in paragraph 11 which comprises any sum which the debtor or hirer has failed to pay in full when it became due under the agreement and which remains unpaid at the end of the period to which the notice relates, whether or not such a sum has been included in a previous notice.

13.  Add the following words to the end of the first sentence of the statement in paragraph 4(1): “(in addition to any default sums and interest included in this notice).”.

Regulation 24(1)(c) and (d)

PART 4 INFORMATION AND STATEMENTS TO BE INLCUDED IN NOTICES OF SUMS IN ARREARS UNDER RUNNING-ACCOUNT CREDIT AGREEMENTS

14.  The date of the notice.

15.  A description of the agreement sufficient to identify it.

16.—(1) The name, telephone number, postal address and, where appropriate, any other address of the creditor.

(2) Where the creditor and the debtor have entered into an arrangement under which the creditor has given the debtor details of a particular employee or category of employee of the creditor whom the debtor is entitled to contact in relation to all his dealings with the creditor, the creditor may, instead of including the telephone number or numbers referred to in sub-paragraph (1), refer to that arrangement.

17.  In relation to each of the last two payments which the debtor is required under the agreement to have made and which have not been paid or not fully paid:

(a) the amount payable;

(b) the date on which that amount became due;

(c) in the event that the debtor has paid part of that amount, the amount he has paid and the date on which that payment was made; and

(d) the nature of the amount due,

together with the aggregate of the amounts payable as shown under sub-paragraph (a) less the aggregate of the amounts paid as shown under sub-paragraph (c).

18.  A statement in the following form—

“Missed and partly made payments

This notice does not give details of missed or partly made payments previously notified whether or not they remain unpaid.”.

19.—(1) Where default sums or interest (other than any set out in the notice) may be payable in connection with the amounts set out in the notice, a statement in the following form—

“Default sums and Interest

You may have to pay default sums and interest in relation to the missed or partly made payments indicated above in addition to any default sums and interest already included in this notice. Please contact us if you would like further details. This notice does not take account of any payments received after the date of the notice.”.

(2) In any other case, a statement in the following form—

“Default sums and Interest

You will not incur any default sums or extra interest in relation to the missed or partly made payments indicated above. This notice does not take account of any payments received after the date of the notice.”.

Regulation 19(1)(e) and 24(1)(e)

PART 5 STATEMENT TO BE INCLUDED IN NOTICES OF SUMS IN ARREARS UNDER FIXED-SUM CREDIT AGREEMENTS ETC. AND RUNNING-ACCOUNT CREDIT AGREEMENTS

A statement in the following form shall be contained in a notice under this Part—

“Office of Fair Trading Information Sheet

This notice should include a copy of the current information sheet on arrears prepared by the Office of Fair Trading. This contains important information about your rights and where to go for support and advice, for example on applying for a Time Order as well as our right to charge you interest. If it is not included you should contact us to get one. Please refer to the Office of Fair Trading information sheet for more information about how to get advice on dealing with your debt.”.

SCHEDULE 4

Regulation 30

PART 1 INFORMATION AND FORM OF WORDING TO BE INCLUDED IN NOTICES OF DEFAULT SUMS

1.  The date of the notice.

2.  A description of the agreement sufficient to identify it.

3.—(1) The name, telephone number, postal address and, where appropriate, any other address of the creditor or owner.

(2) Where the creditor and the debtor or the owner and the hirer have entered into an arrangement under which the debtor or the hirer has been given details of a particular employee or category of employee of the creditor or owner whom the debtor or hirer is entitled to contact in relation to all his dealings with the creditor or owner, the creditor or owner may, instead of including the telephone number or numbers referred to in sub-paragraph (1), refer to that arrangement.

4.  The amount and nature of each default sum payable under the agreement which has not been the subject of a previous notice of default sums.

5.  The date upon which each default sum referred to in the notice became payable under the agreement.

6.  The following statement:

“This Notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid.”.

7.  The total amount of all the default sums included in the notice.

Regulation 31

PART 2 FORMS OF WORDING TO BE INCLUDED IN NOTICES OF DEFAULT SUMS WHERE INTEREST IS PAYABLE ON DEFAULT SUMS

8.  Where the interest rate which applies to the default sum in the event that it is not paid or not paid in full when it falls due is a variable rate the following form of wording shall be contained in a notice under this Part—

“Interest

We are not entitled to charge you interest on the default sums for the first 28 days after we have given you this notice. However if the sums are not paid in full by that date interest will be charged at the rate of…….[NOTE 1]. Since this interest rate is a variable rate, the rate which we will apply to the default sum once the 28 days have passed may be different.”.

NOTE 1: Insert the interest rate applicable at the date of the notice.

9.  Where the interest rate which applies to the default sum in the event that it is not paid or not paid in full when it falls due is a fixed rate the following form of wording shall be contained in the notice—

“Interest

We are not entitled to charge you interest on the default sums for the first 28 days after we have given you this notice. However if the sum is not paid in full by that date interest will be charged at the rate of…….[NOTE 1].”.

NOTE 1: Insert applicable interest rate.

SCHEDULE 5

Regulation 34(a)(i) and (b)

PART 1 INFORMATION AND STATEMENT TO BE INCLUDED IN ALL NOTICES UNDER SECTION 130A OF THE 1974 ACT

1.  The date of the notice.

2.  A description of the agreement sufficient to identify it and the claim number of the judgment given in relation to the agreement.

3.—(1) The name, telephone number, postal address and, where appropriate, any other address of the creditor or owner.

(2) Where the creditor and the debtor or the owner and the hirer have entered into an arrangement under which the debtor or the hirer has been given details of a particular employee or category of employee of the creditor or owner whom the debtor or hirer is entitled to contact in relation to all his dealings with the creditor or owner, the creditor or owner may, instead of including the telephone number or numbers referred to in sub-paragraph (1), refer to that arrangement.

4.  The amount on which post-judgment interest is or will be charged at the date of the notice.

5.  A statement in the following form—

“If you are having problems making repayments you should contact us in the first instance. If we cannot help you resolve the problem and if you are making payments under an instalment order you may be able to apply to the court to have the terms of the instalment order varied. If you do so you may also ask the court to reduce the amount of interest payable on the judgment debt.”.

6.  A statement in the following form—

“Advice and information

You can also obtain advice and information about dealing with your debt issues from the Citizens Advice Bureau, Federation of Law Centres, Consumer Credit Counselling Service, National Debtline, Advice UK agencies, Trading Standards, and Consumer Direct on ……… [NOTE 1].”.

NOTE 1: Insert the telephone numbers for the organisations referred to which are contained in the current Office of Fair Trading Default information sheet.

Regulation 34(b)

PART 2 INFORMATION AND STATEMENT TO BE INCLUDED IN ALL EXCEPT FIRST REQUIRED NOTICE UNDER SECTION 130A OF THE 1974 ACT

7.  The total amount of post-judgment interest charged since the date of the last notice given under section130A in relation to the agreement.

8.  The date or dates on which post-judgment interest has been charged since that date.

9.  The rate or rates at which post-judgment interest was charged. Where the rate is a variable rate it shall be stated to be variable.

Regulation 34(a)(ii)

PART 3 FORM OF WORDING TO BE INCLUDED IN FIRST REQUIRED NOTICE

“Interest payable after a judgment

This notice is being given to you because a court judgment has been obtained against you in relation to the agreement. Under the agreement we are allowed to continue to charge you interest on all the sums which the judgment states you owe us.

This notice is to advise you that we intend to charge interest. The rate of interest payable will be ……… [NOTE 1] (variable) [NOTE 2].

Interest will be charged from the day you were given this notice (i.e. when the notice is deemed to have been delivered to you in the ordinary course of post) onwards.

This means that even if you pay off the whole amount of the judgment, you may still have a further sum to pay.

For so long as we intend to charge interest on the monies which the judgment states you owe us, you will be given a notice about this at least every six months. This will also include information about the amount of interest that has been charged since the previous notice was given.

If you are not given such a notice within 6 months starting with the day after the previous notice was given to you then we will not be able to charge further interest until you are given such a notice.”

NOTE 1: Insert interest rate or rates. Where the rate is variable insert the rate applicable at the date of the notice.

NOTE 2: Delete where the rate or rates are fixed.