The Green Deal Framework (Disclosure, Acknowledgment, Redress etc.) Regulations 2012

Special circumstances – failure to take a consumer credit modifying step

64.—(1) This regulation applies where a payee is not a green deal provider.

(2) A failure to take a consumer credit modifying step occurs where—

(a) paragraph (3) applies; and

(b) the payee or the green deal provider has not taken any of the steps specified in paragraph (4).

(3) This paragraph applies where—

(a) a green deal plan was not, at the time it was entered into, a regulated consumer credit agreement;

(b) after the green deal plan was entered into, a trigger event occurred; and

(c) in consequence of the trigger event occurring—

(i) were the green deal provider to enter into a new agreement on the receipt date to provide the remaining credit to the bill payer; and

(ii) were that agreement to be on substantially the same terms as the terms of the green deal plan,

the new agreement would be a regulated consumer credit agreement.

(4) The steps referred to in paragraph (2) are to—

(a) exercise an early repayment term so that the indebtedness under the green deal plan is discharged;

(b) modify the green deal plan by a regulated consumer credit agreement made in writing with the bill payer; or

(c) terminate the green deal plan.

(5) In this regulation, “remaining credit” means the sum, less interest, of the green deal instalments which are payable during the period commencing on the receipt date and ending when the payment period comes to an end.