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Statutory Instruments

1983 No. 1559

CONSUMER CREDIT

The Consumer Credit (Repayment of Credit On Cancellation) Regulations 1983

Made

24th October 1983

Laid before Parliament

3rd November 1983

Coming into Operation

19th May 1985

The Secretary of State, in exercise of the powers conferred on him by sections 57, 71(3) and 189(1) of the Consumer Credit Act 1974 and of all other powers enabling him in that behalf, hereby makes the following Regulations:—

Citation, commencement and interpretationI1

1.—(1) These Regulations may be cited as the Consumer Credit (Repayment of Credit on Cancellation) Regulations 1983 and shall come into operation on 19th May 1985.

(2) In these Regulations, “ the Act ” means the Consumer Credit Act 1974 .

Form of requestI2

2.—(1) Any request in writing, to be given to a debtor under section 71(3) of the Act, for repayment of credit following the cancellation of a regulated consumer credit agreement shall contain the information set out in Schedule 1 to these Regulations.

(2) Any request in writing, to be given to a debtor under section 71(3) of the Act (as applied by section 57), for repayment of credit following the withdrawal of a party from a prospective regulated consumer credit agreement shall contain the information set out in Schedule 2 to these Regulations.

Alexander Fletcher

Parliamentary Under-Secretary of State

Department of Trade and Industry

24th October 1983

Regulation 2(1)

SCHEDULE 1 FORM OF REQUEST FOR REPAYMENT OF CREDIT UNDER A CANCELLED REGULATED CONSUMER CREDIT AGREEMENT REPAYABLE BY INSTALMENTS I3,I4,I5,I6,I7,I8,I9,I10,I11

1. A description of the cancelled agreement sufficient to identify it.

2. The name and a [F1postal address and, where appropriate, any other addressF1] of the creditor.

3. The name and a [F2postal address and, where appropriate, any other addressF2] of the debtor.

4. The amount of credit received by the debtor under the agreement.

5. The date when the first instalment was due under the agreement.

6. The amount of credit repaid by the debtor before that date, or a statement that none of the credit was repaid before that date.

7. The amounts of the remaining instalments (recalculated in accordance with section 71(3) of the Act) which the debtor is required to pay, ie excluding any sum other than principal and interest.

8. A precise indication of the dates on which the instalments are due or a statement indicating clearly the manner in which those dates will be determined.

9. A clear and unambiguous statement by the creditor that payment of the amounts of the remaining instalments is demanded on the dates indicated.

Regulation 2(2)

SCHEDULE 2 FORM OF REQUEST FOR REPAYMENT OF CREDIT FOLLOWING WITHDRAWAL OF A PARTY FROM A PROSPECTIVE REGULATED CONSUMER CREDIT AGREEMENT REPAYABLE BY INSTALMENTS I12,I13,I14,I15,I16,I17,I18,I19,I20

1. A description of the prospective agreement sufficient to identify it.

2. The name and a [F3postal address and, where appropriate, any other addressF3] of the creditor.

3. The name and a [F4postal address and, where appropriate, any other addressF4] of the debtor.

4. The amount of credit received by the debtor under the prospective agreement.

5. The date when the first instalment would have been due under the agreement if the prospective agreement had been made at the same time as the credit, or the first part of the credit as the case may be, was provided.

6. The amount of credit repaid by the debtor before that date, or a statement that none of the credit was repaid before that date.

7. The amounts of the remaining instalments (recalculated in accordance with sections 57 and 71(3) of the Act) which the debtor is required to pay, ie excluding any sum other than principal and interest.

8. A precise indication of the dates on which the instalments are due or a statement indicating clearly the manner in which those dates will be determined.

9. A clear and unambiguous statement by the creditor that payment of the amounts of the remaining instalments is demanded on the dates indicated.

EXPLANATORY NOTE

These Regulations prescribe the form of a request for repayment of credit following the cancellation of a consumer credit agreement regulated by the Consumer Credit Act 1974 (or, by virtue of section 57 of the Act, following the withdrawal of a party from a prospective agreement regulated by the Act). Under section 71(3) of the Act it has to be in writing and signed by or on behalf of the creditor.

The request has to be made where credit has been provided repayable by instalments and the whole of the credit has not been repaid on or before the date on which the first instalment is due. It has to state the timing and amounts of the remaining instalments, recalculated under section 71(3) of the Act by the creditor as nearly as may be in accordance with the agreement and without extending the repayment period, but taking account only of principal and interest.

Status: This revised version has been created from an electronic version contributed by Westlaw which was originally derived from the printed publication. Read more
The Consumer Credit (Repayment of Credit On Cancellation) Regulations 1983 (1983/1559)
Version from: 31 December 2004

Displaying information

Status of this instrument

in force Provision is in force
in force* In force only for specified purposes (for detail about the purposes see/hover footnote)
not in force Not in force in England (may be in force in other geographies, see footnotes)
italics Defined term
dfn Defined term (alternative style)
gry bckgrd the in-force status of the provision is complex, check the footnotes
footnote commentary transitional and savings in force status related provisions geo extent insert/omit source count in force adj
F1 Words in Sch. 1 para. 2 substituted (31.12.2004) by The Consumer Credit Act 1974 (Electronic Communications) Order 2004 (S.I. 2004/3236), arts. 1(1), 7(2)(a) substituted
F2 Words in Sch. 1 para. 3 substituted (31.12.2004) by The Consumer Credit Act 1974 (Electronic Communications) Order 2004 (S.I. 2004/3236), arts. 1(1), 7(2)(b) substituted
F3 Words in Sch. 2 para. 2 substituted (31.12.2004) by The Consumer Credit Act 1974 (Electronic Communications) Order 2004 (S.I. 2004/3236), arts. 1(1), 7(3)(a) substituted
F4 Words in Sch. 2 para. 3 substituted (31.12.2004) by The Consumer Credit Act 1974 (Electronic Communications) Order 2004 (S.I. 2004/3236), arts. 1(1), 7(3)(b) substituted
I1 Reg. 1 in force at 19.5.1985, see reg. 1(1)
I2 Reg. 2 in force at 19.5.1985, see reg. 1(1)
I3 Sch. 1 para. 1 in force at 19.5.1985, see reg. 1(1)
I4 Sch. 1 para. 2 in force at 19.5.1985, see reg. 1(1)
I5 Sch. 1 para. 3 in force at 19.5.1985, see reg. 1(1)
I6 Sch. 1 para. 4 in force at 19.5.1985, see reg. 1(1)
I7 Sch. 1 para. 5 in force at 19.5.1985, see reg. 1(1)
I8 Sch. 1 para. 6 in force at 19.5.1985, see reg. 1(1)
I9 Sch. 1 para. 7 in force at 19.5.1985, see reg. 1(1)
I10 Sch. 1 para. 8 in force at 19.5.1985, see reg. 1(1)
I11 Sch. 1 para. 9 in force at 19.5.1985, see reg. 1(1)
I12 Sch. 2 para. 1 in force at 19.5.1985, see reg. 1(1)
I13 Sch. 2 para. 2 in force at 19.5.1985, see reg. 1(1)
I14 Sch. 2 para. 3 in force at 19.5.1985, see reg. 1(1)
I15 Sch. 2 para. 4 in force at 19.5.1985, see reg. 1(1)
I16 Sch. 2 para. 5 in force at 19.5.1985, see reg. 1(1)
I17 Sch. 2 para. 6 in force at 19.5.1985, see reg. 1(1)
I18 Sch. 2 para. 7 in force at 19.5.1985, see reg. 1(1)
I19 Sch. 2 para. 8 in force at 19.5.1985, see reg. 1(1)
I20 Sch. 2 para. 9 in force at 19.5.1985, see reg. 1(1)
Defined Term Section/Article ID Scope of Application
the Act reg. 1. def_edd11b0c9f

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