The Consumer Credit (Agreements) 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 60, 61(1)(a), 105(9), 114(1), 127(3), 182(2) 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 interpretation

1

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

• (2) In these Regulations, unless the context otherwise requires—

• “the Act” means the Consumer Credit Act 1974;

• “advance payment” includes any deposit and in relation to a regulated consumer credit agreement includes also any part-exchange allowance in respect of any goods agreed in antecedent negotiations to be taken by the creditor in part-exchange but does not include a repayment of credit or any insurance premium or any amount entering into the total charge for credit;

• “the APR” means the annual percentage rate of charge for credit determined in accordance with the total charge for credit rules and Schedule 7 to these Regulations and, in the case of modifying agreements, Regulation 7 of, and Part I of Schedule 8 to, these Regulations;

• “cancellable agreement” includes an agreement which is a modifying agreement treated under section 82(5) of the Act as a cancellable agreement;

• “cash price” in relation to any goods, services, land or other things means the price or charge at which the goods, services, land or other things may be purchased by, or supplied to, the debtor for cash;

• “contract of shortfall insurance” means anything in writing which contains or purports to contain some promise or assurance (however worded or presented) that if a sum payable under a contract of insurance against loss of or damage to goods is less than the amount necessary to defray—any amount of credit provided to finance the purchase of those goods; andany other amount included in the total charge for that credit,to the extent that these remain unpaid at the date of the loss or damage, a sum up to but not exceeding that shortfall will be paid;

• ...

• “earlier credit agreement” means an earlier agreement for the provision of credit;

• “earlier hire agreement” means an earlier agreement for the bailment or the hiring of goods;

• “guarantee of goods” means anything in writing which contains or purports to contain some promise or assurance (however worded or presented) that defects in goods will be made good by complete or partial replacement, or by repair, monetary compensation or otherwise;

• “hire payment” means any payment to be made by the hirer in relation to any period in consideration of the bailment or hiring to him of goods under a regulated consumer hire agreement;

• “lettering” includes figures and symbols;

• “modified agreement” means an earlier agreement as varied or supplemented by a modifying agreement, which is treated as— revoking the earlier agreement, andcontaining provisions reproducing the combined effect of the two agreements;

• “the relevant date” means—where a date is specified in or determinable under an agreement at the date of its making as that on which the debtor is entitled to require the provision of anything under the agreement, the earliest such date, orwhere no such date is specified or determinable, the date of the making of the agreement;

• “total charge for credit” shall be determined in accordance with the total charge for credit rules and Schedule 7 to these Regulations and, in the case of modifying agreements, Regulation 7 of, and Part I of Schedule 8 to, these Regulations; and

• “the total charge for credit rules” means rules made by the Financial Conduct Authority under article 60M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for the purposes of Chapter 14A of Part 2 of that Order.

• (2A) References in these Regulations to contracts of insurance must be read with—

• (a) section 22 of the Financial Services and Markets Act 2000;

• (b) any relevant order under that section; and

• (c) Schedule 2 to that Act.

• (3) In these Regulations, any reference to a repayment is a reference to—

• (a) a repayment of the whole or any part of the credit;

• (b) a payment of the whole or any part of the total charge for credit; or

• (c) a combination of such repayments and payments.

Form and content of regulated consumer credit agreements

2

• (1) Subject to paragraphs (2) and (9) below, documents embodying regulated consumer credit agreements (other than modifying agreements) shall contain the information set out in Column 2 of Schedule 1 to these Regulations in so far as it relates to the type of agreement referred to in Column 1.

• (2) Where any information about financial and related particulars set out in paragraphs 9 to 11 of Schedule 1 to these Regulations cannot be exactly ascertained by the creditor, estimated information based on the assumptions referred to in paragraph 10 of that Schedule, where applicable, and otherwise such assumptions as the creditor may reasonably make in all the circumstances of the case and a statement of the assumptions made shall be included in documents embodying regulated consumer credit agreements.

• (3) Subject to paragraph (9) below, documents embodying regulated consumer credit agreements, other than agreements of the description specified in the Schedule to the Consumer Credit (Notices of Cancellation Rights) (Exemptions) Regulations 1983 in relation to which there are no charges forming part of the total charge for credit (in this regulation referred to as “exempted agreements”), shall contain statements of the protection and remedies available to debtors under the Act, in the Form numbered in Column 1 of Part 1 of Schedule 2 to these Regulations and set out in Column 3, in so far as they relate to the type of agreement referred to in Column 2.

• (4) Subject to paragraphs (5) and (9) below, the information, statements of the protection and remedies, signature and separate boxes which this regulation requires documents embodying regulated consumer credit agreements to contain, shall be set out in the order given by paragraphs (a) to (f) below under, where applicable, the headings specified below—

• (a) the nature of the agreement as set out in paragraph 1 of Schedule 1 to these Regulations;

• (b) the parties to the agreement as set out in paragraph 2 of Schedule 1 to these Regulations;

• (c) under the heading “Key Financial Information”, the financial and related particulars set out in paragraphs 6 to 8B, 11 to 14 and 15 to 17 of Schedule 1 to these Regulations;

• (d) under the heading “Other Financial Information”, the financial and related particulars set out in paragraphs 3 to 5, 9, 10, 14A and 18 to 19A of Schedule 1 to these regulations;

• (e) under the heading “Key Information”—

• (i) the information set out in paragraphs 20 to 24 of Schedule 1 to these Regulations; and

• (ii) the statements of protection and remedies set out in Schedule 2 to these Regulations; and

• (f) the signature box and, where applicable, the separate box required by paragraph (7)(b) below;

and such information, statements of protection and remedies, signature and separate boxes shall be shown together as a whole and shall not be preceded by any information apart from trade names, logos or the reference number of the agreement or interspersed with any other information or wording apart from subtotals of total amounts and cross references to the terms of the agreement.

• (5) In the case of documents embodying restricted-use debtor-creditor-supplier agreements for fixed-sum credit to finance a transaction comprising the acquisition of goods, services, land or other things specified in the agreement or identified and agreed on at the time the agreement is made and relating to more than one description of goods, services, land or other things, the cash prices, and the total cash price, referred to in paragraph 4 of Schedule 1 to these Regulations may be shown in a schedule to such document together with each description of the goods, services, land or other things, provided that the total cash price and a reference to the schedule to such document are shown together with the information required by paragraph (4)(d) above.

• (6) The APR referred to in paragraphs 15 to 17 of Schedule 1 to these Regulations shall in documents embodying regulated consumer credit agreements, other than exempted agreements—

• (a) be denoted as “APR” or “annual percentage rate” or “annual percentage rate of the total charge for credit; and

• (b) where it is subject to change, be accompanied by the word “variable”.

• (7) Documents embodying regulated consumer credit agreements other than exempted agreements shall, subject to paragraph (9) below, contain a signature box in the Form numbered in Column 1 of Part 1 of Schedule 5 to these Regulations and set out in Column 3 in so far as it relates to the type of agreement referred to in Column 2 and shall—

• (a) if—

• (i) the documents embody a principal agreement and subsidiary agreement to which paragraph (9) below applies; or

• (ii) at the time of entering into the agreement the debtor is also purchasing an optional contract of insurance which will be financed by credit advanced under that agreement,

contain a form of consent in the Form set out in Part III of Schedule 5 immediately below the signature box required by this paragraph; and

• (b) if the agreement is one to which section 58(1) of the Act applies, is a cancellable agreement or is an agreement under which a person takes any article in pawn and under which the pawn-receipt is not separate from the document embodying the agreement, contain a separate box immediately above, below or adjacent to the signature box in which shall be included the appropriate statements specified in Forms 1 and 4 to 6 of Part 1, and in Part II, of Schedule 2.

• (8) Paragraph (9) applies to documents embodying a debtor-creditor-supplier agreement falling within section 12(a) of the Act or a debtor-creditor agreement (in this paragraph and paragraph (9) in either case referred to as “the principal agreement”) and also embodying, or containing the option of, a debtor-creditor-supplier agreement falling within section 12(b) of the Act (in this paragraph and paragraph (9) referred to as “the subsidiary agreement”) where the subsidiary agreement is to finance a premium under one or more of—

• (a) a contract of insurance to provide a sum payable in the event of the death of a debtor or a debtor suffering one or more of the following:—

• (i) accident;

• (ii) sickness; and

• (iii) unemployment,

at any time before the credit under the principal agreement and the subsidiary agreement has been repaid, where the sum payable does not exceed the amount sufficient to defray the sums payable to the creditor in respect of that credit and of the total charge for credit and where the policy monies payable under the contract of insurance are to be used for a repayment under the principal agreement and the subsidiary agreement;

• (b) a contract of shortfall insurance; and

• (c) a contract of insurance in so far as it relates to the guarantee of goods.

• (9) Documents to which this paragraph applies may contain instead of the headings specified in paragraph 1 of Schedules 1 or 8 to these Regulations, statements of protection and remedies available to debtors under the Act and signature boxes that would otherwise apply—

• (a) a heading and signature box in so far as they relate to the principal agreement;

• (b) a statement in Form 14 of Part I of Schedule 2 to these Regulations; and

• (c) other statements (other than in Form 16 of Part I of Schedule 2) of the protection and remedies available to debtors under the Act in so far as they relate to the principal agreement.

• (10) Documents embodying regulated consumer credit agreements shall embody any security provided in relation to the regulated agreement by the debtor.

Form and content of regulated consumer hire agreements

3

• (1) Subject to paragraph (2) below, documents embodying regulated consumer hire agreements (other than modifying agreements) shall contain the information set out in Column 2 of Schedule 3 to these Regulations in so far as it relates to the type of agreement referred to in Column 1.

• (2) Where any information about financial and related particulars set out in paragraphs 5 and 6 of Schedule 3 to these Regulations cannot be exactly ascertained by the owner, estimated information based on such assumptions as the owner may reasonably make in all the circumstances of the case and an indication of the assumptions made shall be included in documents embodying regulated consumer hire agreements.

• (3) Documents embodying regulated consumer hire agreements shall contain statements of the protection and remedies available to hirers under the Act, in the Form numbered in Column 1 of Schedule 4 to these Regulations and set out in Column 3, in so far as they relate to the type of agreement referred to in Column 2.

• (4) Subject to paragraph (5) below the information, statements of the protection and remedies, signature and separate boxes which this regulation requires documents embodying regulated consumer hire agreements to contain, shall be set out in the order given by paragraphs (a) to (e) below under, where applicable, the headings specified below:—

• (a) the nature of the agreement as set out in paragraph 1 of Schedule 3 to these Regulations;

• (b) the parties to the agreement as set out in paragraph 2 of Schedule 3 to these Regulations;

• (c) under the heading “Key Financial Information”, the financial and related particulars set out in paragraphs 3 to 8 of Schedule 3 to these Regulations;

• (d) under the heading “Key Information”—

• (i) the information set out in paragraphs 9 to 11 of Schedule 3 to these Regulations; and

• (ii) the statements of protection and remedies set out in Schedule 4 to these Regulations; and

• (e) the signature box and, where applicable, the separate box required by paragraph (6) below,

and such information, statements of protection and remedies, signature and separate boxes shall be shown together as a whole and shall not be preceded by any information apart from trade names, logos or the reference number of the agreement or interspersed with any other information or wording apart from subtotals of total amounts and cross references to the terms of the agreement.

• (5) In the case of documents embodying consumer hire agreements relating to more than one description of goods to be bailed or hired under the agreement, the list or other description of the goods referred to in paragraph 3 of Schedule 3 to these Regulations may be shown in a schedule to such document, provided that a reference to the schedule to such document is shown together with the remaining financial and related particulars specified in paragraph (4)(c) above.

• (6) Documents embodying regulated consumer hire agreements shall contain a signature box in the Form numbered in Column 1 of Part II of Schedule 5 to these Regulations and set out in Column 3, in so far as it relates to the type of agreement referred to in Column 2 and shall, if the agreement is one to which section 58(1) of the Act applies or is a cancellable agreement, contain a separate box immediately above, below or adjacent to the signature box in which shall be included the appropriate statements specified in Forms 1, 4 and 5 of Schedule 4.

• (7) Documents embodying regulated consumer hire agreements shall embody any security provided in relation to the regulated agreement by the hirer.

Pawn-receipts

4

Where a pawn-receipt is given under section 114(1) of the Act, by a person who takes any article in pawn under a regulated consumer credit agreement or a modifying agreement varying or supplementing an earlier credit agreement which is, or is treated under section 82(3) of the Act as, a regulated agreement, and where the pawn-receipt is not separate from any document embodying such an agreement, it shall—

• (a) contain the information set out in paragraphs 1, 2 and 20 of Schedule 1 to these Regulations, or, in the case of a modifying agreement varying or supplementing an earlier credit agreement, in paragraphs 1 , 2 and 20 of Part I of Schedule 8; and

• (b) contain a notice in the Form numbered 18 in Column 1 of Part II of Schedule 2 to these Regulations and set out in Column 3.

Statutory Forms

5

• (1) The wording of any Form specified in Schedule 2, 4 and 5 to these Regulations shall be reproduced in documents embodying regulated agreements without any alteration or addition, except that—

• (a) the words “the creditor” or “the owner” may be replaced by the name of the creditor or owner, by the expression by which the creditor or owner is referred to in the agreement or by an appropriate pronoun, and any consequential changes to pronouns and verbs or other consequential grammatical changes may be made;

• (b) the word “DEBTOR” may be replaced by “BORROWER” or “CUSTOMER” and the word “Debtor(s)” may be replaced by “Borrower(s)” or “Customer(s)”; and

• (c) every Form shall be completed in accordance with any footnote.

• (2) Any such footnote shall not be treated as part of any Form specified in the said Schedules and may be reproduced in addition to any such Form.

• (3) Where any such footnote requires any words to be omitted, those words shall be omitted or deleted.

• (4) Where words are shown in capital letters in any Form specified in Schedule 2, 4 or 5 to these Regulations and are reproduced in documents embodying regulated agreements, they shall be afforded more prominence (whether by capital letters, underlining, large or bold print or otherwise) than any other lettering in that Form except lettering inserted in accordance with paragraph (1)(c) above and no less prominence than that given to any other information in the document apart from the heading to the document, ... trade names, names of parties to the agreement or lettering in the document inserted in handwriting.

Signing of agreement

6

• (1) The terms specified in Column 2 of Schedule 6 to these Regulations in relation to the type of regulated agreement referred to in Column 1 (and no other terms) are hereby prescribed for the purposes of section 61(1)(a) of the Act (the terms which must be contained in a document if a regulated agreement is not to be improperly executed) and of section 127(3) (the terms which must be contained in a document before any enforcement order can be made under section 65(1), if section 61(1)(a) was not complied with).

• (2) The lettering of the terms of the agreement included in the document referred to in section 61(1)(a) of the Act, containing all the prescribed terms of the regulated agreement, and of the information contained in that document for the purpose of conforming to these Regulations shall—

• (a) apart from any signature, be easily legible and, where applicable, be of a colour which is readily distinguishable from the background medium upon which the information is displayed; and

• (b) apart from that inserted in handwriting, be of equal prominence, except that headings, trade names and names of parties to the agreement may be afforded more prominence whether by capital letters, underlining, larger or bold print or otherwise.

• (3) The signature of the said document shall be made in the following manner—

• (a) by the debtor or hirer, or by or on behalf of the debtor or hirer in the case of a partnership or an unincorporated body of persons, in the space in the document indicated for the purpose, and, subject to sub-paragraph (c) below, the date of the signature shall be inserted in the space in the document indicated for the purpose;

• (b) by the creditor or owner, or by a person on his behalf, outside any signature box in which the debtor or hirer may sign and, subject to sub-paragraph (c) below, the date of the signature shall be inserted outside any such signature box;

• (c) in the case of a regulated agreement which is not a cancellable agreement, the date on which the unexecuted agreement becomes an executed agreement may be inserted in the document and in such a case any other date specified in paragraphs (a) and (b) above need not be inserted; and

• (d) nothing in this Regulation shall prohibit the inclusion in the said document, near to any such signature, of the signature by any witness outside any signature box in which the debtor or hirer may sign.

• (4) In Scotland any provision in paragraph (3) above requiring the said document to be signed shall be complied with by a body corporate if the document is properly executed in accordance with the law of Scotland.

• (5) Where an agreement is intended to be concluded by the use of an electronic communication nothing in this Regulation shall prohibit the inclusion in the signature box of information about the process or means of providing, communicating or verifying the signature to be made by the debtor or hirer.

Modifying agreements which are, or are treated as, regulated agreements

7

• (1) The provisions of these Regulations shall apply to modifying agreements which vary or supplement earlier credit agreements or earlier hire agreements and which are, or are treated under section 82(3) of the Act as, regulated agreements, subject as hereinafter mentioned.

• (2) Subject to paragraphs (3) and (12) below, documents embodying modifying agreements varying or supplementing earlier credit agreements shall contain the information set out in Column 2 of Part I of Schedule 8 to these Regulations in so far as it relates to the type of modifying agreement referred to in Column 1.

• (3) Where any information about financial and related particulars set out in paragraphs 8 to 10 of Part 1 of Schedule 8 to these Regulations cannot be exactly ascertained by the creditor, estimated information based on the assumptions referred to in paragraph 9 of that Schedule, where applicable, and otherwise such assumptions as the creditor may reasonably make in all the circumstances of the case and a statement of the assumptions made shall be included in documents embodying modifying agreements varying or supplementing earlier credit agreements.

• (4) Subject to paragraph (5) below and regulation 2(9), the information, statements of the protection and remedies, signature and separate boxes which under these Regulations must be contained in documents embodying modifying agreements varying or supplementing earlier credit agreements in relation to the credit being provided under the modifying agreement, shall be set out in the order given by paragraphs (a) to (f) below under, where applicable, the headings specified below—

• (a) the nature of the agreement as set out in paragraph 1 of Part 1 of Schedule 8 to these Regulations;

• (b) parties to the agreement as set out in paragraph 2 of Part 1 of Schedule 8 to these Regulations;

• (c) under the heading “Key Financial Information”, the financial and related particulars set out in paragraphs 5 to 7B and 10 to 17 of Part 1 of Schedule 8 to these Regulations;

• (d) under the heading “Other Financial Information”, the financial and related particulars set out in paragraphs 3, 4, 8, 9, 13A and 18 – 19A of Part 1 of Schedule 8 to these Regulations;

• (e) under the heading “Key Information”—

• (i) the information set out in paragraphs 20 to 23 of Part 1 of Schedule 8 to these Regulations; and

• (ii) the statements of protection and remedies set out in Schedule 2 to these Regulations; and

• (f) the signature box and, where applicable, separate box required by regulation 2(7)(b),

and such information, statements of protection and remedies, signature and separate boxes shall be shown together as a whole and shall not be preceded by any information apart from trade names, logos or the reference number of the agreement or interspersed with any other information or wording apart from subtotals of total amounts and cross references to the terms of the agreement.

• (5) In the case of documents embodying modifying agreements varying or supplementing earlier restricted-use debtor-creditor-supplier agreements for fixed-sum credit which were to finance a transaction comprising the acquisition of goods, services, land or other things specified in the earlier agreement or identified and agreed on at the time the earlier agreement was made and relating to more than one description of goods, services, land or other things, the cash prices, and the total cash price, referred to in paragraph 3 of Part I of Schedule 8 to these Regulations may be shown in a schedule to such document together with each description of the goods, services, land or other things, provided that the total cash price and a reference to the schedule to such document are shown together with the the information required by paragraph (4)(d) above.

• (6) The APR referred to in paragraphs 14 to 17 of Part I of Schedule 8 to these Regulations shall in documents embodying modifying agreements varying or supplementing earlier credit agreements—

• (a) be denoted as “APR” or “annual percentage rate” or “annual percentage rate of the total charge for credit”; and

• (b) where it is subject to change, be accompanied by the word “variable”.

• (7) For the purposes of Part I of Schedule 8 to these Regulations, in calculating—

• (a) the amount of repayments or of any capital outstanding under an earlier agreement;

• (b) the total charge for credit (or any items included in it) in relation to the credit to be provided under the modified agreement; or

• (c) the APR in relation to the modified agreement,

the relevant date shall be determined by reference to the date of the modifying agreement.

• (8) For the purposes of Part I of Schedule 8 to these Regulations, the total cash price under the modified agreement shall be taken to be the total of—

• (a) the total amount of the capital outstanding under the earlier agreement on the relevant date within the meaning of paragraph 5 of Part I of Schedule 8; and

• (b) the cash price in relation to each list or other description of any additional goods, services, land or other things the acquisition of which is to be financed by credit under the modifying agreement.

• (9) Subject to paragraphs (10), (12) and (15) below, documents embodying modifying agreements varying or supplementing earlier hire agreements shall contain the information set out in Column 2 of Part II of Schedule 8 to these Regulations in so far as it relates to the type of modifying agreement referred to in Column 1.

• (10) Where any information about financial and related particulars set out in paragraphs 5 and 6 of Part II of Schedule 8 to these Regulations cannot be exactly ascertained by the owner, estimated information based on such assumptions as the owner may reasonably make in all the circumstances of the case and an indication of the assumptions made shall be included in documents embodying modifying agreements varying or supplementing earlier hire agreements.

• (11) The information, statements of the protection and remedies, signature and separate boxes which under these Regulations must be contained in documents embodying modifying agreements varying or supplementing earlier hire agreements in relation to the goods to be bailed or hired under the modifying agreement, shall be set out in the order given by paragraphs (a) to (e) below under, where applicable, the headings specified below—

• (a) the nature of the agreement as set out in paragraph 1 of Part II of Schedule 8 to these Regulations;

• (b) the parties to the agreement as set out in paragraph 2 of Part II of Schedule 8 to these Regulations;

• (c) under the heading “Key Financial Information”, the financial and related particulars set out in paragraphs 3 to 8 of Part II of Schedule 8 to these Regulations;

• (d) under the heading “Key Information”—

• (i) the information set out in paragraphs 9 to 11 of Part II of Schedule 8 to these Regulations; and

• (ii) the information set out in Schedule 4 to these Regulations; and

• (e) the signature box and, where applicable, separate box required by regulation 3(6).

and such information, statements of protection and remedies, signature and separate boxes shall be shown together as a whole and shall not be preceded by any information apart from trade names, logos or the reference number of the agreement or interspersed with any other information or wording apart from subtotals of total amounts and cross references to the terms of the agreement.

• (12) Where any information about financial and related particulars set out in paragraphs 3 to 19 of Schedule 1 to these Regulations and paragraphs 3 to 8 of Schedule 3 is contained in any document embodying an earlier agreement, nothing in the preceding provisions of this Regulation shall require the information to be contained in any document embodying a modifying agreement varying or supplementing an earlier agreement except as mentioned in Schedule 8 if the information is not varied or supplemented by the modifying agreement and the document contains a statement to this effect.

• (13) Documents embodying modifying agreements shall identify clearly the terms and financial and related particulars of earlier agreements varied or supplemented by modifying agreements.

• (14) In the application of Regulation 6(1) above and Schedule 6 to these Regulations to modifying agreements, which are, or are treated under section 82(3) of the Act as, regulated agreements—

• (a) for any reference to the type of agreement referred to in Column 1 of Schedule 6 there shall be substituted a reference to modifying agreements which vary or supplement the type of agreement referred to in Column 1 of Schedule 6;

• (b) any reference in Column 2 of Schedule 6 to an agreement, or a term, shall be a reference to a modified agreement, or a term of a modified agreement, as the case may be; and

• (c) any term referred to in Column 2 of Schedule 6 in relation to the type of modifying agreement referred to in sub-paragraph (a) above shall not be a prescribed term for the purposes of sections 61(1)(a) and 127(3) of the Act, if the term was a term of the earlier agreement and has not been varied or supplemented by the modifying agreement.

• (15) Where a modifying agreement varies or supplements an earlier hire agreement and the modified agreement is, or is treated as, a restricted-use debtor-creditor-supplier agreement, the provisions of this Regulation shall apply to any document embodying the modifying agreement as though it varied or supplemented an earlier restricted-use debtor-creditor-supplier agreement, except that its heading shall be “Agreement modifying a Hire Agreement and regulated by the Consumer Credit Act 1974”.

Application of Regulations

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• (1) Subject to paragraphs (1A) to (2) and (4) below, Regulations 1 to 3 and 5 to 7 shall apply to regulated agreements, and modifying agreements treated under section 82(3) of the Act as regulated agreements, made on or after 19th May 1985.

• (1A) Where an agreement is a regulated consumer credit agreement these Regulations apply where that agreement is—

• (a) an agreement secured on land,

• (b) an agreement under which the creditor provides the debtor with credit exceeding £60,260 other than a residential renovation agreement, or

• (c) an agreement entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by him,

except to the extent that the Consumer Credit (Agreements) Regulations 2010 apply to such agreements.

• (1B) Article 60C(5) and (6) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies for the purposes of paragraph (1A)(c).

• (2) In the case of a modifying agreement of a type specified in paragraphs 3 to 19 of Part I and 3 to 8 of Part II of Schedule 8 to these Regulations made on or after 19th May 1985 which varies or supplements an earlier credit agreement or an earlier hire agreement made before that date, nothing in these Regulations shall require the information about financial and related particulars specified in those paragraphs to be contained in any document embodying the modifying agreement if no term of the earlier agreement relating to such financial and related particulars has been varied or supplemented by the modifying agreement.

• (3) Nothing in these Regulations applies to a regulated agreement which purports to bind a person to enter as debtor or hirer into a prospective regulated agreement and which is excluded from the operation of section 59(1) of the Act by the Consumer Credit (Agreements to enter Prospective Agreements) (Exemptions) Regulations 1983.

• (4) These Regulations do not apply to an agreement entered into on or after 26th August 2010 and before 1st February 2011 where—

• (a) that agreement is an agreement secured on land to which section 58 of the Act applies, and

• (b) the Consumer Credit (Agreements) Regulations 2010 apply to that agreement.

SCHEDULE 1 — INFORMATION TO BE CONTAINED IN DOCUMENTS EMBODYING REGULATED CONSUMER CREDIT AGREEMENTS OTHER THAN MODIFYING AGREEMENTS

TYPE OF AGREEMENT	INFORMATION
(1)	(2)
Nature of agreement	Nature of agreement
1. All types.	(1) Subject to paragraph (2) below, a heading in one of the following forms of words—
	(a) “Hire-Purchase Agreement regulated by the Consumer Credit Act 1974”;
	(b) “Conditional Sale Agreement regulated by the Consumer Credit Act 1974”;
	(c) “Fixed-Sum Loan Agreement regulated by the Consumer Credit Act 1974”; or
	(d) “Credit Card Agreement regulated by the Consumer Credit Act 1974”,
	as the case may require.
	(2) If none of the headings in 1(a) to (d) above are applicable a heading in the following form of words—“Credit Agreement regulated by the Consumer Credit Act 1974”.
	(3) Where the document and a pawn-receipt are combined, the words “, and Pawn Receipt,” shall be inserted in the heading after the word “Agreement”.
	(4) Where the document embodies an agreement of which at least one part is a credit agreement not regulated by the Act, the word “partly” shall be inserted before “regulated” unless the regulated and unregulated parts of the agreement are clearly separate.
	(5) Where the credit is being secured on land the words “secured on” followed by the address of the land shall be inserted at the end of the heading.
Parties to agreement	Parties to agreement
2. All types.23	(1) The name , postal address and, where appropriate, any other address of the creditor.
	(2) The name , postal address and, where appropriate, any other address of the debtor.
FINANCIAL AND RELATED PARTICULARS	FINANCIAL AND RELATED PARTICULARS
Description of goods, services, land etc.	Description of goods, services, land etc.
3. Restricted-use debtor-creditor-supplier agreements for fixed-sum credit to finance a transaction comprising the acquisition of goods, services, land or other things specified in the agreement or identified and agreed on at the time the agreement is made.	A list or other description of the goods, services or other things and, in the case of land, a general description of the land, the acquisition of which is to be financed by credit under the agreement.
Cash price	Cash price
4. Agreements falling within paragraph 3.	The cash price in relation to each list or other description of goods, services, land or other things, to be shown under paragraph 3 above, and the total cash price.
Advance payments	Advance payments
5. All types in relation to which any advance payment is to be made by the debtor (whether under the agreement or as a condition precedent to the making of the agreement) before he is provided with credit under the agreement or, as the case may be, before he enters into the agreement.	The amount of the advance payments to be made by the debtor and, in the case of a cancellable agreement, the nature of such payments.
Amount of credit	Amount of credit
6. Agreements falling within paragraph 3 except agreements under which both—	The amount of the credit to be provided under the agreement, namely the difference between the total cash price to be shown under paragraph 4 above and the total of any advance payments to be shown under paragraph 5 above.
(a) the total amount payable by the debtor is not greater than the total cash price referred to in paragraph 4; and
(b) there is no advance payment falling within paragraph 5.
7. Agreements for fixed-sum credit not falling within paragraph 3.	The amount of the credit to be provided under the agreement.
Credit limit	Credit limit
8. Agreements for running-account credit.	The credit limit expressed as:—
	(a) a sum of money;
	(b) a statement that the credit limit will be determined by the creditor from time to time under the agreement and that notice of it will be given by him to the debtor;
	(c) a sum of money together with a statement that the creditor may vary the credit limit to such sum as he may from time to time determine under the agreement and that notice of it will be given by him to the debtor; or
	(d) in a case not falling within head (a), (b) or (c) above, either a statement indicating the manner in which the credit limit will be determined and that notice of it will be given by the creditor to the debtor or a statement indicating that there is no credit limit.
Term of the agreement	Term of the agreement
8A. Agreements of fixed duration for running-account credit	The duration of the agreement.
8B. Agreements for fixed-sum credit.	The duration or minimum duration of the agreement.
Total charge for credit, rate of interest, etc.	Total charge for credit, rate of interest, etc.
9. Agreements for fixed-sum credit except agreements—	(1) The total charge for credit, with a list of its constituent parts.
(a) which do not specify either the intervals between repayments or the amounts of repayments or both the intervals and the amounts;	(2) The rate of interest on the credit to be provided under the agreement or, where more than one such rate applies, all the rates in all cases quoted on a per annum basis with details of when each rate applies.
(b) under which the total amount payable by the debtor to discharge his indebtedness in respect of the amount of credit provided may vary according to any formula specified in the agreement having effect by reference to movements in the level of any index or to any other factor;	(3) A statement explaining how and when interest charges are calculated and applied under the agreement.
(c) which provide for a variation of, or permit the creditor to vary, (whether or not by reference to any index) the amount or rate of any item included in the total charge for credit after the relevant date; or
(d) under which the total amount payable by the debtor is not greater than the total cash price referred to in paragraph 4.
10. Agreements for—	(1) The total charge for credit with a list of its constituent parts and in the case of running-account credit, the total charge for credit shall be calculated on the same assumptions as are set out in paragraph 1 of Schedule 7 for the purpose of calculating the APR in place of the assumptions in regulation 6 of the Total Charge for Credit Regulations that might otherwise apply.
(a) running-account credit; and
(b) fixed-sum credit falling within the exceptions in paragraph 9(a) to (c).	(2) The rate of interest on the credit to be provided under the agreement or, where more than one such rate applies, all the rates in all cases quoted on a per annum basis with details of when each rate applies.
	(3) A statement whether any interest rate to be shown under (2) above is fixed or variable.
	(4) A statement explaining how and when interest charges are calculated and applied under the agreement.
Total amount payable	Total amount payable
11. Agreements falling within paragraph 9.	The total amount payable, being the total of any amounts to be shown under paragraphs 5, 6 or 7, and 9 above.
Timing of repayments	Timing of repayments
12. All types.	The timing of repayments to be made under the agreement expressed by reference to one or more of the following—
	(a) the dates on which each repayment is to be made;
	(b) the frequency and number of the repayments and the date of the first repayment or a statement indicating the manner in which that date will be determined;
	(c) a statement indicating the manner in which the dates of the repayments will be determined.
Amounts of repayments	Amounts of repayments
13. All types except those falling within paragraph 14.	The amount of each repayment to be made under the agreement expressed as—
	(a) a sum of money;
	(b) a specified proportion of a specified amount (including the amount outstanding from time to time);
	(c) a combination of heads (a) and (b) above; or
	(d) in a case where the amount of any repayment cannot be expressed in accordance with head (a), (b) or (c) above, a statement indicating the manner in which the amount will be determined
14. Agreements where— (i) the credit to be provided is repayable by two or more instalments; and	The amount of each repayment to be made under the agreement (with or without the equivalent repayment after deduction of tax in accordance with section 26 of, and Schedule 7 to, the Finance Act 1982), expressed as—
(ii) the interest on the credit is of a type to which section 26 of, and Schedule 7 to, the Finance Act 1982 apply.	(a) a sum of money;
	(b) a specified proportion of a specified amount (including the amount outstanding from time to time);
	(c) a combination of heads (a) and (b) above; or
	(d) in a case where the amount of any repayment cannot be expressed in accordance with head (a), (b) or (c) above, a statement indicating the manner in which the amount will be determined:
	Provided that, where the amounts to be paid by the debtor after deduction of tax in accordance with section 26 of, and Schedule 7 to, the Finance Act 1982 are the same, the requirements of this paragraph may be satisfied by a statement indicating the lowest and highest amounts of the repayments to be made under the agreement before deduction of tax.
14A.All types where different interest rates or different charges or both are or will be at any time during the term of the agreement payable in respect of—	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—
(a) credit provided under the agreement for different purposes; or	(a) in respect of the amounts of credit provided for different purposes, or
(b) under each of the different parts of the agreement,	(b) different parts of the agreement,
whether or not the agreement is a multiple agreement.	as the case may be.
APR	APR
15. All types except those referred to in paragraph 16.	The APR in relation to the agreement or a statement indicating that the total amount payable under the agreement is not greater than the total cash price of the goods, services, land or other things, the acquisition of which is to be financed by credit under the agreement.
16. Debtor-creditor-supplier agreements for running-account credit under which—	(1) The APR in relation to the agreement calculated on the assumptions specified in sub-paragraphs (2) and (3) below.
(a) the debtor agrees to pay the creditor an amount specified in the agreement on specified occasions;	(2) The first assumption referred to in sub-paragraph (1) above is the assumption that—
(b) there is a credit limit; and	(a) the debtor is provided with an amount of credit at the date of the making of the agreement which, taken with the amount of the charge for that credit ascertained at that date, is equal to the credit limit; and
(c) charges for credit are either—
(i) a fixed amount in respect of each transaction, or
(ii) calculated as a proportion of the price payable under a transaction financed by the credit.	(b) the debtor repays the sum of the amounts referred to in head (a) above by payments of the amounts specified in the agreement on the occasions specified in the agreement and makes no other payment and obtains no further credit in relation to the account.
	(3) The second assumption referred to in sub-paragraph (1) above is the like assumption as in sub-paragraph (2) above save that the sum of the amounts referred to in head (a) thereof shall be taken to be one third of the credit limit.
17. Agreements where the APR is based on a total charge for credit which is calculated to take account of relief available under section 19 of the Income and Corporation Taxes Act 1970 and Schedule 4 to the Finance Act 1976 .	A statement indicating that it has been assumed in the calculation of the APR in relation to the agreement that relief may be available under section 19 of the Income and Corporation Taxes Act 1970 and Schedule 4 to the Finance Act 1976 in respect of premiums under certain policies of insurance without any deduction under section 21 of the said Act of 1970.
Variable rates or items	Variable rates or items
18. Agreements under which the rate or amount of any item included in the total charge for credit will or may be varied (other than a variation in consequence of an event which is certain to occur).	A statement indicating that in calculating the APR no account has been taken of any variation which may occur under the agreement of the rate or amount of any item entering into that calculation.
19. Agreements falling within paragraph 18.	A statement indicating the circumstances in which any variation referred to in paragraph 18 above may occur and, where that information is ascertainable at the time at which the document referred to in section 61(1) of the Act is presented or sent to the debtor for signature, the time at which any such variation may occur.
19A. Agreements to which regulation 15A of the Total Charge for Credit Regulations 1980 applies.	The initial standard variable rate within the meaning of regulation 15A(2) of the Total Charge for Credit Regulations 1980 together with a statement explaining– (a) what that rate is; and (b) that it has been taken into account in calculating the APR.
OTHER INFORMATION	OTHER INFORMATION
Security provided by the debtor	Security provided by the debtor
20. Agreements, to which section 114 of the Act applies, under which a person takes any article in pawn and where no separate pawn-receipt is given.	A statement indicating that an article has been taken in pawn under the agreement and a description of the article sufficient to identify it.
21. All types except those referred to in paragraph 20 in relation to which any security is to be provided by the debtor to secure the carrying out of the obligations of the debtor under the agreement.	A description of the security to be provided by the debtor in relation to the agreement sufficient to identify it and—
	(a) a general description of any stocks and shares (including any right to become a stockholder or shareholder) to which it relates; and
	(b) in any other case a description of the subject matter to which it relates.
Charges	Charges
22. All types.	(1) A list of any charges payable under the agreement to the creditor upon failure by the debtor or a relative of his to do or refrain from doing anything which he is required to do or refrain from doing, as the case may be.
	(2) A statement indicating any term of the agreement which provides for charges—
	(a) not required to be shown under (1) above; or
	(b) not included in the total charge for credit.
Cancellation rights	Cancellation rights
23. Agreements that cannot be cancelled by the debtor under the Act or the Financial Services (Distance Marketing) Regulations 2004.	(3) A statement that the debtor has no right to cancel the agreement under the Consumer Credit Act 1974 or the Financial Services (Distance Marketing) Regulations 2004.
Right of withdrawal	Right of withdrawal
23A. Agreements falling within regulation 8(1A)(c)	A statement providing details of the debtor’s right under section 66A of the Act to withdraw from the consumer credit agreement including—
	(1) the right to withdraw within 14 days without the debtor having to give any reason;
	(2) when that period of withdrawal begins and ends;
	(3) the requirement of the debtor to notify the creditor of his intention to withdraw, in writing or orally;
	(4) contact details of the person/creditor whom he must notify of this intention to withdraw from the agreement;
	(5) the requirement to repay the credit without delay and no later than 30 calendar days of giving notice of withdrawal;
	(6) the requirement to pay, without delay and no later than 30 calendar days of giving notice of withdrawal, the interest accrued from the date of drawing down the credit to the date of repaying it; and
	(7) the amount of interest payable per day expressed as a sum of money;
	Paragraph (7) does not apply [in respect of agreements for running account credit] where it is not practicable for the creditor to state the amount of interest payable per day. In such cases, the agreement shall state that where credit is drawn down during the withdrawal period, the creditor shall inform the debtor, on request, without delay, of the amount of interest payable per day.
Amount payable on early settlement	Amount payable on early settlement
24. Agreements for fixed-sum credit secured on land for a term of more than one month.	(1) Examples based on the amount of credit to be provided under the agreement or the nominal amount of either £1000 or £100, showing the amount that would be payable if the debtor exercised the right under section 94 of the Act to discharge his indebtedness on the date when—
	(a) a quarter of the term of the agreement elapses;
	(b) half of the term elapses; and
	(c) three quarters of the term elapses.
	or on the first repayment date after each of those dates.
	(2) A statement explaining that, in calculating the amounts shown, no account has been taken of any variation which might occur under the agreement, and that the amounts are accordingly only illustrative.
24A.Agreements falling within regulation 8(1A)(b) and (c)	A statement providing details of the debtor’s right of early repayment under section 94 of the Act including—
	(1) the fact that the debtor has a right to repay early in full or part,
	(2) the procedure for early repayment, and
	(3) where applicable details of the creditor’s right to compensation under section 95A sections 95A and 95B of the Act and the manner in which that compensation shall be determined.

SCHEDULE 2

PART I — FORMS OF STATEMENT OF PROTECTION AND REMEDIES AVAILABLE AGREEMENTS

PART II — Notice to be contained in Documents Embodying a Combined Consumer Credit Agreement and Pawn-Receipt

SCHEDULE 3 — INFORMATION TO BE CONTAINED IN DOCUMENTS EMBODYING REGULATED CONSUMER HIRE AGREEMENTS OTHER THAN MODIFYING AGREEMENTS

TYPE OF AGREEMENT	INFORMATION
(1)	(2)
Nature of agreement	Nature of agreement
1. All types.	(1) A heading in the following form of words—“Hire Agreement regulated by the Consumer Credit Act 1974”.(2) Where the agreement to hire is being secured on land the words “secured on” and the address of the land shall be inserted at the end of the heading.
Parties to agreement	Parties to agreement
2. All types.	(1) The name , postal address and, where appropriate, any other address of the owner.
	(2) The name , postal address and, where appropriate, any other address of the hirer.
FINANCIAL AND RELATED PARTICULARS	FINANCIAL AND RELATED PARTICULARS
Description of goods	Description of goods
3. All types.	A list or other description of the goods to be bailed or hired under the agreement.
Advance payments	Advance payments
4. All types in relation to which any advance payment is to be made by the hirer (whether under the agreement or as a condition precedent to the making of the agreement) before he is to take possession of the goods to be bailed or hired under the agreement or, as the case may be, before he enters into the agreement.	The amount of the advance payments to be made by the hirer and, in the case of a cancellable agreement, the nature of such payments.
Hire payments	Hire payments
5. All types.	(1) The amount of each hire payment, other than an advance payment to be shown under paragraph 4 above.
	(2) The timing of such payments to be made under the agreement expressed by reference to one or more of the following—
	(a) the dates on which each payment is to be made;
	(b) the frequency and number of the payments and the date of the first payment or a statement indicating the manner in which that date will be determined;
	(c) a statement indicating the manner in which the dates of the payments will be determined.
Other payments	Other payments
6. All types including provisions for payments other than advance payments and hire payments.	(1) The amount (or a statement indicating the manner in which the amount will be determined) of each of the following descriptions of payments (not being an advance payment to be shown under paragraph 4 above or a hire payment to be shown under paragraph 5) to be made under the agreement by, or on behalf of, the hirer, or a relative of his, to the owner, that is to say,—
	(a) any payment under arrangements for the installation, care, maintenance or protection of any goods;
	(b) any premium under a contract of insurance; or
	(c) any payment payable on termination of the agreement (other than a payment on default to be shown under paragraph 10 below).
	(2) The timing of such payments expressed by reference to one or more of the following—
	(a) the dates on which each payment is to be made;
	(b) the frequency and number of the payments and the date of the first payment or a statement indicating the manner in which that date will be determined;
	(c) a statement indicating the manner in which the dates of the payments will be determined.
	(3) References in this paragraph to the owner include references to his near relative, his partner and a member of a group of which he is a member, to any person nominated by him or by any such person in relation to the arrangements, the contract of insurance or the termination of the agreement, and to a near relative of his partner; and “near relative” means, in relation to any person, the husband, wife, father, mother, brother, sister, son or daughter of that person and “group” means the person (including a company) having control of a company together with all the companies directly or indirectly controlled by him.
Variable payments	Variable payments
7. All types including provisions for variation of hire or other payments, where the amount of any such payment following any variation cannot be ascertained at the time of the making of the agreement.	(1) Subject to sub-paragraph (2) below, a statement indicating the circumstances in which any hire payment to be shown under paragraph 5 above or any other payment to be shown under paragraph 6 may be varied under the agreement and, where that information is ascertainable at the time at which the document referred to in section 61(1) of the Act is presented or sent to the hirer for signature, the time at which any such variation may occur.
	(2) Sub-paragraph (1) above does not apply to a variation under the agreement which takes account only of a change in value added tax.
	(3) References in sub-paragraph (2) above to a change in value added tax include references to a change to or from no tax being charged.
Duration of hire	Duration of hire
8. All types including a provision that goods are to be bailed or hired for a fixed period or a minimum period.	A statement indicating that goods are to be bailed or hired under the agreement for a fixed period or a minimum period, as the case may be, and the duration of that period.
OTHER INFORMATION	OTHER INFORMATION
Security provided by the hirer	Security provided by the hirer
9. All types in relation to which any security is to be provided by the hirer to secure the carrying out of the obligations of the hirer under the agreement.	A description of the security to be provided by the hirer in relation to the agreement sufficient to identify it and a description of the subject matter to which it relates.
Charges	Charges
10. All types.	(1) A list of any charges payable under the agreement to the owner upon failure by the hirer or a relative of his to do or refrain from doing anything which he is required to do or refrain from doing, as the case may be.
	(2) A statement indicating any term of the agreement which provides for charges not required to be shown under (1) above.
Cancellation rights	Cancellation rights
11. Agreements that are not cancellable agreements.	A statement that the agreement is not cancellable.

SCHEDULE 4 — Forms of Statement of Protection and Remedies Available under the Consumer Credit Act 1974 to Hirers Under Regulated Consumer Hire Agreements

SCHEDULE 5 — FORMS OF SIGNATURE BOX

PART I — REGULATED CONSUMER CREDIT AGREEMENTS

PART II — REGULATED CONSUMER HIRE AGREEMENTS

SCHEDULE 6 — PRESCRIBED TERMS FOR THE PURPOSES OF SECTIONS 61(1)(a) AND 127(3) OF THE CONSUMER CREDIT ACT 1974

TYPE OF AGREEMENT	PRESCRIBED TERMS
(1)	(2)
Amount of credit	Amount of credit
1. Restricted-use debtor-creditor-supplier agreements for fixed-sum credit—	A term stating the amount of the credit, which may be expressed as the total cash price of the goods, services, land or other things, the acquisition of which is to be financed by credit under the agreement.
(a) to finance a transaction comprising the acquisition of goods, services, land or other things specified in the agreement or identified and agreed on at the time the agreement is made;
(b) under which the total amount payable by the debtor is not greater than the total cash price; and
(c) under which there is no advance payment.
2. Agreements for fixed-sum credit not falling within paragraph 1.	A term stating the amount of the credit.
Credit limit	Credit limit
3. Agreements for running-account credit.	A term stating the credit limit or the manner in which it will be determined or that there is no credit limit.
Rate of interest	Rate of interest
4. Agreements for—	A term stating the rate of any interest on the credit to be provided under the agreement.
(a) running-account credit; and
(b) fixed-sum credit falling within the exceptions in paragraph 9(a) to (c) of Schedule 1 to these Regulations.
Repayments	Repayments
5. Consumer credit agreements.	A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following—
	(a) number of repayments;
	(b) amount of repayments;
	(c) frequency and timing of repayments;
	(d) dates of repayments;
	(e) the manner in which any of the above may be determined;
	or in any other way, and any power of the creditor to vary what is payable.
6. Consumer hire agreements.	A term stating how the hirer is to discharge his obligations under the agreement to pay the hire payments, which may be expressed by reference to a combination of any of the following—
	(a) number of payments;
	(b) amount of payments;
	(c) frequency and timing of payments;
	(d) dates of payments;
	(e) the manner in which any of the above may be determined;
	or in any other way, and any power of the owner to vary what is payable.

SCHEDULE 7 — PROVISIONS RELATING TO DISCLOSURE OF THE APR

Permissible tolerances in disclosure of the APR

1

In the case of an agreement for running-account credit, the following assumptions shall have effect for the purpose of calculating the APR in place of the assumptions in ... the total charge for credit rules that might otherwise apply—

• (1) in any case where there will be a credit limit but that limit is not known at the date of making the agreement the amount of the credit to be provided shall be taken to be £1,500 or, in a case where the credit limit will be less than £1,500, an amount equal to that limit;

• (2) it shall be assumed that the credit is provided for a period of one year beginning with the relevant date;

• (3) it shall be assumed that the credit is provided in full on the relevant date;

• (4) where the rate of interest will change at a time provided in the agreement within a period of three years beginning with the date of the making of the agreement, the rate shall be taken to be the highest rate at any time obtaining under the agreement in that period;

• (5) where the agreement provides credit to finance the purchase of goods, services, land or other things and also provides one or more of—

• (a) cash loans;

• (b) credit to refinance existing indebtedness of the debtor's, whether to the creditor or another person; and

• (c) credit for any other purpose,

and either or both different rates of interest and different charges are payable in relation to the credit provided for all or some of these purposes, it shall be assumed that the rate of interest and charges payable in relation to the whole of the credit are those applicable to the provision of credit for the purchase of goods, services, land or other things;

• (6) it shall be assumed that the credit is repaid—

• (a) in twelve equal instalments, and

• (b) at monthly intervals, beginning one month after the relevant date.

Tolerance where repayments are nearly equal

2

In the case of an agreement under which all repayments but one are equal and that one repayment does not differ from any other repayment by more whole pence than there are repayments, there may be included in the document a rate found under ... the total charge for credit rules as if that one repayment were equal to the other repayments.

Tolerance where interval between relevant date and first repayment is greater than interval between repayments

3

In the case of an agreement under which:—

• (a) three or more repayments are to be made at equal intervals; and

• (b) the interval between the relevant date and the first repayment is greater than the interval between the repayments,

Tolerance where Consumer credit tables do not exactly apply

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tolerance where period rate of charge is charged

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 8 — REGULATED MODIFYING AGREEMENTS

PART I — INFORMATION TO BE CONTAINED IN DOCUMENTS EMBODYING REGULATED MODIFYING AGREEMENTS VARYING OR SUPPLEMENTING EARLIER CREDIT AGREEMENTS