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The Consumer Credit (Agreements) Regulations 1983

Type Statutory-Instrument
Publication 1983-10-24
Last updated 2016-03-21
State In force
Department Westlaw
Source legislation.gov.uk
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articles Not indexed
Reform history JSON API
90

Words in Regulations substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(3)

91

Words in reg. 1(2) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(2)

92

Sch. 1 para. 19A cross-heading inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(5)(b)

93

Sch. 8 para. 19A cross-heading inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(7)(b)

94

Words in Sch. 1 para. 10 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(5)(a)

95

Words in Sch. 7 para. 1 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(6)(a)

96

Words in Sch. 8 para. 9 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(7)(a)

97

Words in Sch. 1 para. 19A substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(5)(c)(i)

98

Words in Sch. 1 para. 19A substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(5)(c)(ii)

99

Words in Sch. 7 para. 2 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(6)(b)

100

Words in Sch. 7 para. 3 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(6)(b)

101

Words in Sch. 8 para. 19A substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(7)(c)(i)

102

Words in Sch. 8 para. 19A substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(7)(c)(ii)

104

Words in Regulations substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(3)

105

Reg. 8(1B) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 23(4)

PART 1 — Forms of Statement of Protection and Remedies Available under the Consumer Credit Act 1974 to Debtors under Regulated Consumer Credit Agreements

FORM NO TYPE OF AGREEMENT FORM OF STATEMENT
(1) (2) (3)
1 Agreement to which section 58(1) of the Act applies. YOUR RIGHTS
Under the Consumer Credit Act 1974, you should have been given a copy of this agreement at least seven days ago so you could consider whether you wanted to go ahead. If the creditor did not give you a copy of this agreement he can only enforce it with a court order.
2 All types. MISSING PAYMENTS
Missing payments could have severe consequences and make obtaining credit more difficult.
3 All agreements which are secured on land. YOUR HOME MAY BE REPOSSESSED
Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
4 Cancellable agreements to which section 68(b) of the Act applies. YOUR RIGHT TO CANCEL
You can cancel this agreement within FOURTEEN days (starting the day after you signed it) by giving WRITTEN notice to*.
If you intend to cancel, you should not use any goods you have under the agreement and you should keep them safe. You can wait for them to be collected and you do not need to hand them over until you receive a written request for them. ...
Notes:
*Creditor or agent to insert the name and address of person to whom the notice may be given or an indication of the person to whom a notice may be given with clear reference to the place in the document embodying the agreement where his name and address appear.
** Creditor or agent to include the words in the first set of square brackets unless the words in the second set of square brackets are applicable, i.e. in a case where the subject matter of the agreement is a liquefied petroleum gas vessel of greater than 150 litres water capacity.
5 Cancellable agreements not included in paragraphs 4 or 6. YOUR RIGHT TO CANCEL
Once you have signed this agreement, you will have a short time in which you can cancel [it][that part of this agreement which is regulated by the Consumer Credit Act 1974]. The creditor will send you exact details of how and when you can do this.
Notes:
*Creditor to omit passage in square brackets which does not apply to the agreement.
6 Modifying agreements treated under section 82(5) of the Act as cancellable agreements. YOUR RIGHT TO CANCEL
This agreement modifies an earlier agreement. Once you have signed this agreement your right to cancel [that part of] the earlier agreement [which was regulated by the Consumer Credit Act 1974] will be widened to cover the [regulated]* agreement as modified. The cancellation period itself will be unchanged. Details of how to cancel are given in your copy of this agreement.
Notes:
*Creditor to omit passages in square brackets except in the case of an agreement of which at least one part is a credit agreement not regulated by the Act.
7 Hire purchase and conditional sale agreements relating to goods, not included in paragraph 8. TERMINATION: YOUR RIGHTS
You have a right to end this agreement. To do so, you should write to the person you make your payments to. They will then be entitled to the return of the goods and to [the cost of installing the goods plus half the rest of the total amount payable under this agreement, that is] [half the total amount payable under this agreement, that is] £x *. If you have already paid at least this amount plus any overdue instalments and have taken reasonable care of the goods, you will not have to pay any more.
Notes:
*Creditor to insert the appropriate passage in square brackets where the amount calculated in accordance with the provisions of section 100 of the Act applies. If the agreement provides for a sum below the minimum prescribed in the Act, both passages in square brackets are to be omitted.
**Creditor to insert the amount calculated in accordance with the provisions of section 100 of the Act or such lesser sum as the agreement may provide.
8 Agreements modifying hire-purchase and conditional sale agreements relating to goods. TERMINATION: YOUR RIGHTS
You have a right to end this agreement. To do so, write to the person you make your payments to. They will then be entitled to the return of the goods and to [the cost of installing the goods plus half the total amount yet to be paid under the earlier agreement as modified by this agreement, that is] [half the total amount payable under the earlier agreement as modified by this agreement, that is] £x*. If you have already paid at least this amount, plus any overdue instalments and have taken reasonable care of the goods, you will not have to pay any more.
Notes:
*Creditor to insert the appropriate passage in square brackets where the amount calculated in accordance with the provisions of section 100 of the Act applies. If the modified agreement provides for a sum below the minimum prescribed in the Act, both passages in square brackets are to be omitted.
**Creditor to insert the amount calculated in accordance with the provisions of section 100 of the Act or such lesser sum as the agreement may provide.
9 Conditional sale agreements relating to land, not included in paragraph 10. TERMINATION: YOUR RIGHTS
Until the title to the land has passed to you, you have a right to end this agreement. To do so write to the person you make your payments to. They will then be entitled to the return of the land and to [half the total amount payable under this agreement, that is] £x.*** If, at the time you end this agreement, you have already paid at least this amount plus any overdue instalments and you have taken reasonable care of the land, you will not have to pay any more.
Notes:
*Creditor to insert the passage in square brackets where the amount calculated in accordance with the provisions of section 100 of the Act applies. If the agreement provides for a sum below the minimum prescribed in the Act, the passage in square brackets is to be omitted.
**Creditor to insert the amount calculated in accordance with the provisions of section 100 of the Act or such lesser sum as the agreement may provide.
10 Agreements modifying conditional sale agreements relating to land. TERMINATION: YOUR RIGHTS
Until the title to the land has passed to you, you have a right to end this agreement. To do so write to the person you make your payments to. They will then be entitled to the return of the land and to [half the total amount payable under your earlier agreement as modified by this agreement, that is] £x*. If you have already paid at least this amount plus any overdue instalments and taken reasonable care of the land, you will not have to pay any more.
Notes:
*Creditor to insert the passage in square brackets where the amount calculated in accordance with the provisions of section 100 of the Act applies. If the modified agreement provides for a sum below the minimum prescribed in the Act, the passage in square brackets is to be omitted.
**Creditor to insert the amount calculated in accordance with the provisions of section 100 of the Act or such lesser sum as the modified agreement may provide.
11 Hire-purchase and conditional sale agreements relating to goods, not included in paragraph 12. REPOSSESSION: YOUR RIGHTS
If you do not keep your side of this agreement but you have paid at least [the cost of installing the goods plus one third of the rest of the total amount payable under this agreement, that is] [one third of the total amount payable under this agreement, that is]£x* the creditor may not take back the goods against your wishes unless he gets a court order. (In Scotland he may need to get a court order at any time.) If he does take the goods without your consent or a court order, you have the right to get back any money that you have paid under this agreement.
Notes:
*Creditor to insert the appropriate passage in square brackets.
**Creditor to insert the amount calculated in accordance with the provisions of section 90 of the Act.
12 Agreements modifying hire-purchase and conditional sale agreements relating to goods. REPOSSESSION: YOUR RIGHTS
If you do not keep to your side of this agreement [but you have paid at least £x]* the creditor may not take back the goods against your wishes unless he gets a court order. (In Scotland he may need to get a court order at any time.) If he does take the goods without your consent or a court order, you have the right to get back all the money you have paid under this agreement.
Notes:
*Creditor to insert the amount calculated in accordance with the provisions of section 90 of the Act.
**Creditor to omit both passages in square brackets in the case of a modifying agreement where the goods are protected at the time the modifying agreement is made.
13 Agreements, to which section 114 of the Act applies, under which a person takes any article in pawn. IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, the creditor cannot enforce this agreement without getting a court order.
The Act also gives you a number of rights. In particular you should read the NOTICE TO DEBTOR [in this agreement] [in your pawn receipt].*
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens' Advice Bureau.
Notes:
*Phrase in square brackets to be included by creditor in agreements where any document embodying the agreement is not separate from the pawn-receipt. Creditor to omit “in your pawn receipt”.
** Phrase in square brackets to be included by creditor in agreements where a separate pawn-receipt is given to the debtor. Creditor to omit “in this agreement”.
14 Debtor-creditor-supplier agreements falling within section 12(b) and (c) of the Act, and multiple agreements not falling within paragraph 15 of which at least one part is a debtor-creditor-supplier agreement falling within section 12(b) or (c) of the Act. IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, the creditor cannot enforce this agreement without getting a court order.
The Act also gives you a number of rights:
1) You can settle this agreement at any time by giving notice [in writing] and paying off the amount you owe under the agreement [which may be reduced by a rebate] [Examples indicating the amount you have to pay appear in the agreement.]**
[2) You can settle this agreement in part at any time by giving notice and paying off some of the amount you owe.]****
[3) If you received unsatisfactory goods or services paid for under this agreement [, apart from any bought with a cash loan,]* you may have a right to sue the supplier, the creditor or both.
4) If the contract is not fulfilled, perhaps because the supplier has gone out of business, you may still be able to sue the creditor.]**
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens’ Advice
Notes:
*Creditor to insert phrase in square brackets where agreement is secured on land.
**Creditor to insert phrase in square brackets in any agreement where rebate would be payable on early settlement under the agreement or the Consumer Credit (Early Settlement) Regulations 2004.
*** Creditor to insert phrase in second pair of square brackets in any agreement for fixed-sum credit for a term of more than one month that is an agreement secured on land.
**** Creditor to delete where agreement is secured on land.
* Creditor to insert phrase in square brackets in any multiple agreement, of which at least one part is a debtor-creditor-supplier agreement falling within section 12(b) or (c) of the Act and at least one part is a debtor-creditor agreement falling within section 13(c) of the Act.
**Creditor may delete text in 3) and 4) where agreement is a debtor-creditor-supplier agreement for running-account credit—
(i) which provides for the making of payments by the debtor in relation to specified periods which, in the case of an agreement which is not secured on land, do not exceed three months, and
(ii) which requires that the number of payments to be made by the debtor in repayments of the whole amount of credit provided in such period shall not exceed one.
15 Multiple agreements of which at least one part is a credit agreement not regulated by the Act. IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
That part of this agreement which deals with [;.]* is a regulated agreement under the Consumer Credit Act 1974. As a result certain requirements for your protection should have been complied with when it was made. If they were not, the creditor cannot enforce this agreement without a court order.
The Act also gives you a number of rights. You can settle the regulated agreement at any time by giving notice [in writing] and paying off the amount you owe under this agreement [which may be reduced by a rebate] [Examples indicating the amount you have to pay appear in the agreement.]***
[You can settle this agreement in part at any time by giving notice and paying off some of the amount you owe.]*
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens’ Advice Bureau.
Notes:
*Creditor to insert description of regulated agreement example “the cash advance facility”.
** Creditor to insert phrase in square brackets where agreement is secured on land.
***Creditor to insert phrase in square brackets in any agreement where rebate would be payable on early settlement under the agreement or the Consumer Credit (Early Settlement) Regulations 2004.
**** Creditor to insert phrase in second pair of square brackets in any agreement for fixed-sum credit for a term of more than one month that is an agreement secured on land.
* Creditor to delete where agreement is secured on land.
16 All types not included in paragraphs 13,14 and 15. IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, the creditor cannot enforce this agreement without getting a court order.
The Act also gives you a number of rights. You can settle this agreement at any time by giving notice [in writing] and paying off the amount you owe under the agreement [which may be reduced by a rebate]. [Examples indicating the amount you have to pay appear in the agreement.]**
[You can settle this agreement in part at any time by giving notice and paying off some of the amount you owe.]****
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens’ Advice Bureau.
Notes:
*Creditor to insert phrase in square brackets where agreement is secured on land.
** Creditor to insert phrase in square brackets in any agreement where rebate would be payable on early settlement under the agreement or the Consumer Credit (Early Settlement) Regulations 2004.
*** Creditor to insert phrase in second pair of square brackets in any agreement for fixed-sum credit for a term of more than one month that is an agreement secured on land.
**** Creditor to delete where agreement is secured on land.
17 Credit-token agreements which make debtors liable for loss to the creditor resulting from the misuse of credit-tokens by other persons. THEFT, LOSS OR MISUSE OF CREDIT-TOKEN*
If your credit-token is lost, stolen or misused by someone without your permission, you may have to pay up to £x of any loss to the creditor. If it is misused with your permission you will probably be liable for ALL losses. You will not be liable to the creditor for losses which take place after you have told the creditor about the theft, etc [as long as you confirm this in writing within seven days]. [However, the credit-token can also be used under an agreement to which this protection does not apply. As a result, there may be circumstances under which you may have to pay for all the losses to the creditor.] *
Notes:
*Creditor may insert specific designation or trade name of credit-token for example, credit card instead of “credit-token”.
. . .
***Creditor to omit phrase in square brackets if written confirmation is not required under the credit-token agreement.
****Creditor to omit passage in square brackets if inapplicable.
FORM NO TYPE OF AGREEMENT FORM OF STATEMENT
--- --- ---
(1) (2) (3)
18 Agreements, to which section 114 of the Act applies, under which a person takes any article in pawn and where any document embodying the agreement is not separate from the pawn-receipt. NOTICE TO THE DEBTOR IMPORTANT – YOU SHOULD READ THIS CAREFULLY
Right to Redeem Articles
If you hand in this agreement (which is also your pawn-receipt) and pay the amount you owe, you may redeem the article(s) in pawn at any time within 6 months of the date of this agreement or any longer time agreed with the creditor (“the redemption period”).
IF YOU DO NOT REDEEM THE ARTICLE(S) ON OR BEFORE * YOU MAY LOSE YOUR RIGHT TO REDEEM IT (THEM).
Loss of Receipt
If you lose your receipt you may provide either a statutory declaration or, if the credit (or credit limit) is not more than £x** and the creditor agrees, a signed statement instead. The creditor may provide the form to be used and may charge for doing so.
Unredeemed Articles
An article not redeemed within the redemption period becomes the creditor’s property if the credit (or credit limit) is not more than £x and the redemption period is 6 months. In any other case it may be sold by the creditor, but it continues to be redeemable until it is sold. Interest is payable until the actual date of redemption. Where the credit (or credit limit) is more than £x* the creditor must give you 14 days notice of his intention to sell. When an article has been sold you will receive information about the sale. If the proceeds (less expenses) are more that the amount that would have been payable to redeem the article on the date of the sale you will be entitled to receive the extra amount. If the proceeds are less than the amount you will owe the creditor the shortfall.
Your goods will not be insured by the creditor while they are in pawn. *
Notes:
*Creditor to insert the date at the end of the redemption period.
**Creditor to insert the amount specified in section 118(1)(b) of the Act.
***Creditor to insert the amount specified in section 120(1)(a) of the Act.
**** Creditor to insert the amount specified in the Consumer Credit (Realisation of Pawn) Regulations 1983
* Creditor to omit this paragraph if inapplicable.
FORM TYPE OF AGREEMENT FORM OF STATEMENT
--- --- ---
(1) (2) (3)
1 Agreement to which section 58(1) of the Act applies. YOUR RIGHTS
Under the Consumer Credit Act 1974, you should have been given a copy of this agreement at least seven days ago so you could consider whether to go ahead. If the owner did not give you a copy this agreement can only be enforced with a court order.
2 All types. MISSING PAYMENTS
Missing payments could have severe consequences and may make obtaining credit more difficult.
3 All agreements which are secured on property. YOUR HOME MAY BE REPOSSESSED
Your home may be repossessed if you do not keep up repayments on a hire agreement secured by a mortgage or other security on your home.
4 All cancellable agreements not included in paragraph 5. YOUR RIGHT TO CANCEL
Once you have signed this agreement you have a short time in which you can cancel it. Details of how to cancel it will be sent to you by the owner.
5 Modifying agreements treated under section 82(5) of the Act as cancellable agreements. YOUR RIGHT TO CANCEL
This agreement modifies an earlier agreement. Once you have signed it, your right to cancel the earlier agreement will cover this modified agreement. The cancellation period itself is unchanged. Details of how you can cancel can be found in the copy of this agreement.
6 Agreements to which the hirer is entitled to terminate by notice under section 101(1) of the Act and which provides for the bailment or hiring of goods for at least 18 months after the making of the agreement. IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, the owner cannot enforce this agreement without getting a court order.
The Act also gives you a number of rights. You can end this agreement by writing to the person you make your payments to and giving at least * notice. In order to do this the agreement must have been allowed to run for at least 18 months [from the date of the original agreement]** though this may include the period of notice. You will have to make all payments and pay any amounts you owe until the date the agreement comes to an end.
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens' Advice Bureau.
Notes:
*Owner to insert minimum period of notice as determined by section 101.
**Owner to omit passage in square brackets except where this notice appears in a modifying agreement.
7 Agreements not included in paragraph 6. IMPORTANT –READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 covers this agreement and lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, the owner cannot enforce this agreement against you without getting a court order.
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens' Advice Bureau.
1 TYPE OF AGREEMENT FORM OF CONSENT
(1) (2) (3)
Agreements under which a separate form of consent is required. I wish to purchase [] * / **
I understand that I am purchasing the product(s) ticked above on credit provided by you and that the terms relating to the credit for the products can be found []*** in this agreement.
Your signature(s):
Notes:
* Creditor to list the products being offered to the debtor for purchase.
** Debtor to indicate which products they wish to purchase by putting a tick next to the name(s) of the product(s).
*** Creditor to insert the cross-references to the terms of the agreement containing the terms relating to the credit for the products being purchased.

Assumptions about running-account credit

Permissible tolerances in disclosure of the APR

1A

For the purposes of these Regulations, it shall be sufficient compliance with the requirement to show the APR if there is included in the document—

Tolerance where repayments are nearly equal

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

Tolerance where Consumer credit tables do not exactly apply

Tolerance where period rate of charge is charged

19A

Agreements which—

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