Consumer Credit (Total Charge for Credit) Regulations 1977
| Jurisdiction | UK Non-devolved |
| Citation | SI 1977/327 |
| Year | 1977 |
1977 No. 327
CONSUMER CREDIT
The Consumer Credit (Total Charge for Credit) Regulations 197728thFebruary 1977
8thMarch 1977
1stApril 1977
ARRANGEMENT OF REGULATIONS
PART I
GENERAL
Regulation
1. Citation, commencement and interpretation
2. General provisions about calculation
PART II
TOTAL CHARGE FOR CREDIT
3. Total charge for credit
4. Items included in total charge for credit
5. Items excluded from total charge for credit
6. Apportionment of certain life insurance premiums
PART III
RATE OF TOTAL CHARGE FOR CREDIT
7. Rate of total charge for credit
8. Calculation where a period rate is charged
9. Calculation where fixed-sum credit is provided and repayable in single lump sum
10. Calculation applicable to any agreement
11. Consumer credit tables
12. Computation of time
PART IV
ASSUMPTIONS FOR CALCULATIONS
13. Effect of Part IV
14. Assumption about index-linked rates and amounts
15. Assumption about changes in charges
16. Assumption about amount of credit
17. Assumption about period over which credit is provided
18. Assumption about time of provision of credit
19. Assumptions about time of payment of charges
The Secretary of State, in exercise of powers conferred on him by sections 20 and 182(2) of the Consumer Credit Act 1974(a) and of all other powers enabling him in that behalf, hereby makes the following Regulations:—
PART I
GENERAL
Citation, commencement and interpretation
1.—(1) These Regulations may be cited as the Consumer Credit (Total Charge for Credit) Regulations 1977 and shall come into operation on 1st April 1977.
(2) In these Regulations—
"the Act" means the Consumer Credit Act 1974;
"agreement" means a consumer credit agreement;
"credit period" means, in the case of an agreement under which the period for which credit is to be provided is ascertainable at the date of the making of the agreement, the period beginning with the relevant date and ending with the end of the period for which credit is to be provided and, in any other case, the period of one year referred to in regulation 17;
"period rate of charge" has the meaning assigned to it by regulation 8(2);
"the relevant date" means, in a case where a date is specified in or determinable under the agreement at the date of its making as that on which the debtor is entitled to require provision of anything the subject of the agreement, the earliest such date and, in any other case, the date of the making of the agreement; and
"transaction", except in regulation 5(1)(c), means an agreement, any transaction which is a linked transaction by virtue of section 19(1)(a) of the Act, any contract for the provision of security relating to the agreement and any other contract to which the debtor or a relative of his is a party and which the creditor requires to be made or maintained as a condition of the making of the agreement;
and, except where the contrary intention appears, other expressions used in these Regulations have the same respective meanings as in the Act.
(a) 1974 c. 39.
(3) References in these Regulations to repayment of the credit under an agreement and of the total charge for credit include references to any repayment or payment, as the case may require, of any part of the credit and of the total charge for credit.
(4) The Interpretation Act 1889(a) shall apply for the interpretation of these Regulations as it applies for the interpretation of an Act of Parliament.
General provisions about calculation
2.—(1) Any calculation under these Regulations shall be made on the following assumptions—
(a) the assumption that the debtor will not be entitled to any income tax relief relating to the transaction;
(b) (i) in the case of a transaction which provides for repayment of the credit or of the total charge for credit at or not later than a specified time or times, the assumption that the creditor will not exercise any right under the transaction to require repayment at any other time or times; and
(ii) in any other case, the assumption that the creditor will not exercise any right under the transaction to require repayment;
the debtor, in any case, performing all his obligations under the transaction; and
(c) in the case of a transaction which enables the creditor to vary the rate or amount of any item included in the total charge for credit in consequence of the occurrence after the relevant date of any event, the assumption that the event will not occur; and, in this sub-paragraph, "event" means an act or omission of the debtor or of the creditor or any other event (including, where the transaction makes provision for variation upon the continuation of any circumstance, the continuation of that circumstance) but does not include an event which is certain to occur and of which the date of occurrence, or the earliest date of occurrence, can be ascertained at the date of the making of the agreement.
(2) For the purposes of these Regulations—
(a) subject to (b) below and regulation 19, in the case of any agreement each provision of credit and each repayment of the credit and of the total charge for credit shall be taken to be made—
(i) at the earliest time provided under the transaction,
(ii) in a case where any such provision or repayment is to be made at or not later than a specified time, at that time,
and, where any such repayment is to be made before the relevant date, it shall be taken to be made on the relevant date; and
(b) where under an agreement for running-account credit a constant period rate of charge in respect of periods of equal or of nearly equal length is charged, it shall be assumed for the purposes of calculations under these Regulations that—
(i) the amount of credit outstanding at the beginning of a period is to remain outstanding...
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