The Consumer Credit (Amendment) Regulations 2011
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This Statutory Instrument has been made in consequence of defects in S.I. 2010/1010, S.I. 2010/1011 and S.I. 2010/1013 and is being issued free of charge to all known recipients of those Statutory Instruments.
2011No. 11
CONSUMER CREDIT
The Consumer Credit (Amendment) Regulations 2011
5thJanuary2011
10thJanuary2011
31stJanuary2011
The Secretary of State is a Minister designated( 1) for the purposes of section 2(2) of the European Communities Act 1972( 2) in relation to measures relating to consumer credit.
The Secretary of State makes-
(a) regulation 7 in exercise of the powers conferred by sections 20 and 182(2) of the Consumer Credit Act 1974( 3), and(b) all other regulations in exercise of the powers conferred by section 2(2) of the European Communities Act 1972.Citation and Commencement
1.These Regulations may be cited as the Consumer Credit (Amendment) Regulations 2011 and shall come into force on 31st January 2011.
Amendments to the Consumer Credit (EU Directive) Regulations 2010
2.The Consumer Credit (EU Directive) Regulations 2010( 4) are amended as specified in regulations 3 to 6.
3.In regulation 32 (early repayment), in the wording inserted as section 95A (compensatory amount), in subsection (3)(c) for "whichever is the higher" substitute "whichever is the lower".
4.For regulation 55 (Consumer Credit (Agreements) Regulations 1983) substitute-
"55.In Schedule 2 (forms of statement or protection and remedies available under the Consumer Credit Act 1974 to debtors under regulated consumer credit agreements)-
(a) in form 14, in column 3 under Form of Statements for the text in 1) to the end substitute-"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 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.
***** 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) 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.";(b) in form 15, in column 3 under Form of Statement for the text from "You can...To continue reading
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