UK Statutory Instrument 2004 United Kingdom

Consumer Credit (Early Settlement) Regulations 2004

View on legislation.gov.uk (opens in a new tab) Ask Guv about this Act

At a glance

Enforced by

FCA

What's here

1 compliance obligation, 1 practical guide

Who this Act binds

Business-side actors with duties under this Act, ranked by how often they appear.

  • Trader 1

Relevant guidance

Practical guides for businesses affected by this Act, ordered by how closely they engage with it.

Direct — cites this Act

1 guides

Other Acts binding the same actors

For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.

Traders also bound by 826 other Acts (top 5 shown)

What this Act requires

Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.

Schedules

Browse 2 other Schedules — structural / supplementary
s.schedule/paragraph/1n1

Example 1—medium term, medium value loan

s.schedule/paragraph/1n2

Example 2—longer term, high value loan

Browse 33 other sections — procedural / definitional / commencement
s.calculation of the amount of rebate (indebtedness

Calculation of the amount of rebate (indebtedness discharged in part)

s.examples illustrating use of formula for calculati

EXAMPLES ILLUSTRATING USE OF FORMULA FOR CALCULATING REBATE

s.para.13

The creditor receives notice from the debtor requesting early settlement...

s.para.14

Assuming that no charges are excluded from the calculation of...

s.para.15

The creditor opts to calculate the rebate using periods of...

s.para.16

Then the loan outstanding immediately after payment of the12th instalment...

s.para.17

If regulation 5(a) applies (making the settlement date 28 days...

s.para.18

If the creditor elects to defer the settlement date by...

s.para.19

For the calculation using the formula in regulation 4(1)— n...

s.para.20

Then the loan outstanding to be repaid immediately after payment...

s.para.21

The formula gives an amount outstanding after payment of the...

s.para.22

The debtor will also have to pay the instalment due...

s.para.23

Hence the total amount to be paid at the settlement...

s.para.24

For this example, the rebate would be £776.90; this is...

s.para.25

N.B. If the period between the 13th and 14th instalments...

s.para.27

Thus total amount repayable = £139.51 x 180 = £25,111.80....

s.para.28

The creditor receives notice from the borrower requesting early settlement...

s.para.29

Assuming that no charges are excluded from the calculation of...

s.para.30

The creditor opts to calculate the rebate using periods of...

s.para.31

Then the loan outstanding to be repaid immediately after payment...

s.para.32

The amount outstanding at the settlement date is then— £8,225.12...

s.para.33

Hence the total amount to be paid at the settlement...

s.para.34

N.B. If the period between the 72nd and 73rd instalments...

s.para.35

For this example, the rebate is £6,606.95; this is calculated...

Read the full Act on legislation.gov.uk (opens in a new tab)

Official guidance

Authoritative sources published by regulators or government explaining this legislation.

Enforcement and responsible bodies

The regulators that administer or enforce this legislation.

FCA

Financial Conduct Authority

Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …

Connected legislation

parent Act

These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.

Made under

Consumer Credit Act 1974 1974 Primary Act

Explore more

Browse legislation

Find other UK business legislation with related guidance.

Regulators

Learn more about the bodies that enforce this legislation.