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The Consumer Credit (EU Directive) Regulations 2010

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Early repayment

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30.  In section 94 (right to complete payments ahead of time)—

(a)in subsection (1), after “under the agreement” where these words first occur, insert “and any amount which the creditor claims under section 95A(2)”;

(b)after subsection (2) insert—

“(3) The debtor under a regulated consumer credit agreement, other than an agreement secured on land, is entitled at any time to discharge part of his indebtedness by taking the steps in subsection (4).

(4) The steps referred to in subsection (3) are as follows—

(a)he provides notice to the creditor,

(b)he pays to the creditor some of the amount payable by him to the creditor under the agreement before the time fixed by the agreement, and

(c)he makes the payment—

(i)before the end of the period of 28 days beginning with the day following that on which notice under paragraph (a) was received by the creditor, or

(ii)on or before any later date specified in the notice.

(5) Where a debtor takes the steps in subsection (4) his indebtedness shall be discharged by an amount equal to the sum of the amount paid and any rebate allowable under section 95 less any amount which the creditor claims under section 95A(2).

(6) A notice—

(a)under subsection (1), other than a notice relating to a regulated consumer credit agreement secured on land, or

(b)under subsection (4)(a),

need not be in writing.”.

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