Post-contract information

The Consumer Credit Act 1974 lays down rules requiring information to be given to borrowers or hirers during the lifetime of a regulated consumer credit agreement or consumer hire agreement.

The requirements will be enhanced from 1 October 2008 as a result of changes in the Consumer Credit Act 2006, as implemented by the Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007. 

Copies of the Regulations and amending Regulations can be found on the Office of Public Sector Information website.

The requirements

The 1974 Act includes requirements in respect of:

• periodic statements for running-account credit
• notice of variation of an agreement
• default notices
• enforcement and termination notices, and
• information to be provided on request.

The 2006 Act introduces new requirements in respect of:

• annual statements under fixed-sum credit agreements 
• additional information in statements for running-account credit 
• notices of sums in arrears 
• notices of default sums
• additional information in default notices, and 
• notices relating to post-judgment interest.

The Act also requires the OFT to produce information sheets to accompany arrears notices and default notices.

The OFT has produced guidance (pdf 141 kb) on the post-contract information requirements.

If there are queries regarding interpretation of the Act or regulations these may be addressed to credit.guidance@oft.gsi.gov.uk. Consumer queries should be addressed to enquiries@oft.gsi.gov.uk.

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