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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.

These have been amended as part of implementation of the Consumer Credit Directive (CCD) from 1 February 2011.

Statements and notices

The Act includes requirements in respect of:

  • annual statements for fixed-sum credit agreements
  • periodic statements for running-account credit
  • notice of variation of an agreement
  • notices of sums in arrears
  • notices of default sums
  • default notices
  • enforcement and termination notices
  • notices relating to post-judgment interest
  • information to be provided on request.

These are contained in Parts VI and VII of the Act, and in various regulations including the Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007.

The OFT has published guidance on Post-contract information requirements (July 2008) (pdf 141 kb).

The OFT intends to review the current guidance in the light of the CCD changes.

The CCD changes

The CCD implementing regulations include new provisions in relation to:

  • notification of interest rate changes
  • periodic information on overdraft rates and charges
  • information on significant overrunning (that is, unauthorised overdraft)
  • right to request an amortisation table (showing instalments owing)
  • notification of assignment of rights.

The changes are contained in the Consumer Credit (EU Directive) Regulations 2010.

A summary of the CCD changes is in the BIS guidance on the implementing regulations (pdf). 

Back to: Consumer Credit Act

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