Duty to provide statements - Statutory Instrument No. ???

[kateandpete]

A quickie for the pros...

 

Does anyone know which SI of the Consumer Credit Act obliges a creditor to provide regular statements of account under running-account credit agreements.

 

Will post what this relates to tomorrow in a proper thread.

 

Ta

[lookinforinfo]

Section 78

(4) Where running-account credit is provided under a regulated agreement, the

creditor shall give the debtor statements in the prescribed form, and with the

prescribed content

(a) showing according to the information to which it is practicable for him to

refer, the state of the account at regular intervals of not more than twelve

months, and

(b) where the agreement provides, in relation to specified periods, for the

making of payments by the debtor, or the charging against him of interest

or any other sum, showing according to the information to which it is

practicable for him to refer the state of the account at the end of each of

those periods during which there is any movement in the account.

[Matheos95]

Section 78

(4) Where running-account credit is provided under a regulated agreement, the

creditor shall give the debtor statements in the prescribed form, and with the

prescribed content

(a) showing according to the information to which it is practicable for him to

refer, the state of the account at regular intervals of not more than twelve

months, and

(b) where the agreement provides, in relation to specified periods, for the

making of payments by the debtor, or the charging against him of interest

or any other sum, showing according to the information to which it is

practicable for him to refer the state of the account at the end of each of

those periods during which there is any movement in the account.

 

Would you know whether this is applicable when a default has been placed on an account or does things change then?

[lookinforinfo]

There is nothing in s.68 that would suggest that a default would change the

conditions relating to the sending of statements. And on the one hand while

you could argue that if nothing is being paid, there is no dense sending out

a statement, on the other hand, if payments are becoming erratic or non

existent, then the sending of statements is a means of the creditor keeping

the recipient up to date with the current figures and charges.

 

As a rider to my first post, s.68 [7] sats this-"This section does not apply to a non commercial agreement, and subsection4 and 5 do not apply to a small

agreement.