(This Note is not part of the Regulations.)

These Regulations prescribe the form of the statement which has to be given under section 97(1) of the Consumer Credit Act 1974 by a creditor under an agreement regulated by the Act of the amount of the settlement payment required to discharge the debtor's indebtedness under the agreement, together with particulars showing how the amount is arrived at.

The Regulations also prescribe the period of 12 working days within which the creditor must give the statement to the debtor after receiving a written request to that effect from the debtor.

By virtue of paragraph 35 of Schedule 3 to the Act, section 97 applies to existing agreements where the agreement would have been a regulated agreement if made on the date of coming into operation of that section.