(1) Subject to the following provisions of this Regulation, the creditor shall allow to the debtor under a regulated consumer credit agreement a rebate at least equal to that calculated in accordance with the following provisions of these Regulations whenever early settlement takes place, that is to say whenever, under section 94 of the Act, on refinancing, on breach of the agreement, or for any other reason, the indebtedness of the debtor is discharged or becomes payable before the time fixed by the agreement, or any sum becomes payable by him before the time so fixed.
(2) Paragraph (1) above does not apply in the case of agreements of the following descriptions -
(a) agreements under which no payments of items included in the total charge for credit are required to be made in respect of the period of time commencing on the settlement date; or
(b) agreements for running-account credit.
(3) Paragraph (1) above does not apply where a hire-purchase or conditional sale agreement is t