Schedule 5 Provisions relating to determining whether repayments of credit are in equal instalments or at equal intervals for the purpose of calculation of rebate.

Regulation 4(5)

Where credit is repayable in nearly equal instalments

1. In the case of an agreement under which all repayments of credit but one are equal and that one repayment does not differ from any other repayment by more whole pence than there are repayments of credit, that one repayment may be regarded as equal to the other repayments.

Where interval between relevant date and first repayment of credit is greater than interval between repayments

2. In the case of an agreement under which -

(a) the credit is repayable by three or more repayments at equal intervals; and

(b) the interval between the relevant date and the first repayment of credit is greater than the interval between the repayments,

the interval between the relevant date, as defined in the Total Charge for Credit Regulations, and the first repayment of credit may be regarded as equal to the interval between the repayments.