(This note is not part of the Regulations)

These Regulations prescribe information and forms of wording which must be included in certain statements and notices which creditors and owners are required to give debtors and hirers under the Consumer Credit Act 1974, as amended by the Consumer Credit Act 2006 (the "1974 Act").

They also stipulate the maximum duration for definite licences issued under the 1974 Act; the period after which the Office of Fair Trading (OFT) is entitled to recover a maintenance charge from licensees under the Act; and the date on which an OFT general notice dealing with such charges is required to be in force (for the purpose of calculating the amount of the charge a licensee is liable to pay).

Regulations 3 to 11 (together with Schedule 1) set out the information and forms of wording which periodic statements given in relation to fixed-sum credit agreements under section 77A of the 1974 Act must contain.

Where a debtor has entered into an agreement under which he makes one payment in relation to his indebtedness under a number of fixed-sum credit agreements (at least one of which is a regulated fixed-sum credit agreement) regulations 7 to 9 permit creditors to aggregate certain figures which are required to be shown in the statement (and appropriate adjustment of certain forms of wording), which would otherwise have to be shown separately in relation to each agreement to which the "agreement to aggregate" (as defined in regulation 2) relates.