These Regulations prescribe the form of the notices which have to be given under sections 76, 87 and 98 of the Consumer Credit Act 1974 by a creditor or owner before taking certain action to enforce or terminate an agreement regulated by the Act, except in the case of non-commercial agreements in relation to which no security has been provided.

The Regulations also prescribe information which each default notice given under section 87 of the Act must contain about the consequences of failure to comply with the notice.

By virtue of paragraphs 16(2) and 35 of Schedule 3 to the Act, sections 76, 87 and 98 apply to existing agreements where the agreement would have been a regulated agreement if made on the date vof comi(ng into operation of those sections.