Sections 67 to 73 of the Consumer Credit Act 1974 relate to the right of debtors and hirers to cancel certain agreements regulated by the Act within a "cooling-off" period. Section 64 requires a notice of cancellation rights to be sent to the debtor or hirer by post, but enables this requirement to be dispensed with, in relation to such types of agreement as are described in regulations, where the Director General of Fair Trading has determined that this can be done without prejudicing the interests of debtors or hirers, subject to compliance with any conditions which he may impose.

These Regulations give effect to this provision, and describe, in the Schedule, the agreements in relation to which such a determination may be made. These are consumer credit agreements regulated by the Consumer Credit Act 1974 which satisfy all the following conditions, namely they are agreements: -

(a) which finance the supply of goods by the creditor to the debtor;

(b) where relevant printed matter or audio-visual material containing the information required to be given in full credit advertisements under the Consumer Credit (Advertisements) Regulations 1980 contains or is accompanied by a prominent notice indicating that the material is available to the debtor to study in the absence of the negotiator before signing;

(c) under which the debtor may return the goods undamaged within 14 days of receipt without liability; and

(d) where contact will be maintained between the debtor and the creditor, or his agent or the negotiator, during the agreement for the collection of payments due under it.