Credit Contracts and Consumer Finance Act 2003

23 Disclosure of changes following exercise of power

• (1) Every creditor under a consumer credit contract must ensure that disclosure of the information set out in subsection (2) is made to every debtor under the contract if the creditor exercises a power under the contract to change any of the following matters:

  • (a) the amount of an interest rate under the contract or any other particular in relation to how any interest charge under the contract is calculated or applied:

  • (b) the amount, frequency, time for payment, or method of calculation of any payment to be made under the contract:

  • (c) the amount, frequency, time for payment, or method of calculation of any fee or charge payable under the contract.

  (2) The information that must be disclosed is as follows:

  • (a) full particulars of the change:

  • (b) any other information prescribed by regulations to be information that must be disclosed under this section.

  (3) Disclosure under this section must be made within 5 working days of the day on which the change takes effect.

  (4) In the case of a change to the amount of an interest rate or in the case of a change to the amount of any fee or charge payable, a creditor may, instead of complying with section 35, make disclosure in accordance with any publication requirements prescribed by regulations for the purposes of this section.

  (5) Disclosure is not required under this section in relation to—

  • (a) a change that—

    • (i) reduces the obligations that the debtor would otherwise have; or

    • (ii) extends the time for payment of any payment to be made under the consumer credit contract; or

    • (iii) increases any credit limit under the consumer credit contract; or

  • (b) a change of any class prescribed by regulations to be a class of change to which this section does not apply.