HL Deb 22 July 2004 vol 664 cc84-5WA
Lord Hodgson of Astley Abbotts

asked Her Majesty's Government:

Whether they will explain the information required under paragraph 2(4)(c), (d) and (e) in relation to Schedule 1 and under paragraph 5(2)(c) and (d) in relation to Schedule 3 to the Consumer Credit (Agreements) (Amendment) Regulations 2004 (S.I. 2004/1482). [HL3869]

Lord Sainsbury of Turville

The information is that which will be required in regulated credit and hire agreements from 31 May 2005. This key financial and other information is that which consumers need to understand the full implications of any agreement they consider entering into and comprises: amount and term of credit; total amount payable; timing and amount of payments; APR and whether variable; total charge for credit; allocation of payments; interest rate and whether variable and how it is applied; charges and fees; security; and cancellable status.

The DTI will issue guidance on the new regulations in the next few weeks.