Q&As

Where a customer requests a redemption statement either by telephone or via an online portal for a CCA loan secured over land, are there any requirements for how the redemption figure/statement should be presented? In particular is there a requirement to calculate the redemption figure for 28 days in the future unless the customer requests a later date?

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Produced in partnership with Elizabeth Ovey of Radcliffe Chambers
Published on LexisPSL on 05/05/2021

The following Financial Services Q&A produced in partnership with Elizabeth Ovey of Radcliffe Chambers provides comprehensive and up to date legal information covering:

  • Where a customer requests a redemption statement either by telephone or via an online portal for a CCA loan secured over land, are there any requirements for how the redemption figure/statement should be presented? In particular is there a requirement to calculate the redemption figure for 28 days in the future unless the customer requests a later date?

Where a customer requests a redemption statement either by telephone or via an online portal for a CCA loan secured over land, are there any requirements for how the redemption figure/statement should be presented? In particular is there a requirement to calculate the redemption figure for 28 days in the future unless the customer requests a later date?

Section 97(1) of the Consumer Credit Act 1974 (CCA 1974) gives the debtor under a regulated consumer credit agreement the right to ask for a redemption figure. The creditor must then give the debtor a statement in the prescribed form indicating the amount required to discharge the indebtedness under the agreement together with the particulars of how the amount is arrived at.

The principal regulations made under

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