12. Early repayment rules under the Consumer Credit ActA client can decide to pay off a regulated credit agreement early, in full or partially, after it is in place.1s94 CCA 1974 There is a formula to ensure that creditors can recoup costs associated with setting up an agreement; therefore, a lower percentage rebate is given for settlement during the earliest parts of a credit agreement.2The Consumer Credit (Early Settlement) Regulations 2004 No.1483If a client requests a settlement figure from the creditor for a regulated credit agreement, the creditor must provide a statement of the amount required to settle the agreement, together with details of how the amount is calculated. They should reply to the client within seven days. The creditor must set the settlement repayment date 28 days after the date the request was made, to give the client time to consider and pay the early settlement figure.3s94 CCA 1974 The figure is the sum the client owes plus the interest owed less the statutory interest rebate they must apply. 1 s94 CCA 1974 »2 The Consumer Credit (Early Settlement) Regulations 2004 No.1483 »3 s94 CCA 1974 »