Prescribed terms
Generally, prescribed terms should be set out first, followed by non-prescribed terms. A clear explanation of the client’s obligations must be included above the signature box or space.
The prescribed terms are:
1Sch 6 The Consumer Credit (Agreements) Regulations 1983 No.1553•the amount of credit or credit limit (or how the credit limit is determined);
•the interest rate;
•details of the repayments expressed by reference to a combination of:
◦the number;
◦the amount;
◦the frequency;
◦the dates;
◦how they are determined;
◦any way in which the creditor can vary what is payable.