[86B Notice of sums in arrears under fixed-sum credit agreements etc]
Consumer Credit Act 1974 (1974 c 39) | Legislation

[Sums in arrears and default sums]

[86B  Notice of sums in arrears under fixed-sum credit agreements etc]

[(1)     This section applies where at any time the following conditions are satisfied—

(a)     that the debtor or hirer under an applicable agreement is required to have made at least two payments under the agreement before that time;

(b)     that the total sum paid under the agreement by him is less than the total sum which he is required to have paid before that time;

(c)     that the amount of the shortfall is no less than the sum of the last two payments which he is required to have made before that time;

(d)     that the creditor or owner is not already under a duty to give him notices under this section in relation to the agreement; and

(e)     if a judgment has been given in relation to the agreement before that time, that there is no sum still to be paid under the judgment by the debtor or hirer.

(2)     The creditor or owner—

(a)     shall, within the period of 14 days beginning with the day

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