Credit Contracts and Consumer Finance Act 2003, ss 18–26A
As well as providing an initial disclosure statement (see above), lenders must provide you with ongoing information as follows:
“Continuing disclosure” – The lender must give you a statement, every six months (or every 45 days for revolving credit contracts like credit cards), that includes information such as opening and closing balances for the relevant period, interest payments made, any fees or charges, and the amount and due date for your next payment. (In some cases, this continuing disclosure isn’t required.)
Changes – The lender must give you full written details of any changes to your contract (called “variation disclosure”). The lender must give you the information within a set time, but this time period will depend on whether it’s a change you’ve agreed to or one that the lender has a right to impose on you, under the contract.
Information on request – The lender must provide certain information if you make a written request for it (“request disclosure”) – for example, the amount currently owing, the amount required to fully pay off the contract, details of any changes made to the contract, or a copy of the contract. The lender can charge you a reasonable fee for doing this. They have to give you the information no later than 15 working days after they get your written request (or, if they charge a fee, no later than 15 working days after you pay the fee.
Transfer to new lender – The lender has 10 working days to tell you if they transfer their rights as lender under the contract to someone else. This includes giving you the new lender’s details and telling you how this transfer will affect you.
Note: Guarantors also have to be given certain information (see “Guarantors”).