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Section 103: Termination statements.

Consumer Credit Act 1974 · 1974 c. 39View on legislation.gov.uk

Part VII: Default and Termination

If an individual (the "customer ") serves on any person (the "trader ") a notice—

stating that—
the customer was the debtor or hirer under a regulated agreement described in the notice, and the trader was the creditor or owner under the agreement, and
the customer has discharged his indebtedness to the trader under the agreement, and
the agreement has ceased to have any operation; and
requiring the trader to give the customer a notice, signed by or on behalf of the trader, confirming that those statements are correct,

the trader shall, within the prescribed period after receiving the notice, either comply with it or serve on the customer a counter-notice stating that, as the case may be, he disputes the correctness of the notice or asserts that the customer is not indebted to him under the agreement.

Where the trader disputes the correctness of the notice he shall give particulars of the way in which he alleges it to be wrong.

Subsection (1) does not apply in relation to any agreement if the trader has previously complied with that subsection on the service of a notice under it with respect to that agreement.

Subsection (1) does not apply to a non-commercial agreement or to a regulated deferred payment credit agreement.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A breach of the duty imposed by subsection (1) is actionable as a breach of statutory duty.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.