Interest Rate - Prescribed terms.

[toomanycalls]

I have searched all the threads I can find but can't see the answer. I know that the interest rate is a prescribed term under CCA but how should it be stated? Is it sufficient to state the APR with no standard monthly or annual rate?

Thanks

[pt2537]

Re: Interest Rate - Prescribed terms.

I have searched all the threads I can find but can't see the answer. I know that the interest rate is a prescribed term under CCA but how should it be stated? Is it sufficient to state the APR with no standard monthly or annual rate?

Thanks

It depends on the type of agreement as to whether or not interest is a prescribed term

However, interest is not APR, the Courts have repeatedly said that too.

APR and interest are required by schedule 1 of the Agreement Regs but interest is also a schedule 6 requirement thus cannot be the same as APR

[toomanycalls]

Re: Interest Rate - Prescribed terms.

Its a credit card in this case that only has an APR. Its not going anywhere at the moment but as I learn more I'm re-assesing my position with other things that I thought were previously nothing to worry about.

[basa48]

Re: Interest Rate - Prescribed terms.

Is it sufficient to state the APR with no standard monthly or annual rate?

Thanks

For a credit card - I think not.

As a consequence a prescribed term may be missing or misstated.

[Amethyst]

Re: Interest Rate - Prescribed terms.

Have another look at the Kotecha Phoenix thread as the full judgment is on there now and covers c/card i nterest terms. (its not on Bailli yet so PDF that PT has uploaded)