Credit Act 1984

Where a credit provider receives a request in writing from a debtor under a regulated contract, or from a guarantor under a contract of guarantee that relates to that regulated contract, for a statement of the net balance due to the credit provider under the regulated contract, the credit provider shall, within seven days after receiving the request, give to the debtor or guarantor a statement in writing—

stating the net balance due to the credit provider on the business day that last preceded the giving of the statement and, where the debtor or guarantor has also requested particulars of the calculation of that net balance, those particulars; and

where the amount of the net balance increases until paid, stating that the amount so increases.

A credit provider is not required to comply with a request under subsection (1)—

by a debtor—if he has, within the period of three months that last preceded receipt of the request, complied with an earlier such request by the debtor in relation to the contract to which the later request relates; or

by a guarantor—if he has, within the period of three months that last preceded receipt of the request, complied with an earlier such request by the guarantor in relation to the contract to which the later request relates.

Where, within seven days after making a request referred to in subsection (1), a debtor or guarantor has not received the statement requested, he may apply to the Tribunal for a determination of the amount that, for the purposes of this Part, is the net balance due to which the request relates.

An amount determined by the Tribunal on an application under subsection (3) by a debtor or guarantor under a regulated contract shall, for the purposes of this Part, be deemed to be the net balance due to the credit provider under the contract.