Early settlement of debts
the CCA 1974). In order to do so, he or she must give written notice to the creditor
of his or her intention and settle the outstanding debt in full. As the creditor gets
paid earlier than he or she expected, it would be unfair for him or her to claim
interest payments in full; a rebate on the interest must be allowed, which is
calculated in accordance with the Consumer Credit (Rebate on Early Settlement)
Regulations 1983 (SI 1983/1562).