Default under Regulated Agreements Section 8: OFT to prepare information sheets on arrears and default
26.Section 8 inserts a new section 86A at the beginning of Part 7 of the 1974 Act. Section 86A requires OFT to prepare and publish information sheets for debtors and hirers about arrears and default. A creditor or owner must give a debtor or hirer an arrears information sheet at the same time as a notice of sums in arrears in accordance with new sections 86B and 86C inserted by sections 9 and 10 (see below) and a default information sheet at the same time as a default notice (in accordance with section 87 of the 1974 Act).
27.The information sheets will set out information to help debtors and hirers who are in arrears or default (e.g. information about the legal consequences of the debtor’s or hirer’s general situation, debt management options and the contact details of advice providers).