Given the current economic climate, it has been a busy year for all lenders, but coupled with the biggest overhaul of Consumer Credit Law since 1974, with the introduction of Consumer Credit Act 2006, the changes for this year are not over yet.

On 1 December 2008 the OFT has released a new arrears and default information sheet. You can obtain a copy of the new statements the following link:

http://www.oft.gov.uk/advice_and_resources/resource_base/legal/cca/CCA2006/information/

The new information sheets must be used from the 7 February 2009. The OFT have confirmed that lenders cannot issue the revised versions of the information sheets in advance of the date they are due to take effect.

You must not use the old sheets after the 6 February 2009. As a reminder, the arrears information sheet must be sent with the Notice of Sums in Arrears. The default information sheet must be sent with the existing Statutory Default Notice.

There is little change to the information sheets, with only one addition being " Keep copies of letters and emails in case these are needed by the court." This statement has been inserted into the information sheets as the Debtor must now enclose the Notice of Sums in Arrears with any application for a time order.