Related provisions for CONC 6.7.8
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(1) A firm must set the minimum required repayment under a regulated credit agreement for a credit card or a store card at an amount equal to at least that amount which repays the interest, fees and charges that have been applied to the customer's account, plus one percentage of the amount outstanding. [Note: paragraph 6.4 of ILG](2) Where (1) applies and a firm applies interest to a period of more than one month, for the purpose of calculating the amount of the interest part
A firm under a regulated credit agreement for a credit card or a store card must provide a customer with the option to pay any amount they choose (equal to or more than the minimum required repayment but less than the full outstanding balance) on a regular basis, when making automated repayments. [Note: paragraph 6.5 of ILG]
(1) A firm under a regulated credit agreement for a credit card or store card must notify the customer at least 30 days before a credit limit increase under the agreement comes into effect. [Note: paragraph 6.17 of ILG](2) Paragraph (1) does not apply where a customer requests a temporary credit limit increase to deal with an emergency situation and, where CONC 6.2.1 R applies, the firm carries out the required creditworthiness assessment in relation to any such increase.
Where a firm proposes to exercise a power under a regulated credit agreement for a credit card or store card to increase the interest rate, the firm must: (1) permit the customer sixty days, from the date of the firm's notice of the proposed increase during which period the customer may give notice to the firm requiring it to close the account;(2) permit the customer to pay off the outstanding balance at the rate of interest before the proposed increase and over a reasonable