Section 103(1)

If an individual (the “customer ”) serves on any person (the “trader ”) a notice— the trader shall, within the prescribed period after receiving the notice, either comply with it or serve on the customer a counter-notice stating that, as the case may be, he disputes the correctness of the notice or asserts that the customer is not indebted to him under the agreement. stating that— the customer was the debtor or hirer under a regulated agreement described in the notice, and the trader was the creditor or owner under the agreement, and the customer has discharged his indebtedness to the trader under the agreement, and the agreement has ceased to have any operation; and requiring the trader to give the customer a notice, signed by or on behalf of the trader, confirming that those statements are correct,

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Source: legislation.gov.uk · retrieved 2026-07-30