[Note: Until the end of 30 September 2014, transitional provisions apply to CONC 7.19: see CONC TP 4.5]
This section applies to a firm with respect to operating an electronic system in relation to lending in relation to a borrower under a P2P agreement.
In this section "default sum" means in relation to the borrower under a P2P agreement, a sum (other than a sum of interest) which is payable by the borrower under the agreement in connection with a breach of the agreement by the borrower.
But a sum is not a default sum in relation to the borrower simply because as a consequence of the breach of the agreement the borrower is required to pay the sum earlier than would otherwise have been the case.
The notice required by CONC 7.19.4 R must contain:
the date of the notice;
a description of the agreement sufficient to identify it;
the firm's name, telephone number, postal address and, where appropriate, any other address;
the amount and nature of each default sum payable under the agreement which has not been the subject of a previous notice of default sums;
the date upon which each default sum referred to in the notice became payable under the agreement;
the following statement:
"This notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid."; and
the total amount of all the default sums included in the notice.