Section 49 — Credit Contracts and Consumer Finance Act 2003: Part prepayments

49 Part prepayments (1) A creditor must accept any part prepayment under a consumer credit contract from a debtor unless the contract expressly permits the creditor to decline to accept the part prepayment. (2) If the consumer credit contract expressly permits the creditor to decline to accept the part prepayment, the creditor must decide whether or not to accept the part prepayment as soon as practicable after receipt of the payment. (3) If the creditor does not accept any part prepayment, the part prepayment must be refunded to the debtor as soon as practicable. (4) If the creditor does accept any part prepayment, the part prepayment must be credited in accordance with section 46 .