I move amendment No. 164a:
In page 34, subsection (1) (c), line 39, after "deferred" to insert "other than the right to use an overdraft facility without the consent of the creditor,".
Section 54 limits a creditor's rights to enforce an agreement. It requires that in future, a consumer must be given notice before the creditor carries out certain actions, including demanding the early payment of the sum; that is the provision as that section stands. The amendment involves a change because to date overdrafts have been considered by credit institutions as payable on demand. I do not know whether all members realise that. Section 54 is a good provision.
When the provisions of this Bill come into force a creditor will be required to give a consumer ten days notice regarding the enforcement of any provision of a credit agreement which will include an overdraft facility. There was a lot of debate about this. I became aware of a number of consequences which could follow from this section because a consumer would still have the right to use an overdraft facility and draw down on it during the ten day notice period. If the credit is demanding payment of an outstanding sum on an overdraft, he or she is in difficulty and, therefore, the consumer, by exercising his rights under this section in relation to an overdraft, might increase his or her liability and create further difficulties.