S.L. 371.21 Art. 24Assignment of rights and set-off. Cap. 16.

(1) Where the rights of the creditor under a credit agreement are, or the agreement itself is, assigned to a third party, the consumer shall be entitled to raise against that assignee any defence available to him against the original creditor, including the right to set-off:

Provided that set-off may only be raised in accordance with the relevant provisions of articles 1196 to 1204 of the Civil Code, which shall apply irrespective of anything to the contrary contained in a credit agreement.

(2) The consumer shall be informed of the assignment referred to in sub-regulation (1) except where the original creditor, by agreement with the assignee, continues to service the credit vis-à- vis the consumer.