S.L. 378.12 Art. 17Assignment 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. Such defence may also include 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 the credit agreement.

(2) Where the rights of the credit are assigned under sub-regulation (1), the consumer is entitled to be informed of such assignment, except where the original creditor, by agreement with the assignee, continues to service the credit towards the consumer.