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debtor-creditor agreement


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A consumer-credit agreement regulated by the Consumer Credit Act 1974. It may be:(1) a restricted-use credit agreement to finance a transaction between the debtor and a supplier in which there are no arrangements between the creditor and the supplier (e.g. when a loan is paid by the creditor direct to a dealer who is to supply the debtor);(2) a restricted-use credit agreement to refinance any existing indebtedness of the debtor's to the creditor or any other person;(3) an unrestricted-use credit agreement (e.g. a straight loan of money) that is not made by the creditor under arrangements with a supplier in the knowledge that the credit is to be used to finance a transaction between the debtor and the supplier.

(1) a restricted-use credit agreement to finance a transaction between the debtor and a supplier in which there are no arrangements between the creditor and the supplier (e.g. when a loan is paid by the creditor direct to a dealer who is to supply the debtor);

(2) a restricted-use credit agreement to refinance any existing indebtedness of the debtor's to the creditor or any other person;

(3) an unrestricted-use credit agreement (e.g. a straight loan of money) that is not made by the creditor under arrangements with a supplier in the knowledge that the credit is to be used to finance a transaction between the debtor and the supplier.

Subjects: Law.


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