Consumer Credit Act 1974

8 Consumer credit agreements. U.K.

(1) A [F1 consumer] credit agreement is an agreement between an individual ( “the debtor”) and any other person ( “the creditor”) by which the creditor provides the debtor with credit of any amount.

(2) F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3 (3) A consumer credit agreement is a regulated credit agreement within the meaning of this Act if it—

(a) is a regulated credit agreement for the purposes of Chapter 14A of Part 2 of the Regulated Activities Order; and

(b) [F4 if entered into on or after 21st March 2016,] is not an agreement [F5 the purpose of which is the acquisition or retention, by an individual acting for purposes outside those of any trade, business or profession carried on by the individual, of property rights in land or in an existing or projected building].]

[F6 (3A) A reference in paragraph (3)(b) to any land or building—

(a) in relation to an agreement entered into before IP completion day, is a reference to any land or building in the United Kingdom or within the territory of an EEA State;

(b) in relation to an agreement entered into on or after IP completion day, is a reference to any land or building in the United Kingdom.]

[F7 (4) Subsection (1) does not apply in relation to an agreement that is a green deal plan (see instead section 189B).]

Textual Amendments

F1 Word in s. 8(1) substituted (6.4.2008 for certain purposes otherwise 31.10.2008) by Consumer Credit Act 2006 (c. 14), ss. {2(1)(a)}, 71(2); S.I. 2008/831, art. 3(1)(2), Schs. 2, 3 (with art. 4(1)) (as amended by S.I. 2008/2444, art. 2)

F2 S. 8(2) ceases to have effect and repealed (6.4.2008 for certain purposes otherwise 31.10.2008) by Consumer Credit Act 2006 (c. 14), ss. {2(1)(b)}, 70, 71(2), {Sch. 4}; S.I. 2008/831, art. 3(1)(2), Schs. 2, 3 (with art. 4(1)) (as amended by S.I. 2008/2444, art. 2)

F3 S. 8(3) substituted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 2(2) (with Pt. 4)

F4 Words in s. 8(3)(b) inserted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), arts. 1(2)(3)(c), 3(2) (with Pt. 5)

F5 Words in s. 8(3A) substituted in earlier amending provision S.I. 2019/632, reg. 194(3) (31.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 33(x)

F6 S. 8(3A) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 194(3) (as amended S.I. 2020/1301, regs. 1, 3, Sch. para. 33(x)) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

F7 S. 8(4) inserted (E.W.S.) (28.2.2014) by The Consumer Credit Act 1974 (Green Deal) (Amendment) Order 2014 (S.I. 2014/436), arts. 1(2), 3 (with art. 1(3))