• “contract of insurance” has the same meaning as it has in the Insurance Companies Act 1982;”1 and

• “guarantee of goods” means anything in writing which contains or purports to contain some promise or assurance (however worded or presented) that defects in goods will be made good by complete or partial replacement, or by repair, monetary compensation or otherwise;

7A

Documents embodying a debtor-creditor-supplier agreement falling within section 12(a) of the Act or a debtor-creditor agreement (in this paragraph in either case referred to as “the principal agreement”) and also embodying, or containing the option of, a debtor-creditor-supplier agreement falling within section 12(b) of the Act (in this paragraph referred to as “the subsidiary agreement”) where the subsidiary agreement is to finance a premium under either or both of—

a

a contract of insurance to provide a sum payable in the event of one or more of the following:—

i

accident;

ii

sickness;

iii

unemployment;

iv

death only,

of a debtor before the credit under the principal agreement and the subsidiary agreement has been repaid, where the sum payable does not exceed the amount sufficient to defray the sums payable to the creditor in respect of that credit and of the total charge for credit and where the policy monies payable under the contract of insurance are to be used for a repayment under the principal agreement and the subsidiary agreement;

b

any other contract in so far as it relates to a guarantee of goods,

may contain instead of the headings, statements of the protection and remedies available to debtors under the Act and signature boxes that would otherwise apply—

aa

a heading and signature box in so far as they relate to the principal agreement;

bb

a statement in Form 12 of Part I of Schedule 2 to these Regulations; and

cc

other statements (other than in Form 14 of Part I of Schedule 2) of the protection and remedies available to debtors under the Act in so far as they relate to the principal agreement.