Consumer Credit Act 1974

Exclusion of certain agreements from Part VU.K.

74 Exclusion of certain agreements from Part V.U.K.

(1)This Part (except section 56) does not apply to—

(a)a non-commercial agreement, or

(b)a debtor-creditor agreement enabling the debtor to overdraw on a current account, or

(c)a debtor-creditor agreement to finance the making of such payments arising on, or connected with, the death of a person as may be prescribed.

(2)This Part (except sections 55 and 56) does not apply to a small debtor-creditor-supplier agreement for restricted-use credit.

[F1(2A)In the case of an agreement to which the Consumer Protection (Cancellation of Contracts Concluded away from Business Premises) Regulations 1987 apply the reference in subsection (2) to a small agreement shall be construed as if in section 17(1)(a) and (b) “£35 ” were substituted for “£50 ”.]

(3)Subsection (1)(b) or (c) applies only where the [F2OFT] so determines, and such a determination—

(a)may be made subject to such conditions as the [F2OFT] thinks fit, and

(b)shall be made only if the [F2OFT] is of the opinion that it is not against the interests of debtors.

[F3(3A)Notwithstanding anything in subsection (3)(b) above, in relation to a debtor-creditor agreement under which the creditor is the Bank of England or a bank within the meaning of the Bankers’ Books Evidence Act 1879, the [F2OFT] shall make a determination that subsection (1)(b) above applies unless [F4it] considers that it would be against the public interest to do so]

(4)If any term of an agreement falling within subsection [F5(1)(c)] or (2) is expressed in writing, regulations under section 60(1) shall apply to that term (subject to section 60(3)) as if the agreement were a regulated agreement not falling within subsection [F5(1)(c)] or (2).