A personal 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.

A consumer credit agreement is a personal credit agreement by which the creditor provides the debtor with credit not exceeding F1£15,000.

A consumer credit agreement is a regulated agreement within the meaning of this Act if it is not an agreement (an “exempt agreement ”) specified in or under section 16.