Providing credit under a credit contract
Up one levelGranting a right to another person (under a credit contract) to
(a) defer payment of a debt,
(b) incur a debt and defer payment or
(c) purchase property or services and defer payment for that purchase (in whole or in part).
Includes any transactions that in substance or effect amount to a credit contract, even if an individual contract on its own doesn’t appear to be a credit contract.
(s6 & 7 Credit Contracts and Consumer Finance Act 2003)
Examples include:
- A company in the business (in whole or part) of providing credit to consumers for personal or household purposes with interest charges, credit fees or security taken under the contract
- Businesses offering mortgages, credit sales, credit card debts and overdrafts.
