Debtor-Creditor-Supplier Agreement in United Kingdom

Definition of Debtor-Creditor-Supplier Agreement

In accordance with the work A Dictionary of Law, this is a description of Debtor-Creditor-Supplier Agreement : A *consumer-credit agreement regulated by the Consumer Credit Act 1974. It may be (1) a *restricted-use credit agreement to finance a transaction between the debtor and the creditor, which mayor may not form part of that agreement (e.g. a purchase of goods on credit); (2) a restricted-use credit agreement to finance a transaction between the debtor and a supplier, made by the creditor and involving arrangements between himself and the supplier; or (3) an unrestricted-use credit agreement that is made by the creditor under pre-existing arrangements between himself and a supplier in the knowledge that the credit is to be used to finance a transaction between the debtor and the supplier.