(Hire-purchase is now called a "credit sale" under the Act.) That Act also contains special protections for consumers to do with home "buy back" schemes; these protections came into force in October 2003. See How to be protected against home "buy back" schemes. What is a "consumer credit contract"? In general, the protections in the Credit Contracts and Consumer Finance Act 2003 apply to consumer loans, hire-purchase agreements (credit sales) and other consumer credit contracts. A "consumer credit contract" is defined as a contract where all of the following conditions exist: you, the borrower, are an individual (as opposed to a company or other body), and you've entered into the contract mainly for personal, domestic or household purposes (as opposed to business purposes), and interest charges or credit fees are, or may be, payable under the contract, or a security interest (for example, over your car) is, or may be, taken under the contract, and giving credit is part of the lender's business, or the lender makes a practice of giving credit on behalf of someone else, or the contract came about because a paid adviser or broker introduced you to the lender These rules mean that a lender doesn't have to comply with the 2003 Act if, for example, the borrower is a small company, or the money is borrowed for business purposes. In cases where it's unclear to the lender whether the loan is for business purposes, the lender can ask the borrower to sign a declaration that