Credit Contracts and Consumer Finance Act 2003, ss 5, 6
A “credit” contract is an agreement you make to borrow money, or an agreement that gives you the right to put off (“defer”) payment of an existing debt or pay something off over time (for example, hire purchase).
The lender is called a “creditor” in the CCCF Act and sometimes a “credit provider” in other Acts. A lender is a person or institution that lends money to people under a consumer credit contract.
You the borrower are called the “debtor” in the CCCF Act.