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Consumer Credit Act 1974 is the law regulating the credit agreements between the debtor and creditor. These credit agreements shall be abided by the two principal conditions such as (a) the debtor is neither a company nor a body corporate which means and (b) the ceiling of credit advanced by the debtor shall be between 50 and 15 000…
If the credit card provider and the bank, which is acting on behalf of the supplier/ Retailer are the same then only the transaction will have effect on only three parties.
Consumer Credit agreements: In Consumer Credit Agreement the creditor provides finance to the debtor for purchase of goods and services and such finance shall be within the specified amount. The credit provided by the creditor to the debtor includes Credit sale and conditional sale such the agreements of bank overdraft and credit card, which are also termed as revolving credit or running account. Under these agreements the debtor purchases the goods and or services from the supplier or wholesaler or retailer etc and the creditor makes the payment for the debtor and such credit the creditor shall fix limit, from time to time. The further classification of these agreements are unrestricted credit agreements and restricted use credit agreements. Bank loans fall in the category of unrestricted credit agreements. ...
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