Section 10(1)

For the purposes of this Act— running-account credit is a facility under a consumer credit agreement whereby the debtor is enabled to receive from time to time (whether in his own person, or by another person) from the creditor or a third party cash, goods and services (or any of them) to an amount or value such that, taking into account payments made by or to the credit of the debtor, the credit limit (if any) is not at any time exceeded; and fixed-sum credit is any other facility under a consumer credit agreement whereby the debtor is enabled to receive credit (whether in one amount or by instalments).

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Source: legislation.gov.uk · retrieved 2026-07-30