The CCA regulates the relationship between consumers and lending institutions where a credit or hire agreement is provided (ie the relationship between lender and borrower). It covers credit agreements such as credit cards, personal cash loans, overdrafts and store cards, as well as hire purchase agreements such as buying a car through instalments. The Act only applies to 'regulated agreements', where the borrower is an individual (a consumer) and where a statutory exemption doesn’t apply. An example of this is the 'business purposes' exemption which applies to credit agreements exceeding £25,000 entered into by borrowers for business purposes.
The CCA gives consumers a variety of rights against lenders, such as the right to a 'cooling off period' or to pay off their credit early, and lays down certain procedural requirements to control the lending process.
Ask a lawyer if you are unsure whether your consumer credit agreement or hire-purchase agreement is a ‘regulated agreement’ covered by the CCA.