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borrower

      1. 48(1) in accordance with article 60L of the Regulated Activities Order, in relation to a credit agreement other than a regulated mortgage contract, a person who receives credit under a credit agreement or a person to whom the rights and duties of a borrower under a credit agreement have passed by assignment or operation of law.49
      1. (2) in relation to a P2P agreement other than a credit agreement or a regulated mortgage contract, an individual who receives credit under a P2P agreement and under which the lender provides credit to the individual of less than or equal to £25,000 or the agreement is not entered into by the individual for the purposes of a business carried on by the individual.49
      1. 54(3) (in relation to debt collecting and debt administration (and so far as relevant to those activities in relation to article 64 (agreeing to carry on a regulated activity) of the Regulated Activities Order)) "borrower" includes, in addition to the persons in (1), any person providing a guarantee or an indemnity under the credit agreement and a person to whom the rights and duties of a person providing a guarantee or an indemnity have passed by assignment or operation of law.