Section 82(2) of the Consumer Credit Act 1974 (CCA 1974) says where an agreement (which the CCA 1974 calls a ‘modifying agreement’) varies or supplements an earlier agreement, the modifying agreement (for the purposes of the CCA 1974) is treated as (a) revoking the earlier agreement and (b) containing provisions reproducing the combined effect of the two agreements, and obligations outstanding under the earlier agreement are treated as outstanding instead under to the modifying agreement. It is therefore well-accepted that there can only be a modifying agreement, or a new regulated credit agreement, where there is an ‘agreement’ (ie a contract). For there to be a contract, there must be (a) an offer, (b) acceptance of that offer, (c) consideration and (d) an intention to create a legal relationship. To avoid needing to enter into a modifying agreement, or a new regulated credit agreement, firms normally try to offer