(1) The Act shall not regulate a consumer credit agreement which is an agreement of one of the following descriptions, that is to say -
(a) a debtor-creditor-supplier agreement being either -
(i) an agreement for fixed-sum credit under which -
(aa) the total number of payments to be made by the debtor does not exceed four;
(bb) those payments are required to be made within a period not exceeding 12 months beginning with the date of the agreement; and
(cc) the credit is provided without interest and without any other charges;
(ii) an agreement for running-account credit -
(aa) which provides for the making of payments by the debtor in relation to specified periods not exceeding 3 months;
(bb) which requires that the number of payments to be made by the debtor in repayment of the whole amount of the credit provided in each such period shall not exceed one; and
(cc) in relation to which no or insignificant charges are payable for the credit;