(Coventry County Court) Michael Douglas discussed the 1983 Regulations, saying: ‘The 1983 Regulations prescribe, among other things, the minimum contents of a regulated agreement, the information which must be brought to the attention of the borrower and the manner in which it is to be brought to his or her attention.By Regulation 2 documents embodying … Continue reading Hurstanger Ltd v Wilson: 2006
The company sought to enforce its loan agreement and charge over the defendants’ property. The defendants appealed saying that the agreement was unenforceable under the Act, since a commission had been paid to the introducing broker, and his fee had been added to the loan amount. The agreement was a fixed sum credit agreement regulated … Continue reading Wilson and Another v Hurstanger Ltd: CA 4 Apr 2007
The court considered a case involving the selling of payment protection policies by lenders. The defendants said that since the bank had required them to take out the policy, its cost should have been included in the total charge for credit. Since it had not been, the agreement was irredemably unenforceable. Held: The insurance had … Continue reading Black Horse Ltd v Speak and Another: QBD 21 Jul 2010
The respondents appealed an order for possession under a legal charge which they argued was an extortionate credit bargain, and had been improperly executed and was unenforceable. The appellants were ‘non-status borrowers’. Held: A concession letter was not intended to over-ride other clear descriptions of the appellant’s obligations. The judge had compared the interest rate … Continue reading Broadwick Financial Services Limited v Spencer, Spencer: CA 30 Jan 2002
The respondent appealed against a finding that the provision which made a loan agreement completely invalid for lack of compliance with the 1974 Act was itself invalid under the Human Rights Act since it deprived the respondent lender of its property rights. It was also argued that it was not possible to make a declaration … Continue reading Wilson v Secretary of State for Trade and Industry; Wilson v First County Trust Ltd (No 2): HL 10 Jul 2003
The borrower challenged a variation of the interest rate to be charged on his regulated loan. The agreement purported to give the lender a full discretion to vary the rate on notice. Held: The Regulations required the agreement to identify the circumstances under which the loan might be varied. The judge at first instance was … Continue reading Lombard Tricity Finance Ltd v Paton: CA 1989
The court reconsidered the law relating to penalty clauses in contracts. The first appeal, Cavendish Square Holding BV v Talal El Makdessi, raised the issue in relation to two clauses in a substantial commercial contract. The second appeal, ParkingEye Ltd v Beavis, raised the issue at a consumer level, with a separate issue under the … Continue reading Cavendish Square Holding Bv v Talal El Makdessi; ParkingEye Ltd v Beavis: SC 4 Nov 2015
(Manchester Mercantile Court) The court considered the effects in detail where a bank was unable to comply with a request under section 78 of the 1974 Act to provide a copy of the agreement signed by the client. Held: The court set out to give guidance on these issues. A photocopy of the signed document … Continue reading Carey v HSBC Bank plc, Yunis v Barclays Bank plc and similar: QBD 23 Dec 2009
The claimant, formerly Northern Rock, pursued repayment of many loans based on part secured and part unsecured loans. The defendants said that the loans were unenforceable against them under the Consumer Credit legislation because the requisite information had not been provided. Burton J [2014] EWHC 4174 (Comm) Bailii Consumer Credit Act 1974 8(2), Consumer Credit … Continue reading NRAM Plc v McAdam and Another: ComC 10 Dec 2014
Various credit card customers said that the respondent banks had mis-stated the interest rates applied to them, in that the interest charged did not match the APR advertised, and that therefore the agreements were unenforceable. Held: The claimants’ calculations did not apply. The driver of the interest rate was not the statement as to the … Continue reading Sternlight v Barclays Bank Plc: QBD 22 Jul 2010
The bank appealed against an order that a consumer credit agreement was unenforceable for failing to meet the requirements. The amount of credit figure had been calculated to include the deferred obligation to pay the broker’s fee. Held: The appeal succeeded. The fee was not part of the amount of credit, but rather of the … Continue reading Southern Pacific Personal Loans Ltd v Walker and Another: CA 12 Nov 2009
The several cases claimed the cost of provision by credit hire companies of car hire and repair services to the innocent victims of road accidents. The transactions were ‘res inter alios acta’ – collateral to the commission of the tort. . .
(Orse Burdis v Livsey) . .
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