JP Morgan Chase Bank, National Association v Northern Rock (Asset Management) Plc: ChD 19 Feb 2014

The 2008 Order had made retrospective provision as to the duty to furnish certain statements to consumer borrowers. The court was now asked: ‘where a creditor has provided the debtor with a statement which fails to set out the information required by the Regulations (‘a non-compliant statement’), when does the period of non-compliance commence?’ The parties had made loans, and later traded in the loans between themselves. The effect of a non-compliance with the requirements affecte dthe enforcability of the loans.

Simon Monty QC
[2014] EWHC 291 (Ch), [2014] CTLC 33, [2014] 1 WLR 2197
Consumer Credit Act 1974 77A, Consumer Credit Act 2006, Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007, Legislative Reform (Consumer Credit) Order 2008

Financial Services

Updated: 05 December 2021; Ref: scu.527186