The parties entered into pawnbroking arrangements. In order to get around the consequences of the 1974 Act, the agreements were antedated.
Held: The court would not allow parties to contract out of the 1974 Act. Also, by including a document fee which was in reality deducted in advance, the agreement misstated the consideration and was therefore void.
Judges:
Laddie J
Citations:
[2005] EWHC 1425 (Ch), Times 28-Jul-2005, [2006] 1 WLR 1248
Links:
Statutes:
Jurisdiction:
England and Wales
Cited by:
Cited – Southern Pacific Securities 05-2 Plc v Walker and Another SC 7-Jul-2010
The appellant borrowed a sum from the respondent under a fixed sum credit agreement. A broker administration fee had been advanced to facilitate the loan. The agreement recorded the ‘Amount of Credit’ net of the fee, and the ‘Total Amount Financed’ . .
Lists of cited by and citing cases may be incomplete.
Consumer
Updated: 27 September 2022; Ref: scu.228241