How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Ash Your Own Question

Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

This a complex piece of the law please do you know.

Resolved Question:

Hello, this a complex piece of the law please do you know. my name is***** have a secured loan unregulated credit agreement for 42,400 pounds with a finance house - Nemo Personal Finance, signed December 22nd 2005. i wish to file for unfairness against this lender but i need to find out which part of the law i can use for this. i am not sure if Section 140A of the consumer credit act 1974 covers this or if the 2008 amendments to the Consumer Credit Act 2006 which is basically referring to section 140A of the Act 1974. So would love the help to pinpoint the actual section for my Dec 2005 credit agreement with unregulated amount of 42,400. thanks for the help.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.The provisions of the CCA which allow a court to reopen credit agreements which are extortionate credit bargains will be replaced by powers to intervene where the relationship between lender and borrower is unfair.If a court finds that a relationship is unfair it will have wide powers to intervene including requiring amounts paid by the customer to be repaid and altering the terms of the agreement or any related agreement. As you have rightly pointed out the CCA have the unfairness clauses from S.140A-S.140D.A finding of unfairness can be based on any term of the agreement or a related agreement, the way in which the lender has exercised its rights or any other thing which the lender or an associate has done or failed to do or any other matter which the court thinks relevant. Therefore when you take the matter to Court you need to plead S.140A but then the remedy is contained within S.140BS.140A(2) states: In deciding whether to make a determination under this section the court shall have regard to all matters it thinks relevant (including matters relating to the creditor and matters relating to the debtor).This basically says the Court can consider anything that has happened and decide whether its unfair.Can I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
Hi Alex, so to clarify then. Are you saying then that unfairness clauses CCA S.140A-S.140D now backdates to cover all credit agreements including my own specific agreement that i entered into in December 2005. Basically including the credit agreements (like mine) made before the CCA law came into force. And also confirm should i quote the unfairness clause from the CCA 1974 or from the amended CCA 2006 act (section 19), i believe. thank you. Chigbo
Customer: replied 1 year ago.
so basically, is my understanding of the Slaughter and May online document section 14.3 correct as this seems to tie in to what you are saying here. http://www.slaughterandmay.com/media/760154/consumer_credit_act_2006_amendments_to_the_consumer_credit_act_1974.pdf
Expert:  Ash replied 1 year ago.
Yes, it is retrospective. So even if you are paying off now, then you can STILL claim unfairness even though the 2006 Act changes were not in effect when you signed the original agreement.Does that clarify?Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you
Customer: replied 1 year ago.
hi Alex, do you know any case laws or legal precedents that similar to my loan agreement or my case generally where the unfairness act has been used successfully. Like i said my loan was agreed in 2005 for the amount of 42,400 pounds or can you get for me general case laws or precedents even if not similar to my loan agreement where the unfairness act was used successfully and the Finance house/lending house had defer to and compensate the borrower

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.co.uk/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.co.uk/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.co.uk/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.co.uk/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.co.uk/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.co.uk/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.co.uk/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice