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Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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This a complex piece of the law please do you know.

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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.
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.
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
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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