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LegalNinja
LegalNinja, Solicitor
Category: Law
Satisfied Customers: 176
Experience:  Solicitor
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I am in the UK. If I signed a bridging loan contract waiving

Customer Question

I am in the UK. If I signed a bridging loan contract waiving my right to sue for an unfair contract is this totally enforceable or if the terms have caused financial difficulty can I still sue? It’s an unregulated loan so normal consumer credit rules do not apply
Assistant: Where is this? And when did the issue begin?
Customer: UK Jurisdiction
Assistant: What steps have you taken so far?
Customer: None yet.
Assistant: Anything else you want the Lawyer to know before I connect you?
Customer: Loan taken out in 2018. Term length 1year. Penalties are excessive causing financial hardship but I don’t think I have any legal recourse as I signed a document saying I would not sue on the grounds of unfairness
Submitted: 12 days ago.
Category: Law
Expert:  LegalNinja replied 12 days ago.

Hello,

I will be assisting you.

Generally, you would be unable to sue on the ground of unfair contract terms and/or financial difficulty. Usually, the Lender would ask you to sign a Declaration to that affect which you should have received independent legal advice on.

Expert:  LegalNinja replied 12 days ago.

However, this declaration will not affect the powers of a court to make an order under Section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines the relation between the lender and the borrower is unfair to the Borrower. This is the case even if the loan agreement is not regulated.

Expert:  LegalNinja replied 12 days ago.

I trust this assists. Is there anything else I can help with?

Expert:  LegalNinja replied 12 days ago.

Hello,

Just following up whether you require any further assistance?