Consumer Credit in UK Law

Leading Cases
  • Dimond v Lovell
    • House of Lords
    • 11 Mayo 2000

    Parliament intended that if a consumer credit agreement was improperly executed, then subject to the enforcement powers of the court, the debtor should not have to pay. This meant that Parliament contemplated that he might be enriched and I do not see how it is open to the court to say that this consequence is unjust and should be reversed by a remedy at common law: compare Orakpo v. Manson Investments Ltd. [1978] A.C. 95.

  • Director General of Fair Trading v First National Bank Plc
    • House of Lords
    • 25 Octubre 2001

    Openness requires that the terms should be expressed fully, clearly and legibly, containing no concealed pitfalls or traps. Fair dealing requires that a supplier should not, whether deliberately or unconsciously, take advantage of the consumer's necessity, indigence, lack of experience, unfamiliarity with the subject matter of the contract, weak bargaining position or any other factor listed in or analogous to those listed in Schedule 2 of the regulations.

  • Wilson v First County Trust Ltd (No 2)
    • House of Lords
    • 10 Julio 2003

    In the present case Parliament cannot have intended that application of section 3(1) should have the effect of altering parties' existing rights and obligations under the Consumer Credit Act. For the purpose of identifying the rights of Mrs Wilson and First County Trust under their January 1999 agreement the Consumer Credit Act is to be interpreted without reference to section 3(1).

    In my view, thus framed, the complaint does not bring article 6(1) into play. In terms of labels, that is a restriction on the scope of the rights a creditor acquires under a regulated agreement. It does not bar access to court to decide whether the case is caught by the restriction. But in taking that power away from a court the legislature was not encroaching on territory which ought properly to be the province of the courts in a democratic society.

    There are of course many circumstances where statutes empower the executive or the courts to make orders depriving a person of some of his possessions. Compulsory acquisition, and property adjustment orders on divorce, are instances. The exercise of powers such as these prima facie engages article 1.

    In my view, consistently with the underlying objective of article 1 of the First Protocol, the relevant provisions in the Consumer Credit Act are more readily and appropriately characterised as a statutory deprivation of the lender's rights of property in the broadest sense of that expression than as a mere delimitation of the extent of the rights granted by a transaction.

  • Paragon Finance Plc v Nash and Another; Same v Staunton and Another
    • Court of Appeal (Civil Division)
    • 15 Octubre 2001

    It might be said that, if variations in rates of interest are not to be taken into account in deciding whether a credit bargain is extortionate, then there is a glaring lacuna in the protection provided by the 1974 Act. Mr Malek was unable to suggest any policy reason why the protection should be limited in this way.

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Legislation
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Books & Journal Articles
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Law Firm Commentaries
  • Who’s driving consumer credit growth?
    • LexBlog United Kingdom
    The FCA has published its latest insight article entitled Who’s driving consumer credit growth? To build a better picture of what is driving consumer credit growth the FCA requested credit referenc...
  • SRA adopts consumer credit proposals
    • JD Supra United Kingdom
    The SRA Board has adopted proposals for consumer credit regulation for solicitors. The proposals are that solicitors should be able to carry out certain consumer credit activities under SRA authori...
  • FCA publishes consumer credit guides
    • JD Supra United Kingdom
    FCA has published guides to help firms that are applying for permission to carry on a consumer credit regulated activity on various parts of the application form, specifically: - the applicati...
  • Consumer Credit
    • Mondaq United Kingdom
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Forms
  • Notice of Admission - return of goods (Hire-purchase or conditional sale)
    • HM Courts & Tribunals Service court and tribunal forms
    County Court forms including the N1 money claim form.
    ... ... will make an order under sections 133 and 135 of the ... Consumer Credit Act 1974 for the return of the goods, ... suspended in accordance ... ...
  • Respond to a mortgage lender's claim against you
    • HM Courts & Tribunals Service court and tribunal forms
    County Court forms including the N1 money claim form.
    ... ... of it) is a regulated consumer credit agreement) ... Do you want the court to consider whether or not the ... ...
  • Particulars of claim (Mortgaged residential premises)
    • HM Courts & Tribunals Service court and tribunal forms
    County Court forms including the N1 money claim form.
    ... ... pay any costs caused by the delay ... Regulated consumer credit ... agreements ... If you intend to apply to the court to ... ...
  • Mortgage pre-action protocol checklist
    • HM Courts & Tribunals Service court and tribunal forms
    County Court forms including the N1 money claim form.
    ... ... • support for Mortgage Interest (SMI), or if appropriate Universal Credit, or ... • mortgage Rescue Scheme (MRS), or other means of homelessness ... and other secured loans regulated under the ... Consumer Credit Act 1974 on residential property; and ... (iii) unregulated ... ...
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