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TIME ORDERS A debtor or hirer can apply for a time order: (a) after he has been served with a notice of default; or (b) where the creditor owner starts proceedings to enforce a regulated agreement or any security or to recover possession of any goods or land to which a regulated agreement relates. Notice … Continue reading
EXTORIONATE CREDIT TRANSACTIONS Under sections 137 to 140 may make an application to the county court or in other proceedings to have declared an appropriate credit bargain as an extortionate credit transaction whereupon the court can re-write the agreement so as to be more equitable. Which credit bargains is the court allowed to consider? The … Continue reading
TACTICAL CONSIDERATIONS First check to see if payments can be reduced by virtue of the agreement being declared an extortionate credit transaction and if this is not possible and if the debtor or hirer is unable withdraw, rescind, cancel, terminate or settle early, then the only option left is to apply for a “time order”. … Continue reading
HIRE By section 9 of the Supply of Goods and Services Act 1982 a hirer enjoys virtually the same rights as those set in the Sale of Goods Act 1979. Where credit from a third party is involved in the hiring then this will not normally make the creditor liable for the default of the … Continue reading
HIRE PURCHASE Whether or not the hire-purchase agreement is a regulated agreement, by virtue of sections 8 to 11 of the Supply of Goods (Implied Terms) Act 1973 as redrafted by the Consumer Credit Act 1974 and Sale and Supply of Goods Act 1994, the consumer rights with regard to defective goods are identical to … Continue reading
CREDIT & CONDITIONAL SALES The difference between a credit sale and a conditional sale is that whereas in the case of credit sale the property in the goods will pass to the buyer when the contract is made unless otherwise agreed, in the case of a conditional sale the passing of the property is postponed … Continue reading
CASH SALE – CONNECTED LENDER Where a consumer buys in cash with money borrowed from a person connected to the lender by virtue of the seller and lender being the same person (i.e., a 2 party D-C-S agreement) or different persons who have a prior arrangement to make referrals (i.e., a 3 party D-C-S agreement) … Continue reading
Where a consumer buys in cash with money borrowed from a person unconnected to the lender then the consumer’s rights lie against the seller under the general law of contract and in particular the consumer’s rights under the Sale of Goods Act 1979. Thus if the seller turns out to be a thorough rouge against … Continue reading
The consumers remedies for defective goods in relation to regulated consumer credit agremments fall under the following transactions: cash sale-unconnected lender, cash sale-connected lender, credit sale and conditional sale, hire-purchase, and hire.
EARLY SETTLEMENT By virtue of section 94 a debtor has a non-excludeable right to settle the agreement ahead of time by service of a notice on the creditor and payment of all sums due, less any statutory rebate of the charges for credit. The amount of rebate allowed is calculated using complex formulas set out … Continue reading
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