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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
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