Unfair (banking/credit) Relationships – Relief under Sections 140A–140D of the Consumer Credit Act 1974 – No. 5 Chambers
‘Under sections 140A-140D of the Consumer Credit Act 1974 credit transactions may be re-opened as a matter of judicial discretion. These wide judicial powers were added to the Act in 2006 (and came into force on 6 April 2007) in substitution of the previous, more limited, “extortionate credit bargains” regime which had routinely failed to provide an effective remedy to borrowers and guarantors seeking to challenge the terms of their agreement with the lender.’
No. 5 Chambers, 3rd September 2015
Source: www.no5.com
