Consumer credit multiple agreements
This case looked at the interpretation of section 18 of the Consumer Credit Act 1974 (“the Act”) dealing with a multiple agreement.
There was a disagreement between the parties and indeed between...
Archive for November, 2009
New case: Consumer credit requests for information
The claimant had sent a request to the bank for information under section 77 of the Consumer Credit Act 1974. For a period of time, the bank could not locate the loan agreement and so could not comply...
New case: The nature of possession proceedings
This is an interesting case as it sets out the nature of possession proceedings under CPR 55.
In this case, an order for possession of a property had been made in the absence of the defendant and...
New case: Overriding interests
The question the court considered was whether the second defendant had an equity in relation to the property and, if so, whether the claimant’s charge took subject to that equity.
The court held that...
More financial institutions can provide alternative finance
The Alternative Finance Arrangements (Amendment) Order 2009 came into force on 15 October 2009.
The tax rules on alternative finance arrangements (such as Sharia-compliant financial contracts) require...
Mortgage review
The FSA has published proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
The proposals, published...
New draft insolvency rules
The Insolvency Service has published the draft Insolvency (Amendment) (No. 3) Rules 2009. These Rules will make significant changes to the Insolvency Rules 1986 and aim to modernise insolvency practice...
OFT review of compliance with debt management guidance
The OFT has launched a review of industry compliance with its debt management guidance.
The guidance sets out the minimum standards of behaviour for providers of debt management services. However, the...
FSA to launch review of compensation scheme for bank failures
According to newspaper reports, the FSA has agreed to reassess the system for compensating customers of failed financial institutions.
The FSA said that it will launch a consultation on possible changes...
New proposals to reform the regulation of credit card companies
The Government is consulting on new proposals to reform the regulation of credit cards and store cards.
The proposals include forcing companies to allow customers to pay off their most expensive debts...
