Southern Pacific Personal Loans Ltd v Walker and another – WLR Daily

Southern Pacific Personal Loans Ltd v Walker and another [2009] EWCA Civ 1176 ; [2009] WLR (D) 333

“A credit broker’s administration fee entered into the ‘charge for credit’ and did not form part of the total ‘amount of credit’ for the purposes of the Consumer Credit Act 1974, even though payment of the fee was deferred and interest was charged on the amount of the fee remaining unpaid . Nothing in the 1974 Act or in the relevant Regulations prohibited the inclusion of the charge for credit in the consumer credit agreement as part of the ‘total amount financed’ or rendered a consumer credit agreement so drafted totally unenforceable.”

WLR Daily, 16th November 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

 

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