||All England Reporter
|| All ER (D) 274 (Jan)
|| EWCA Civ 35
||Court of Appeal, Civil Division
Auld, Robert Walker and Dyson LJJ
||Peter Wulwik (instructed by Blatchfords, Harrow) for the claimant.
||Neil Levy (instructed by Ralph & Co, Wadebridge) for the defendants.
||30 January 2002
Consumer credit - Extortionate credit bargain - Mortgage - Variable interest rate clause - Lender making concession as to terms of payment prior to execution of credit agreement - Credit agreement containing variable interest rate clause - Whether credit agreement properly executed - Whether extortionate credit bargain - ss 61, 138, 139.
Whilst the way in which a discretionary variation of interest rate clause operated was not a factor to be taken into account in determining whether a credit bargain was extortionate for the purposes of s138 of the the existence of such a clause and the failure to inform the borrower of it, particularly where the lender had a policy of operating the clause in a certain way, could be taken into consideration. However, on the facts of the instant case it could not be said that the credit bargain was extortionate.
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