14 Apr Unregulated Agreement
(c) anything else that has been done by the creditor or on behalf of the creditor (either before or after the agreement is concluded or a related agreement). An unregulated contract does not provide additional legal protection to the client. They can be signed on or off commercial land and there is no obligation to submit an RPA. There are also no legal termination or withdrawal rights or intellectual property rights for the client. An exempt agreement is an agreement that would normally be regulated, but which falls under one of the exceptions. The client does not receive the same level of protection as if the agreement were regulated, but he nevertheless enjoys some protection, in accordance with the unfair relations provisions contained in sections 140A to 140C of the Consumer Credit Act 1974. In recent years, the sector of classic finance and super-sports cars has seen an increase in the number of capital companies whose sole purpose is to sell large pieces of money on the market – building books, if you will. These companies may have conversation, but their only purpose is to sell the book for the benefit of shareholders. As a result, the quality of the advice has decreased, with the consumer paying the price.
If you borrow more than benchmark 62,500, it is assuming you meet HNW status, could you be directed to an unregulated loan and why would you give up your consumer rights when there are so many alternative lenders offering protected loans? In addition, the Tribunal found that there was a common acceptance between the parties, which could justify an agreement by agreement and/or a contractual Estoppel, so that the defendants would be provided, as far as possible, with the protection conferred by the legislation and the rights conferred by the legislation. These included post-amendments (in fact, s77A had not been implemented at the time of these agreements), as any other interpretation was illogical when it was known that legislation would often change. The Tribunal found that the loan contracts, as well as the wider range of pre-contract and contractual documents, were repeatedly recalled that the loan was regulated by the CCA and that the borrower would benefit from the rights available under the CCA and related rules. This is a useful case that should be considered by all lenders, particularly those involved in unregulated, short-term and secure loans, when faced with the challenge of an unfair relationship.