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Consumer credit – Agreement. The claimant was the successor company to which Northern Rock Building Society transferred its business in 1997. It brought a claim against the defendant borrowers seeking declarations, among other things that the rights and remedies available under the Consumer Credit Act 1974 Act, or protections equivalent to such rights and remedies, had not been imported into unregulated agreements, notwithstanding that they fell outside the statutory scheme and that it had not breached of its obligations under the agreements. The Chancery Division ruled that the rights and remedies in relation to s 77A had been imported into the agreement and that the claimant was in breach of its obligations under the agreements by issuing the defendants with statements which did not comply with s 77A and by not repaying or re-crediting to the defendants interest or default sums paid by them during the alleged period of non-compliance and by virtue of its failure to indemnify the defendants in respect of its breach of s 77A.
Consumer credit – Agreement. The claimant was the successor company to which Northern Rock Building Society transferred its business in 1997. It brought a claim against the defendant borrowers seeking declarations, among other things that the rights and remedies available under the Consumer Credit Act 1974 Act, or protections equivalent to such rights and remedies, had not been imported into unregulated agreements, notwithstanding that they fell outside the statutory scheme and that it had not breached of its obligations under the agreements. The Chancery Division ruled that the rights and remedies in relation to s 77A had been imported into the agreement and that the claimant was in breach of its obligations under the agreements by issuing the defendants with statements which did not comply with s 77A and by not repaying or re-crediting to the defendants interest or default sums paid by them during the alleged period of non-compliance and by virtue of its failure to indemnify the defendants in respect of its breach of s 77A.
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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