Wragge Lawrence Graham & Co

UK 200 2014 position: 28

Unfair relationship — Link Financial Ltd v Teresa North Wilson

An unfair relationship arose between a creditor and debtor where the timeshare purchase agreement to which the loan related provided that the whole capital asset would be forfeited for non-payment of management charges.

So held the High Court in Link Financial Ltd v Teresa North Wilson. Wilson entered into a fixed-sum loan agreement with Link Financial to fund the purchase of a holiday timeshare. The purchase price was just more than £20,000. Wilson had falsely provided details of her income despite being unemployed at the time. The timeshare agreement provided that if Wilson failed to make any payment due under the agreement within 14 days’ notice to do so, the vendor could rescind the agreement and forfeit all money paid by Wilson. Wilson failed to pay management charges and loan instalments. The agreement was rescinded and Link sought to recover the sums due under the loan. Wilson claimed there was an unfair relationship under section 140 of the Consumer Credit Act 1974 because of the forfeiture provision in the related purchase agreement…

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