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 The agreement was rescinded and Link sought to recover the sums due under the loan.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…
Click on the link below to read the rest of the Wragge & Co briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Wragge Lawrence Graham & Co
News from The Lawyer
Briefings from Wragge Lawrence Graham & Co
Practical pointers for those who may get involved.
Dell, Inc has succeeded before the General Court in opposing the registration of LEXDELL.