NRAM Plc v McAdam & Anor

NRAM Plc v McAdam & Anor

On proper construction of the loan agreement, the Claimant contractually agreed to confer the rights and remedies of section 77A of the Consumer Credit Act 1974 to the Defendants, whether or not the agreement was regulated. The Claimant breached its obligations by failing to indemnify the Defendants for its breach of section 77A.

Parties
Claimant: NRAM PLC; Defendant: Jeffrey Patrick McAdam; Defendant: Ann Hartley
Jurisdiction
England and Wales
Judgment Date
10 December 2014
Procedural Posture
Civil / Judgment
Outcome
Declarations granted in favour of Defendants; Claimant found in breach of contract.
Legal Topics
Consumer Credit Agreements, Contractual Incorporation, Estoppel, Statutory Interpretation
Contract Law Consumer Protection Consumer Credit Agreements Contractual Incorporation Estoppel Statutory Interpretation

Case Brief

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Parties

NRAM PLC

Claimant

Jeffrey Patrick McAdam

Defendant

Ann Hartley

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether rights and remedies under the Consumer Credit Act 1974, particularly section 77A, were imported into agreements not regulated by the Act but documented as if they were
  2. 2 Whether the Claimant breached its obligations by failing to provide redress under section 77A to borrowers with unregulated agreements
  3. 3 Whether statements and conduct by the Claimant gave rise to a shared assumption or representations sufficient for estoppel

Ratio Decidendi

On proper construction of the loan agreement, the Claimant contractually agreed to confer the rights and remedies of section 77A of the Consumer Credit Act 1974 to the Defendants, whether or not the agreement was regulated. The Claimant breached its obligations by failing to indemnify the Defendants for its breach of section 77A.

Court Disposition

Declarations granted in favour of Defendants; Claimant found in breach of contract.

Orders

  • Declaration that section 77A rights and remedies were imported into the Agreement.
  • Declaration that Claimant breached its obligations by failing to indemnify Defendants for breach of section 77A.