Consolidated Finance Ltd v Collins & Anor

Consolidated Finance Ltd v Collins & Anor

The Facility Letter refinanced existing indebtedness to Protection, making it a regulated agreement under section 11(1)(c) of the Consumer Credit Act 1974. As it did not comply with statutory requirements, it and the Legal Charge are unenforceable in the present proceedings.

Parties
Claimant/respondent: Consolidated Finance Limited; Defendant/appellant: Tracy Anne Collins; Defendant/appellant: Innes Graham Collins; Defendant/appellant: Nicholas Charles Rothoff; Defendant/appellant: Maurice Bailey; Defendant/appellant: Diane Bailey; Defendant/appellant: John Hugh Toye; Defendant/appellant: Ann Elizabeth Toye; Intervener: The Office of Fair Trading
Jurisdiction
England and Wales
Judgment Date
08 May 2013
Procedural Posture
Civil Appeal / Judgment on Appeal From Central London County Court
Outcome
appeal allowed
Legal Topics
Regulated Agreements, Exempt Agreements, Refinancing, Enforceability, Statutory Compliance
Consumer Credit Banking and Finance Insolvency Regulated Agreements Exempt Agreements Refinancing Enforceability Statutory Compliance

Case Brief

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Parties

Consolidated Finance Limited

Claimant/respondent

Tracy Anne Collins

Defendant/appellant

Innes Graham Collins

Defendant/appellant

Nicholas Charles Rothoff

Defendant/appellant

Maurice Bailey

Defendant/appellant

Diane Bailey

Defendant/appellant

John Hugh Toye

Defendant/appellant

Ann Elizabeth Toye

Defendant/appellant

The Office of Fair Trading

Intervener

Procedural Posture

Civil Appeal / Judgment on Appeal From Central London County Court

Legal Issues

  1. 1 Whether the defendants were indebted to Protection or Consolidated
  2. 2 Whether the agreement was regulated or exempt under the Consumer Credit Act 1974
  3. 3 Whether the agreement was enforceable given statutory requirements

Ratio Decidendi

The Facility Letter refinanced existing indebtedness to Protection, making it a regulated agreement under section 11(1)(c) of the Consumer Credit Act 1974. As it did not comply with statutory requirements, it and the Legal Charge are unenforceable in the present proceedings.

Court Disposition

appeal allowed

Orders

  • The agreements between Consolidated and the debtors are regulated and cannot be enforced in the present proceedings.
  • Parties to agree consequential orders.