Swift Advances Plc v McKay [2013] NICA 72 (27 November 2013)

Swift Advances Plc v McKay [2013] NICA 72 (27 November 2013)

The second and third agreements were self-standing, unregulated agreements replacing the earlier agreements, not modifying them. The parties intended to discharge the earlier loans and enter into new agreements, constituting novation rather than modification. The third agreement was not regulated under the Consumer Credit Act 1974.

Citation
[2013] NICA 72
Parties
Plaintiff/respondent: Swift Advances Plc; Defendant/appellant: Michael Gerard McKay
Jurisdiction
Northern Ireland
Judgment Date
27 November 2013
Procedural Posture
Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed; order of the judge affirmed.
Legal Topics
Regulated Agreements, Novation, Modifying Agreements, Consumer Credit Act 1974, Mortgage Possession
Consumer Credit Contract Law Regulated Agreements Novation Modifying Agreements Consumer Credit Act 1974 Mortgage Possession

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Parties

Swift Advances Plc

Plaintiff/respondent

Michael Gerard McKay

Defendant/appellant

Procedural Posture

Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether the second and third loan agreements were modifying agreements under section 82 of the Consumer Credit Act 1974 or self-standing agreements
  2. 2 Whether the third agreement was a regulated agreement and thus unenforceable without leave of the court

Ratio Decidendi

The second and third agreements were self-standing, unregulated agreements replacing the earlier agreements, not modifying them. The parties intended to discharge the earlier loans and enter into new agreements, constituting novation rather than modification. The third agreement was not regulated under the Consumer Credit Act 1974.

Court Disposition

Appeal dismissed; order of the judge affirmed.

Orders

  • Appeal dismissed
  • Order for possession affirmed