How has the Consumer Credit Act Changed?

In 2006, changes were made to the law to better protect consumers who entered into credit agreements. One of the changes was the inclusion of an ‘Unfair Relationship Test’. This test considers whether the relationship between the debtor and the lender is unfair.

If the Court finds that the relationship is unfair, they have the power to:

• Instruct the lender to repay part or all of the sums paid under the agreement back to the borrower;
• Reducing or discharging any sum payable by the borrower
• Set aside any duty imposed on the borrower i.e. write off the loan
• Alter the terms of the agreement or any related agreement

Queensbeck will conduct an in depth audit of your credit files to establish if there has been an Unfair Relationship which will enable us to pursue a claim on your behalf.