Legal Question in Credit and Debt Law in United Kingdom

Re: finance

In all probability to charge interest at this high rate would be considered extortionate and could thus the set aside. The courts have the power to set aside an extortionate credit agreement and substitute reasonable rates of interest. Whether they would be prepared to do so depends very much on the individual circumstances and in particular the level of risk the lender is running.

Before taking any further action, this should be considered either by contacting us further or by reference to the Citizens Advice Bureau

Andrew Dutton

Legal-Zone

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