Unfair Terms in Consumer Contracts Regulations The UTCCR apply in relation to the Mortgage Loans and their related security. A Borrower may challenge a term in an agreement on the basis that it is “unfair” within the meaning of the UTCCR and therefore not enforceable against the Borrower. In addition, the Director of Consumer Affairs or a consumer organisation (as defined in the UTCCR) may seek an injunction preventing the use of specific terms that are unfair. This will not generally affect “core terms” which set out the main subject matter of the contract, such as the Borrower’s obligation to repay principal, but may affect terms deemed to be ancillary terms, which may include terms the application of which are in the ICS’ discretion (such as a term permitting ICS to vary the interest rate or waiver by a Borrower of set off rights).
Posted on: Mon, 01 Jul 2013 06:24:59 +0000
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