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Hendersons - Barristers' Chambers
Articles Banking, Finance & Financial Services 24th Feb 2014

Sutherland v Bakewells

Jonathan Lewis writes about Sutherland Professional Funding Limited v Bakewells (a firm) & others.

This case dealt with a number of interesting issues under the Consumer Credit Act 1974, including:

  • The court found that even though a loan agreement stated a fixed amount for interest under a loan repayable within a set period, and gave an APR, it should also have stated the rate of interest as a prescribed term, as the rate varied depending on the length of the actual borrowing.
  • It found that where solicitors facilitate a loan on behalf of their client, they are the “supplier” in a debtor-creditor-supplier agreement and the agreements were therefore cancellable agreements, requiring notices of cancellation rights in proper form.

William Hibbert acted for Bakewells.

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